Successful companies understand that to thrive as an organization, the people who make up the business must have their needs for growth and development meetings. According to Michael Molfetta, founder of Molfetta Law and CEO of Invictus Sports Management, employee coaching and mentoring are two effective ways to foster employee development and improve performance. Below, Molfetta expands on these methodologies and discusses how to use peer coaching and mentoring to improve your bottom line, earn employee loyalty, and make your company a great place to work.
What’s the difference between coaching and mentoring, and which is best for your company?
Unlike in team sports, where a coach is ever-present in the lives of the athletes for months, years, or an entire career, business coaching is specific and generally short-term. You might hire an outside coach to teach a group of employees a particular leadership skill or assign one employee to coach another as they learn an aspect of their job, but the duration of the relationship will be only until the student masters the subject.
On the other hand, a business mentor is more akin to a sports coach’s relationship with the team. A mentor helps an employee or a small group achieve success through every aspect of their professional growth for a more extended period.
Both mentoring and coaching are valuable tools for the growth and maturation of employees, says Molfetta. Each has an objective, and business leaders can and should use both to achieve their employee development and business growth goals.
Why choose peer coaching and mentoring over hired specialists?
Bringing in an outside consultant or coaching firm is valuable when no one in the company possesses the knowledge or skills the company needs. To be sure, paid leadership training is a worthwhile investment and can help a business reach the next level of professionalism. But an outside firm cannot be an enduring positive influence on the entire organization.
A structured peer mentoring program provides an ongoing relationship-building mechanism that can lift the entire organization. Peer cross-training, mentoring, and coaching can elevate the culture of the business and provide growth opportunities for a broad cross-section of employees.
What are the benefits of peer coaching and mentoring?
In Molfetta’s experience as the head of Molfetta Law and CEO of a sports management agency, nearly every employee desires to learn and grow professionally and personally. When workers feel they have learned all they can at their current job or can’t see any development opportunities, they often look for advancement by leaving their employer. A peer mentoring program can provide employees with an environment for continued growth. The protégé learns new skills that will help them advance in the company, and the mentor learns how to share their knowledge and help someone else.
Peer mentoring and coaching programs also improve employee retention. If the program includes cross-training, the company benefits from a deeper and wider pool of qualified employees.
Who in an organization should participate in a mentoring program?
The short answer to this question is nearly everyone. Coaching and mentoring are not just for new employees. Everyone can learn something from others in the organization. Molfetta explains that a new employee will benefit from a mentor to show them the ropes, but that same employee may possess knowledge and skills to help others in the company. Business leaders should not limit themselves by only providing coaching and mentoring opportunities for upper management.
About Michael Molfetta
Michael Molfetta is the resolute force behind Molfetta Law, a founding partner of CRM Sports Advisors and the CEO of Invictus Sports Management. As a veteran litigation attorney with over 30 years of experience under his belt, he has been lead counsel in nearly 300 jury trials and a legal correspondent for major news networks. Before starting his legal practice, he was the Deputy District Attorney in Orange County and was “1994 Prosecutor of the Year”. Since then, Molfetta has continued to garner acclaim and distinction within the legal field. In 2021, he was named “Litigator of the Year” by The American Institute of Trial Lawyers.