Many companies, including 70 percent of Fortune 500 firms, have programs for mentoring in the workplace. The effectiveness of them varies widely. Given this disparity, it can be hard to determine how to design and implement a mentoring program. However, we believe that in the current work environment, it’s becoming ever more crucial to offer this valuable service to employees.
There is lots of research supporting the importance of mentoring in the workplace– and these differ from just performance management programs. Here are the employee benefits of mentoring programs in the workplace for:
75 percent of executives credit mentoring with helping them achieve success and 87 percent of leaders believe mentoring programs can aid employee retention. When it comes to retaining millennials, in particular, the Deloitte Millennial Survey showed that mentoring can help keep younger employees around longer.
A good mentor doesn’t just put in a good word for a mentee when he or she is pursuing a new job. In our experience, a good mentor:
While people can have mentors in all areas of their lives, mentoring in the workplace serves a special purpose. Mentoring programs can lead to professional advancement for both the mentor and mentee. Importantly for the company, we have seen mentoring programs lower employee turnover, improve employee engagement and performance, and indirectly boost the firm’s success.
There are many types of programs to introduce mentoring in the workplace. Typically, these programs require approval from firm executives and are driven by the HR department.
A few examples of mentoring programs include: