Why Companies Need Mentoring

When we talk about the benefit of mentorship it's most often looked at through the lens of the people directly involved.


Benefits of Having a Mentor


A person being mentored gets objective, unbiased advice! They learn! They have access to somebody else's experience so they can learn not only from their successes but also their mistakes. Whether or not you have a mentor, the benefits are easy to imagine.


Benefits of Being a Mentor


Equally obvious if you're someone who has ever been a mentor is the benefits of learning by teaching. Of giving back and making an impact on other people's lives and careers. Of knowing that all the effort you put into getting where you are today matters - not just to you but to every person who you share your experiences with.


Organizational Benefits


But what about the people not directly involved? What about companies? They're the ones responsible for most mentorship programs outside of education. But why do they do it? What's in it for them?


The Fortune 500 Example


When trying to figure out how or even if mentoring benefits companies, it's always worth looking to the Fortune 500s to see what they think. Below are some key statistics that are very illuminating.

71% of Fortune 500 companies use mentoring to ensure learning takes place in their organizations.

Why?

77% of Fortune 500 companies report that mentoring helps retention and employee engagement at work.
A manager's effectiveness can be increased by 88% through mentoring and training.

What happens when mentorships aren't an option?

35% of those who don't receive mentoring look for a job within 12 months.

The Numbers Speak for Themselves


So there you have it. The truth that the biggest, most successful companies already know. Mentorship is invaluable to them because it increases the value of their biggest assets - people.


Mentorships help create job satisfaction and engagement.


Mentorships develop the next generation of managers and leaders .


Mentorships ensure that existing high-performers and talented individuals stay put.


Want to bring Mentorship to your Organization?


It doesn't have to be a complicated internal process. Upnotch already has the framework to deliver powerful, impactful mentorship to your organization.


Get in Touch to Learn More.



Sources:

American Society of Training & Development