Mentoring schemes are successful in achieving corporate and individual goals in the City, according to a report by Morgan McKinley’s intelligence network, the Forum. Recent redundancies and cost cutting initiatives mean financial institutions are unable to retain high performers through the traditional mega bonus payment or to buy in talent through golden hellos. Instead, many banks are using mentoring schemes to boost morale and develop skill sets from within.
The report includes comments on a mentoring pilot at a London Investment Bank. The mentees felt they had "looked over the parapet" at their potential future within the firm and seen the broader scope, whilst mentors concurred the mentoring programme "provided insight into management style and effectiveness (and) gives insight into strategy, morale, and leadership in other parts of the firm."
At a senior level, financial institutions are keen to supplement mentoring programmes with targeted executive coaching. Lorraine Vaun-Davis, career development consultant at Nationwide, the world’s largest building society believes that although, "mentoring is an important internal tool, external views are both valuable and vital."
