Benefits of mentoring Why do companies need mentors?
Posted: Thu Dec 05, 2024 9:58 am
Doing business today requires low-cost but high-quality solutions.
Starting a mentoring program in your business allows you to capitalize on your greatest resource, your employees.
Strategically developing your talent contributes to the company's growth, innovation and bottom line. It shows management's support, interest and concern for an employee's potential with the company.
It shows employees that management is willing to invest the ghana whatsapp number data 5 million time and resources necessary to help them succeed in their careers. In return, employees are more likely to be more productive and loyal to the company.
“Company leadership must embrace, promote, and value mentoring programs to achieve a return on investment,” according to Harvard Business Review writer Anthony K. TJan .
He says business leaders develop a structured and organized approach to mentoring. For example, new employees should have a 'buddy' to learn everything they need to, employees with just a few years of experience should have a professional mentor to help them grow in their position.
Benefits of mentoring Why do companies need mentors?
Top 10 Benefits of Mentoring in the Workplace
Over the past decade, I’ve learned that our peers can be our greatest resource. Regardless of age, tenure, or experience level, we don’t always know the answers on our own.
Many times, there are things we are trying to understand, problems we are trying to solve, and difficult situations we are trying to untangle, and it is good to share these “problems” with someone who may have faced the same situation.
Who is that person you always turn to in the workplace for help? Is it a teammate or your manager? What about a mentor?
Having a formal, or even informal, mentoring program can make a positive difference by connecting multiple generations and levels of experience.
It's probably most obvious to look at the benefits employees receive personally when they have a designated mentor, but what about the benefits received by the employer?
Here are just 10 benefits employers gain from mentoring programs:
A learning culture is created where knowledge is continuously shared in a collaborative nature.
Mentoring helps employees reach their full potential, thereby promoting their personal and professional development in a supportive manner.
Improves leadership and coaching skills in current and future managers.
Mentoring engages and motivates your most talented employees.
Employers of mentored employees benefit from increased productivity in the workplace.
Employees turn to mentors for advice and make fewer mistakes, thereby reducing the loss for employers.
Employees in mentoring relationships tend to have higher job satisfaction and feel a high level of commitment in their roles.
Greater job satisfaction leads to a more positive work environment.
A positive work environment creates less employee turnover and workers feel a greater sense of loyalty toward their company.
Mentors are leaders. Leaders don't produce followers. They create leaders.
7 Amazing Ways Mentoring Benefits Your Business
As we have seen before, mentoring has clear benefits for both employees and mentors.
But what about companies? They are usually the ones footing the bill for any formal corporate mentoring program, so what is the payback?
Here are 7 key benefits of mentoring for businesses.
1. Develop new leaders
KPMG's Leaders Engaged Leaders program matches 60 senior managers with members of the management committee, board of directors and national managing partners. The benefit for these 60 mentees is that they have access to people at the highest level of the firm, gaining sponsors who can help them reach senior positions.
The benefit for KPMG is that it helps senior leaders in the company see who the most talented people are who are a couple of rungs below them and groom those people for advancement. It has led to several promotions, including a protégé promoted to the board of directors.
Erick Kostner, Sigma Aldrich’s Organizational Development Manager, says of their Everwise workplace mentoring program: “When we choose to invest in our people with a program like this, we do so for two reasons. First, to increase their ability to lead in a complex environment and second, to anchor them to the organization. I think this program succeeds on both fronts.”
2. Retain your best talent
As Koshner mentioned earlier, corporate mentoring significantly improves employee retention. The link between mentoring and talent retention is demonstrated not only by various academic studies , but also in real corporate success stories. Within GlaxoSmithKline’s finance division, for example, turnover among participants in its mentoring program was just 2%, compared to 27.5% among other employees.
We have previously referred to data published in Harvard Business Review, which shows that young high performers are considering leaving their positions – with a lack of mentoring as one of the main reasons.
