The Workplace Mentor: Insights into the Compensation and Promotion Processes
Mudit was one of the better analysts that I’ve come across. The kid was a modeling whiz, had an uncanny attention to detail, and an incredible problem solving ability. He was quiet, polite, and presented well to senior bankers and industry executives. Mudit had no intentions to go into private equity or business school after his 2 years were up and, instead, hoped to stay on-board and be promoted to Associate.
Despite advocating on his behalf and much to my chagrin, Mudit did not receive an offer to stick around. I originally viewed Mudit’s release as an organizational oversight: surely someone of Mudit’s caliber should have been retained. Where did he go wrong? Is finance less meritocratic than I originally thought? Now a few years removed from this experience, I realize that Mudit did not develop an internal “profile” outside of our small group and, more importantly, lacked a mentor to help him navigate the firm.
A mentor is an incredibly valuable asset in the workplace and I believe that they are essential at every stage in your career. I very rarely hear discussions about establishing mentor-mentee relationships and so hopefully I can impart some advice that I’ve gleaned over the years.
Let’s start with identifying a mentor. Whether your organization has a formal program to match junior and senior employees to one another or not, you should be proceed with the same strategy. Try to identify an individual with whom you do not work with on a regular basis. This is a great opportunity to broaden your network, receive impartial advice, and explore a new function or area of the firm. Try to avoid a mentor within your group or “tree”. Next, make sure that this is an individual that you can learn from. Is he or she friendly and engaging or austere? Lastly, think about your target individual’s role within the firm. Is he or she in a growing or shrinking business unit? Do you have any interest in working in his or her group at some point?
So you’ve identified a couple candidates that meet the criteria above. Now what? There’s a right and wrong way to connect. Don’t be the “young gun” who is super aggressive and overly enthusiastic. Your candidate mentors are likely extremely busy individuals at work with families at home; they’re not exactly looking to extend themselves. I’d recommend a brief email describing who you are and why you are interested in meeting. Be up-front and fully transparent with your intentions. Many people will be flattered by this gesture. Recommend breakfast, lunch, coffee, or just stopping by their office for 10 minutes. Don’t wear out your welcome in your initial meeting and mention that you will be in touch in a couple weeks.
A mentor can be an incredibly valuable resource in the workplace. As you develop your relationship, the mentor can help you navigate the trials and tribulations of the modern office environment: suggesting courses of action for resolving disputes, outlining the promotion and evaluation process, and providing insight into the compensation process. Keep your ears open for opportunities to reciprocate for your mentor. Offer to help with any menial operational or research task and always be appreciative of their time.
Lastly, always stay professional. Avoid gossiping about other co-workers and use your best judgment when expressing frustrations or grievances with other co-workers or the firm in general.
As much as I hate to say it, navigating office culture is in some ways as important as the work itself. A mentor-mentee relationship is a great way to learn from those farther down the line in their career. If Mudit had built stronger relationships and understood the promotion process, my guess is that he would have been invited to stick around. Godspeed…
www.wallstinsiders.com
© WallStreet Insiders, LLC
I had an in-tree mentor....she moved up to a different division and I got stuck. Then again she was my previous manager.
Good insights, that's very true. Thanks for sharing, I had a very, very senior person explain just as much to me once during recruiting (subsequently established a sort of mentoring relationship).
Sapiente tempore unde explicabo sit animi consequuntur. Ipsum voluptas sed et laboriosam non neque. Dolore facere ut totam qui possimus.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...