Jump to content
  • Jonathan Max
    Jonathan Max

    Sign in to follow this  

    Mentoring for Millennials: a multifaceted challenge

    In the Deloitte Millennial Report 2018, a clear step change was noted. It stated this particular generation is ‘feeling uneasy about the future. The growth of Industry 4.0 technologies—from robotics and the internet of things to artificial intelligence and cognitive—has altered the nature of work, while political upheavals challenge the established world order.’ 

     

    Against this daunting backdrop however there appears to be quite a clear resolution to these issues and this comes in the shape of mentoring. 

     

    Research by PwC highlights how millennials see mentoring as the most desired Learning and Development opportunity. Many respond well to mentoring by older employees – in an ideal world, they would like to see their boss as a coach who supports them in their personal development. Generally they prefer to learn by doing rather than by being told what to do and they prefer to be mentored rather than managed.

     

    Additionally, millennials who intend to stay with an organisation for more than five years are twice as likely to have a mentor than not and their ideal working week would include significantly more mentoring and coaching time than they currently receive.

     

    While we may already know there is benefit in having a mentor, what’s less common is individuals who actually have one; this is more acute with millennials than older workers. 


    How do we tackle the need of mentoring for millennials?

    On the one side we have millennials signalling mentoring is a ‘must have’.  They have a strong voice in being the largest generation in today’s workforce. They are also possibly the best equipped to tackle the technological innovation opportunities across the industry as well.

     

    The onus is therefore on the leadership to provide the necessary reassurances they need and signal the way forward while supporting the workforce in furnishing their learning and development. 

     

    But this really is a twofold issue; companies need to be more creative when structuring formal programs and also encourage their millennials to seek both internal and external mentorships. It’s great for people to be fuelled with motivation and ambition but common sense tells us it is not solely the remit organisations to solve skills development and career progression challenges – put simply millennials must be able to take responsibility for their own development


    Internal or external?
    When considering the choices around mentoring, there are two paths to follow; mentoring relationships inside and outside the organisation. These are certainly not mutually exclusive and there are significant benefits in pursuing both simultaneously. 

     

    An internal mentor is a highly valuable relationship; through their experience they can help a mentee navigate the organisation and provide insightful advice about internal career development and mobility opportunities. Further, having an advocate for your skills and potential for the company cannot be underestimated.
     
    The benefit of a mentor’s perspective from outside the organisation supports more unbiased and free discussion, unencumbered by concerns about topics which may be politically risky. Furthermore, a mentee might not feel totally at ease discussing any skill gaps in the knowledge their internal mentor may be part of the promotion process they are so determined to achieve.

     

    Confidentiality
    There is a code of trust in mentoring which should never be breached. “Is it ok if this stays between us?” or “can we agree on Chatham House rules”; we have all been there. Having a truly safe environment is fundamental in enabling the expressing and diversity of thought which is much needed for a conversation between a mentor and a mentee. 

     

    Personal choice
    Mentoring is highly personal, and individuals may want to learn soft skills, gain industry insight or learn about the next step up the ladder. This means one person may be useful for soft skills and another for industry insight. Someone who is a level or two above you in seniority may give you a realistic view of what’s going on in your industry while a C-Suite mentor will be more visionary. It’s up to you to design your own network. The best outcome is to embrace these opportunities and consider internal and external mentoring, perhaps choosing two or even three mentors over a period of time.

     

    This is one situation when a mentee really can have his or her cake and eat a big part of it!

     

    Please do visit our new Mentoring section where you can create a profile and find a mentor within the AlgoMe Community.

    • Like 3


    Sign in to follow this  

    Share this  

    Member Feedback

    Recommended Comments

    There are no comments to display.



    Create an account or sign in to comment

    You need to be a member in order to leave a comment

    Create an account

    Sign up for a new account in our community. It's easy!

    Register a new account

    Sign in

    Already have an account? Sign in here.

    Sign In Now

  • Our picks

    • So with all the discussion ongoing, it is difficult to keep track as to what the timelines are, so I thought that I would pull together an overview of it based on various articles in the media 
       
        • Like
    • In the Deloitte Millennial Report 2018, a clear step change was noted. It stated this particular generation is ‘feeling uneasy about the future. The growth of Industry 4.0 technologies—from robotics and the internet of things to artificial intelligence and cognitive—has altered the nature of work, while political upheavals challenge the established world order.’ 
       
      Against this daunting backdrop however there appears to be quite a clear resolution to these issues and this comes in the shape of mentoring. 
        • Like
      • 0 replies
    • Here at AlgoMe we know that one of the best ways to grow our community is through the recommendations of our existing members.
       
      That's why we're offering members the opportunity to win an iPad by simply inviting your friends and colleagues to join the community*.
       
