If you ask any successful professional how they got to where they are today, they'll probably tell you about the people that guided them along the way and helped them get there. A great way to give this type of guidance to all of your employees is to have a mentorship program in your organization.
Over the past few years, companies have been struggling more than ever to retain talent. And the effort, time, and money companies need to put into hiring top talent is massive. A situation that has been enhanced further by the pandemic-fuelled Great Resignation.
The biggest cost of business is labor. Labor accounts for as much as 70% of total business costs, and unfortunately, that number will only go up. Recruitment, training, and retention are not only costly but very time-consuming. One cost-effective solution is human development through Mentorships.
Though it's particularly apparent in the United States, the problem is not limited to any industry or region. There's a global issue with employee dissatisfaction, low engagement, and high turnover. Employees are unhappy because they don’t have the support and objective advice they need for their own professional growth.
Implementing a mentorship program can be a very effective way to tackle that problem.
Mentoring is proven to help retention and there are lots of statistics to back that up.
83% of workers who participated in a mentoring program said their experience was a motivating factor for staying with that employer.
94% of employees say they would stay longer at a company if they were offered opportunities to learn and grow.
25% of employees who enrolled in a mentoring program had a salary grade change, compared to only 5% of workers who did not participate.
Based on these numbers, it is clear that mentorship programs work and are necessary for any organization to thrive. Most Fortune 500 companies already know that - that's why 71% of them already have structured mentoring programs within their organization. It's time for everyone else to follow suit.
Support from the start
By allowing access to the guidance of a mentor from the beginning of an employee's journey, new, talented hires are given the resources they need right from the start. Mentoring provides them with immediate relationships, networking opportunities, and a great avenue for professional feedback.
Improve workplace culture
A workplace where there is no cooperation among employees, no praise from management, and no internal communication is not a great place to work. A mentorship program helps create an inclusive, communicative, healthy, and positive work culture.
A win-win for everybody
Mentoring isn't just for the employee - it benefits everyone within an organization.
Helping employees with their career development improves job satisfaction which results in better retention - great for the company. Mentees gain support, guidance, and advice from their more experienced peers and mentors get the opportunity to learn from someone who has a different perspective and background - brilliant for leadership. In short, everybody wins.
Employees are happier, more engaged, and more productive when their needs and the needs of the organization are synced. A mentoring program helps achieve that goal. If your organization doesn’t have a mentoring program in place, you’re missing out!