At appropriate time when others are not around I would discuss the situation with my co-worker and focus on the work itself not the co-workers mishaps, I'd point out the good things and explain why other things may cause an issue due to company protocol. I'd speak with my co-worker about advancement, what I’ve seen in others that have advanced, my past mistakes and efforts towards correcting those mistakes. I would talk with them in a non accusatory manor, I'd carefully avoid downtalk and encourage my co-worker to go above and beyond.