      To be eligible, use the inbuilt invite function, which you can find in the user-bar at the top of the site or app when signed in (), to send personalised invitation emails. When your invitee signs up using the unique link or invitation code they receive, they will appear under your list of successful invites and you will be in with a chance to win.
       
      Each successful invite gives you an additional chance to win.
       
      Please invite people who will be valuable members of the community and have an interest in or experience of Investment Management, Asset Management, FinTech or associated industries.
       
      If you are not already a member, you can register here for free and join in the competition.
       
      Good luck!


       
      iPad model may differ from the image shown
      *Entry is subject to the agreement of the full Terms & Conditions
        • Like
      • 0 replies
    • The Investment Association recently gave the industry a boost when it announced the launch of Velocity, its FinTech accelerator.  Designed to identify, develop and accelerate best in class firms with innovative solutions, Velocity will champion and facilitate the wider adoption of technology across the industry.
       
      And AlgoMe will be involved in this too, which is why I’m excited to announce we are now a member organisation of the Investment Association as an official FinTech member and have been named a "company to watch" by Velocity.
       
      Challenging Times
      The Investment Management industry faces major challenges and opportunities from forces such as digital technology, pressure on fees and increased regulation, while at the same time there are widespread changes in the workforce and their expectations.
       
      To date, Investment Management has both been fairly insulated from the challenges posed by agile FinTech competitors, but also distant from the opportunities offered by the new technologies and ways of thinking that such companies bring.
       
      Bringing FinTech closer
      Velocity is a fantastic step towards accelerating the adoption of FinTech. It has received support and endorsements from both inside and outside the industry, including from the Chancellor of the Exchequer, Phillip Hammond, who was enthusiastic about the initiative at a recent City event.
       
      To drive change and innovation, the industry needs to connect across different disciplines and areas of expertise, driving new ways of thinking and fostering cultural change.
       
      Without the benefit of emerging FinTechs and their external expertise, it will be hard for incumbents to harness the benefits of emerging technologies such as Straight Through deal Processing (STP), Distributed Ledger Technology (DLT), and Artificial Intelligence (AI) in areas such as risk and compliance, securities trading and investment decision making.
       
      Our Mission
      AlgoMe's mission is to connect the Investment Management industry and empower professionals to manage their careers. Our new product, AlgoMe Community, is placed to become the hub for the discussion between FinTechs and the companies and professionals in the wider Investment Management ecosystem.
       
      Join AlgoMe Community today
       
      AlgoMe Community - community.algome.com
        • Like
      • 0 replies
  • Categories

  • Related Content

    • Luuk Jacobs
      By Luuk Jacobs
      With Investment Management being increasingly impacted by the growth of FinTech, the industry needs to better understand how people feel about these changes. 
       
      We would appreciate you completing our short survey, and sharing it with your friends and colleagues. We will publish the results in the community in the near future.
       
      Share this       Share this  
       
       
      If you have any issues you can also complete the survey here
    • Eva Keogan
      By Eva Keogan
      It’s no secret, how we network our business communities has changed. While we still like to meet face to face, more increasingly, we are meeting and engaging online and through social networks before we get to meet up in the real world. Even Dale Carnegie’s How to Win Friends and Influence People has been updated with a new edition for the digital age.
       
      So, if you’ve just signed up to AlgoMe Community – we would like to extend a warm (virtual) welcome from the team – and help you get started on your way to building your own social network and community here. 
       
      Signing up for an online community can be daunting but it doesn’t need to be difficult. No doubt you’re among the 4 billion or so people on the planet already using social media today, but if you’re not, it’s pretty easy to pick up as you will see.
       
      Here’s your guide to getting started on AlgoMe Community
       
      Getting your profile ready:
      So, you’ve registered yourself on the community now, here’s a few pointers on how to make your presence felt:
       
      1.    Add a profile photo – upload the photo you want to use – probably best stick to head and shoulders and quite recent. You will most likely bump in to people at events and at mentoring meetings so always best to make sure you are recognisable.

      2.    Complete your profile information – how much information you wish to add is up to you, but we recommend completing at least your current position and something about your areas of interest and knowledge. 
       
      Getting to know the community:
      Now you’ve completed your profile, you’re ready to start having a look around and seeing what’s on offer and how to get involved. 
       
      Don’t be afraid to write something. While it’s often the first message or post which is the hardest, once that is out of the way, it’s much easier to share and connect. A good starting point is to post a message with something along the lines of ‘Hi I’m the newbie’ and you’ll find people wanting to say hello and find out more about you or the comment(s) you have made.
       
