When Rushabh Mehta, a senior consultant in the financial-services office of Ernst & Young, wanted guidance on the best ways to develop business relationships with his clients, he didn't go to his immediate supervisor. He also didn't turn to the senior people on his team. He went to his mentor--Simon Plummer, a senior manager of risk advisory services with Ernst & Young, No. 17 in The DiversityInc Top 50 Companies for Diversity^®.

 "An important aspect within the firm is developing business relationships with your clients, and that is something which, as a senior [in financial services], you don't get too much exposure to," says Mehta. "I wanted to tap into this mentoring program to be able to learn and get some exposure to the business-development aspect of this organization."

Today, Mehta and Plummer are enrolled in Ernst & Young's Learning Partnership mentoring program, a one-year formal program in which participants are matched on the basis of their answers to an online questionnaire.

"I thought it would be a great opportunity to get to know someone with less experience within the firm, to help them develop that talent and to help them to learn some of the things I have experienced through my time in the firm," says Plummer.

Like Mehta, many people from traditionally underrepresented groups are discovering the benefit of having a mentor when trying to manage their careers. It can be "very critical to the development of one's progress," says Allan Mark, America's director of diversity strategy and development for Ernst & Young.

But how do you find a mentor that's right for you? And how do you get the most out of that relationship once you do? Take a look at these five tips from senior executives on how to build a successful mentor-mentee relationship.

1. Make Sure Your Mentor's a Good Fit  

Choosing a mentor is rarely easy, even if your company has a formal mentoring program. Research is vital to making sure you choose a mentor that is a good fit.

"When trying to find a mentor, you need to assess whether or not your needs align with your potential mentor's abilities," says Kym Ward Gaffney, national director of coaching at PricewaterhouseCoopers, No. 4 on the DiversityInc Top 50. "What you're looking for in a mentor is someone who is somewhat different from you, but you see some skills or qualities in them that you … would like to model yourself after."

Ward Gaffney also advises mentees to talk to others about their potential choice during the research phase and find out what impact that person has had on other mentees' careers, as well as getting feedback on what the person was like as a mentor.

Karen Brown, director of corporate diversity at Rockwell Collins, one of DiversityInc's 25 Noteworthy Companies, agrees. "Mentoring is about building a relationship," says Brown. "It's important to find someone with whom you can build a trusting relationship," she says.

If your company does not have a formal mentoring program, seek one out on your own, even if it means going outside the company to find the right person. "Don't wait, go for it," says Ward Gaffney. "You have to go out and be proactive, listen to the feedback that you are receiving from others and maybe that can help direct who could possibly be your next mentor."

Top 50 Tip: All of the Top 50 companies have training for mentors.

2. Don't Be Afraid to Step Out of Your Comfort Zone

While your first instinct might be to find a mentor who is like you, stepping out of your comfort zone and teaming up with someone from a different race, ethnicity or gender can give you a competitive edge.

"It's important to have an association with a wide variety of individuals. Different mentors bring different perspectives and possibly an orientation to life's circumstances that you have not had," says Margot Copeland, executive vice president and director, corporate diversity and philanthropy with KeyBank, No. 33 on the DiversityInc Top 50.

Stepping outside your comfort zone can be particularly beneficial if you are from a traditionally underrepresented group. "Having someone who is different can certainly serve as a springboard for ideas," says Copeland, who has had male mentors and mentors from different racial groups. "It's good to have a wide berth of relationships in your circle so you have different points of view when you are trying to problem solve or access information."

"As the work force grows increasingly diverse, it's important to learn to work with people different from you," says Ward Gaffney. "If you feel that someone's race, age or gender is going to [keep] you … from being transparent and being able to have a candid, authentic relationship, then perhaps you're not ready at that moment in your career to seek beyond your comfort zone," says Ward Gaffney.

But, if possible, she advises being open to people who are different from you: "It doesn't matter their physical limitations, their race, age and gender. You can always learn from someone who is willing to teach."

"Having a mentor is not so much about having someone who looks like you. It's more about what you desire to be, what you are looking for and finding the right person. The relationship has to be built on trust. But it begins with what you are trying to accomplish," says Brown.

Top 50 Tip: All of the Top 50 companies have mentor and mentee meetings more than once a quarter. More than 60 percent meet more than once a month.

3. Set Goals

Setting specific goals is necessary to making your mentor-mentee relationship work. "You should have some forms or contracts where you're outlining what your goal is going to be, how often and how long you are going to meet, and how you will handle sensitive information when it comes up," says Ward Gaffney. "You cannot have two different agendas in a mentor-mentee relationship. You can, of course, have two different people with two different thoughts, and that's wonderful, but really, it's how you synergize those thoughts."

She also suggests taking time to think about the areas in which you feel you need the most help and to speak candidly about them with your mentor. "It is your responsibility to communicate your expectation and be willing to reciprocate," she says.

Mentoring relationships are all about reciprocity. It's important to show your appreciation by holding up your end of the contract and "giving upward feedback or coaching that could possibly help the mentor affirm some things they are doing in their career," says Ward Gaffney.

Setting goals can also serve as the point of reference if the relationship begins to sour. "You're breaking up with them based on the contract being broken," says Ward Gaffney. "Then it's not as emotional because this is what you've agreed to."

Top 50 Tip: All of The Top 50 have measurable goals for mentoring pairs.

4. Do Your Homework

It's impossible to reap the benefits of having a mentor if you don't take your mentor's advice or follow through on assignments. "If you [and your mentor] have committed to a course of action, it's important to be prepared," advises Ward Gaffney. "Never, ever should a mentee go to a mentor and say, 'I really don't know.' I personally don't think that is acceptable. I think it's acceptable to say, 'I don't know, but I have an idea and I would like to be able to share that with you and get your insight.'"

Top 50 Tip: Ninety-six percent of the companies on the Top 50 have a formal follow-up aspect of their mentoring program.

5. Be Respectful and Appreciative

A mentor takes time out of a busy schedule for you and offers his or her expertise for your development. "Showing up on time, being prepared, if you have committed to a course of action, [and] coming in with different ideas are all ways you can show your appreciation and be respectful of your mentor's time," says Ward Gaffney.

As with any good relationship, nothing beats saying "Thank you." Let your mentor know how he or she has helped you, and stay in touch, even after the formal mentorship ends. A good mentor will become a key member of your network.

Mehta and Plummer shared the story of their successful mentor-mentee relationship during DiversityInc's webinar on mentoring. Click here to buy the full webinar and find out more about mentoring best practices from The Top 50.

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