Life in corporate America can be a challenge. From increasing turnover rates, low employee engagement and diversity problems, many organizations have been turning to workplace mentoring programs. These formal mentorships offer corporations the opportunity to enhance their employee talent, increase engagement and reduce the turnover rate.
Turnover rates in the USA are high. Gallup has reported over half of workers may be looking for a new job. Many younger workers have indicated they do not plan to stay with their employer for more than a couple of years. This presents a major cost to corporations. The loss of talent can harm productivity and the workplace atmosphere. It also cuts deep into the company’s bottom line. Employee turnover can cost an organization hundreds of thousands of dollars a year.
Workplace mentoring programs have proven to be highly beneficial for employees too. Serving as a career progression platform, workers can improve their skillset and knowledge. In a mentorship, the mentee is encouraged to develop goals and, with the help of the mentor, to reach those goals.
Positive mentorship experiences can extend beyond the workplace for many individuals. Statistics show that 79 percent of millennials believe mentorship is key to their future. Forty-seven reported they would leave their job to find a company that offers a better culture, which includes mentoring opportunities. This makes workplace mentorship programs integral to corporate USA.
Career progression platform
Employees who have the opportunity to be part of a workplace mentorship find the experience has a number of positive effects on their careers. These include:
Advancement: Studies have shown that 25 percent of employees who participate in a workplace mentorship see a salary increase. Compared to just five percent of employees who did not participate, it is clear the mentorship can be a career progression platform.
Retention: Employees who get involved with an organization’s mentoring program have a tendency to stay with their employer longer. For mentees who participate the retention rate was found to be 72 percent. While mentors who become involved in a mentorship have a 69 percent retention rate.
Mentoring trends for 2019
Workplace mentoring has become such an integral part of corporate culture in the USA that there are trends that can be seen for each year. This year it has been predicted that many more companies will develop mentoring cultures, mentoring will become a priority for businesses and technology will continue to play a key role in mentoring programs.
1. Mentoring cultures
While mentoring in a workplace used to be a grassroots movement, it has turned into a more formal, structured program. Traditionally, mentors would be responsible for finding a mentor and negotiating a relationship. However, that has changed with more and more companies using mentoring programs as a way to entice employees and new talent. In these programs, a mentor is matched with a mentee by a program manager. There is more guidance provided by the company about the development, goals and objectives of the mentorship. This will make workplace mentoring programs an even more key component to organizations. Yet, the relationship between a mentor and mentee remains at the center.
2. Mentoring as a priority
Companies have started to look at mentoring programs in the workplace as good investments. As more and more organizations come to understand the positive returns to the company, as well as to the employees, developing strong mentorships will become a priority. About 70 percent of Fortune 500 companies already have workplace mentoring programs for their employees. This demonstrates the value that corporations have placed on mentoring. Many smaller businesses have recently begun to see the benefits for their employees too.
3. Technology and mentoring
Mobile technologies, as well as mentoring software, will continue to play a large role in workplace mentoring programs. As more and more workplaces offer flexible working options such as remote or telecommute work, there will be increased use of smartphones and tablets in mentorships. These technologies allow for mentors and mentees to stay in touch on the go. They also allow for mentoring to happen from a distance or what has been called virtual mentoring. Larger corporations with locations around the world have been able to develop mentorships between employees in different regions. As the number of mentoring programs grows at corporations, mentoring software has been seen as the ideal tool to help create, manage and maintain workplace mentoring programs. Mentoring software like Together has been developed to aid a mentoring program manager from the application stage right through to reporting. This includes using algorithms to pair mentors and mentees, scheduling integration that works with most calendars and email hosts and customizable reporting and tracking options.
4. More training for participants
Developing a successful mentoring program requires skilled participants. This has been why many organizations opt for some training of mentors and mentees. Workshops on leadership, communication techniques and positive feedback are some of the most common topics for mentorship training. The better prepared your participants are the more likely the program will be successful. Industry experts have predicted an increase in diversity and inclusion training for those involved in workplace mentoring programs.
Corporations have been turning to workplace mentoring programs to tackle issues such as employee retention, talent attraction and low engagement levels. The number of organizations developing mentoring programs has been forecasted to increase throughout 2019 and beyond. Research has shown that mentorships have a positive impact on the corporation, for the mentor and the mentee. From a reduction in turnover rates to improved employee engagement to talent development, mentoring programs have become crucial to most workplaces.
To find out how mentoring software can help your corporation create an atmosphere of inclusion, retention and engagement, contact us today.