A TCF Mentoring Programme can be complex to implement, but has numerous compliance benefits.
The elements involved in building a Treating customers Fairly (TCF) culture are complex and require reflection, discussion and support to embed. Mentorship helps share knowledge, reflect on new learnings and embed the type of thinking that supports a TCF culture.
Benefits of developing a TCF Mentoring Programme:
- Help with on-boarding: Mentoring can help smooth the process of bringing new employees up to speed on what a TCF culture actually means, and what it means in terms of day-to-day behaviours. Mentoring also helps in up-skilling existing employees in these new behaviours and ways of working. Gallup’s research shows that the first few weeks of an employee’s new position are critical to the success and effectiveness of that employee. Mentoring can make this crucial time more effective, and help embed the right behaviours from the beginning.
- Employee engagement and retention: According to Gallup’s research employees involved in effective mentoring programs have higher job satisfaction than those without developmental support. A key part of engaging employees is helping them feel that the organisation cares about them as an individual, and that their development matters. This key understanding reduces employee turnover and increases job satisfaction. Giving employees support to help them understand what TCF is, and that it helps them do their jobs more effectively, helps increase retention and bottom line profitability.
- Knowledge management and sharing: Retaining intrinsic knowledge within the organisation is essential to helping build a sustainable TCF culture, retaining talent and increasing long-term sustainability. When knowledgeable individuals leave, this valuable information leaves with them unless the organisation has a proactive knowledge sharing system. An effective mentoring program encourages team members to share their understanding, knowledge and skills with others. This reduces the organisation’s risk of losing of key knowledge and skills.
- Increased productivity: Mentoring programmes help with the sharing of knowledge, which helps reduce the need to reinvent the wheel. This saves employees and managers time that could be better spent on engaging customers and finding new solutions. Mentoring programs give employees an effective process for getting to solutions for typical challenges quickly. Sharing knowledge and solutions in mentoring sessions can help reduce the knowledge learning curve.
- Development and succession planning: A TCF mentoring programme provides an effective way to develop your employee’s career development. Mentoring and coaching develops the skills necessary for future growth and development. It also reduces hiring and talent turnover costs. In addition, mentoring programs build a culture of continuous learning and innovation. Mentors help embed an understanding and way of thinking that helps build sustainable succession, knowledge sharing and a real TCF culture.
Why should you have a TCF Mentoring Programme?
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