Benefits of Corporate Mentoring for Your OrganizationJuly 11, 2019
Doing successful business in today’s corporate world means finding low-cost, high-quality solutions for your organization’s needs. Your greatest asset for this is often your employees and their knowledge capital. That means a great employee development strategy will translate into profitable results.
While traditional training programs may not be lost-cost or high-quality, mentoring is. Mentoring in the workplace can enhance almost every aspect of employee talent you need. Here are 9 benefits of corporate mentoring for your organization.
Improve Recruitment and Onboarding
With today’s demands for top talent, capable candidates may be hard to come by. Your organization needs to stand out in order to attract the best new hires, and mentoring can help. Mentoring is appealing to job candidates because it demonstrates a strong organizational commitment to employee development.
Once you hire your new employees, mentoring for onboarding will help them adapt to your organization and company culture faster. This quick assimilation benefits onboarding strategies, with results such as a 57% increase in time to productivity. Other benefits of mentoring for onboarding include increased employee retention and a better overall employee experience.
Enhance Employee Development
Learning and development is a top concern for leading organizations today. In fact, 76% of employees report that they want more career development opportunities. Corporate mentoring enables each of your employees to get the development they require at a much lower cost than training. It also provides your organization more qualified employees, giving you an enhanced ROI per individual
Increase Employee Retention
Because hiring and training new employees is often expensive, high employee retention is an important goal. The problem is, many organizations don’t know how to retain employees. Any employee retention problems can be addressed and remedied by implementing a corporate mentoring program. A benefit of mentoring is that your employees feel nurtured by your organization, rather than held back.
This is especially true with high potential employees. Hi-po individuals stay and thrive in organizations where they can see clear career development opportunities. Mentoring provides these opportunities, giving these employees a place to grow. Satisfaction with internal career development opportunities will result in increased employee retention rates.
Improve Employee Productivity
Mentoring differs from training in more than just cost. It gives employees direct, hands-on skills tailored to their career development needs. Further, mentoring gives employees the knowledge needed for current projects and assignments. This enables increased productivity in their day-to-day operations.
Corporate mentoring also skips traditionally long training times, during which employees are often not highly engaged. When individuals are learning what they need when they need it, you increase employee engagement and optimize their time.
Enhance Diversity and Inclusion
A benefit of mentoring is it can lead to increased employee engagement across the board. However, it will notably contribute to the employee experience for women and other minorities in your organization. These employees indicate that the presence or absence of a supportive mentoring program is their ultimate motive for staying or leaving.
Because of this, corporate mentoring helps you keep talented employees of all backgrounds. They will produce a creative and innovative knowledge base. A diverse workforce will also help you establish competitive advantage in front of an increasingly diverse clientele.
Promote Knowledge Sharing
Knowledge is a driving force in today’s information economy. Corporate mentoring allows you to take advantage of this climate. It will help you create a company culture around knowledge sharing.
Knowledge sharing with mentoring can also help you with succession planning. It will allow executives preparing to retire to pass their information down first. This heavily promotes knowledge sharing, and leadership mentoring can groom new candidates to take the place of retiring employees.
Improve Company Culture
26% of exiting employees attribute their departure to a negative company culture. This is a large portion of career transitions, but this is within your control. Use your mentoring program to promote a great company culture. Encourage at-risk employees to become mentees and recruit good mentors who will invest in them.
It is not enough to create the best company culture, however. You need to promote this to job candidates and investors. Let them know that a great culture leads to higher employee engagement, increased retention, and an overall better employee experience.
Develop High Potential Employees
High potential employees are especially important in your organization because they help you build your succession planning strategy. These employees will become the next generation of managers and leaders in the organization. However, they must first develop a way to bridge the gap from high potential to high performance.
Mentoring is the perfect solution. Mentees are often paired with mentors on a higher career level, giving them much needed insight into successful leadership skills. The growth that happens in mentoring relationships can help hi-po individual reach their full potential.
Promote Leadership Development
Mentoring helps employees improve both their hard and soft skill sets. Both skills add value that go beyond the employee’s specific role at a company. Targeted programs that focus on leadership development or career development can be highly beneficial for this.
Mentoring also allows the employees to improve their own personal brands. This lets them reach a greater level of success personally.
For more details about the benefits of mentoring for your organization, request a demo today.