There are few business relationships more fulfilling than that of the mentor/mentee. It is one that can (and absolutely should) exist in every profession and at every level. I know people at the very apex of their profession that still speak fondly and reverently of their mentors – and it is not a coincidence that many of their peers do the same.
You receive no additional prizes for doing it alone, and there are usually ample opportunities to find those willing to have a chat over a coffee, which brings me to a great personal passion and central pillar of my career: the Deputy Principle.
1. What is it?
Once you get past the groaning and eye-rolling arising from the title, the Deputy Principle is simple: be a deputy, and get a deputy, regardless of your role.
Certainly, if you are a Grad at one of the Big 4, it would be much easier for you to work closely for an Accountant or Senior Accountant, than it would be to find someone for you to mentor, however opportunities will arise (such as for Vacationers or Co-ops).
Similarly, for those in leadership such as a CEO or CFO, finding someone to mentor you may be more of a challenge – from a strictly business point of view, a CFO would make a fine deputy to the CEO, and the CEO perhaps for the Chairman, however such a strict interpretation of a coaching relationship is myopic at best.
2. Who can be a mentor/mentee?
There are really only two good answers to the above question:
You You would be a good mentor. You would be a good mentee.
Anyone As noted above, if you only seek mentors within your place of employment, then you run the risk of missing out on new voices and perspectives that can allow you to grow exponentially and solve problems in ways you may not have thought of before.
My father works in Medicine, and despite his best friend and son both being from finance backgrounds thinks that “all Accountants are crooks!” – and yet, I would never make a major business decision without his input.
Good mentors come from all backgrounds: they are accountants, plumbers, actors, or scientists; they are family, friends, friends of friends, or colleagues. You can have a mentor that is significantly younger than you – just as you should be open to having a mentee older than you. When you have a problem either personally or professionally – you will always benefit from someone with a fresh perspective.
You should absolutely collect as many mentors and mentees as you reasonably can – however, the Deputy Principle usually only relates to your boss (as your mentor) and your immediate subordinate (as your mentee).
3. What does this entail?
The ultimate goal for most careers is upward movement, so realistically by acting as a Deputy to your boss, you are training yourself for their job, while at the same time training your Deputy to do your job. This means temporarily taking on more responsibilities that were not in your initial job spec, performing ad-hoc roles as required (being the “go-to”), and ensuring your manager is briefed on what they need to know – in this there are no jobs too small, in my opinion.
That being said, this assumes that your immediate manager is receptive to your help, or has ambitions to get promoted themselves, which is not always the case. When this happens, you can find your learning opportunities elsewhere (be it your manager’s boss, or an affiliated division [for example, it is extremely common in industry for disaffected Senior Accountants to jump ship to FP&A etc.]). This being said, it is important to always remember your worth – so if you are underappreciated in your current role, you can use the skills you’ve gained to find a more senior position elsewhere.
The goal as a mentor is far simpler; be kind, generous with your time (as hopefully those who have mentored you have been generous with theirs), and act as a guide based on what you have found to be best practice. You should also be receptive to their ideas and suggestions, as no process is ever truly perfect, and with a fresh perspective you may find further ways of improvement (for example, the automation of a process).
4. What are the benefits?
The obvious answer is advancement, I have always said the easiest way to get a promotion is to already be doing the job.
The less obvious, but far more fulfilling answer, is the relationships you develop. Despite having worked in far off places over my career (Melbourne, London, and New York), even today my closest friends are still the people who have mentored me or whom I have mentored. If you chose the right person – (selfishly) the relationship often becomes even more valuable over time; the Senior that mentored you as a Grad will go on to be a brilliant Executive, the kid you mentored (who was always far smarter than you anyway) will hopefully, and as you always expected, far exceed even your own career.
But for me – a game of golf in the sun, a beer on a hot day, or (these days) a zoom session with a friend over 10,000 miles away, is all I’ll ever need… But I’ll take the promotion as well…
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