A recent study revealed that 84% of Fortune 500 companies have mentoring programs. Every Fortune 50 company has employee mentoring as well as 96% of the top 100 companies.
Employee mentoring is a major component of their talent strategies. What is employee mentorship? It’s a training and development program where a senior-level employee works with a new or lower-level employee.
The senior-level employee shares their experience, provides guidance, and gives the employee attention to help them learn and grow.
There’s a reason why so many top companies have programs for mentoring employees. What are the benefits of an employee mentorship program and how can you develop one in your company?
Keep reading to find out.
Employee Retention
Employee retention should be one of the main goals of management. Employee mentorship gives employees a clear path to grow and develop.
They’re less likely to leave companies that allow them to grow. They can feel more fulfilled in their work, which gives them a sense of purpose.
Reduce Expenses
There’s a direct link between employee retention and cost savings.
American companies spent $92 billion just to train new employees. That doesn’t include recruiting costs or the time spent on on-the-job training.
There are costs associated with relationship disruptions. A client must get used to a new account executive, which makes it easier for them to take their business elsewhere.
You’ll then have to spend a lot more money to acquire new customers.
Put an employee mentorship program in place to retain the talent you have. You’ll then save on hiring and training new employees and acquiring new customers.
Increase Employee Engagement
An engaged workforce is a gold standard for businesses to meet. Few of them actually meet that standard.
Employees often feel disconnected, undervalued, and unappreciated in their work. They won’t be interested in going above and beyond for your business.
They’re also more likely to leave.
Your company can reach the pinnacle of talent management with an employee mentorship program.
Having regular one-on-one interactions with someone in a position of authority helps employees feel valued. They feel they can express their ideas and truly be heard.
As a result, they’ll be more engaged, productive, and less likely to leave your company.
Valuable Exchange of Ideas
Mentoring programs don’t just help employees develop and grow. Managers often benefit from these exchanges, too.
Managers lose touch with what it’s like to be a low-level employee. They don’t understand what it’s like to interact with customers on a daily basis. They don’t see the bottlenecks or problems on the front lines.
One of the benefits of mentorship is that managers get insights and information from employees. They have the power and authority to create change and make improvements.
Employees see the direct result of those conversations. They know that they’re making valuable contributions that allows everyone to benefit.
Improved Company Culture
A company’s culture is a reflection of its values, beliefs, and behaviors. It’s rare for a company to truly demonstrate its values.
What employees often experience is a company that says it values and empowers employees, but hires managers that do nothing but micromanage.
Mentoring employees gives companies an opportunity to demonstrate they value employees. The company culture gets improved because retention is higher, workers produce more, and they’re happier at work and more engaged.
Employee mentorship transforms your culture and makes your company one of the top places to work.
Develop Leadership From Within
Is it better to hire managers from inside or outside of the organization? This is a long-standing debate in the HR community.
On one hand, outside people bring a new perspective and approach. On the other hand, they aren’t familiar with the organization or the culture.
It takes a while for employees to trust a new manager. It also takes time for new managers to learn the various processes and policies within a company.
A mentorship program grooms employees for management positions. You have control of the skills they learn, and how they manage and coach employees themselves.
They already know and understand the inner workings of the company.
A mentorship program that doubles as a leadership development program also gives employees a clear path for career growth. They’re more likely to stay at the company if they know they’ll advance in a few years.
Tips for Creating Employee Mentoring Programs
How can you create an employee mentorship program in your organization? Start with your vision for mentoring employees.
Do you see the program as a leadership development program? Do you want it to help new hires in the company?
Decide who should be eligible for both sides of the mentorship program. You might want to pair managers with mid-level employees or new hires with peers.
Make Mentoring Part of Performance Management
Do you have a performance management process in place? Performance management sets performance goals and holds everyone accountable to meet them.
Mentorship should be a step in creating the correct process. Mentorship helps employees learn and grow so everyone hits their objectives.
Mentoring With Remote Work
Remote work increased by 140% over the last five years. Employees love the flexibility and freedom when working from home.
They can also be forgotten when mentoring employees. One-on-one mentorships are valuable because they help employees connect with the company even when they’re not at the office.
Be sure to include your remote workers in your employee mentorship program.
The Many Benefits of Mentoring Employees
Mentorship is a powerful talent management tool. If you create a program for mentoring employees, you can improve employee retention and lower your overall costs.
You’ll end up with a transformative company culture that makes your business a destination for top talent.
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