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  • Jordan Strate

Harnessing the Power of Mentorship: The Key to Effective Succession Planning

Updated: May 17

A mentor coaches an employee

In today’s world we’re constantly meeting new challenges. As the Boomer generation nears retirement businesses across Canada are starting to experience problems with succession planning to meet this mass exodus; one crucial component of succession planning that is often overlooked is mentorship which provides a safe and supportive environment to develop new skills and improve ones. From seasoned professionals to emerging leaders everyone benefits from mentorship.

By sharing their experience mentors give mentees valuable insights. Through guidance and feedback mentors help to identify and develop new skills. Mentors have a wealth of experience and in-depth industry knowledge that doesn’t come easily. They also provide a network of contacts, maintaining valuable connections within the industry.

Learning takes confidence, and maintaining a healthy work-life balance is a real challenge, industry veterans are prepared to equip new talent with the tools they need to succeed. This extends to providing emotional support as well.

Mentorship is a powerful tool that any businesses can leverage to smooth transitions. By fostering a culture where you share knowledge and compensate active learning is crucial to the long-term success of your business. Developing a mentorship program as a part of your succession planning could be your as a guiding light illuminating the path to success that integrates a new generation of leaders.

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