TZL 1534 (web)

SARA KARSTETTER, from page 11

staff. Mentorship is one of the greater intangible benefits you can provide. Employees care about the full potential of a position at a company. When looking at competing offers, money isn’t always the bottom line. Opportunity and the environment they are joining may be the deciding factors (this was true for me!). Additionally, a mentorship environment may be the defining factor in choosing not to jump ship. Mentorship gives employees the opportunity to grow, to thrive, to be heard, and to become their best professional selves. It also allows them to grow their careers in the direction of their choosing. With the younger generations focusing so much on self-care, this is a version of professional self-care that they cannot provide for themselves, only the more experienced can. Mentorship is also a tangible investment in your staff. It lets them know they matter and are not just a cog in the wheel. Eighty-nine percent of those with mentors believe their colleagues value their work, which is a key component to overall happiness at work. Seventy-nine percent of millennials see mentoring as a crucial part of their career success, and seventy-seven percent, who feel they have control over their career, are more loyal. These are some huge numbers when looking to increase your odds of recruiting and retaining staff. ■ A scapegoat in delaying a mentorship program could easily be the budget. Many companies are focused on KPIs, and having a set utilization rate for each employee is typically one of them. We all know that dedicating time to training and mentoring cuts into a department’s utilization rate. If this metric is something leadership is tracking, you might have a tough time trying to convince them to relax it for the greater good of the company. After all, the bottom line is the bottom line. My argument to the converse? Be farsighted! In time, this mentorship and training will make your staff more knowledgeable, efficient, effective, and satisfied at their jobs, thereby increasing productivity, in perpetuity. Perpetuity is a pretty strong word, but much like a degree, once it is earned, it is yours. And, to your company’s benefit, you will have more knowledgeable, efficient, and effective staff. How does that benefit the company? Well, whether it is due to increased efficiency or increased competency, this more effective staff will be more valuable when it comes to billing. So, what is the bottom line? What is the end-result of mentorship? Your company will be able to be more proficient with a higher level of competency at a price you will be able to set accordingly. You will either be able to charge more for a better deliverable or decrease your timeframe for the same deliverable. You will decrease your turnover rate because you will have happy, fulfilled staff who are progressing their careers in a direction in which they have a say. And you will set your company up for future success in your own growth plans by developing your own (happy) future leaders. Sara Karstetter, MBA is a mergers and acquisitions advisor with Zweig Group. Contact her at skarstetter@zweiggroup.com.

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THE ZWEIG LETTER APRIL 22, 2024, ISSUE 1534

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