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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. 

The purpose of workplace mentoring programs is to develop employees and help them grow, which will improve the position and talent of the company. 

Although some people may use the words goal or objective to mean the same thing, they don’t. In fact, how you define goals and objectives for a workplace mentoring program can impact the success you have with your program. 

Workplace mentorship programs are one of the best ways to build yourself up professionally and personally. There are more and more organizations that are using mentoring programs as an added bonus to attract and keep employees. It is a tactic that works, which explains why over 70 percent of Fortune 500 companies have workplace mentorships. One of the keys to a successful workplace mentorship program is setting goals and objectives. 

Although it is usually thought of as a way to enhance an employee’s career path, mentoring can have benefits for the company too. Workplace mentorship is one of the most popular initiatives that an organization can take with regards to improving employee engagement and reducing turnover. Mentoring is also an important element to skill development and succession strategy. In fact, over 70 percent of Fortune 500 companies have workplace mentoring programs. 

Companies spend time, money and energy developing a workplace mentoring program. Yet, when it comes to workplace mentoring programs some organizations can be sabotaging the success of their programs. 

Workplace mentoring programs are being used by many Fortune 500 companies to build up a talented, loyal workforce. However, not all of these programs are the traditional type of mentorship. Some have used technology to create mentorships, while others have opted for group settings. There are a variety of different mentoring program styles, all of which fall under the umbrella of ‘modern mentoring’. 

Workplace mentoring programs have become an important element for many corporations around the nation. Statistics show that 71 percent of Fortune 500 companies have mentoring programs that they rely on to engage and motivate their employees. 

It does not take long for a business or even its employees to be left behind, with the ever-changing business landscape due largely to ongoing technological advances. What may have been a necessity for an up and coming company 2, 10 or even 20 years ago may not hold much relevance in today’s climate. This applies much more to some industries than others.

There are many benefits to a workplace mentoring program including improving employee engagement and retention and skill development. Research has shown that there are also some positive health effects for both the mentor and mentee including reduced stress levels at work.