Leading and Mentoring Leading and Mentoring Your CPA Firm to Your CPA Firm to
SuccessSuccess
By Rex Gatto, Ph.D.By Rex Gatto, Ph.D.
Gatto Associates, LLCGatto Associates, LLC
412-344-2277412-344-2277
rexgatto.comrexgatto.com
OverviewOverview
Review Four Sections in the Mentoring Process Review Four Sections in the Mentoring Process for CPAs Bookfor CPAs Book
Why CPA Firms need a Mentoring ProcessWhy CPA Firms need a Mentoring Process Leading a Mentoring Process at your firmLeading a Mentoring Process at your firm Skills needed to be a MentorSkills needed to be a Mentor Outcomes from MentoringOutcomes from Mentoring
Benefits Benefits of this presentation, you will have of this presentation, you will have methods to coach and mentor people moving methods to coach and mentor people moving your firm toward successyour firm toward success
SECTION ONESECTION ONE
INTRODUCING THE INTRODUCING THE CONCEPT OF CONCEPT OF MENTORINGMENTORING
Reflective thoughtReflective thought
I’ve seen what a difference good mentors I’ve seen what a difference good mentors can make, both in the lives of individual can make, both in the lives of individual CPAs and the firms where they work. The CPAs and the firms where they work. The mentoring relationship is dependent on a mentoring relationship is dependent on a two-way street of trust, with payback to two-way street of trust, with payback to both the mentor and the mentored.”both the mentor and the mentored.”
President of an AssociationPresident of an Association
Greek Mythology Greek Mythology (p. 7)(p. 7)
Odysseus, while Odysseus, while away from home away from home during the Trojan during the Trojan War, had his War, had his servant, Mentor, servant, Mentor, educate and educate and guide his son.guide his son.
Mentoring DefinitionMentoring Definition (p. 8) (p. 8)
A deliberate pairing of a A deliberate pairing of a more skilled or more skilled or experienced experienced person person (mentor) with a lesser (mentor) with a lesser
skilled or experienced person skilled or experienced person (mentee), Mentor teaches you to be (mentee), Mentor teaches you to be a better business person.a better business person.
What is CoachingWhat is Coaching
CoachingCoaching … is situational and … is situational and focused focused on a skill seton a skill set to achieve success to achieve success client client presentation, audit/ tax.presentation, audit/ tax. ) )
The coach is on the field and teaches The coach is on the field and teaches you to be a better position playeryou to be a better position player
Mentoring Manual Mentoring Manual (p. 10)(p. 10)Four Sections in the bookFour Sections in the book
Background information Background information and philosophy of and philosophy of mentoringmentoring
Skills for mentorsSkills for mentors Tools to aid for beginning, Tools to aid for beginning,
supporting and closing the supporting and closing the processprocess
Succession planning as Succession planning as part of mentoringpart of mentoring
LeadershipLeadership
Establishing the future goals of the firmEstablishing the future goals of the firm
Aligning people to make the goals a realityAligning people to make the goals a reality
Inspiring people in your firm to want to work Inspiring people in your firm to want to work togethertogether
Succession planning creates leadersSuccession planning creates leaders
Employee RetentionEmployee Retention (p. 11) (p. 11)
Challenging workChallenging work Work-life balanceWork-life balance Professional developmentProfessional development Career developmentCareer development Personal growthPersonal growth Communication flowCommunication flow Competitive salary and benefitsCompetitive salary and benefits
Environment that RetainsEnvironment that Retains (p. 12) (p. 12)
Firm Mission StatementFirm Mission Statement Firm Structure/ CultureFirm Structure/ Culture OrientationOrientation Leadership FollowershipLeadership Followership CommunicationCommunication Career PathCareer Path
QuestionsQuestions
How does mentoring differ from Performance How does mentoring differ from Performance Appraisal?Appraisal?
Do YOU approach mentoring as Billable time Do YOU approach mentoring as Billable time or Investment time?or Investment time?
What are the benefits of regular meetings What are the benefits of regular meetings with your mentee?with your mentee?
