Workplace mentoring programs offer a lot of benefits to organizations. While there are many good reasons for companies to have a mentoring program, there are three main ways that mentorships can help solve many of the issues businesses face today. Successful mentoring programs at work can be a cost-effective way to boost employee engagement, talent and lower your turnover rate.
One of the biggest problems facing companies today is employee engagement or the lack of it. Research shows that 70 percent of employees are not engaged with their employer. Furthermore, statistics demonstrate that employers who have highly engaged employees see nearly 200 percent more productivity in their workplaces.
Workplace mentoring programs help counter employee disengagement by showing staff that they are valued by the company. It signals that the company is willing to invest time and resources into employee development. When employees see that they matter to the company; that they are more than just a number as it were it can overcome the disengagement that many have come to feel at their jobs. This can lead to higher levels of loyalty among employees because it gives them an opportunity to grow and develop their talents and skills.
Another way that workplace mentoring programs boost employee engagement is by helping workers connect. This creates more of a community or team atmosphere. When employees are disengaged from their jobs, they can create a negative environment in the workplace. However, employees that are actively engaged create a more positive workplace.
One company that focuses on enhancing employee engagement through mentorship is Caterpillar. Their mentorships last for two to three years and pair a senior staff member with a younger one. Mentors help mentees develop the skills they will need to succeed in their field. Leadership training is also something that mentors offer for mentees at the company.
In addition, organizations with mentoring programs stand out for job seekers because they gain a reputation for helping their employees grow. Research has shown that job seekers, particularly younger ones, seek out employers that offer growth and learning opportunities. Therefore, companies that have workplace mentoring programs will have an advantage and be able to attract top candidates. These candidates are more likely to be engaged with the employer.
Another important reason to have a mentorship program at work is for talent development and growth. Employees are one of the greatest resources that an organization has and mentoring programs can help develop that resource. By investing in your employees and helping them cultivate their talents and skills, a company can enhance their growth, innovation and productivity. Moreover, all of these have an impact on businesses’ revenue.
When employees are able to develop their skills, they can put those skills to use in new ways or roles at the company. This helps encourage innovation among employees and can lead to company growth, which, in turn, boosts revenues.
One of the unique ways that companies have been using to develop a more tech-savvy workforce is reverse mentoring. General Electric has been using this style of mentorship where younger employees help more senior workers develop tech skills.
The idea of reverse mentoring comes from the reality that younger workers, or digital natives, have more technology talent than senior workers who did not grow up with advanced technology like AI or VR.
Employee turnover can be an additional challenge for companies today. Research has found a high level of employees leave their jobs within a year or two. This can end up costing a company a lot of money. Expenses such as advertising and loss of productivity make it an expensive scenario for organizations. Some statistics indicate it could be up to 75 percent of the employee’s salary.
A mentoring program helps employees to connect, develop their talents and career prospects within the company and lead to higher levels of satisfaction. These all work to combat employee turnover rates.
Tips for starting a mentoring program
Organizations that are looking to start a workplace mentoring program can help pave the way for success with these tips:
- Set goals for your workplace mentoring program;
- Encourage leadership to promote the program among employees;
- Raise awareness of the program through advertising or internal newsletters/emails;
- Use a mentoring software program like Together to help streamline the process from registration to reporting;
- Design a way to measure and track the mentoring program results so that your company can see if the program has been successful or needs to be revised;
- Review your program regularly by analyzing reports and statistics;
- Get feedback from participants to help validate the usefulness of the mentoring program;
- Invite creativity into mentorships, such as using apps to connect mentors and mentees.
There are many good reasons for companies to start mentoring programs in their workplaces. Mentorship programs have become a cost-effective way for organizations to overcome common challenges including employee engagement, talent development and turnover rates.
Research has supported the use of workplace mentoring programs to help improve employee engagement, reduce turnover and cultivate skill development and growth.
If you are looking at developing a mentoring program at your organization, contact us today for a free demo to find out how mentoring software can simplify the process.