A good mentoring program aligns with overarching business initiatives or resolves common problems the business is facing. Creating a successful workplace mentorship program starts with identifying its purpose. By defining the goals of mentorship, it will be easier to determine how to measure results and keep the program on track for success.
Common Mentoring Objectives
Perhaps you’re working on OKRs (objectives and key results) or goal setting for your organization and want to know how mentorship can help with your company strategy.
Onboard faster: teaching new workers about the company and the expectations of management
Promote diversity: mentorship programs encourage and empower employees from minority groups who may not currently be reaching the next level of career development
Career development: assisting employees in meeting their career goals by honing new capabilities
Remote Work: Allow people to build their career and network in a remote work environment.
Succession planning: seasoned workers who will be moving into retirement can impart their knowledge and wisdom to those who will take over when they leave
Improving culture: building productive relationships among co-workers can lead to a healthier workplace culture.
Employee retention: employees who perceive that the company cares about their career prospects and their future are more likely to stay with the organization longer. Research done by Deloitte identified that younger employees who are given a mentoring opportunity are more likely to stay with that employer for longer.
Reputation building: organizations who show a commitment to their employees’ development will gain a reputation as a desirable place to work
Common key results:
Increase internal promotion rate by 10% within 12 months (Emerging Leaders)
Decrease time to hit full sales quota of a new rep by 3 weeks (Onboard Faster)
20% of Junior VPs are racial minorities (Promote Diversity)
80% of employees have positive outlook on their career trajectory (Career Development)
Achieve Glassdoor rating of 4.3 (Improving Culture
Increase conversion of new hire offers from 50% to 75% (Reputation Building)
Guidelines to tracking progress of your mentorship program
Once an organization has defined the goals and objectives, the key results must be measured. Your organization should already have the capability of measuring the key result you chose (for example, you have a tool or process to determine employee turnover). If not, this should be set up before the mentoring program starts. Additionally, it’s important to baseline the key result. For example, what was your Glassdoor rating before the mentoring program started?
Return on investment analysis
Company leadership will ask about the return on investment of the mentoring program. To do this, define how much a mentoring program will cost the organization and compare it to the potential cost savings or revenue generation. Each key result, whether it is Glassdoor rating improvement, retention improvement, etc, will yield a return, and it’s important to quantify it. For help quantifying return on investment, see our whitepaper.
Download our Full Report on Mentoring
We interviewed and surveyed employees from 50+ leading North American Companies including McKinsey, Boston Consulting Group, IBM, Deloitte, Ernst & Young, Capital One, Norton Rose Fulbright, Mackenzie Investments. Get the results below.