Why do companies develop formal mentoring programs?
There are multiple benefits of mentoring programs. 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. Your people are your greatest resource, and strategically developing their talent and collective knowledge capital 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 and engaged. Formal mentoring programs can enhance your organizational talent, as well as the effectiveness of any talent management strategy.
Here are a few examples of mentoring program benefits.
The promise of a supportive mentor in a structured mentoring program will attract the most capable and motivated candidates to your organization. By offering a mentoring program as part of your organization's recruitment and onboarding process, you signal to all potential employees that you are invested in their personal and professional success, and that your organization goes the extra mile to support its employees' careers. A mentoring program enables new hires to integrate and engage with your organization faster, making your onboarding process more efficient and effective.
Mentoring enables each of your employees to reach their full potential at your organization. Mentoring programs promote your employees' personal and professional development in a strategic and supportive way, leading to enhanced return on investment per individual.
Mentoring motivates and engages your top-talent employees. The most crucial employees at your organization provide you with the means to build a sustainable talent pipeline. A targeted mentoring program enables you to actively motivate and engage your most promising people - an indispensable part of successful workforce planning and succession planning strategy.
Mentoring develops employee skills and qualities that remain valuable beyond the duration of the mentoring partnership. Employees in mentoring partnerships gain more than the specific competencies they set out to develop. All participants in the mentoring program enhance not only their target competencies, but also their leadership skills, teamwork, ability to compromise, and self-awareness. All of these skills add value to your employees and your organization.
Retain your most promising leaders through formal mentoring. Top talent employees stay and thrive at organizations where they see themselves achieving their career goals and receiving the guidance they need to grow as professionals and individuals. Mentoring is one of the best ways to ensure that your best employees feel supported by your organization.
Mentees develop skills according to their individual career 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 concepts, mentoring partnerships help employees translate theory into practice as they apply their new knowledge immediately to projects and assignments.
While mentoring is crucial to employee retention at any organization, it contributes most significantly 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 is what ultimately drives their decision to remain with or leave their organization. Mentoring helps you support, develop, and keep your talented employees from all backgrounds, bolstering a creative knowledge-base, and establishing a competitive advantage with your increasingly diverse clientele.
With the current and impending retirement of millions of Baby Boomers and an aging workforce, it is crucial for organizations to retain the wealth of knowledge and experience of seasoned employees. Mentoring partnerships provide direct opportunities for knowledge sharing - enhancing and tapping into knowledge capital within an organization, and ensuring that your valuable organizational knowledge is not lost.
The organizations that achieve the most sustainable success are those that attract the best people to develop their strategies and achieve their goals. An effective mentoring program brands your organization as one that truly cares about its employees, helping your organization continuously attract the best people for the roles you need.
Contact us today to find out how our mentoring solutions can help you realize these objectives at your organization.
Aug 10, 2016
There are a set of skills possessed by good mentors that make them sought out for their knowledge and ability to guide mentees.
Aug 03, 2016
Organizations are realizing the ever changing landscape of the business world we live in. The more seasoned executives and baby boomers are coming into retirement age, which could potentially leave a company vulnerable if not properly prepared. Millennials are also on the hunt for a career that satisfies them. Companies are countering this by offering incentives such as mentoring programs to show the employee they are willing to invest in their future career path
Jul 29, 2016
After investing the time effort and money into starting a mentoring program, youíre going to want to see how itís doing. Are the mentors and mentees meeting their objectives? Are they getting along? Are the objectives realistic? All of these questions and more can be answered with these tips to measure the success of a mentorship.
Jul 27, 2016
You've led the horses to water, how can you get them to drink? This age old question points to engagement. How can you engage your mentors and mentees? And how you ensure the mentor and mentee relationship will be a success?
Jul 25, 2016
Do you remember the last time you purchased a brand new car? The list of factors that you probably considered included: amenities, fuel efficiency, monthly payments and the usefulness of your last vehicle. Itís a practical list that every car owner should consider.