Mentoring has shown to be one of the most valuable and effective development opportunities an organization can offer employees. The statistics tell the story.
Almost three quarters of all Fortune 500 companies have mentoring programs because they have found that investing in leadership capability pays off in performance, productivity and innovation. Not only do companies see higher productivity and engagement with mentored employees, but they also have higher retention rates with employees who have been formally mentored.
In addition to the strongest companies supporting a mentoring program, CEOs are behind the concept as well. A Harvard Business Review reported that:
- 84% of CEOs said mentors had helped them avoid costly mistakes
- 84% become proficient in their roles faster
- 69% were making better decisions
What is Mentor Program?
A workplace mentoring program is a proven tool that matches a new employee with a veteran to: train, promote leadership skills, help employees connect, and encourage workplace loyalty.
Experience has shown us that mentoring benefits both the mentee, mentor, and the company invested in it. Let’s take a closer look at how each partner in this relationship can benefit.
Benefits to New Employees (Mentee)
New employees, or those being mentored, gain much needed guidance and someone to turn to when there are questions about job duties. They also have an instant connection to someone who can encourage them to improve their skills, including leadership skills that will be noticed by company managers as time progresses.
Research shows that mentees were promoted five times more often than those not in a mentoring program. The numbers also show that 25% of employees who enrolled in a mentoring program had a salary-grade change, compared to only 5% of workers who did not participate.
Benefits to Mentors
Being a mentor is more than just giving advice. It is being recognized by business leaders as someone who has something to contribute to the newest members of the team. This, in turn, gives the mentor a chance to not only experience fresh new ideas from the mentee, but also hone their own leadership skills. This added sense of purpose is usually rewarded with a sense of a job well done, recognition from leadership, and occasionally as a financial incentive.
Benefits to a Company
Businesses that develop and support a mentoring program can see multiple benefits. These include: a more loyal staff, higher retention rates for new hires, and most importantly a positive business culture that encourages personal and professional growth.
Are you looking to find out more about mentoring and how it can work for your company? Check out the North Shore Career Center page to get started.