Jump to content
  • Jonathan Max
    Jonathan Max

    Sign in to follow this  

    Reverse Mentoring: Turning tradition on its head

    In 1995 the analogue world was set to change radically. At this point in time, a mere 16 million people were using the internet globally. Fast forward to today and the figures are somewhere around the 4 billion mark. Jack Welch, the former GE CEO, was able to envisage how the internet would transform business. He applied his visionary thinking and put GE’s youngest employees to work by getting them to teach 500 of their top executives how to use the internet.  As a result, he upskilled a generation of business people and he also popularised ‘reverse mentoring’.  

     

    Reverse mentoring is when the younger generation takes the lead role with the senior person as the mentee. It is an extremely valuable business method – especially during the times of disruption.  The internet, social media and emerging technologies such as AI and Fintech, and of course, the ever changing fabric of society as a whole have been in a constant state of flux for decades and it can often be hard to keep pace with change. 

     

    Benefits for Diversity & Inclusion

    As noted by Forbes; reverse mentoring can facilitate organisational goals such as increasing millennial retention, fostering inclusivity, and maintaining competitive advantage. According to a recent article by MarketWatch, reverse mentorships can help build a more inclusive workforce. 20% of millennials (ages 18 to 34) identify as LGBTQ, compared to 7% of Baby Boomers, and almost of half say that a diverse and inclusive workplace is an important factor in their job search, as well as work-life balance.

     

    Brenda Trenowden, CFA, global chair of the influential diversity group, the 30% Club, believes it helps organisations embrace inclusion. “The CEO has to really commit to drive change. If the CEO doesn’t commit to this as a business imperative, then it is hard to see anything changing. When senior leaders become involved in reverse mentoring, and really hear first-hand about some of the challenges that the more junior people face, that will really help.” So the writing is really on the wall here.

     

    Benefits for Client Relationships

    It’s imperative for senior management to be aware of and involved in new technologies and reverse mentoring provides the opportunity to do this. While there are benefits for both the older and younger generations within the company; what is just as interesting is the potential benefit to the customer or client as they are equally technically savvy.

     

    Reverse mentoring, which has still yet to be widely adopted, is today one of the single biggest opportunities for organisations to leverage knowledge and differentiate themselves – making themselves more attractive to customers.

     

    There are two main reasons for this:

    1. An inversion of the corporate age pyramid; we are entering a new era where the majority of the workforce will be made up of technically savvy, agile individuals who are typically hierarchy-adverse.
    2. The speed of business transformation and impact of technology on the fundamentals of the corporate landscape is disrupting old models at an unprecedented pace. 

     

    Turning Senior Management Into Early Adopters
    When it comes to technology, there is often a great fear of it among senior management. They will often shy away from group training where they might expose their lack of knowledge and experience to their tech savvy junior team members. This is damaging all round.

     

    More positively, the new generation of talent is made up of digital natives and they will want to influence the direction of the business they are working in, but they are also happy to share their knowledge and insight. Reverse mentoring is a great way of doing this and by putting people together into face to face meetings, it’s highly effective and creates a level of understanding between generations without anyone feeling vulnerable or at a disadvantage.  

     

    In an excellent article from Microsoft, “Reverse mentoring; How millennials are becoming the new mentors”, it is great to see how reverse mentoring can benefit both individuals involved across a range of topics (“learning to better collaborate and leverage each other’s strength”). If we want to avoid the ‘male, pale and stale’ stereotype, surely the investment management industry needs to take a leaf from this book?

     

    In conclusion, aside from technical skills and knowledge that can be passed from younger to older workers, there are significant cultural benefits that may be realised through reverse mentoring; be it in breaking down stereotypes between generations or just learning how best to communicate and engage with people who might know more than you!

     

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

    • Like 4


    Sign in to follow this  

    Share this  

    Member Feedback



    Recommended Comments

    There are no comments to display.

    Become a member to read more and join the discussion

    Members can read and contribute to discussions

    Join us

    Register now for free access.

    Create your account

    Sign in

    Already a member? Sign in here.

    Sign In Now

  • Our picks

    • With the decorations up, the last order date for Amazon nigh and most of us looking forward to at least a few days break, it’s always a good time to take stock of what’s been achieved over the last 12 months.
       
      For AlgoMe this has been another exciting year.
       
      January started in style with the launch of the AlgoMe Careers mobile app – giving professionals the opportunity to find their next career opportunity on the move.
       
      Then in July we released our Industry Pulse Report – a check on what the industry was thinking about key topics such as Brexit, Pay Gap Reporting, MiFiD II and GDPR. Unfortunately it seems that the uncertainty that the industry was feeling due to Brexit is unlikely to have receded in the intervening period, but it’s good to see progress starting to be made in other areas such as gender and diversity.
       
      In September we launched AlgoMe Community – a place for the Investment / Asset Management industry to come together, providing professionals with ways to grow their knowledge, profile and network. We’d like to say a big thank you to all of the members that have joined and contributed and look forward to continuing growth in 2019.
       
      In November AlgoMe joined the Investment Association, becoming a Fintech member and working closely with Velocity, the Association’s new Fintech accelerator. This is a really exciting initiative and we’re looking forward to doing more with Velocity in the near future.
       
      We also launched our Mentoring matching service in November – designed to help AlgoMe Community members connect with the best individuals within the community to help them to reach their career goals using a simple but intelligent process. If you haven’t already signed up to be a mentor or a mentee, please do spend 5 minutes now and tick off a New Year’s Resolution early.
       