      What’s happening in the community:
      There is a wealth of features you can get stuck into.  Across the AlgoMe Community home page, you’ll see a blue navigation bar with different areas which are:
      Articles – here you can also read from our extensive library of industry topics which have already been published. Feel free to share these outside of the community through Twitter or LinkedIn, or leave a comment on the article.
      Discussions – this is the place to go if you want to ask a question or share knowledge. It can be anything from Brexit through to City charity runs. 
      Mentoring – we are offering our community access to experienced industry professionals with an interest in helping people like you through mentoring. To get involved, you will need to complete a short profile here to be able to participate in Mentoring and this is a great place to find people in your industry outside of your usual circle who may be able to help.
      Groups – some Discussions have become so big they have their own groups which you are free to join and participate in. If you would like to set up your own group, let us know and we’ll help you do that.
      Events – we have a calendar of industry events and if you are holding events, please feel free to add them to the calendar.
      Member Blogs - want to share your views? Create your own blog and publish it in AlgoMe Community.
      Activity Streams – if you’d like to customise what content you see from the community you can do so here. Want to only see content from members you follow? Easy. Want to filter out content that you’ve already read? No problem. You can even set a different stream to be your homepage.
       
      Keeping up to date with the community: 
      Have a look at the right-hand column, and you’ll see it is pretty feature rich and extremely useful for an at a glance guide to what’s happening across the community. Here are some of the features you’ll see.
      Latest articles – read the latest blogs and articles posted by the community, you can leave likes on these too.
      Trending topics – this wordcloud gives you a visual update of what’s the hottest topic or topics in the community.
      Popular Contributors – this is a dynamic scoreboard of who is producing the best content in the community. If you’re publishing, posting and engaging, who knows, it might be you at the top of the chart.
      Newest Members – feel free to connect with new members and welcome them on board. You can follow each other so you’ll be notified when they post new content or exchange private messages.
      Downloads - this area is for industry White Papers and Publications which we feel are useful to everyone. If you would like to publish content here, please let us know. 
      Upcoming Events – you will find a good selection of industry and industry related events here.
       
      We hope you enjoy your time on the AlgoMe Community and grow your connections too. If there is anything else you would like assistance on or would like to suggest improvements and enhancements, please get in touch via the Support page. We also welcome articles on how to network and grow so please feel free to post!
       
      Thanks
      Team AlgoMe
       
    • Rob Carter
      By Rob Carter
      The business world changes at an ever-increasing rate, and for those of us working in Financial Services, we know there are not just one but multiple drivers of change. Former Barclays CEO Anthony Jenkins said recently the financial services’ ‘Uber’ moment is still five years off. If this is true, disruption will soon be upon us but we still face a rapidly evolving landscape.  Downward pressure on fees is now the norm. Changing client expectations and increased competition impact the way services are offered and the actual services themselves, plus the evolving regulatory climate is pushing for ever more transparency. These trends challenge legacy processes, technologies and everyone’s professional skills.
       
      A recent Fujitsu study of financial services found 56% of firms surveyed believe their businesses will not exist in the current form in five years’ time.  Nearly all, 96%, of the financial services firms feel the need to evolve further to ensure a long term future. This may sound bleak to some but it’s exciting evidence of new and exciting industry developments which are coming.
       
      Innovation is now imperative. The expectation is for individuals and organisations to embrace this dynamic landscape but moving from a static environment to a dynamic one with fundamentally different working practices can be overwhelming. People are being asked to deliver more and at speed, but this means individuals don’t have the necessary support they need to excel.
      If organisations are not able to find the time and resources to nurture talent in this demanding environment – where should we look for the support we need to continually innovate within our working lives as well as have the career mobility we seek?
      The answer is to be more proactive.
       
      In this new environment, the winners will be professionals who reach beyond their current network and link to the best people and companies to help them achieve their ambitions and goals.
       
      You might be looking for advice on a topic that you don’t feel you can ask a colleague or support on something transformative, like moving to a new industry or a different department. But how do you go about actually finding it?
       
      Over the last year, as I’ve moved outside of my comfort zone and into digital innovation, I’ve sought out mentoring and support from a variety of sources well outside the usual boundaries of my existing professional network. This journey has seen me mentored by CEOs of start-ups (some 15 years younger than me!) and respected leaders who have worked in the industry longer than I’ve been in this world.
       
      By extending and growing my network, I was fortunate enough to meet my business partner. We set up AlgoMe to augment this paradigm shift away from looking inwards for support and now we are building a community of proactive people that want to help each other adapt to the challenges of the future through discussion and mentoring. AlgoMe will help professionals search and find these useful connections not by mere chance, but through our unique data and advanced algorithms which matches finders with seekers and more.
       
      The benefit for those looking to become mentors are significant too – by increasing your network and exposing yourself to new ideas and ways of thinking. Either way, it’s a great opportunity. You could meet your future business partner or the person that introduces you to your dream job, or just give back and stay in touch with an industry that you may have left behind.
       
      Would you like to be part of our community? Please pre-register with us now to stay informed of AlgoMe’s launch date.
×

We use cookies to give you the best possible experience. If you continue, we’ll assume you are happy with this. For further information, see our Privacy Policy.