Successful Mentoring Programs in Corporations

July 18, 2016

Millennial Retention

How can an organization facilitate knowledge transfer, develop leaders, and bring those who have been onboarded up to speed in a flash? Organizations large and small alike can benefit from launching a successful mentoring program.

  • Who would most benefit from a formal mentoring program?

    In truth, everyone benefits from successful mentoring programs in corporations.

    The mentors develop a sense of self worth and accountability in the organization because they are actively sought out for their skills and proficiencies. Research shows a myriad of benefits of a successful mentoring program for mentors. They can also pick up a thing or two from the mentee, which is a process called reverse mentoring as mentioned in this article.

    The mentee receives high impacts, hands on training that they will take with them and apply within the organization. The mentee’s career is developed and knowledge is transferred from the mentor who already has a rooted experience in the company. They also link with a potential future business connection - their mentor.

    The organization can benefit most overall, if the program is implemented correctly. For example, new hires can be onboarded quicker and learn the skills needed in their role, which means productivity becomes higher if they have a mentor at the start of their first week.. They also save on training costs, some training courses can be substituted by having a mentor to learn new skills. A successful mentoring program also assures employees that the organization is willing to invest in developing their skills and careers which can lead to higher retention rates and supports attracting talent.
  • What are the qualities of a successful mentoring program?

    1) Marketing- This is quintessential to the program's success and lot of organizations don’t still do it. A well publicised mentoring program attracts potential talent and retains the top talent you already have. Remember - If you build it, they will come.

    2) Manageability- A successful mentoring program should contain a highly functionable online portal so it can practically run itself. Nobody wants to struggle with a complicated user interface. For it to run itself there needs to be self-matching tool, communication triggers between mentee and mentors that keeps all stakeholders on track to what they should be doing next.

    3) Training- Make sure everyone knows their role and objective. Training is essential for your mentoring program to be a success. Mentor training is a solution to consider to ensure every one of your mentors in the program are ready to dive in with no uncertainties about their roles and responsibilities.
  • Why would a company invest in a mentoring program?

    A corporation should consider investing in a mentoring program based on performance if the corporation would like to see a positive gain in areas such as: employee satisfaction, longer retention rates, and higher overall successful performance.

    Organizations are also able to facilitate knowledge transfer between employees and create a succession pipeline based on talent. Mentoring programs also help with onboarding, getting new talent up to speed and reducing resources used on training.
  • How does an organization start a mentoring program?

    When a corporation decides to implement a successful mentoring program, there are a few preliminary steps to ensure its efficacy and fertility.

    First, make sure the stakeholders investing in the program are all clear and aligned on the objectives of the program, be them leadership development, knowledge transfer, onboarding etc. Once that is decided, begin planning the launch and maintenance of the program. Insala specializes in planning successful mentoring programs in corporations. Once you have it planned, implement it. Use mentoring software, make sure to heavily market the program to attract employees, and qualify your mentors and mentees.

    After everything is up and running, gather reports and get feedback from the stakeholders to gain insight on the intricacies of the program. For a detailed guide on a successful mentoring program startup, check out Insala’s Webinar.

A successful mentoring program is a solution that is, at times, overlooked by corporations. When utilized effectively, they are sound and profitable programs that have many benefits for all of those involved. From career development to new talent onboarding, mentoring can elevate your corporation to new heights. For more information on getting the ball rolling, visit Insala today to schedule a demo today.


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