Talent Development through Coaching & Mentoring presented by Pam Thomas MCICM, MITOL, PGCE

Coaching & Mentoring How can we grow our own credit professionals? Business world is changing Attracting and retaining talented people is key More sophisticated skills and understanding is needed Trend towards: globalisation, dependence on technology diverse organisational structures Leading to: greater demand for employees with specific skills

70: 20: 10: Learning model 70% of knowledge comes from doing the job 20% comes from ‘informal’ learning - observing others 10% comes from ‘formal’ training classes Morgan McCall and his colleagues working at the Center for Creative Leadership (CCL) are usually credited with originating the 70:20:10 ratio.

Formal ‘class room’ based training is still effective and has it’s place! We still need the typical ’10%’ activities: Structured onboarding/induction program Specific technical skill training Soft skill training Business simulation experiences Interactive eLearning

What do you know about the 70: 20: 10 learning model? Nothing A little My company uses it

If 10% is ‘formal 'learning - what about the other 90%? Learning through 70 Experience 20 Informal learning through others 10 Formal learning

If 10% is ‘formal 'learning - what about the other 90%? Learning through Examples 70 Experience Solving problems Projects/assignments Exposure to other depts Developing work processes etc 20 Informal learning through others 10 Formal learning

If 10% is ‘formal 'learning - what about the other 90%? Learning through Examples 70 Experience Solving problems Projects/assignments Exposure to other depts Developing work processes etc 20 Informal learning through others Mentoring Coaching Networking (internal & external) Memberships & professional bodies 10 Formal learning Workshops Business School Seminars/Master classes Professional Development

Example using the model: Developing Team leader Competencies 70: Learn through Experience Take on a ‘champion’ role e.g process excellence, system expert etc Lead on a specific topic for the team Represent your team on a project Coach or mentor a colleague Join a team meeting / work with another department e.g. sales Develop solutions for a team issue Research areas affecting the business e.g. industry related, legal matters, benchmarking

Example using the model: Developing Team leader Competencies 70: Learn through Experience 20: Learn through others Take on a ‘champion’ role e.g process excellence, system expert etc Lead on a specific topic for the team Join a professional body e.g. ICTF(!), CICM or other local credit organisations Represent your team on a project Identify another person skilled in an area you need to develop (risk assessment, people management) spend time with them discussing/observing Coach or mentor a colleague Arrange to be Coached or Mentored Join a team meeting / work with another department e.g. sales Join Linkedin & find special interest groups relating to Credit Develop solutions for a team issue Arrange ‘lunch & learn’ sessions Research areas affecting the business e.g. industry related, legal matters, benchmarking

Example using the model: Developing Team leader Competencies 70: Learn through Experience 20: Learn through others 10: Formal learning Take on a ‘champion’ role e.g process excellence, system expert etc Lead on a specific topic for the team Join a professional body e.g. ICTF(!), CICM or other local credit organisations Training courses: Management development, Leading & Managing people, Influencing & Negotiating, Communications, Legal proceedings Represent your team on a project Identify another person skilled in an area you need to develop (risk assessment, people management) spend time with them discussing/observing Professional Qualifications: Specific Credit Management related: ICTF, CICM Accounting: ACCA, CIMA Coach or mentor a colleague Arrange to be Coached or Mentored Business School : MB, Masters Join a team meeting / work with another department e.g. sales Join Linkedin & find special interest groups relating to Credit Develop solutions for a team issue Arrange ‘lunch & learn’ sessions Research areas affecting the business e.g. industry related, legal matters, benchmarking

Coaching & Mentoring What’s the difference? Coaching and mentoring are not the same. A mentor may coach, but a coach does not mentor. Mentoring is “relational,” while coaching is “functional.” One thing they have in common is…….learning 4

Coaching is Functional & Task Orientated “a process that enables learning and development to occur and performance to improve.” E. Parsloe, The Manager as Coach and Mentor (1999) Use coaching when: There is a need to upskill individuals /team Performance issues occur To reduce conflict with team members To improve working relationships There is a need to focus on achieving specific role related objectives Very effective for short term or time bound development or issues

Mentoring is Relational & Long Term "to support and encourage people to manage their own learning in order that they may maximise their potential, develop their skills, improve their performance and become the person they want to be." E. Parsloe, The Oxford School of Coaching & Mentoring It is a partnership between two people (mentor and mentee) normally working in a similar field or sharing similar experiences Mentor when: Focus is on career, professional and personal development The person will benefit from support and guidance from an experienced person or expert It is an ongoing relationship and takes a long term / broader view Can be informal

Who has a Coaching or Mentoring program in place to upskill their credit team? Yes No Don’t know

Coaching Versus Mentoring

Coaching Program : Real Example for Credit Analyst Upskill Goal/Objective Coaching Activities For the Coach - Develop generic coaching skills which can be applied in many other business related situations For Coach & Coachee -Improve commercial and business knowledge and develop a risk taking mindset Overall - Provide formal coaching structure for onshore and offshore credit analysts to share knowledge Encourage open dialogue and the opportunity to practice real life coaching in a safe environment

Coaching Program : Real Example for Credit Analyst Upskill Goal/Objective Coaching Activities For the Coach - Develop generic coaching skills which can be applied in many other business related situations For Coach & Coachee -Improve commercial and business knowledge and develop a risk taking mindset Overall - Provide formal coaching structure for onshore and offshore credit analysts to share knowledge Encourage open dialogue and the opportunity to practice real life coaching in a safe environment Phase 1 – attend virtual training sessions (with professional external coach) to understand concept, parameters & roles. Learning style assessment undertaken. Time line set. Phase 2 – Coaches & coachees assigned for 1 to 1 coaching sessions (to match the business). Criteria for credit assessment set by coaches

Coaching Program : Real Example for Credit Analyst Upskill Goal/Objective Coaching Activities For the Coach - Develop generic coaching skills which can be applied in many other business related situations For Coach & Coachee -Improve commercial and business knowledge and develop a risk taking mindset Overall - Provide formal coaching structure for onshore and offshore credit analysts to share knowledge Encourage open dialogue and the opportunity to practice real life coaching in a safe environment Phase 1 – attend virtual training sessions (with professional external coach) to understand concept, parameters & roles. Learning style assessment undertaken. Time line set. Phase 2 – Coaches & coachees assigned for 1 to 1 coaching sessions (to match the business). Criteria for credit assessment set by coaches Phase 3 – Structure put in place to coach, give & receive feedback (with assistance from professional coach) Phase 4 – Assignments (real life Credit assessment) set for coachees to practice skills Phase 5 – Final assessment and presentation to Operational CM

Was it Successful? Program rolled out globally within organisation Service Centres now responsible for higher value decisions on assessing customer credit worthiness Coaches become more confident in their role Value added management skills & tools Increased confidence levels for credit analysts Increased ‘talent’ bank Sharing of knowledge improved business decisions and relationships

Want to know more about developing a Coaching or Mentoring program? If you would like examples of how organisations have implemented a program….. If you want to know more about proven benefits of this type of program…. Please come and talk to me! Thanks for your interest

Presented by Pam Thomas Cognisant Training Ltd pam@cognisant-training.co.uk Tel : +44 1494 871638 Mob: +44 7711 567075