Mentorship and Succession Planning: Perfect Partners

Business leaders often talk about the importance of succession planning and developing “bench strength” when discussing the future of their organizations, and for good reason. It’s critical to ongoing success in businesses of all sizes. What’s not talked about as often is the role mentorship plays.

For a succession plan to deliver, the employer must review it continuously to create a robust talent pipeline for key strategic positions. Mentorship acts as a critical counterpart to succession plans by focusing on individuals and internal partnerships that support talent development and long-term growth. It also contributes to a positive work culture, which is more important than ever in a tight job market.

As seasoned leaders and top contributors move toward retirement age, companies leveraging mentorship programs demonstrate that they are willing to invest in the careers of the next generation, which is crucial for retention and the organization’s future success. Filling strategic positions with a current employee who knows the business and has had the opportunity to develop their own skills through mentorship saves the company time and money by avoiding the recruiting and onboarding costs associated with outside hiring.

Mentorship also provides more exposure and cross-functional visibility to talented employees who may otherwise be overlooked during succession planning discussions. Mentorship offers employees the opportunity to develop and then put into practice core leadership competencies with the support of someone who has already incorporated them into their work.

Ten ways successful mentorship programs positively impact organizations include:

1. Employee Retention. Employees are looking for professional growth opportunities and will consider leaving a company that does not provide them. By investing in a formal mentorship program, a company reassures its employees that their contributions are valued. Employees are confident that the goal is for them to grow within the company rather than outside. Participants have the opportunity to build relationships and trust with their mentors, gain personalized feedback and assistance in identifying their developmental goals, and are less likely to look outside the company for their next role. 
   
   
2. Talent Acquisition. When contemplating a role in a new company, prospective employees consider opportunities for upward mobility. A strong mentorship program can be a valuable incentive for acquiring top talent.
   
   
3. Employee Engagement. Employees with the opportunity to participate in a mentoring program are more engaged. Mentoring creates a supportive environment for growth and development, which helps form the employee skills  often identified in a succession plan. Employees like to know how far their careers can take them, for instance, if they have a shot at a leadership position. Experienced leaders acting as mentors know their mentee’s goals. They can share insights with executives about who is most engaged and focused on learning so the company can confidently look internally when new roles become available. 
   
   
4. Real-World Experience. In a formal training program outside the organization, instructors often focus on concepts or theories that may not always apply to the employee’s work. They may, in turn, then encounter difficulties translating their classroom learning into real-world situations. Companies with experienced mentors and a solid internal program create learning opportunities using experiences directly from the organization’s work.
   
   
5. Institutional Knowledge. An organization’s memories are its history and its lifeline. Institutional knowledge can include cultural memories that shape today’s workplace or more tactical, practical information like how to manage a key client or critical project. While some institutional knowledge is recorded in company documents and databases, most are implicit and held in the learnings and experiences of those working there. Ideally, knowledge transfer and cross-training should occur routinely, but that is not always the case. Executives who may be worried about losing that knowledge given the upcoming retirement of their most seasoned employees can leverage mentoring relationships to ensure its sharing and transfer. 
   
   
6. Bridge Generation Gaps. Employees representing up to five generations are present in today’s workplace. Each brings differing styles, life experiences, expectations, and approaches to the same work. These differences can often feel insurmountable when employees think they have nothing in common with coworkers outside their generation. Mentoring programs can help them connect in a way that bridges those differences, allowing for closer working relationships across generations. 
   
   
7. Cross-Functional Exposure. Organizational silos are not uncommon and are not always helpful when it comes to succession planning. Companies that organize by geography, product line, functional specialty, or any other divider may have challenges with succession planning because it’s difficult for employees to transfer, gain experience, or even have visibility in other areas of the business. Implementing a mentoring program that crosses business units allows participants to develop professional relationships across multiple functions, ultimately increasing their chances for success.
   
   
8. Perspective. For the mentee, one of the most significant benefits of a mentorship program is the ability to see the organization from a different—and broader—perspective. An effective mentor can help their mentee develop this skill and help them understand the long-term impacts of a decision or project. The ability to change perspective is foundational in new leader development. 
   
   
9. Culture. An investment in mentoring signals that continuous professional development is valuable to the organization. It creates a culture that supports learning and growth, encouraging employees to be their best. Through stretch assignments, formal training, and participating in rotational assignments, a culture of mentorship and development helps prepare future leaders.
   
   
10. Leadership Modeling. The best way to learn the ins, outs, ups, and downs of being a leader is to be mentored by someone already doing it successfully. Seeing effective leadership in practice each day has a more significant impact on mentees than trying to apply principles from a book or coursework.