The purpose of workplace mentoring programs is to develop employees and help them grow, which will improve the position and talent of the company.
For the organization, there are often overarching program goals and objectives that have lead to the development of the mentoring plan. These can include a reduction in employee turnover, increased employer engagement, skill development of workers and a succession plan.
Within the program, each mentor-mentee pair defines their own goals, which are usually personal and specific to what the mentee wants to achieve. Mentees are usually the ones who develop the goals they want to reach within the mentorship, but mentors have a responsibility to guide the mentee in goal setting and attaining. The most common goals for mentees are skill development, career advancement and networking.
An organization that is considering developing a workplace mentoring program is usually looking to fix a problem, such as a high turnover rate or lack of diversity.
The cost of employee turnover is significant. Research has indicated it can be up to 75 percent of an employees’ salary. To find out how much employee turnover is costing your organization, see our calculator. Organizations use mentoring programs as a way to cut down employee dissatisfaction or lack of engagement and cut down on the number of employees leaving. A workplace mentoring program has the ability to make employees feel valued and are more included to stay with their employer longer. One way to achieve this is through small steps. Aim to reduce the number of employees leaving your company but do so modestly. Once you see the mentoring program being effective, you can be more ambitious.
The number of employees who are committed and giving their best at their jobs is low. While this is a contributing factor to high employee turnover rates it also has a negative impact on the workplace atmosphere. An employee who is not engaged does not produce the best work and often discourages others. Similar to cutting down on employee turnover rates, look for small signs that employees are more engaged and committed to your workplace.
There are 10,000 Baby Boomers preparing for retirement daily. Organizations have been using mentoring programs to train up younger employees so that when the senior members leave they don’t take all their wisdom and experience with them. A mentor-mentee situation allows the older employee to pass along their knowledge to the younger employee with the goal of having the younger employee take over when the senior employee retires.
Research has shown that companies with a good representation of race and gender in leadership roles have higher productivity and earnings. Therefore, if an organization is looking to add more diversity to its employee lineup, a mentoring program can be beneficial in many ways. Minority employees often have challenges and obstacles that other employees don’t. By pairing them with a mentor, companies can help these employees overcome hurdles and help advance their careers. In turn, these employees can bring insight to companies that other employees don’t. These insights can help an organization overcome marketplace hurdles, improve productivity and increase earnings.
Companies with successful mentoring programs are bound to have a good reputation in their industry and among job seekers. Statistics show that younger workers value organizations that invest in them and offer growth opportunities. In fact, a high number of Fortune 500 companies have established mentoring programs. One key way to use your mentoring program to enhance your reputation is by including it as a benefit in your job advertisements.
One of the most common reasons that employees look for mentorships is to develop their skills. For employees who are new to the company, this is the best way to become better at their job. For example, if the mentee works in sales, a mentor could help them work on their cold calling skills. However, this goal can also work in a reverse mentorship. That is, where the mentor develops new skills in a relationship where the mentee has the knowledge. Most often these reverse mentorships are connected to developing technology skills and capabilities.
Mentorships are also valuable tools for helping mentees create a long term plan and strategy for their career. In these situations, the mentor is a wise advisor who can point the mentee in a positive direction within the organization. A mentee should create steps they can take to help them achieve their professional dreams.
Mentorships are a great way for younger employees to expand their network of contacts. These are individuals who often work in the same industry and can help advance the career and professional development of a mentee. One way a mentor can do this is by introducing the mentee to others through a professional organization or attending an industry event together.
Each workplace mentoring program and each mentor-mentee pair benefit from having clearly defined goals. Setting goals as an organization and as a mentee can help you get the most from a mentorship situation.
Mentoring software is a valuable tool to have when it comes to creating a workplace mentoring program that helps you attain your goals. Together has the capability to assist in mentoring program development from registration to pairing and scheduling to reporting on the analytics your organization needs to see.
Contact us for a free demonstration today.