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FEATURE 1. Risk Mitigation Because CPA frms are at risk for lega l cla i ms due to t he nature of their work, a formal mentoring plan can be a risk m it igator a s wel l a s a benef it to employees for career development. Mentors can provide guidance on proper communication and docu- ment retent ion releva nt to cl ient engagements. You don't want, for e x a mple, a st a f f member te x t i ng another staf member about client work or discussing clients outside t he of f ice at lu nch . Mentors c a n share frm policies, but also provide professional etiquete tips. In the process, mentors can dis- cover a ny issues mentees may be having on engagements. Handling these discussions in a comfortable, con f ident ia l ma n ner c a n lead to proactive training and management of ser v ice issues before t here is a client or legal problem. 2. Retention One of the primary reasons t h at employe e s c ite for leav ing a f ir m is " lack of clear advancement oppor- tunities." Most successful accoun- ta nt s wa nt to keep lea r n i ng a nd advancing in their careers. A percep- tion that their position is a dead-end is a recipe for turnover. A f or m a l me nt or i n g pro g r a m sig na ls to cur rent employees a nd candidates that your f irm is com- mited to their grow th. A program that is consistently managed w ith good mentor/mentee match-ups send s a n even st ronger sig na l of commitment. 3. Client Service M e n t o r s h i p i s a n o t h e r avenue for passing on client service standards and intro- d u c i n g m o r e s t a f f t o a client relationship. For example, the mentor can discuss common client situations and ask the mentee how he or she would respond to the cli- e nt 's re q ue s t or c onc e r n . T he y can discuss the mentee's positive a p p r o a c he s a s w e l l a s a r e a s t o improve client service. A s a fol low-up, mentors cou ld assig n t hei r mentees to a n act ua l client ser v ice request or question and guide them through a commu- nications process that they can build on for future client interactions. If this is starting to sound like a lot of time and energy, it is. Quality men- tor ing requires f u l l commitment. Te most successful mentors possess management, leadership, coaching and counseling sk ills to develop a skilled and confdent team. 4. Context Here i s a not her re a son mentorship is so critical. A partner who leaves the f i r m w i t h o u t p a s s i n g o n v i t a l h i s t o r i c c o n t e x t o f cl ient relationsh ips, processes or deliverables creates a brain drain on the frm. It is difcult to recover f rom bra i n d ra i n i n a resu lts- focused and fast-paced service environment. A formal mentorship pro- gram should be designed to capture the collective w is- dom of the frm from its true leaders. You wa nt to pass on advanced technical skills, but also wisdom on what it takes to be a great advisor as well as sof skills like client rapport. 5. Culture In the end, mentorship is about prov iding a sense of be lon g i n g a nd c u lt u r a l engagement t h roug hout the team. Ever yone wants to con- tribute to the primar y goals of the f i r m . Mentors ca n help mentees understand how to make a di fer- ence a nd create a g reat ca reer at your frm. In fact, mentors model what that looks like. P rior to the recession, young leader training and formal mentoring pro- grams to suppor t recr uitment and retention were all the rage. Well , mentoring is more critical than ever, but for diferent reasons and in slightly diferent forms. BKR International members cite fve ben- efts of mentoring and why it's important to your frm and the profession to do it consistently. Maureen Schwartz is the Executive Director of BKR International, one of the top global accounting associations, representing the combined strength and market exclusivity of more than 160 independent accounting and business advisory frms in over 500 ofces and 80 countries. To learn more, visit www.bkr.com. 5 Reasons Accounting Firms Should Have a FORMAL MENTORING PROGRAM By Maureen Schwartz March 2016 • www.CPAPracticeAdvisor.com 21