From the course: Developing a Mentoring Program
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Reward structure for participants
From the course: Developing a Mentoring Program
Reward structure for participants
- According to management icon Lee Iacocca the secret to great management is start with good people, lay out the rules, communicate with your employees, motivate them and reward them. If you do all these things effectively you can't miss. I think this simple yet powerful advice really sums up what you need to know about rewarding participants in formal mentoring programs as well. Let's cover ideas to help you develop your own rewards program. First, begin by asking yourself what does success mean to you, in terms of your mentoring program? Specifically, what are you trying to accomplish for mentors, proteges, and your organization? Determine what you want to reward participants for in your mentoring program. And then create a system and set of rewards that does that. Second, consider leveraging both extrinsic and intrinsic rewards. Here's a classic example of an extrinsic reward. Many of the top companies that provide formal mentoring programs make mentoring participation part of the…
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