The objective of this presentation is to highlight challenges and opportunities associated with effective mentoring as a young faculty. Effective mentoring, at any stage of one’s career, is challenging. However, effective mentoring while on the tenure-track is crucial for the success of the mentor and the mentee. The current academic environment is fast-paced, highly competitive, and expectations are higher than ever before. Young faculty are expected to excel in teaching, research, and service. High quality teaching and service are very important, but time consuming and often undervalued by administration. High quality research, evidenced by publications and extramural funding, is generally the most important criterion for tenure and promotion. This environment leaves little room for mentoring, and young faculty may feel the need to choose between mentoring or writing papers and grant proposals. Effective mentoring is widely recognized as important for student success; however, I would argue that it is also important for the success of young faculty members: whether one receives tenure is highly dependent on the productivity and success (or lack thereof) of his/her graduate students. Considering this, I have developed a mentor-mentee agreement that aims to (1) provide students with clear information on what resources and support the lab can offer them, (2) explain what the lab will expect of them, and (3) give students an opportunity to share their previous experiences and future goals, so that a tailored mentoring plan can be made. The goal of this agreement is to achieve the best lab environment possible – one that fosters high productivity and student satisfaction by providing a healthy work environment where everyone feels valued and committed to the success of the group. The current academic environment may seem counteractive to effective mentoring; however, allowing time to clearly lay out expectations, tailoring development plans for each student, and following up on a regular basis can increase the likelihood of student success, which will contribute to young faculty success.