Mentoring for Business: Why You Need to Know

Mentoring for Business: Why You Need to Know

Employee Benefit News (EBN) reports that it costs companies 33% of an employee’s annual salary to hire a replacement when that employee leaves.

In 2018, 41.4 million U.S. workers voluntarily left their jobs. This translates to more than 27% of employees deciding to quit – an 8.3% increase over 2017 and an 88% increase since 2010.

How Can A Mentoring Program Help My Business?

Retention rates for employees that were mentored were 22% higher than employees who did NOT have a mentoring program.

That’s the reason why 71% of Fortune 500 companies have mentoring programs.

Having a mentoring program in your company will help you retain your best employees AND save you money.

Mentoring not only provides support for new employees but also creates a slew of other benefits.

It creates a welcoming work culture, encourages goal setting, increases knowledge exchange, increases job satisfaction, and develops teamwork.

It also gives mentors the opportunity to develop their leadership skills.

Which Type Of Mentoring Program Is Right For My Business?

When choosing the right type of mentor for the individual employee, it’s important to factor in where they are in both their personal and professional journey.

Types of mentors that you should consider for your business are: Peer Mentors, Career Mentors, Leadership Mentors and Reverse Mentors.

Peer mentors are usually the best option for new employees. This person trains them for their new position, explains the company culture, and gives them support and guidance.

Career mentors help coach employees to meet their short and long-term career goals. This mentor should have extensive knowledge of the company and the industry as well.

Leadership mentors are perfect to teach leadership skills to employees who plan to step into management positions in the future. This will improve the chances of them staying with the company and eliminate the need for outside hires.

Reverse mentors are a new concept that is taking off. In reverse mentoring, a junior team member is paired with a more senior team member and they exchange knowledge and skills. It offers a fresh perspective for both employees and helps break down generational stereotypes. ****  ****

What Are Some Tips For a Successful Mentor/Mentee Relationship?

Once you have your mentoring program up and running, how do you make them successful?

Use this list to help your mentors and mentees be more effective and productive.

1. Establish A Clear Purpose For Your Relationship

Mentee: Communicate clearly what your goals are and what you hope to take away from the relationship.

Mentor: Help them set clear, realistic expectations.

2. Get To Know Each Other

People come from different backgrounds and experiences. Use these differences to learn more about the other person and benefit from their experience.

3. Maintain Contact

Mentee: Reply in a timely fashion and be prepared for all meetings.

Mentor: Show up to scheduled meetings and be fully present during them.

4. Be Honest

Mentee: Let your mentor know if you don’t understand something or have a different opinion.

Mentor: Give feedback in an honest yet respectful way.

5. Stay Positive

Mentee: Always remember that your mentor is there to help you and is offering feedback, not criticism.

Mentor: Remember to recognize the work the mentee has done and offer praise as well as constructive feedback.

Mentors at Mindvalley
Senior mentors attending Mindvalley Live 2020

How Do Our Remote Employees Participate In Our Mentoring Program?

Most people think of mentors interacting with their mentees face to face. But what if some of your employees work remotely?

Upwork estimates that by 2028, 73% of all teams will comprise of remote employees.

With today’s technology, virtual mentoring is easier than ever. Tech like smartphones, Skype, Slack, and Zoom allow mentors and mentees lots of different ways to communicate. Cloud-based storage gives employees access to data from anywhere in the world.

There are also several mentoring software programs available that help organizations design their mentoring programs, train mentors/mentees, track milestones, and goals and have reporting options to measure employee engagement and retention.

Distance is no longer a factor when it comes to effective mentoring.

Mentoring Matters

Starting a new job can be stressful and overwhelming. Having someone there to answer your questions and give you advice is priceless.

Regardless of age, tenure, or experience, mentors and mentees both benefit from this relationship as well as the business as a whole.

Does your business have a mentoring program? If so, how have you benefited from it?