7 Reasons why you should Mentor Millennials?

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7 Reasons why you should Mentor Millennials?

It’s no secret that Millennials are the most educated and tech-savvy generation in history. The millennial generation is primarily seen as the “entitled” generation that is averse to hard work and shows no loyalty to any brand or corporation.

As the generation continues to grow, the world cannot miss the waves of change being brought about in every industry sector. The need for continuous feedback, on a subconscious level, goes back to the very beginning. Research has identified that Millennials were raised with a heavy prominence on structure and aligning systems, constant honing, and feedback.

Aligning oneself with an influencer, or a set of influencers, can make a lot of difference for having a smooth career growth that is filled with disappointment and stress.

Today’s workforce is complex and dynamic. For the twenty-something stepping into his or her first professional role, the workplace can be overwhelming and downright terrifying.  Understanding the benefits of a strong mentor relationship going into this situation is often enough to minimize the sting and allow for a smooth transition.

According to the 2016 Deloitte Millennial Survey, 63% of millennials say their leadership skills are not being fully developed. It also found that those intending to stay with their organization for more than five years are twice as likely to have a mentor (68%), than not (32%).

The millennial generation is the biggest in US history, surpassing the baby boomers. Currently, they make up 40% of the existing workforce and are set to grow to 75% of the workforce by 2025.

Here are 7 reasons why should you mentor Millennials?

As per Gallup, the high millennial turnover costs the U.S. economy $30.5 billion every year.  71% of Fortune 500 companies invest in mentoring employees. From Boeing to Google, organizations are growing by investing in employee development.

1. Reduce turnover rates

A study by Deloitte reports that millennials that are mentored are twice as likely to stay in the company for more than 5 years. Retained talent reduces recruiting costs and overall reduces “job-hopping” of employees.

2. Impacting the bottom line

An organization that invests in it the development of its employees is proven to grow to new heights. Mentored employees exhibit higher job satisfaction that translates to improved job performance. Mentoring also keeps your workforce engaged, reducing boredom and improving work outcomes.

3. Improves collaboration

Mentoring involves collaborating in a formal/informal developmental partnership. A good mentor-mentee relationship helps in improving employee morale and bridge the gap between senior-junior management levels.

4. Mentor satisfaction

Through reverse mentoring mentors understand how millennials work, address digital divide plaguing workplaces and help navigate through evolving technological trends. As per a study by Sun Microsystems, mentors are seen to be promoted 6X more as compared to their peers.

5. Knowledge transfer

As baby-boomers reach their retirement age companies are preparing the younger workforce to take charge. Pairing senior executives with new recruits would ensure crucial information is passed onto the next generation of workers. Having a mentor who understands your background and career path will allow you to develop a focused roadmap towards your career goal.  A good mentor will help you understand where to best align your focus your efforts to ensure you apply your strengths according to the needs of your organization.

6. Developing leadership skills

While millennials are taking charge of the economy, Gen Z is prepping to be their successors. Senior executives should be grooming leaders of tomorrow.  As 1000s of baby boomers retire every day, millennials are filling the C-Suite roles. Millennials would be able to fit in better for these roles as they’ll have a better understanding of the changing work landscape – one that is agile and purpose driven.

They enable us to unlock and un-tap potential, set new goals, and provide a crucial role to the organization, Ambition. That’s the power of mentorship.

7. Challenge

Mentors will help you get out of your comfort zones. If you hate speaking in but talking in front of a huge crowd is a part of your job, then find a mentor who challenges you and brings you out of your zone.  Effective mentors repeatedly challenge and stand as pillars for their mentees, building their skills and knowledge to be successful at the workplace.

The generation that grew up as 'digital natives’ is changing how businesses function, challenging the status quo and reshaping work cultures. With proper mentoring millennials would take over every industry sector with ease.

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MentorCloud delivers a cloud-based, white-labeled platform shown to increase employee engagement and satisfaction by promoting intentional conversations between company-identified mentors and your workforce.

Used by companies like Airbnb, Nvidia Corporation, and Marriott International, MentorCloud enables the rapid transfer of mission-critical skills and institutional wisdom across the workforce. This raises productivity and increases employee engagement at a fraction of the cost typically spent on employee learning and development.

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5 Techniques to Mentoring Millennials

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5 Techniques to Mentoring Millennials

A study by Deloitte suggested millennials who intend to stay with an organisation for more than five years are twice as likely to have a mentor than not. In the same survey, the millennial respondents said an ideal working week would include significantly more mentoring and coaching time than they currently receive.

Most companies focus on recruitment and do not put resources into retention. If you don’t mentor your millennials they will leave you,” says Julie Kantor, chief executive of training and development firm Twomentor.

Companies need to think creatively and structure formal programs to match the millennial mind-set. Traditional one-to-one model of mentoring would not yield the same results when it comes to mentoring millennials.

