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Career Development Mentoring Benefits
The workforce is becoming more diverse every day. The increase in diversity means that the focus of a mentoring program should be well defined and fit the necessary objectives. Many individuals are demanding a mentoring program that isn’t just put in place, but is also very specific to their needs. This is especially true for their career development needs.
Using a mentoring program for career development is a great way for the organization and participants to achieve success. This program can bring benefits to all parties involved. It can also act as a great “selling point” for potential employment candidates.
People want to feel like they are valued by their organization. They also want to know that their future success is just as important to others as it is to them. Knowing your organization invests in career development shows them that you value their future as much as they do.
Here are some benefits of a career development mentoring program for the mentors, mentees, and organization.
For the mentor and mentee:
1. Knowledge sharing
Knowledge sharing is an important aspect of any mentoring relationship, and it’s not one-sided. Both the mentor and the mentee can gain knowledge, experience, and new perspectives.
To achieve mutually beneficial knowledge sharing, both the mentor and the mentee must share experiences and ask questions. They also must fully participate in the relationship. Once that is achieved, knowledge will flow through your organization and your employees will be better off.
2. Honest feedback
Forbes reports that employees who receive acknowledgement and thanks regularly are 8 times more engaged. Because of this, an everyday performance review model is replacing the annual performance review, and career development mentoring can help.
As mentors and mentees generally meet consistently, the feedback and reviews they give each other can increase engagement in your organization. Receiving feedback from another individual also helps to improve areas where the mentor or mentee is less skilled.
Developing these areas further can help both parties see more success in their careers.
3. Career goal achievement
Many mentees do not know how to set realistic career goals. Having someone to help them through the goal planning process is crucial to their success. To optimize this benefit for your mentees, ensure you make your mentor match someone that has gone through their experiences previously. This will allow the mentor to lead in the right direction.
Career goal achievement isn't just for the mentee. It can also help the mentor evaluate their own career. Plus, going through career path exercises with a mentee lets the mentor practice important communication skills and solve problems.
4. Networking opportunities
The mentor can open their professional network to the mentee. This gives the mentee an opportunity to become more visible in the organization. They can also network with professionals that they otherwise may not have had a chance to interact with. This can also help the mentor to reconnect with individuals in their network and build a stronger business relationship.
For the organization:
5. Increased employee engagement
Gallup states that only 15% of employees are engaged with their workplace globally. This is a big problem, but as we briefly mentioned, mentoring is a good solution.
Implementing career development mentoring also increases engagement. It shows employees that the organization not only values them presently, but their future as well. Individuals that feel like they are valued by an organization tend to be more engaged.
6. Increased retention rate
As individuals become more engaged with an organization, they have an increased sense of pride and loyalty. This can lead to increased retention rates as individuals see the benefits of remaining at an organization.
A higher retention rate is beneficial to the organization because it reduces the cost of hiring. It also allows them to retain valuable knowledge and productivity levels with its current employees.
7. Stronger succession pipeline
You need strong leaders to run a strong organization. That means your succession pipeline is pivotal to the future of your organization. A strong succession pipeline provides your organization with a sense of security for future endeavors.
Mentoring is key when creating a succession pipeline for your organization. It can groom entry level employees to be ready for upcoming executive positions, reducing the confusion levels after promotions. Career development mentoring should produce great leadership candidates, and you want to retain those individuals.
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