The value of a mentoring program
Mentoring can be a powerful tool in introducing new salespeople to your brokerage, and help them make progress in their work. Newcomers can find it extremely beneficial to regularly talk with someone who has their best interests at heart, who can explain the facts of life in real estate, and who's willing to offer valuable advice.
Informal mentoring has been going on forever, but companies are increasingly recognizing that formal mentoring programs can provide significant benefits for both
workers and the firm, says Dr. Lillian Eby, an associate professor of psychology at the University of Georgia and an authority on corporate mentoring.
Perhaps the most compelling reason to establish a formal mentoring program is that mentored workers have stronger commitments to the organization and are less likely to leave. “A key benefit of mentoring is retention. Turnover costs can be staggering. That’s one reason why organizations include mentoring programs as part of their business objectives,” Eby says.
Also, there is evidence that mentoring can lead to more satisfied workers.
“While companies recognize the value of mentoring programs, the reality is that there are no clear guidelines on how to create them,” Eby says.
Research on mentoring has shown informal relationships are more effective than formal ones. “When people get together informally or spontaneously, they do so because they want to. The mentor genuinely wants to help a worker who he or she feels has the qualities to be successful. The person being mentored wants someone to provide counsel, offer tips in performing their job and helping to find work solutions,” she points out.
However, formal mentoring programs can be equally successful if done right. First, Eby says there must be management support for mentoring. “Managers need to be committed; without that commitment the effort will not succeed.”
She also suggests that formal programs need to be monitored to ensure that both parties are benefiting and that the mentoring is meeting its goals. Training for both mentors and protégés should be provided that sets clear expectations.
It is important, as well, that managers and protégés be given a voice in the selection of mentoring partners. “A mentoring program that has a poor fit between mentor and protégé could be a mismatch in personalities, values or work styles, and is likely to fail,” she says.
Matching mentor and protégé is a key consideration. “There is no clear way to do that,” according to Eby. Some firms prefer to pair people similar in nature, while others think that opposites should be paired. “In practice companies use differing and varying criteria. There just isn’t enough research that supports one way over others,” she says.
Mentor programs are more likely to succeed if incentives, such as rewards and recognition for the mentor, are included, adds Eby.
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