Businesses must also decide on the correct model. Mentoring is traditionally seen as helpful suggestions over a cup of coffee. But, there is an increased focus on a concrete model known as sponsorship, where an influential employee will not only increment a thoughtful advice but will also help roadmap a career progression and act as an advocate when an opportunity shows up.

In this new age, organizations have to relook at their mentoring programs and implement what is being termed as “modern mentoring”.

Here are 5 mentoring techniques that your organization should adopt for your millennial workforce:

1. Fixing problems on the spot

The Gen Y isn’t going to wait to get through office hierarchy to seek out a senior leader for their problems. Millennials should be provided informal opportunities to approach mentors even when they aren’t reachable at work. These “micro-mentoring” or “situational mentoring” are quick fixes to problems that would generally involve going back and forth on emails/meetings. Modern mentoring is seeing the use of social media channels like Twitter and LinkedIn for quick responses to workplace issues.

2. Knowledge transfer through Reverse Mentoring

Facing difficulties in wrapping your head around social media? Need advice on a new phone to buy? Millennials can help you out!

Gone are the days when learning was a one-way street. One-sided mentoring fails to motivate millennials that are looking to be seen as equals at the workplace. Millennials are opening up doors to reverse mentoring - pair a senior executive with a junior and see how two-way learning weaves in its magic of effective outcomes. It's not just millennials who benefit from reverse mentoring. Reverse mentoring is an ideal method to utilise your own workforce to train horizontally and vertically in an organization.

3. Self-paced Mentoring

If you're mentoring programs are rigid one-to-one sessions, then you might be losing out on a larger part of your workforce.

Millennials like flexibility, whether it’s work from home or Bring Your Own Device to work; mentoring isn’t too different. Give millennials the option of choosing their own learning time and pace. Mentors can look at non-traditional forms of mentoring such as podcasts, short videos or conducting sessions over Facebook/Instagram live and reach a wider audience.

Some organisations even provide “Learn on Demand” options wherein a mentee can log-in at their convenience to access mentoring courses/modules.

4. Multiple mentors, multiple learning opportunities

A single mentor can train 100s of employees; similarly, 1 employee can have multiple mentors. The advantage? Employees benefit by receiving training opportunities from senior executives that come from different sectors of the same business. Millennials get access to a vast wealth of experience and advice with innumerable learning outcomes.

5. The other mentor

While mentoring at one's place of work is appreciated, millennials would like to network with people outside their organisation. Most employees wouldn’t be comfortable divulging too much to their seniors for the fear of being judged. An external mentor can provide the ground for talking/asking questions, regardless of the employee’s company work culture. This way the employee has the freedom to discuss their career and life goals. External mentorship is also an excellent way to introduce new skills into the existing workforce.

Every generation has its own methods of learning. What worked for the Baby Boomers may not work for the curious millennials. Work out a modern mentoring program through various mentoring projects and experiment with various innovative ways of engagement, support and guidance.

Mentoring brings out the best in each one of us. It helps us grow and have a focused career. Mentors bring out an opportunity to learn and grow and they also enjoy the feeling of helping someone else. Thus, maximizing your efforts and pushing yourself towards the growth of self and the organization.

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MentorCloud delivers a cloud-based, white-labeled platform shown to increase employee engagement and satisfaction by promoting intentional conversations between company-identified mentors and your workforce.

Used by companies like Airbnb, Nvidia Corporation, and Marriott International,

MentorCloud enables the rapid transfer of mission-critical skills and institutional wisdom across the workforce. This raises productivity and increases employee engagement at a fraction of the cost typically spent on employee learning and development.

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Why do we need a mentor when Google has all answers?

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Why do we need a mentor when Google has all answers?

The answer in short: the power of context!

Google needs no introduction. We all are familiar with its services that impact our professional and personal lives. Especially, its search engine. According to a study published on Forbes, over 3.5 billion search hits are executed across Google on daily basis. This astronomical figure can put Google’s dominance in perspective.

Interestingly, today, many people are turning to Google when it comes to seek business advice or consult, forsaking professionals and mentors. This trend opens an important topic for debate. Should we rely on Google when we need genuine answers for our businesses growth or find mentors who can show us a path, a charted territory, to lead us to success? Below are few reasons in favour of mentors.

Here are five reasons:

#1. A mentor knows your strengths and weaknesses, Google doesn’t: Benjamin Franklin once said, “Tell me and I forget, teach me and I may remember, involve me and I learn.” When you are young in the business world, you know little about what is right and what may be wrong for your business. In such situations, a mentor can tell you important dos and don’ts, ifs and buts, that can help you deal with critical roadblocks and challenges.

In the same way, Google can list you opinions of experts, but their instructions are void of your context. These people don’t know your business or risks you have taken. And they lack the benefit of knowing your strengths and weakness, which makes going for advice from  mentors a prudent choice.

#2. Unlike Google, a mentor builds a real relationship with you: Moviemaker George Lucas once noted, “Mentors have a way of seeing more of our faults that we would like. It's the only way we grow.” Lucas is right. Mentors may have already travelled the path you are travelling today or know of others who have done so. They know what works and what does not. How much budget is needed and what factors to prioritize to build a marketing strategy—such insights are tailor-made, that varies from business to business.