A comprehensive business mentoring program can help you hold on to those people and give them the long-term support they desire.
Erick Koshner agrees: “I think [mentoring] can have an even bigger impact on retention because it gives us a great way to demonstrate our commitment to these emerging leaders in a way that shows great respect for the talent they bring to the table.”
3. Increase diversity
Major companies such as IBM, Ernst & Young, and Kraft Foods have specific cross-cultural mentoring programs to increase diversity. Studies have found that formal corporate mentoring programs are one of the most critical ways to retain women and people from traditionally underrepresented communities, and can significantly contribute to their development in leadership roles.
If you want to see similar benefits in your company, a mentoring program is a good place to start.
4. Improve employee satisfaction
Numerous studies have found that mentoring increases employee satisfaction. In one example, a study of military personnel found that those with mentors had significantly higher job satisfaction than those without mentors.
Happier employees are good for businesses in many ways, including increased productivity and lower turnover.
5. Transmit corporate culture
Every company or organization has its own culture.
When Canada’s defence agency DRDC analysed the effectiveness of its mentoring program , it listed the transmission of organisational culture as one of the key benefits.
“A strong corporate culture provides members with a collective core values foundation, providing implicit knowledge of what is expected, valued, and likely rewarded by the organization,” the report’s author wrote. Surveys of mentees found a “statistically significant effect in increasing their understanding of organizational culture.”
6. Recruit new talent
In addition to holding on to your best staff, you can also attract the best new recruits by having a successful mentoring program. As HBR data shows , millennials are looking for mentoring and other long-term development from their employers, so if you can provide that, it’s a powerful way to attract top talent.
7. Have “deep sensors”
Researchers at the University of Pittsburgh have identified one of the most overlooked benefits of workplace mentoring as the positioning of “deep feelers” within the company.
What they meant was that executives can get a better sense of the mood and attitude of the workforce through their relationships with protégés, getting “early warning signals” of potential problems.
While mentors should treat any specific information conveyed by a protégé as confidential, general ideas can help managers become more in tune with what is happening at different levels of the organization.
Starting a mentoring program in your business allows you to capitalize on your greatest resource, your employees.
Strategically developing your talent contributes to the company's growth, innovation and bottom line. It shows management's support, interest and concern for an employee's potential with the company.
It shows employees that management is willing to invest the ghana whatsapp number data 5 million time and resources necessary to help them succeed in their careers. In return, employees are more likely to be more productive and loyal to the company.
“Company leadership must embrace, promote, and value mentoring programs to achieve a return on investment,” according to Harvard Business Review writer Anthony K. TJan .
He says business leaders develop a structured and organized approach to mentoring. For example, new employees should have a 'buddy' to learn everything they need to, employees with just a few years of experience should have a professional mentor to help them grow in their position.
Benefits of mentoring Why do companies need mentors?
Top 10 Benefits of Mentoring in the Workplace
Over the past decade, I’ve learned that our peers can be our greatest resource. Regardless of age, tenure, or experience level, we don’t always know the answers on our own.
Many times, there are things we are trying to understand, problems we are trying to solve, and difficult situations we are trying to untangle, and it is good to share these “problems” with someone who may have faced the same situation.
Who is that person you always turn to in the workplace for help? Is it a teammate or your manager? What about a mentor?
Having a formal, or even informal, mentoring program can make a positive difference by connecting multiple generations and levels of experience.
It's probably most obvious to look at the benefits employees receive personally when they have a designated mentor, but what about the benefits received by the employer?
Here are just 10 benefits employers gain from mentoring programs:
A learning culture is created where knowledge is continuously shared in a collaborative nature.
Mentoring helps employees reach their full potential, thereby promoting their personal and professional development in a supportive manner.
Improves leadership and coaching skills in current and future managers.
Mentoring engages and motivates your most talented employees.
Employers of mentored employees benefit from increased productivity in the workplace.
Employees turn to mentors for advice and make fewer mistakes, thereby reducing the loss for employers.
