Leadership Barometer 41 Mentor Power

March 9, 2020

If you do not have at least one active mentor, you are missing a lot. In my experience, having a strong mentor at work made a huge difference in my career.

Also, turn the logic around and you should be mentoring at least one other person, hopefully more than one.

Even in my ripening old age, I am still gaining benefits from the lessons and ideas planted in me by my mentor when I was younger.

There are obvious benefits of having a mentor in an organization. Here are a few of them:

1. A mentor helps you learn the ropes faster
2. A mentor coaches you on what to do and especially what to avoid doing.
3. A mentor is an advocate for you in different circles from yours.
4. A mentor cleans up after you have made a mistake and helps protect your reputation.
5. A mentor pushes you when you need pushing and praises you when you need it.
6. A mentor brings wisdom born of mistakes made in the past, so you can avoid them.
7. A mentor operates as a sounding board for ideas and methods.

Many organizations have some form of mentoring program. I support the idea of fostering mentors, but the typical application has a low hit rate in the long term. That is because the mentor programs in most organizations are procedural rather than organic.

A typical mentor program couples younger professionals with more experienced managers after some sort of computerized matching process. The relationship starts out being helpful for both people, but after a few months it has degraded into a burdensome commitment of time and energy.

This aspect is accentuated if there are paperwork requirements or other check-box activities. After about six months, the interfaces are small remnants of the envisioned program.

The more productive programs seek to educate professionals on the benefits of having a mentor and encourage people to find their own match. This strategy works much better because the chemistry is right from the start, and both parties immediately see the huge gains being made by both people.

It is a mutually-supported organic system rather than an activities-based approach. It is pretty obvious how the protégé benefits in a mentor relationship, but how does the mentor gain from it?

Mentors gain significantly in the following ways:

1. The mentor focuses on helping the protégé, which is personally satisfying.
2. The mentor can gain information from a different level of the organization that may not be readily available by any other means.
3. The mentor helps find information and resources for the protégé, so there is some important learning going on. The best way to learn something is to teach it to someone else.
4. While pushing the protégé forward in the organization, the mentor has the ability to return some favors owed to other managers.
5. The mentor gains a reputation for nurturing people and can thus attract better people over time.
6. The mentor can enhance his or her legacy in the organization by creating an understudy.

Encourage a strong mentoring program in your organization, but steer clear of the mechanical match game and the busywork of an overdone process. Let people recognize the benefits and figure out their optimal relationships.

Bob Whipple, MBA, CPLP, is a consultant, trainer, speaker, and author in the areas of leadership and trust. He is the author of: The Trust Factor: Advanced Leadership for Professionals, Understanding E-Body Language: Building Trust Online, and Leading with Trust is Like Sailing Downwind. Bob has many years as a senior executive with a Fortune 500 Company and with non-profit organizations.


Leadership Barometer 40 Turnover

March 2, 2020

Is employee turnover killing your company? Turnover is one of the most significant, and avoidable inhibitors of profit. The US national average for turnover usually runs between 2-3% per month, whereas the top 100 companies often have a turnover rate of only 2-3% in an entire year.

In this article, I put a spotlight on the turnover problem and offer some antidotes that are common sense but sometimes not common practice.

For professionals, the cost of replacing an employee is roughly the annual salary of the individual. That means a company with 1000 people, each with an average annual salary of $48K, will lose more than $17 million per year due to turnover. These costs go directly to the bottom line in good times and bad.

Even in periods of high unemployment, turnover is still a problem for most groups. When jobs are scarce, workers may not leave immediately, but they are quietly planning on exiting once the job market improves.

One recent estimate is that 40% of workers are unhappy and plan to move within the next year if jobs become available (National Labor Statistics). That would mean a dramatic rise in turnover costs and a significant shift of the best talent from organizations with poor practices to those with stronger cultures.
How can we fight this needless drain? Here are seven key factors that can help you reduce turnover in your organization:

Supervision

When people decide to leave an organization, it is most often the result of dissatisfaction with their direct supervisor. The most important thing to improve is the quality of leadership at all levels. Teaching supervisors and managers how to create the right culture makes a huge difference in turnover.

Unfortunately, when money is tight, often the first thing that gets cut is training. Improving leadership at all levels needs to be a continual investment, not a one-time event when someone gets promoted to a supervisory role.

Supervisors who are well trained recognize their primary function is to create a culture where people are engaged in the work and want the organization to succeed. These people rarely leave because they are happy where they are.

Compensation

Pay is often cited as a reason for people leaving an organization. Pay may be a factor in some cases, but it is often just the excuse. What is really happening is that the work environment is intolerable, so the remuneration for the grief to be endured is not a good tradeoff. We need to teach managers to improve the trust level within the organization.

High trust organizations can pay workers non-inflated wages and still have excellent retention rates. There are numerous examples of this. One of them is Zappos, where they have such a great culture, that when employees are offered $2000 to leave, they do not take it.

In Drive: The Surprising Truth About What Motivates Us, Dan Pink points out that the relationship between pay and motivation is not what most people think. He cites several studies that show a pattern where higher pay can actually lead to poorer performance.

Pink advocates paying people enough so that the issue of money is off the table. Then three other conditions, Autonomy, Mastery, and Purpose, will take over as the key drivers to satisfaction and motivation, and therefore, retention.

A better future

Another key factor that causes people to leave is lack of a path forward. Employees who can visualize some pathway to a better future will generally stick around to experience it. Training and development are a key enablers for people to know there is a brighter future. Cross training is a particularly helpful way to have employees feel they are being developed to be more important to their organization. Cross training also helps make the work environment more interesting.

A family atmosphere

If you read about the culture of the top companies worldwide, there are many common themes. One of these is that employees describe their work associates as their extended family. They cherish the relationships with their co-workers. Sure, there will be some squabbles and an occasional lecherous uncle, but the overarching atmosphere is one of a nurturing and caring group of people similar to a family. Who would want to leave that environment?

Freedom

Enabling people to do their own work without being micromanaged is a characteristic of organizations that are good at retaining people. Nothing is more irritating than being ordered to do things in a certain way by a condescending boss who does not really understand the process as well as you do.

The ability to use one’s own initiative and creativity to get the job done right helps build self esteem, which is a key ingredient in the retention of people.

Recognition

Knowing that someone cares about you and recognizes your efforts and accomplishments goes a long way toward building employee loyalty. A loyal employee is not out there looking for another position. Instead, he or she is thinking about how the organization’s success can be enhanced through even more effort. The collective muscle of thousands of employees who each feel that way is amazing to behold.

Safety

Many organizations live on the edge of impending disaster. The competitive world has forced legions of companies to downsize on a regular basis simply to survive. When employees witness the revolving door that occurs as a result of things they cannot control, you can’t blame them for wanting to find a safer mode of transport through their career.

If the other suggestions above are followed religiously, then the organization will have a lower risk of having to lay off people, so they will enjoy a lower turnover rate.

These seven factors are not an exhaustive list, but I contend that groups who focus on these seven conditions and understand the dynamics will have consistently lower turnover rates, saving millions of dollars each year. That advantage is sustainable and scalable. It just requires leaders at the top who are skillful and relentless at applying these principles.

Bob Whipple, MBA, CPLP, is a consultant, trainer, speaker, and author in the areas of leadership and trust. He is the author of: The Trust Factor: Advanced Leadership for Professionals, Understanding E-Body Language: Building Trust Online, and Leading with Trust is Like Sailing Downwind.