Mentorship can be especially effective in the financial services industry, where the successful transfer of knowledge to a younger generation is key. “Forward-looking employers have mentorship programs,” said Sheryl Boswell, director of marketing at Monster.ca, the Toronto-based career resource internet portal. “These can be structured to allow senior baby-boomer employees to pass on their knowledge to a younger generation while transitioning into retirement.”And mentorship can also work the other way, noted Karen Bergin, Toronto-based professional learning and development consultant at the Insurance Institute of Canada. “Generation Y workers can help older workers get up to speed on social media and other aspects of information technology. It’s all part of leveraging the skills on your team, and giving people the opportunity to contribute their ideas and expertise.”
Financial advisory firm Edward Jones takes mentorship very seriously. “Our culture is based on mentorship relationships,” said Tom Merianos, Mississauga, Ont.-based company principal responsible for financial advisor talent acquisition in Canada. During their 19-month training program, recent university graduates who join the company have multiple mentors. “And at the end of the training period, they typically work out of a branch with a veteran advisor who becomes their mentor. The younger advisor may be more proficient at social media, but he or she recognizes the opportunity to learn from the veteran advisor.”
Edward Jones also recruits people who are looking for a career change, and those who are already in the financial services industry. But its recent graduate program ensures that it doesn’t have a greying workforce. “We’re bringing in young people every year,” Mr. Merianos said. “The average age of Edward Jones advisors is 44.5 years of age.”
The company has a succession-planning program for older workers that moves a veteran advisor’s practice to a younger advisor over a one- to three-year period. Compensation is geared to the size of the business. (RM)
