The Importance of Bank Mentorships
The world as we know it is undergoing rapid change, especially with the advent of automation and technology. However, one change in the landscape of work and business is the acknowledgement that growing with other people is all the more critical. Mentoring has historically been very important up to the present day; from Aristotle’s influence on Alexander the Great to Bill Gates receiving guidance from Warren Buffet—it’s clear that even super talented people need mentors.
For the banking industry, mentorship is crucial to success for everyone involved. When mentors pass on essential skills and knowledge from industry experience, and young mentees support them with insights on new tools and information, the success of an organization increases.
Introducing new concepts, skills, and technologies
Like many others, the banking sector is currently going through many changes, with new regulations, digital currency, and the introduction of automation, among many others. One such case involves prudential risk reporting for the new Basel IV framework that is being implemented across banks in the EU. Basel IV’s key objective is to restore credibility in banks’ calculation of risk-weight assets by constraining banks’ use of internal risk models. This involves several reforms with complex internal and regulatory requirement deadlines. For employees trying to get the hang of these new developments, a mentor is an essential guide in this confusing transitionary period.
Mentors can aid mentees who are still learning the ropes of the banking industry and equip them with the know-how to solve specific issues or create innovative solutions. Without mentorship, employees risk making missteps or not maximizing their full potential—not only can this cost them a lot of opportunities, but it can also affect their institution’s performance as a whole.
Career advancement and success
Though many know that a good mentoring relationship can help with career advancement and growth, few people seek out mentors to connect with. Employees who undergo mentorships are more likely to receive a raise, get promoted, and find value in their work than those without mentors. It isn’t just mentees obtaining success and satisfaction, but mentors also have the benefit of building and passing on their ideas and legacy the more they mentor others. They also encounter mentees with different outlooks and perspectives, which can help drive their career growth.
Mentorship helps people develop the necessary skills and qualities to help them move up in their organization or sector. Deutsche Bank's Cross Divisional Mentoring Program, in particular, is furthering the progress of female leaders in the industry. Through such programs, women can maximize their potential by improving their performance, gaining knowledge about other corporate cultures and structures, and exchanging the knowledge they've gained with others.
In the banking and financial services industry, the job market is volatile. The environment is also highly-competitive, making it challenging to find opportunities for advancement or enter specific organizations. Career networking offers people chances to obtain desired positions, achieve career goals, or learn more about their field. Around 80% of professionals also say networking is vital for career success.
Mentors can help connect employees to influential figures and organizations in the industry, allowing you to foster the necessary relationships needed to get ahead and stand out in a highly competitive industry. Mentoring programs can also help people find a community that offers guidance and support in unique circumstances. The Queermentor project is one such example, where people in the LGBTQ+ community can reach out to mentors to help with their personal and professional development. Having such a network can be integral to receiving the empowerment needed for success in the banking industry and beyond.