As a coach I am often asked to distinguish between performance coaching and mentorship. This is understandable since there is some overlap in their goals. Life coaching is a different topic altogether.
Coaching is helping another to learn a skill or modify a behavior. The coach and client agree that it is to take place over a specific, limited period of time with a specific measurable goal. The coach may or may not have an ongoing professional relationship with the client.
Mentorship is a relationship in which a more experienced or more knowledgeable person helps to guide a less experienced or less knowledgeable person in their career development over an extended period of time. Mentorship experience and relationship structure affect the "amount of psychosocial support, career guidance, role modeling, and communication that occurs in the mentoring relationship….” (Fagenson-Eland, Ellen A.; Marks, Michelle A.; Amendola, Karen L. (1997). "Perceptions of mentoring relationships". Journal of Vocational Behavior. 51 (1): 29–42.)
Mentors are often in the same organization or same profession as the protégé (person being mentored) but often not in the same chain of command.
But what is reverse mentoring. Simply stated, it is mentoring someone who is more senior than the mentor. This is a way for those in the boardroom to understand the thinking and needs of those much younger and more junior. As our companies seek to embrace equality in gender, sexual orientation, different cultures and a growing youthful customer base, reverse mentoring can be very valuable.
The inspiring people at TED have produced a short video (under 5 min.) on reverse mentoring you may wish to view.
If you are thinking of mentoring your boss, make sure he or she is ready to accept advice from a junior.
Herb