Written by: Wayne Elsey, Executive Contributor
Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.
Every leader that runs a business for a long time eventually gets to the point where they have to look at the next generation of new leaders. Although it’s not something that’s predicated on tenure, of course, it’s especially true if they want the company to continue beyond their tenure. Still, the reality of today's business climate means that the best companies operate with leaders at every level of the company—not just at the top. So, nurturing new leaders is a role that has to happen continuously.
The shift from manager to mentor
In the past, the manager or business leader set the business targets and metrics for their companies. However, we now operate in a very dynamic business climate, meaning that information is not going from top to bottom only. In other words, it's multi-directional, and the best businesses provide data throughout the organization for decisions and actions at every level.
In short, it’s created an environment for sustainable leadership, where top talent is just as important as great leaders. And that’s why leaders should continually seek to mentor the best new leaders within their companies. The business environment is now so complex that they need leaders at every level within a company. Again, gone are the days when everything was dictated from the top. Now, even the most junior person has to have some agency to make split decisions.
The impact of mentorship on organizational growth
With the complex business environment, it means everyone’s making decisions that play into the success of a business. For example, you could have young social media professionals determining what works and what doesn’t in support of a brand. Should the company be on TikTok or not? Is the messaging clear, or are people confused about the brand promise?
Sure, marketing managers develop the strategy, but junior people are also advising based on their experiences in their day-to-day roles. As a result, spotting leadership talent at every level is vital. It's crucial for all levels of managers and for leaders to create an environment where top talent is spotted and mentored into more significant roles within a company to grow profitability. Here’s what mentorship does:
Enhanced Employee Engagement: Paying attention to the next generation of new leaders allows the team to feel engaged and motivated. The best top talent wants to achieve success, and they want to get ahead in their careers.
Knowledge Transfer and Retention: A crucial part of creating a business environment where there’s mentorship and leadership nurturing is it allows you to ensure the continuance of your company and critical areas.
Succession Planning and Leadership Pipeline: Of course, another great reason to nurture new leaders is to create a pipeline of people who could step up to key roles. That allows for smooth leadership and management transitions.
Increased Innovation: Want to get your team to innovate? Creating an environment where success gets rewarded is a great way to do it. Mentoring and guiding your team on crucial goals allows them to innovate solutions given the space.
Improved Employee Retention: Any leader wants to retain top talent. Therefore, an essential way to do it is through leadership mentoring. It shows an interest in their skills, ideas, and experience, making them more invested in the company.
Employees who receive mentorship are likelier to feel invested in the company and have a sense of loyalty. Consequently, they are less likely to seek opportunities elsewhere, leading to improved employee retention.
Strategies for becoming an effective mentor
Now that we've explored why mentoring new leaders is essential for your business let's discuss some tips to do a great job. For starters, it's necessary to listen to your new leaders. In other words, you have to talk to them and find out what they aspire for in their careers. Get to know their strengths and weakness, and figure out ways to help them learn and upskill. Moreover, be specific in tailoring your mentorship to each person. No two people are the same and require the same professional development.
Another thing to do is to provide constructive feedback. That means being clear on what works and what doesn't. It also means acknowledging that mistakes are okay. Remember, it is acceptable to fail and make mistakes. Everyone does it. The real power comes in delivering critiques and how each person handles them. So it's vital to create a supportive and trusting environment to help people develop and grow in their careers and jobs. And when failure happens, don't judge. Mentor new leaders to determine what went wrong and how to improve things.
An invaluable part of serving as a mentor to new leaders is to share experiences. People need to know what those who’ve gone before have done and how they worked through challenges. In fact, it's always great to dig deep and talk about the challenges and failures along the way because it allows the next generation of leaders to get to know the values and behaviors and more seasoned leaders used in similar challenges in the past. In turn, it allows new leaders to model the same things.
Business and leadership — always evolving
In closing, it's essential to realize that when leaders mentor the next generation, it's not just about passing knowledge. It's also an opportunity to inspire, encourage, and empower people. Inevitably, new leaders will manage situations differently. After all, people are people, and none of us are the same. Still, by creating a supportive mentorship environment, company leaders allow the space for people to grow and learn as professionals and future leaders.
In effect, when a business leader or manager steps up to the plate and seeks to mentor new leaders, they embark on a transformative journey with that person. Yes, mentees learn successful ideas and approaches to business issues they may not have realized that go beyond figuring it out for themselves. But it's also transformative for the mentor. In short, they can imprint their companies with new agile and responsive leaders, making it a win.
© 2023 Wayne Elsey. All Rights Reserved.
Wayne Elsey, Executive Contributor Brainz Magazine
Wayne Elsey is the founder and CEO of Elsey Enterprises. Among his independent brands, he is also the founder and CEO of Funds2Orgs. This social enterprise helps nonprofits, schools, churches, civic groups, individuals, and others raise funds while helping to support micro-enterprise (small business) opportunities in developing nations and the environment.