Google, on the other hand, has a vast reservoir of information, but it lacks experience, wisdom, knowledge and context.

#3. Human vs AI: Ask yourself, what makes you feel motivated and keeps you going when business is going through rough waters? A human or an AI? Your mentor is an empathetic being, who can offer you encouragement and inspiration in difficult times. This is the reason you will not see any robot, embodying a strong search engine, employed as a coach or manager by any sports teams. Succeeding in business, just like winning a trophy, is a journey of success and failures, and only your mentor or coach can instil confidence in you, push you to your limits, and pick you up whenever you fall.

#4. Mentors make you disciplined. Google cannot set boundaries for you: Mentoring is a practice of tough love. To win, you have to be disciplined, proactive, and diligent. All three constituents form the bedrock of a successful venture. And yes, you can find these things on Google as well. But, can you really use this information and implement them on a daily basis for different problems? Today, your priorities are to increase traffic, which will require you to discipline your SEO and social strategy. Tomorrow, it could be to redo your minimum viable product. For an environment with diverse conditions, you cannot keep all of your eggs in the basket of Google.

#5. Mentors are unbiased and trustworthy: An entrepreneurial mind is a goldmine of ideas. But, not all ideas need a gold rush. You bounce off your ideas with your mentor, and he will give you an unbiased opinion about them. He can help you save your money and precious time; allowing you to tap into his immense knowledge about the business world.   

Your mentor can introduce you to various people who can help you build your business. For a beginner, it could take a lot of time to build a prominent network and reputation in the business world. But if you have a mentor, you can leverage his contacts in the favour of your business.

Like above, there are many reasons to seek mentorship than to sit idle and rely on Google for your answers. Even the founders of Google, Larry and Sergey had a mentor, who guided them in their venture.

And it is not just them, but all great leaders around the world, who have in some way or the other confided in the mentorship of veterans, to take their businesses to new heights. It goes without saying that Google is an important brick in our lives, but it’s our advisors and mentors who act as the cornerstone to turn our dreams into reality.

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Make 2018 the year for Insightful Conversations!

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Make 2018 the year for Insightful Conversations!

January is just another month for the Sun who keeps shining, but for the rest of us on this beautiful planet, January in a new year is a time to Reflect, Celebrate and Aspire.

  • Reflect on what worked well in 2017 and what didn’t. Any experience is valuable only if you take the time to reflect.

  • Celebrate new accomplishments, relationships and learnings from 2017.

  • Aspire for more happiness, work-life balance, success and growth in 2018.

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2017 was a year of significant momentum at MentorCloud!

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2017 was a year of significant momentum at MentorCloud!

Thanks to each and everyone of our users, clients, partners, investors, advisors and most importantly to our colleagues who made 2017, a year of significant growth and accomplishments for MentorCloud. Our mission is to be the catalyst for 100 million insightful conversations between mentors and mentees, by 2020. The momentum we have seen in 2017 gives us complete confidence of being able to achieve our mission as we launch into 2018.

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Mentoring - Your Secret Recipe For Rapid Career Success

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Mentoring - Your Secret Recipe For Rapid Career Success

Most people mistakenly think that they can achieve great success in their career with just an education from a good college, some on-the-job training and experience, and a little bit of hard work. All of these are necessary but not sufficient. In today’s highly competitive world that we live in, it is necessary to know how to take your game to the next level and differentiate yourself from your peers. How do you do that?

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Ensuring Entrepreneur Longevity - with mentoring

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Ensuring Entrepreneur Longevity - with mentoring

Entrepreneurs are special! They are smart, knowledgeable, passionate and extremely driven individuals. They visualize and create things that most people in the world couldn’t even imagine! And yet it is a troubling fact that within 3 years, close to 90% of the companies founded by these visionary entrepreneurs fail. Read more to learn why and what we can do about it.

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Millennial Employee Life Cycle: Part Two

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Millennial Employee Life Cycle: Part Two

Contemplating how best to engage your millennial workforce? Implement reverse mentoring, break down barriers within the organization, and provide them with regular, honest, and authentic feedback. Read on for more useful tips!

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Millennial Employee Life Cycle: Part One

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Millennial Employee Life Cycle: Part One

"Millennials want frequent real-time feedback to keep learning and progressing quickly. They even place training, mentoring, and flexible work arrangements as priorities above financial benefits – and mentoring is well and above their preferred way of learning. In fact, 75% see mentorship as crucial to their success. Yet only 51% of Gen Y women surveyed by LinkedIn said they have had a mentor."

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Failed Founders Make Great Hires

A failed founder is without question one of the most experienced people to go after in the job market. They have shown that they will take risks, work long hours to achieve success, communicate with customers, and blend all of the different pieces of a company's operations into one. Most importantly, their previous failures give them an insatiable hunger for success - and it’s your company that will benefit. 

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