Perceptions about the Perceptions about the Firm Firm (p. 15)(p. 15)
Why people stayWhy people stay Why people leaveWhy people leave
Job satisfactionJob satisfaction
Challenging workChallenging work
Effective relationships Effective relationships with clientswith clients
Open and flexible climateOpen and flexible climate
Satisfactory relationship Satisfactory relationship with bosswith boss
Recognition for successRecognition for success
Job frustrationJob frustration
Non challenging workNon challenging work
Micro managed with Micro managed with clientsclients
Less freedom & flexibilityLess freedom & flexibility
Poor relationship with Poor relationship with bossboss
Lack of recognitionLack of recognition
Mentor Actions Mentor Actions (p. 16)(p. 16)
Vested interest in successVested interest in success CoachCoach Professional relationshipProfessional relationship SponsorSponsor Role modelRole model Create safe environmentCreate safe environment Support - not evaluateSupport - not evaluate Influence & guide in Influence & guide in
positive direction positive direction Guide professionally and Guide professionally and
personallypersonally
Observe & discuss Observe & discuss interactions and skillsinteractions and skills
Provide adequate & Provide adequate & appropriate feedbackappropriate feedback
Encourage personal visionEncourage personal vision Discuss career & business Discuss career & business
objectivesobjectives Discuss strengths & Discuss strengths &
character qualitiescharacter qualities Discuss changes and future Discuss changes and future
expectationsexpectations
Mentee Development Mentee Development (p. 18)(p. 18)
ProfessionalProfessional Goal settingGoal setting Career developmentCareer development CommunicationCommunication Problem solvingProblem solving Leadership and Leadership and
followershipfollowership Decision makingDecision making Feedback/feed forwardFeedback/feed forward
PersonalPersonal Positive self-regardPositive self-regard MotivationMotivation Controlled stress levelControlled stress level Conflict resolutionConflict resolution Empathy; ability to build Empathy; ability to build
rapportrapport Appropriate priority settingAppropriate priority setting Work/life balanceWork/life balance
Benefits Benefits (p. 19)(p. 19)
Mentor BenefitsMentor Benefits
Mentee BenefitsMentee Benefits
Firm BenefitsFirm Benefits
QuestionsQuestions
Benefit from Benefit from leadership 360˚ leadership 360˚ ReportsReports
Discuss the FIRM with Discuss the FIRM with the Mentee?the Mentee?
Points of Discussion #1Points of Discussion #1Mentor Action PlannerMentor Action Planner
Firm’s history and cultural developmentFirm’s history and cultural development Review operating (partnership/bylaws, Review operating (partnership/bylaws,
etc.) agreementetc.) agreement Organization chartOrganization chart Functions of management and committeesFunctions of management and committees
What were the results of this What were the results of this discussion?discussion?
Points of Discussion #2Points of Discussion #2
Firm’s vision, mission and long-range Firm’s vision, mission and long-range goalgoal
Practice philosophyPractice philosophy Service goalsService goals Practice development goalsPractice development goals Community service goalsCommunity service goals
What were the results of the What were the results of the discussion?discussion?
DEVELOPINGDEVELOPING
MENTORING SKILLSMENTORING SKILLS
SECTION TWOSECTION TWO
Mentor Response Mentor Response Assessment Assessment (p. 21)(p. 21)
Statement I ResponsesStatement I Responses
Choose one of the following responses.Choose one of the following responses.11 You feel you are a very ambitious man, is that right? You feel you are a very ambitious man, is that right?
22 Why do you think you have such a strong need for success? Why do you think you have such a strong need for success?
33 That’s good. You should soon get to the top with that attitude. Let me know if I That’s good. You should soon get to the top with that attitude. Let me know if I can help you in any way.can help you in any way.
4.4. It seems to me that your need for success is so strong that it outweighs It seems to me that your need for success is so strong that it outweighs your need to be popular.your need to be popular.
5.5. It will make you very unpopular here if you maintain that attitude … that’s It will make you very unpopular here if you maintain that attitude … that’s not how we do things here at all.not how we do things here at all.
