Even if the terms ‘coaching’ and ‘mentorship’ tend to be used interchangeably, for life coach Joanna Denton, there’s a bit of a difference.
While a mentor can offer resources, advice and guidance through their own experience, “A coach is slightly different. They’re looking to empower the client in finding their own answers by asking broad, open-ended questions to help the client quiet the nose in their heads so their own innate wisdom can come through.”
[A coach] is looking to empower the client in finding their own answers by asking broad, open-ended questions to help the client quiet the noise in their heads so their own innate wisdom can come through.
Both Denton and Radhey Punyani recall in the podcast the various mentors they’ve had throughout their life, both professionally and personally, and how those people have served as champions and sources of empowerment.
As Punyani explains, “You seek different kinds if mentors at different stages of your life, and they’re constantly changing… It’s just truly about what you want to achieve by having a mentor.”
Fostering a culture of mentorship
Coaching and mentorship have traditionally played an important role in the financial sector, although not always in a formalised manner. Denton, whose 15 years’ experience living and working in Luxembourg saw her land director positions at two of the Big Four firms, says that when she was starting her career, she would observe how senior managers and partners interacted with clients. “Even sitting in the room has a mentoring aspect to it as well, because they’re leading by example.”
Even if mentorship has been commonly understood as a “top-down” practise, it can also be “bottom-up”. A young coach himself, Punyani calls the next generation an “untapped resource”, adding that he’d never turn down mentorship opportunities from them. “I find the younger generation is so creative and powerful, with the knowledge and skill sets they have, to surpass me in every way,” particularly in areas like AI and crypto, for instance, he adds.
Both agree it’s important to be open to the wide range of mentorship opportunities. Denton recalls that she reached a stage in her career where she was “riddled with imposter syndrome and fear… in those moments I was reluctant to be open, where maybe a junior person had something to add.” She therefore sees the value in helping managers and leaders “recognise that they’re enough already.”
A company that puts its people first has already embedded a culture that will allow mentoring and coaching to foster themselves.
As Punyani adds, “A company that puts its people first has already embedded a culture that will allow mentoring and coaching to foster themselves.”
And he sees Luxembourg as offering another important dimension to coaching, given its diverse, international workforce. These factors, he says, “may serve as a competitive advantage. Your resource pool has increased; people are coming from all around the world, and their experiences are different, person to person.”