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In the media: Why CEOs need mentors too

CEO Magazine speaks to McCarthy Mentoring about the value of mentoring at the executive level and the role of the board in supporting and developing their CEO.

Why CEOs need mentors too, CEO Magazine, July 2017 “Whether you’re looking to accelerate your learning or stare down a challenge in your growing business, a mentor can be a welcome guide.”


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AICD Awards Wendy McCarthy AO Life Fellowship

Very proud Wendy McCarthy AO has been given the Australian Institute of Company Directors highest honour – the Life Fellow Achievement Award that recognises her outstanding contribution to the Australian governance community. She continues to lead, support, validate, ask questions, fight for women and children’s rights and closer to home, mentor and inspire us @ McCarthy Mentoring since founding the business nearly 20 years ago. https://lnkd.in/g3dmfNe


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Why mentoring: what the stats say

We see the magic of mentoring in engaging and developing future and current leaders on a daily basis. The statistics tell our story:

  • 71% of Fortune 500 companies have mentoring programs. Why? Because investing in leadership capability pays off in performance, productivity and innovation (Centre for Workplace Leadership 2016).

In a five year study of 1000 employees (Gartner 2006):

  • 25% of employees who enrolled in a mentoring program had a salary-grade change, compared to only 5% of workers who did not participate
  • Mentees are promoted five times more often than those not in a mentoring program
  • Retention rates were higher for both mentees (22% more) and mentors (20% more) than for employees who did not participate in a mentoring program

For CEO’s in formal mentoring programs (Harvard Business Review 2015):

  • 84% said mentors had helped them avoid costly mistakes
  • 84% become proficient in their roles faster
  • 69% were making better decisions

Research also shows:

  • Millennials intending to stay with their organisation for more than five years are twice as likely to have a mentor (68%) than not (32%)
  • Participants are 40% more likely to achieve their goals if they write them down. This increases to 70% if the goals are shared with someone to keep them accountable, such as a mentor.
  • 89% of those mentored, go on to mentor themselves contributing to a culture of learning and mentoring

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“It was worth its weight in gold”

“I’m now more open to opportunities. I have greater confidence, have stronger relationships with key influencers and my staff and have become more outward facing -recognising the benefits of connections across industries.

“I’ve also achieved my career goal of stepping into a CEO role in a great organisation. The investment and experience has been worth its weight in gold.”

Giancorp Property Group CEO Glenn Collins and mentor and Non-Executive Director, Craig Wallace share their mentoring experience. 

 


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Extraordinary women

McCarthy Mentoring is proud to work alongside extraordinary women from all sectors to support them in their successful transition to leadership. From museums, law, mental health, community services, insurance, mining and the arts, the women we work with are delivering outstanding work in remarkable roles.

On International Women’s Day we salute the powerful contribution they are making to the community and thank those already at the top of their fields who work with us to inspire and support them.

 


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