Scoring Grid Scoring Grid (p. 26)(p. 26)
E I S P U
Statement I 5 4 3 2 1
Statement II 1 5 3 2 4
Statement III 3 2 1 5 4
Statement IV 4 3 5 1 2
Statement V 2 1 5 3 4
Totals
Setting Mentoring Tone Setting Mentoring Tone (p. 28)(p. 28)
StrengthsStrengths
EvaluativeEvaluative
Interpretive Interpretive SupportiveSupportive
ProbingProbing
UnderstandingUnderstanding
Areas for Areas for DevelopmentDevelopment
EvaluativeEvaluative
Interpretive Interpretive SupportiveSupportive
ProbingProbing
UnderstandingUnderstanding
Four Mentoring Types Four Mentoring Types (p. 30)(p. 30)
Mean MentorMean Mentor
Meandering MentorMeandering Mentor
Mindless MentorMindless Mentor
Marvelous MentorMarvelous Mentor
Effective Listening Effective Listening (p. 33)(p. 33)
Listen without Listen without rebuttalrebuttal
Make eye contactMake eye contact Nod acceptanceNod acceptance SmileSmile FocusFocus ParaphraseParaphrase
HEARHEARHHonestly listen without onestly listen without
rebuttalrebuttal
EEmpathize by mpathize by rememberingremembering
AAcknowledge and cknowledge and paraphraseparaphrase
RRespectfully respondespectfully respond
Why People Do ListenWhy People Do Listen
Build a connectionBuild a connection Identify and Identify and
understandunderstand Identify level of Identify level of
understandingunderstanding Identify actions to be Identify actions to be
takentaken LearnLearn Are interestedAre interested It is worthwhileIt is worthwhile
How to Address QuestionsHow to Address Questions
Listen to terms - Listen to terms - general or specificgeneral or specific
How are questions How are questions asked?asked?
Address questions in Address questions in same mannersame manner
No answer - pause, No answer - pause, ask questions in ask questions in responseresponse
Four Stages of Feedback Four Stages of Feedback (p. 35)(p. 35)
1.1. Astonished - You can’t mean Astonished - You can’t mean me!me!
2.2. Anger - You do mean me!Anger - You do mean me!
3.3. Abandon - You can’t be serious!Abandon - You can’t be serious!
4.4. Acceptance - You are serious!Acceptance - You are serious!
Focus Focus (p. 36)(p. 36)
FFocus on key issuesocus on key issues
OOffer opportunities for developmentffer opportunities for development
CCreate care and empathyreate care and empathy
UUnderstand - have acceptancenderstand - have acceptance
SSupport strengthsupport strengths
Mentee Roles During Mentee Roles During Feedback Feedback (p. 36)(p. 36)
AnalyzerAnalyzer WhinerWhiner RejecterRejecter VictimVictim ControllerController
Establish the Mentoring Establish the Mentoring Environment Environment (p37)(p37)
Climate
Input
Support
Feedback ClimateClimate InputInput SupportSupport FeedbackFeedback
Create an Create an environment that environment that develops leaders develops leaders
Motivation Motivation (p. 40)(p. 40)
Opportunity for developmentOpportunity for development Ask what will motivateAsk what will motivate DesireDesire Support abilitiesSupport abilities Strengthen skillsStrengthen skills ListenListen Be realisticBe realistic Build EsteemBuild Esteem
Performance = Performance = Ability Ability X X EffortEffort (Competence)(Competence) (Motivation)(Motivation)
Guide to Mentoring Guide to Mentoring (p. 42)(p. 42)
Establish a safe working Establish a safe working relationshiprelationship
Build good rapportBuild good rapport Establish an open, supportive Establish an open, supportive
environmentenvironment Give feedbackGive feedback Ask mentees to write goal reportAsk mentees to write goal report Ask mentees how you can helpAsk mentees how you can help Inquire how mentees are achieving Inquire how mentees are achieving
goalsgoals
Mentoring Skills Mentoring Skills (p. 43)(p. 43)
Listen without judgingListen without judging Help to problem solveHelp to problem solve Advise - don’t dictateAdvise - don’t dictate Encourage - draw outEncourage - draw out Guide - don’t directGuide - don’t direct Be safe haveBe safe have Ask questionsAsk questions Pull out - don’t push Pull out - don’t push
inin
Take notesTake notes Use wisdom with care Use wisdom with care
and compassionand compassion Build future of menteeBuild future of mentee Be a role modelBe a role model
Phases - Mentoring Process Phases - Mentoring Process (p. 44)(p. 44)Phases Duration Development
Phase One
Initiation
Immediatelyto one year
