Benefits of a Mentoring Program

Today’s workplace is comprised of four generations of employees (Silent Generation, Baby Boomers, Generation X and Millennials). You’ll find companies with twenty-year-olds working side-by-side with colleagues who may be 40 or 50 years older than them. Each generation comes to the workplace with their unique strengths, skillset and experience and can benefit from a mentoring program.

Mentoring programs are on the rise in corporate America with 71% of Fortune 500 companies implementing them for employee career development, leadership development, diversity training, reverse mentoring, and knowledge sharing. Let’s look at how a mentoring program in an insurance agency can be beneficial.

  1. Leadership Development

Older generations in leadership positions at the agency level are poised to pass the baton to the next generation, specifically to Gen Xers who should be primed for virtually every important leadership role in an organization. This is crucial for agency perpetuation as more senior executives set their sights on retiring and for sustained growth. Consider a coaching approach to mentorship in lieu of formal classes and training, where you pair senior leadership with the mentee.

  1. Knowledge Sharing

Older employees possess a wealth of insurance knowledge, skills and experience to impart to younger employees, which is also important in succession planning and filling the talent gap in our industry. The key is to connect the dots for Millennials so they understand the impact insurance and risk management has on a business. Take them out on client calls, for example, to experience first-hand how the work they do matters!

  1. Reverse Mentoring

Help your senior executives stay updated with the latest business technologies and trends by pairing, for example, Baby Boomers with Gen Xers and Millennials. They can help the older generation see the bigger picture on how advances in technology can not only enhance an agency’s workflow but also its customer service and marketing efforts.

Mentoring helps employees identify themselves as a critical part of an organization while also creating a heightened connection to their work and to their fellow colleagues.