Why you need a mentor

If you make decisions in isolation there is every chance you will make the wrong call.

This year’s feast of sport got me thinking about mentoring. Alex Ferguson has always done remarkably well pairing up young starlets with older, more seasoned professionals. You can see in the rowing how important Steve Redgrave has been to the younger members of the GB team over the years. And so on and so on. In each instance, the coaches/managers have seen how valuable it is to provide their growing talent with a voice of reason. Someone who can be respected and trusted to give advice and counsel and who provides a role model.

Given how obvious this has become in a sporting context, I have always found it strange that so few people in business do the same thing. I believe it’s part of my role to provide that service for people I know. ICAEW also recognises the value of mentoring and its F-ten network is a good example of how it can work. In an ideal world you have a number of people around you who can give you a mix of opinion to help you make the right decision.

When you are building your career, you find yourselves at a crossroads for much of the time. Each decision can have a substantial impact on the direction and speed of travel. If you make decisions in isolation there is every chance you will make the wrong call. But if you make those decisions based on the advice and counsel of others who have been at those crossroads before, you improve the chances of making the right call.

There is little more instructive than discussing how careers have been built with the people who have already built them. To hear about the choices they had to make and the consequences of those choices. To find out what different businesses have expected from the function and how you use your experience to your advantage.

Equally, you can’t ignore the network that develops as you rise up through the ranks in your chosen profession. And this network checks in with each other regularly, looking for opportunities that could help the people they are supporting.

Most important, it gives you an opportunity to hear the old war stories and to learn from them. One of the reasons people study history is to learn from the past and not repeat mistakes in the future. Your mentors can help with that tremendously.

Having, I hope, convinced you of the value of these mentors let me try and help you identify who yours should be and how you can persuade them to act as a mentor on your behalf.

In short, the sorts of people you want to turn to as a mentor should be seasoned, successful, helpful specialists in your field – former CFOs, former bosses, audit chairs, audit partners, headhunters and colleagues who have jumped a couple of levels past you.

All of these are highly credible potential mentors. They should be people you trust well enough to ask the most stupid question and whom you know will advise you impartially and evenly.

As to how you find these people, all you have to do is ask. Most of them will have benefited from mentors themselves and, as the sports world has clearly demonstrated, the people who have gained from this in the past tend to be the ones who will give in the future.

And in my own experience, there are far more people than you might expect who really enjoy helping ambitious talent develop its true potential.

Mark Freebairn is partner at Odgers Berndtson

This article first appeared in economia.

Photograph: Getty Images.
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Jeremy Corbyn is not standing down - 172 people cannot drown out democracy

The Labour Party could right now be exploiting a bitter Conservative leadership contest, writes shadow chancellor John McDonnell. 

The shadow chancellor writes exclusively for The New Statesman amid one of the most turbulent weeks in politics this century.

The “coup” taking place in the Labour Party

The instability from Brexit has extended into the Parliamentary Labour Party with members of the shadow cabinet standing down. I would like to thank all of those who have participated with me for their work.

Frustratingly, this has come at the worst possible time for our country. And at a time in which we our party could have used to reset the economic narrative that the Tories planted in the public during the summer of 2010 when our party was in the midst of a leadership contest.

Our party right now could be exploiting a bitter Conservative leadership contest that’ll probably lead to electing a Tory leader who will be responsible for any economic fallout from Brexit. The Tories have peddled lies over the past six years over the management of our economy and the state of the public finance, which the decision last Thursday is sadly exposing.

I strongly believe that if some colleagues are not careful then they may cause irreparable damage to our party and the country. 

The Labour Party changed last September. Jeremy was elected with the largest mandate of any political leader in the history of our country. Our party’s values of democracy and solidarity seem to be asked of the membership and always met. Sadly not by some members of the PLP. 

There are those in our party who could not come to terms with the fact that a quarter of a million members could clearly see that the our party’s broken election model has lead to two back to back defeats and needed replacing. Like the wisdom of crowds, our membership understands that we cant keep going on doing the same thing electorally and getting the same results.

I believe that we can all still work together, but I feel some MPs need to get off their chest what they have been holding back since last Autumn. Maybe then they will hear the message that our membership sent them.

The truth is that Jeremy is not standing down. In the Labour Party our members are sovereign. There was an election held and a decision made, and 172 people cannot outweigh a quarter of a million others. 

It would risk sending the worst possible message we could send as a party to the electorate - that Labour does not respect the democratic process.

The economics of Brexit

The Leave vote delivered an immense shock to the political system creating great instability. Of immediate concern is the deteriorating economic situation. Credible economic forecasters virtually unanimously warned that leaving the European Union would be an enormous shock to the economy. 

The disagreements centred on the severity of the shock, and the long-term damage done. To that initial shock must be added the realisation that there was no plan made for a post-Brexit Britain. 

George Osborne has not secured the foundations of our economy and the market volatility reflects that missed opportunity. With turmoil continuing, and major employers already threatening redundancies, the immediate task is to stabilise markets and reassure investors and savers that financial institutions remain rock solid. 

The measures announced by Bank of England Governor Mark Carney early on Friday morning, and the later statement from the Chancellor, are to be welcomed and we have requested a briefing under Privy Council rules on the financial authorities’ contingency plans. It is also reassuring that George Osborne has now moved a threatened, post-Brexit austerity Budget until at least the Autumn. 

Nonetheless, with a recession now forecast, any attempt to push further austerity measures in response to the crisis would be an act of exceptional economic folly. The Chancellor’s own fiscal targets have long since been missed and simply redoubling the misery of spending cuts and tax rises will not bring them any closer to achievement. 

What is needed in a crisis like this is urgent government action to shore up investment, already falling before the vote. Shovel-ready projects should be brought forward, creating jobs and focused on beginning to rebuild those parts of the country currently most deprived – and where the vote to Leave was strongest. As a country we will get through this crisis, and we will do so when we no longer tolerate a situation in which too many of our people are excluded from even the chance of prosperity.

The referendum result

I have been in consultation with many economist, trade union and business leaders since the early hours of the morning when we learnt the result. I hope to give a speech this Friday going into further details of Labour’s economic response, but the result last Thursday came as a blow to many of us in the Labour Party.

All wings of the Labour movement fought hard, and two-thirds of our voters swung to Remain – the same as the SNP, and far more than the Tories, who split 60:40 for Leave. 

Labour will now be fighting to ensure whatever negotiations now take place, and whatever proposals the government chooses to bring forward, will maintain hard-won protections for working people in this country.

The new Labour leadership inherited the Labour In campaign last year. Obviously as with any campaign we will now have to reassess, but the hard work of the staff who worked on the campaign cannot be questioned. They did a fantastic job. 

Jeremy Corbyn also managed to help get out a larger number of our voters than the other main Westminster leaders across the country. 

But the sad truth is that we lost regardless. We need to learn lessons of the referendum and the General Election campaigns, and question whether the way we campaign as a party needs to be changed. 

It is clear that we cannot fight the next election using the same outdated practises and policies that were in place at the last two general elections, and the recent referendum. 

We cannot continue to do the same things in the same ways and get the same results. Those people who need a Labour government the most cannot afford it.


John McDonnell is Labour MP for Hayes and Harlington and has been shadow chancellor since September 2015.