A good mentor should also beempathetic, warm andsupportive.(Photo:garagestock/Shutterstock)

Mentoring isn’t simply a “nice” thing to do. It can actually bea moneymaker for your agency. Consider that overone-quarter of employees surveyed in a Robert Half &Associates study admitted they are willing to quit a new job in thefirst three months if they aren’t satisfied.

The cost of employee turnover for a low-paying position — which typically suffersfrom high-resignation rates — can be 16% of the annual salary forthat position. For mid-range positions, this jumps to 20%. Ifturnover continues unchecked, these costs are paid by the companyagain and again.

As explained in the 2017 Hiring Outlook report by Execu|Search Group, “In today’sdigital landscape, employees do not need to search very far todiscover if they could receive higher pay or better benefits atanother company. Additionally, there is no shortage of openpositions to explore their career options. As a result, they maynot be inclined to stay with their employer for very long.”

Many companies have resigned themselves to this “job hopping” and simply devote less and lessto new hires. Yet as the hiring report concludes, “Keep in mindthat an employee isn’t destined to job hop. They may just bewaiting for an employer who reciprocates the same care that is putinto their work. Rather than refusing to invest in new hires,organizations may want to consider that perhaps, professionalswould have longer tenures if an employer actually invested inthem.”

To counter a revolving door at your own agency, considerestablishing or improving a formal mentoring program that can boostemployee engagement, morale and loyalty. The importance of strongmentoring is more vital than ever when you factor in millennials’ emphasis on career developmentopportunities, which they consider to be one of the most importantcorporate offerings.

To successfully mentor new hires requires a deliberate approach.Here are recommendations for a strong mentoring program:

1. Assign mentors carefully. About 50% ofemployees say they leave their companies “to get away from theirbosses,” while 70% of workplace engagement is influenced by anemployee’s relationship with his or her direct supervisor. A mentorgives an employee another superior or valuablesounding board. Recognize that a good “fit” is more important thana mentor’s exact position, and choose empathetic leaders who canquickly help the new hire feel secure, included and valued as anindividual.
2. Give mentors time to plan. Make sure a mentoris assigned as soon as someone has accepted a job offer. Mentoringshould not be done on-the-fly.
3. Provide structure. Help mentors by giving thema checklist of items they must cover with their protégés. Thisshould include (but doesn’t have to be limited to):
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   1. The agency’s mission and how the newhire is believed to complement it. The goal is to helpevery employee understand why they were “chosen”, and the role theyplay in the company’s overall success.
   2. The agency’s history and goals. Includedetails about who has come before and how the organization hasgrown and changed. This lets the person know they are joiningsomething with an existing narrative, but also with purpose andvision — the virtual roots and wings every galvanized teamneeds.
   3. The nuts and bolts of the job. These are theday-to-day details someone needs to know to be successful in theirrole. What are the processes? How are projects managed and what arethe available tools? Don’t forget about the frustration caused by acomplicated time-card process or the finicky copy machine.
   4. The intangible aspects of the job. Share aninsider’s perspective — potential landmines that someone from theoutside might not know. This can be one of the most important waysa mentor can nurture growth. It doesn’t mean sharing office gossip,but it does require frank discussion and honest feedback. Forexample: “The biggest pet peeve of our CEO is late arrival tomeetings, so try to come at least 10 minutes ahead to avoid this,”or, “We offer time off for volunteering because it’s an importantpart of our corporate culture, so be sure to take advantage of thatbenefit. It will definitely earn you positive recognition.”
4. Engage from the start. Most new hires have afew weeks between accepting and starting a new position. Use thistime to have them fill out required paperwork in advance. Recognizethat many new hires complain of boredom their first couple ofmonths — without a structured plan, no one seems to know what to dowith them. And simply handing over reading materials or asking newhires to tag along at meetings just makes them feel like more of aburden than a valuable member of the team. Meet with their bossbefore they arrive to ensure there is a ready list oftasks or projects and add your own as appropriate.
5. Work together on the employee’s personalgoals. This starts with listening. Take the time to learnabout the individual’s life situation, unique talents and long-termgoals. Even seemingly inconsequential goals, such as desiring quicktransition to a quieter area of the office, is worth discussion.Brainstorm ideas and timelines to reach those goals. Develop trustby first revealing some of your own goals.
6. Be yourself. This is perhaps the mostimportant element of any successful mentor relationship. Let downyour guard and don’t be afraid to let your human side show.

The difference between mentor &friend

Many mentors find it difficult to navigate the line betweenmentor and friend. After all, you often discuss some ratherpersonal topics: How can work/life balance be improved? What doesthe employee dislike about the agency? What are difficulties withtheir boss?

A good mentor should also be empathetic, warmand supportive. However, a mentor must retain their role as leader andguide — you may be equally important as individuals, but youare not professional equals. If you were, youwouldn’t be able to provide the guidance your understudy deserves.While you can certainly dispense with formalities and hold lively,genuine discussions, take your position seriously and share whatyour mentee needs to hear, even if it isn’t something theywant to hear.

Donna Gray ([email protected]) is theexecutive director of the American Insurance Marketing and Sales(AIMS)Society. The society’s goal is to encourage professionaldevelopment throughout a person’s career, and it offers a varietyof education opportunities, events and programs. The AIMS Societycreated and administers the Certified Professional Insurance Agent(CPIA) professional designation, which focuses exclusively oninsurance sales and marketing skill development.

Related: 

• Success stories of 4 female insurance claimsexecutives
• How to empower others to reach greater levels ofinsurance agency success
• 6 tips to better manage millennials in theworkplace