Employees in mentoring relationships tend to have higher job satisfaction and feel a high level of commitment in their roles.
Greater job satisfaction leads to a more positive work environment.
A positive work environment creates less employee turnover and workers feel a greater sense of loyalty toward their company.
Mentors are leaders. Leaders don't produce followers. They create leaders.
7 Amazing Ways Mentoring Benefits Your Business
As we have seen before, mentoring has clear benefits for both employees and mentors.
But what about companies? They are usually the ones footing the bill for any formal corporate mentoring program, so what is the payback?
Here are 7 key benefits of mentoring for businesses.
1. Develop new leaders
KPMG's Leaders Engaged Leaders program matches 60 senior managers with members of the management committee, board of directors and national managing partners. The benefit for these 60 mentees is that they have access to people at the highest level of the firm, gaining sponsors who can help them reach senior positions.
The benefit for KPMG is that it helps senior leaders in the company see who the most talented people are who are a couple of rungs below them and groom those people for advancement. It has led to several promotions, including a protégé promoted to the board of directors.
Erick Kostner, Sigma Aldrich’s Organizational Development Manager, says of their Everwise workplace mentoring program: “When we choose to invest in our people with a program like this, we do so for two reasons. First, to increase their ability to lead in a complex environment and second, to anchor them to the organization. I think this program succeeds on both fronts.”
2. Retain your best talent
As Koshner mentioned earlier, corporate mentoring significantly improves employee retention. The link between mentoring and talent retention is demonstrated not only by various academic studies , but also in real corporate success stories. Within GlaxoSmithKline’s finance division, for example, turnover among participants in its mentoring program was just 2%, compared to 27.5% among other employees.
We have previously referred to data published in Harvard Business Review, which shows that young high performers are considering leaving their positions – with a lack of mentoring as one of the main reasons.
A comprehensive business mentoring program can help you hold on to those people and give them the long-term support they desire.
Erick Koshner agrees: “I think [mentoring] can have an even bigger impact on retention because it gives us a great way to demonstrate our commitment to these emerging leaders in a way that shows great respect for the talent they bring to the table.”
3. Increase diversity
Major companies such as IBM, Ernst & Young, and Kraft Foods have specific cross-cultural mentoring programs to increase diversity. Studies have found that formal corporate mentoring programs are one of the most critical ways to retain women and people from traditionally underrepresented communities, and can significantly contribute to their development in leadership roles.
If you want to see similar benefits in your company, a mentoring program is a good place to start.
4. Improve employee satisfaction
Numerous studies have found that mentoring increases employee satisfaction. In one example, a study of military personnel found that those with mentors had significantly higher job satisfaction than those without mentors.
Happier employees are good for businesses in many ways, including increased productivity and lower turnover.
5. Transmit corporate culture
Every company or organization has its own culture.
When Canada’s defence agency DRDC analysed the effectiveness of its mentoring program , it listed the transmission of organisational culture as one of the key benefits.
“A strong corporate culture provides members with a collective core values foundation, providing implicit knowledge of what is expected, valued, and likely rewarded by the organization,” the report’s author wrote. Surveys of mentees found a “statistically significant effect in increasing their understanding of organizational culture.”
6. Recruit new talent
In addition to holding on to your best staff, you can also attract the best new recruits by having a successful mentoring program. As HBR data shows , millennials are looking for mentoring and other long-term development from their employers, so if you can provide that, it’s a powerful way to attract top talent.
7. Have “deep sensors”
Researchers at the University of Pittsburgh have identified one of the most overlooked benefits of workplace mentoring as the positioning of “deep feelers” within the company.
What they meant was that executives can get a better sense of the mood and attitude of the workforce through their relationships with protégés, getting “early warning signals” of potential problems.
While mentors should treat any specific information conveyed by a protégé as confidential, general ideas can help managers become more in tune with what is happening at different levels of the organization.