Chamber Advisory Platform Update | The Magic of Mentoring | June 2021

The Chamber of Commerce Advisory Platform (CAP) is a free of charge service that offers Chamber members the opportunity to tap into a wealth of knowledge and expertise amongst our membership.

Date: Wednesday 16 June 2021

The service utilises Chamber’s 450 strong membership with experienced professionals in all sectors of the Island’s economy. Topics covered by CAP include (but are not limited to) tax, accountancy, HR, marketing, legal, operational support, entrepreneurial thinking, health and wellbeing, pensions and insurance. The service can also be useful for business people that just need moral support from more experienced peers within their sector.

The system allows the mentee to either arrange a meeting with a mentor or simply ask a question via the platform, meaning help is easy to access and very timely.

The magic of mentoring in engaging and developing the potential of individuals, seasoned entrepreneurs and new business start-ups is evident on a daily basis, and the statistics back this up.

More than 70% of Fortune 500 and private companies use mentoring to attract, develop and retain talent as well as boosting productivity.

An Account Temp survey of the Fortune 500 companies discovered that one of the top three factors affecting career and business growth amongst senior leaders and business owners was mentoring.

The same survey found that the most valuable trait mentees took from meeting with a mentor was confidence. 28% said that having a mentor gave them new skills, but interestingly a similar number said it gave them someone to talk to.

Mentoring is mutually beneficial

Mentoring schemes can be extremely effective in helping individuals to improve their skill set - both for mentors and mentees, as both parties will experience personal development through their involvement in the mentoring relationship. In the case of the mentee they will, amongst other things, learn from someone with either more or different experience to their own. Mentors will have an opportunity to hone their leadership skills, learn new approaches and see different perspectives and challenges.

Mentors don’t necessarily have to be of an older age or higher up the career ladder. In recent times Reverse mentoring has become increasingly relevant as seasoned professionals turn to younger professionals to gain new views on the world of business from the perspective of a new generation. Younger mentors can also pass on their knowledge about using new technologies and social media etc. In an ever-evolving world it is important to continue our learning and understanding whatever level we are in our career.

Peer to peer mentoring is another area that has become increasingly popular. The pandemic period has thrown up lots of challenges that have been completely new to all of us and peer to peer mentoring has proven to be a real benefit in terms of enabling professionals who are facing specific challenges to work together on these issues and to provide mutual support. It’s a refreshing and revealing way to exchange ideas and knowledge.

The many benefits of mentoring for both the mentor and the mentee include increased confidence, motivation, innovation, productivity, collaboration, recognition, appreciation, engagement and fulfilment.

Mentoring also encourages goal-setting which is important in helping work performance, yet for many professionals, goal-setting discussions in the work place just never happen.

So, if you think you could benefit from either becoming a mentor or a mentee why not take a look at the Chamber Advisory Platform. You can sign up for free via https://www.iomchamber.org.im/member-support/advisory-platform/mentee-signup/