How to Start and Run a Mentoring Program: The Right People, Processes, and Reporting Structure Are Key to Meeting Goals

[ILLUSTRATION OMITTED] EXECUTIVE SUMMARY * Mentoring programs help to develop the future leaders of firms and, in the process, solidify succession. * Firms considering a mentoring program should form a committee to study the issue, A member of the committee should step up to own the project, and the committee should spearhead the drafting of a document outlining how the mentoring program will work. * Formalized and documented mentoring programs often have reporting and accountability mechanisms that help make sure everyone gets a chance to take part and the expectations are consistent across the organization. * Firms should engage new hires in mentoring relationships in the first few months after the on-boarding process. New hires can select a mentor with whom they feel comfortable, or the firm can pair mentors and mentees. is important that mentees feel comfortable talking with their mentors and that they are offered confidentiality for personal and sensitive issues. * Mentors must be able to motivate, coach, and listen to mentees. Not all CPAs are cut out to be mentors. Group mentoring is an option when a firm doesn't have enough mentors for one-on-one pairings. * There are two types of mentoring meetings: formal and informal. Formal meetings take place two to four times a year, for 60 to 90 minutes each, and usually consist of the mentor helping the mentee set and meet career development goals. meetings usually result in a report with objectives and action items. * Informal meetings can be just as valuable as formal meetings. types of informal meetings include impromptu discussions between mentor and mentee as well as mentors taking mentees to networking events or on client visits. ********** Paul Martin had a lot more questions than answers when he started as a staff accountant at Apple Growth Partners. At the top of the list: Where did he want to go with his career in public accounting? didn't know what path to take, he said. Martin found direction in the mentoring program at Apple Growth, a 90-employee firm based in Akron, Ohio. Following the firm's guidelines, he worked with his mentor to create an individual development plan that would help him chart and progress down a career path. My mentor really helped me stick to a plan of action goals, Martin said. It really helped me start on the path I want to go, which is ultimately to partner level. Four years after starting at Apple Growth, Martin is making progress on his career aspirations. He just finished taking the last part of the CPA exam and hopes to have his license soon. He has been promoted to senior staff accountant and even has begun mentoring three staff accountants at the firm. Mentoring programs have long been desired by young, and sometimes not-so-young, CPAs. Firms are increasingly finding real value in these programs because they help prepare the future leaders of accounting firms and, therefore, play a pivotal role in succession plans. AICPA Private Companies Practice Section (PCPS)/Texas Society of CPAs 2012 Management of an Accounting Practice (MAP) survey found a significant jump in the percentage of firms that include mentoring and training as part of their partner compensation formula, from 3% in 2010 to 15% in 2012. There is room for improvement, however. AICPA's PCPS 2011 Top Talent Survey found that while 80% of the brightest young CPA talent participated in some form of mentoring, fewer than hall had access to a formal program. Of those who did, 84% reported that they benefited from the mentoring program (see The Lowdown on High Potentials, JofA, Dec. 2011, page 36). For the better part of 20 years, Gatto, Pope & Walwick LLP (GPW) was one of those firms that provided mentoring but did not have a formal program. San Diego-based practice enjoyed success with its mentoring efforts, but it decided about a year ago to formalize and document the program. …