Mentee gets to know mentor; meet formallyonce a month, define goals and expectations;development of work-related and people-related skills
Phase Two
Cultivation
After threemonths up totwo years
Development of an action plan; developmentand implementation of skills, increase trustand openness, receive recognition frommentor and from others
Phase Three
Separation
Three to sixmonths afterPhase Two
Begins after mentee has developedconfidence: needs to work autonomously,assumes greater responsibility andopportunities; goals met
Phase Four
Autonomy
Ongoing Mentee can become mentor; receivesrecognition from clients; developed skills;doesn’t need to work with a mentor any longerbut can still use mentor as a sounding board
Mentor Outline Mentor Outline Mentor Action PlannerMentor Action Planner
Phase One Initiation Pages 51-55 Phase One Initiation Pages 51-55 (Work paper 72-74)(Work paper 72-74)
Phase Two Cultivation (Assessments, Phase Two Cultivation (Assessments, pages 77-92)pages 77-92)
Phase Three SeparationPhase Three Separation Phase Four Autonomy (succession Phase Four Autonomy (succession planningplanning
pages 99-102)pages 99-102)
SECTION THREESECTION THREE
TOOLS FOR THE TOOLS FOR THE MENTORING MENTORING
PROCESSPROCESS
TopicsTopics
Choosing a Mentor (p. 50)Choosing a Mentor (p. 50) Goals Report (p. 52)Goals Report (p. 52)
Supplemental MaterialSupplemental Material
Mentor Mentee Action PlannersMentor Mentee Action Planners
Mentor Preparation Mentor Preparation Meeting Meeting
Mentor script (p. 53)Mentor script (p. 53) Questions (p. 54)Questions (p. 54) Follow-up Follow-up
mentoring meetings (p. 55)mentoring meetings (p. 55)
Mentee Assessment Mentee Assessment (pps. 56-67)(pps. 56-67)
Profile Characteristics of a
High Potential CPA
The Whole Person
Professional Presence
Practice Development
Problem Solving
Teamwork
Leadership
Creativity
Integrity
Communication
Adaptability
Business Knowledge
Interpersonal Relationships
Client Relationship
Initiative
Accountability
Planning
Computer Knowledge
Work Papers Work Papers (pps. 68-85)(pps. 68-85)
Mentee and Mentor Work Papers Mentee and Mentor Work Papers
Pre- and Post-Engagement Meeting Pre- and Post-Engagement Meeting AgendasAgendas
ToolsTools
Anatomy of the CPA Leader (p. 86)Anatomy of the CPA Leader (p. 86)
Build Your Mentee’s Profile (p. 89)Build Your Mentee’s Profile (p. 89)
Mentor’s SurveyMentor’s Survey
Section A - Assessment (p. 93)Section A - Assessment (p. 93)
Section B - Self-assessment (p. 94)Section B - Self-assessment (p. 94)
SECTION FOURSECTION FOUR
THE SUCCESSION THE SUCCESSION
PLANNING PROCESSPLANNING PROCESS
Succession Planning Succession Planning Process Process (p. 99)(p. 99)
PlanningPlanning Identifying new Identifying new
leadersleaders Retiring partners Retiring partners
create opportunitycreate opportunity Career planCareer plan Transitioning partnersTransitioning partners Focus on the futureFocus on the future
Conditions of ExcellenceConditions of Excellence (p. 103) (p. 103)
Client orientationClient orientation ParticipationParticipation LeadershipLeadership DevelopmentDevelopment MotivationMotivation Products & servicesProducts & services Processes & Processes &
proceduresprocedures Information Information
CommitmentCommitment CultureCulture PlanningPlanning CommunicationCommunication AccountabilityAccountability ProfessionalismProfessionalism Teamwork Teamwork
RAIBORAIBO (p.106)(p.106)
ResponsibilitiesResponsibilities Value and organizational Value and organizational
impactimpact Action IndicatorsAction Indicators
Accountability and Accountability and performance measuresperformance measures
Business ObjectivesBusiness Objectives Business ObjectivesBusiness Objectives
TopicsTopics
Pay for Performance, Pay for Performance, Impact and Value Impact and Value (p. 133)(p. 133)
Conditions for Reward Process Conditions for Reward Process (p.136(p.136
Methods for Distributing Bonus Methods for Distributing Bonus (p137))(p137))
Bonus and Base Salary Bonus and Base Salary (p.139)(p.139)
Upward Evaluation Upward Evaluation (p. 146)(p. 146)
SummarySummary
The Mentoring Process The Mentoring Process helps CPA Firms:helps CPA Firms:
Develop positive and Develop positive and mutually beneficial mutually beneficial relationships with relationships with menteementee
Have a successful Have a successful mentoring processmentoring process
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