9 Benefits of Corporate Mentoring for Your OrganizationOctober 21, 2015
Doing successful, profitable business in today’s fast-paced, competitive, and demanding world means finding the lowest-cost, highest-quality solutions for your organization’s needs. There is no question that your greatest asset is your people and their collective knowledge capital, and that strategically enhancing your organization's talent translates into real bottom line results.
Unlike traditional training programs, which are often expensive and time consuming, mentoring programs provide a cost-efficient alternative for getting your employees up to speed. Today, formal mentoring programs can enhance the effectiveness of your talent management strategy in the following ways:
Recruitment and Onboarding
For modern employees A promise of a supportive mentor and a structured mentoring program will instantly attract the most capable and motivated candidates to your organization. In this way, you signal to all potential employees that you are invested in their personal and professional success, and will go the extra mile to nurture their careers. Once you determine your new hires, a mentoring program will enable them to get to understand your organization faster and adapt to your culture, making your onboarding process more efficient and effective by drastically reducing time-to-productivity.
Learning and development is one of the most important concerns for business leaders today: Deloitte reported recently that learning and development issues went from the eighth to the third most important talent challenge faced by today's organizations. Mentoring enables each of your employees to reach their full potential at your organization. It gives you the ability to promote your employees’ personal and professional development in a strategic and supportive way, leading to enhanced return on investment per individual.
Research shows that nearly two-thirds of millennials, the largest population group in the U.S. workforce, believe that changing jobs often is good for career progression. This poses a challenge for employee retention; Josh Bersin suggests addressing it by viewing employees as consumers who are free to go elsewhere with only a moment's notice. High potential employees stay and thrive at organizations where they see themselves achieving their career goals and receiving the guidance they need to grow, both as professionals and as people. Mentoring is one of the best ways to ensure that your best employees feel nurtured by your organization rather than held back.
Mentees develop direct, hands-on skills tailored to their individual needs, on a just-in-time basis. This enables employees to stay productive on the job instead of having to attend hours or days of traditional classroom training. Where traditional training programs may illustrate theory, mentoring partnerships help employees translate theory into action with the ability to use their learning immediately on projects or assignments.
While mentoring is key to retention across the board at any organization, it contributes most notably to the retention of women and minority employees. Often, women, racial/ethnic minorities, and international employees indicate that the presence or absence of a supportive mentoring program at their organization is what ultimately drives their decision to stay or to leave the organization. Mentoring helps you keep your talented employees of all backgrounds, adding a creative knowledge-base and establishing your competitive advantage in front of an increasingly diverse clientele.
As of 2015 eight American adults turn 65 years old, a traditional age for retirement, every 60 seconds. The exiting baby boomer workforce has many employers worried that they may not be able to find enough qualified workers to replace them. It is crucial for organizations to retain the wealth of knowledge and experience of more seasoned employees. Mentoring partnerships provide direct opportunities for knowledge sharing - enhancing and tapping into knowledge capital within an organization.
Companies that find the most success with employee retention have created a strong employer brand: top candidates are attracted to work at a company because of the organization itself, not because of a title or compensation package. This branding is a big step in creating what Bersin calls the Irresistible Organization. Mentoring is an effective way to make your organization's brand irresistible because it conveys an opportunity for employee growth, one of the five elements required to create the Irresistible Organization.
Development of High Potentials
High-potential employees are especially important at your organization because they help you build your succession strategy. These employees will become the next generation of managers and leaders at the organization, if they are developed in a way that bridges the gap from high-potential to high-performance. Because of its individualized, experiential nature, mentoring is the perfect tool to help these employees realize their full potential.
Skill and Leadership Development
Mentoring helps employees improve their skill in both technical day-to-day work and in more intangible areas like leadership, teamwork and self-awareness. These skills add value that goes beyond the employee's specific role at the company. Further, mentoring allows employees to improve their own personal brands so that they can reach a greater level of success in their individual careers.
For more details about how mentoring can help you achieve these goals in your organization, download Insala's newly-released 2015 Mentoring Benchmarking Survey.