Mentorship programs come in all shapes and size.

There are various ways mentorship can be incorporated into a business: official or free form, voluntary or mandatory, involving everyone or just entry-level staffers, designating a specific mentor program coordinator or leaving it to human resources. The following are some examples from firms we spoke with.

White, Nelson, & Co., LLP's program assigns a manager and a partner to all interns, junior and senior staff members. Coleman says the program provides assistance to all staff in their professional development and gives each staff member someone they can turn to and can be an advocate for them. Mentors are responsible for their respective mentee's biannual evaluations, weekly chargeability and monthly efficiencies. Mentors also serve as a resource for guidance on technical issues, make sure mentees are aware of and follow the firm's compliance issues, and monitor the mentee's progress toward firm-designated goals.

"Employees usually stay with a firm because they have opportunities to grow and advance, have values similar to the firm's values, like and respect their coworkers and leaders, feel valued and are proud to be a part of the organization," says Coleman. "These feelings are fostered by relationships with other co-workers and most importantly, with the mentor."

Coleman believes management should view mentor programs as a way to improve and grow the firm for everyone. So, while time constraints exist, the firm stresses that mentors meet with their mentees at least quarterly to properly manage and steer the employee's development.

Along with developing the professional skills of a CPA, Coleman points out that mentors can also help mentees develop marketing skills and a marketing mindset.

Marketing is an important factor in development of staff in the firm and the importance of maintaining a marketing mindset and of practicing marketing skills should be communicated even at the lowest levels," he says. "The mentor should also consider taking the mentee to marketing events or referral meetings to give them a true experience in how marketing works."

Glenn, Burdette, Phillips & Bryson Tax and Business Advisors (GBP&B) has a formal, though loosely structured, mentoring program that allows each mentor-mentee pairing some flexibility as to how to utilize. Mentees are given a choice of potential mentors and the firm does its best to accommodate one of their top choices based on mentor availability.

The mentor and the mentee are provided with...