By Jan Murray on Friday 1st February 2019
At PLD we are seeing an increasing number of organisations realising that mentoring is becoming a critical component to any successful organisation. Mentoring initiatives can be a key contributor to increasing employee engagement, retention levels, productivity, collaboration and much more.
Here are some of the benefits of investing in a mentoring initiative in your organisation.
Benefits for Mentees:
- Receive independent advice about expectations and career plan.
- Get help with developing the capabilities, skills, knowledge, attitudes and/or culture awareness needed to succeed.
- Get help in identifying strengths, weaknesses and the best way to use these in their career.
- Gain insight into the different routes that could be taken to achieve career goals.
- Develop knowledge of discipline-related and non-technical skills.
- Access support, professional development, guidance and networking opportunities.
- Overcome challenges with the support of a mentor
- Receive encouragement for faster learning and growth
- Increase confidence
- Access role models
- Achieve greater exposure and visibility
- Increased feeling of being more valued as an employee
Benefits for Mentors:
- Development of coaching and mentoring skills.
- Broadening experience through helping to overcome new challenges.
- Enable others to benefit from industry knowledge, communication and leadership skills.
- Achieve the satisfaction of helping others enhance their career development strategies.
- Develop a new perspective on professional and personal experiences.
- Experience the satisfaction of helping others to overcome challenges.
- Develop new skills through the process of "Reverse Mentoring".
- Access networking opportunities and expansion of sphere of influence
Benefits for Organisations:
- Increases loyalty and retention with more motivated and engaged employees
- Gives the organisation an edge when recruiting new talent
- Speeds identification, development and retention of talent
- Supports organisational commitment and contribution to employee personal growth Improves communication and breaks down internal barriers
- Supports knowledge, culture, values and strategy transfer for greater productivity
- Encourages a learning culture
- Promotes a greater sense of community and more inclusion with diversity
- Advances succession planning
- Maximises the use of the knowledge and resources you already have
All of the above will have a positive impact on your bottom line!
And if you are still not convinced mentoring works the statistics prove it:
Retention rates are higher for mentees (72%) and for mentors (69%) than non-mentoring participants (49%).
83% of professionals would like to be involved in a mentoring program, yet only 29% are in workplaces that offer them.
Robert Walters Recruiting
Mentoring increases learning retention: With mentoring managerial productivity increased by 88% verses 24% with training alone.
Mentoring fills your leadership pipeline: Employees who received mentoring were promoted 5 times more often than those who did not.
Mentors were 6 times more likely to be promote.
Seventy-five percent of millennials want a mentor, and 58 percent of them turn to baby boomers first for advice.
Want to find out more about running a simple to use effective mentoring initiative? Get in touch.