      As we go into the end of the year, we have also launched our survey on Investment Management, Fintech and the future of careers. The impact of Fintech on the industry is going to accelerate rapidly in 2019, but what has been less well documented is the impact on individuals, their careers and the skills they’ll need to succeed in a more digitised environment. We really value the input of our community members, so please spend a couple of minutes filling out the survey and we’ll make sure you’re the first to hear the results early next year.
       
      From me and the AlgoMe team, I wish you all a very happy holiday season and look forward to another year of exciting announcements and change in 2019.
       
      Rob
       
        • Like
      • 0 replies
    • I have always struggled to see a fair reason why employers should be allowed to ask about a potential hire’s current remuneration, other than to give them an advantage in pay negotiations.
      It’s something which can only exacerbate existing pay inequalities and  it’s abolishment can surely only be a positive thing.
      Here the Guardian argues specifically about its impact with regards to the gender pay gap:
      https://www.theguardian.com/commentisfree/2018/aug/23/gender-pay-gap-current-salary-question
      I believe this has already been outlawed in some US states?
      @Jonathan Max - would be interesting to hear the view from HR. 
      • 10 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

    • Andy Milner
      By Andy Milner
      For those that haven't come across it, the "Rooney Rule" (named after Dan Rooney, former owner of the Pittsburgh Steelers and former chairman of the NFL’s diversity committee), was implemented at the NFL in 2003 and states that teams must interview a Black, Asian and Minority Ethnic (BAME) applicant when recruiting for senior coaching positions.
       
      Although it has spread to other sporting leagues (including the FA last year), this is the first time that I've heard it be adopted by a company in FS.
       
      Goldman's Sach's implementation states that two "diverse" candidates must be implemented for any open position.
       
      This follows initiatives to ensure gender diversity on shortlists (such as in politics and consulting), and ethnically diverse shortlists in other industries. Surely this is an idea who's time has come?
       
      Goldman Sachs Implements Its Own ‘Rooney Rule’ in Diversity Push
      WWW.WSJ.COM Managers at Goldman Sachs Group will be required to interview two diverse candidates for any open job, a push the firm hopes will change its heavily white, male workforce.  
    • Luuk Jacobs
      By Luuk Jacobs
      Companies warned 'you lack senior women'
      WWW.BBC.CO.UK Firms including Domino's Pizza and JD Sports told to appoint more women directors or risk investor warning.  
      Dozens of firms, have been told to put more women in their boardrooms. Recent data have also shown that instead of getting closer to the 30% women on Boards the figure has been decreasing. The Investment Association and the government-backed Hampton-Alexander wrote to 69 companies calling on them to have 33% of their boards made up of women by 2020.
      I believe it is disappointing that this step needs to be taken although on the other hand such a step simply needs to be necessary to keep these companies on their toes and on the radar.
       
      An important point in this article is that the fact that companies had failed to bring women into board rooms and into leadership positions "does not reflect the population of very talented women capable of making great contributions in boardrooms".
    • Jonathan Max
      By Jonathan Max
      How To Balance For Better On International Women's Day
      WWW.FORBES.COM The theme of this year’s International Women’s Day is #BalanceforBetter, because parity benefits us all. Here are some...  
      Would be great to hear from our Community about what their companies are doing #BalanceforBetter
       
      Happy International Women's; making progress but still some way to go.....
       
    • Jonathan Max
      By Jonathan Max
      Really interesting article from HRB on whether Men and Women needed different kinds of networks to succeed following a study on the networks of male and female MBAs suggests that males being successful in the workforce was largely dependent on being active in a social network where as women often also sough an 'inner circle' in addition to a broader network. 
       
      Would be great to hear what our MBS/MSc members think?
       
      Research: Men and Women Need Different Kinds of Networks to Succeed
      HBR.ORG Results from a study of MBAs.  
       
       
    • Luuk Jacobs
      By Luuk Jacobs
      The first companies (so far 10%) have started to report their GenderPayGap (due April 4) over 2019.  Although the first statistics are that the overall gap has decrease from 9.7% to 8.4%, 4 out of 10 companies show worse results than last year. It is going to be interesting if there is a real difference between those 4 and the other 6 in a sense of the measures that have been taken to start closing the gap.
       
      The financial sector is doing particularly poorly (average appr. 22%) and is only beating by the construction industry.

       
      Looking at some of the individual financial services companies, shows that the median in the sector is even worse and immediate action is necessary in these companies. You might even conclude that something structurally is wrong in these companies !!

       
      It would be to easy to just promote women in more senior positions (although when this is overdue it clearly should be done). Instead (structural) measure need to be taken to ensure that the pipeline of women in companies is growing and their career path at a minimum are aligned with those of men ie equal opportunities.
      Nevertheless, the individual can contribute as well by becoming a mentor, when recruiting putting aside the biases you might have (or at least be aware of them and challenge them), taking up your equal share of parental leave as a man (or even go beyond), etc.
       
      I believe it is not just a companies responsibility and we should all do our bit to get to parity.
       
      Gender pay gap grows at hundreds of firms
      WWW.BBC.CO.UK The pay gap has widened at one in four firms that have revealed their figures ahead of the deadline.  
Debug info for admin:
appcms
modulepages
controllerpage
topics/forum ID66
page ID
PHP user agentCCBot/2.0 (https://commoncrawl.org/faq/)
×

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.