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Although mentoring has been around for many decades, we are currently witnessing the growth of this practice in organizations. In 2017, more than 70% of Fortune 500 companies offered a mentoring program to their employees. A number that doesn’t lie: mentorship programs are popular among leaders who want to invest in strategies that will positively impact their entire organization, including their employees. Learn more about the return on investment of a workplace mentoring program.
What you’ll learn in this article:
→ Why are mentoring programs gaining popularity?
→ The return on investment of a workplace mentoring program
→ Mentorship: A win-for-all
→ Maximize your investment with the Elo mentoring platform
The new generations are entering the job market with different needs and expectations than the previous generations. Motivated by a desire to grow alongside inspiring leaders, these professionals value forms of coaching that provide ongoing feedback, and of course, mentoring is one of them. In 2018, Gallup presented some impressive facts about this practice: 79% of Millennials see mentoring as crucial to their professional development.
In response to this reality, many organizations are investing in the professional development of their employees by building mentorship programs tailored to their needs. An investment that is paying off for both organizations and employees, here is how.
Employee retention is not always an easy aspect to control within an organization. According to a 2019 study by Pwc Consulting, recruiting and retaining employees is a growing concern for 88% of Canadian business leaders.
This is not surprising, considering that replacing an employee who leaves temporarily or permanently can cost an organization up to 1.5 to 2 times their salary.
Luckily, mentorship is a great way to improve your employee retention rate. In addition to facilitating the integration of new recruits, a mentoring program transmits a clear message to your employees that you are providing them with effective tools to grow professionally and personally within your organization.
In 2006, Sun Microsystems was able to improve its employee retention rate by 40% after implementing a mentoring program. Pretty impressive, right?Not only that, the French company Sodexo estimated that for every dollar invested in its mentoring program, there was a return of $2.28 through employee retention and increased productivity. This equates to a 128% return on investment.
Employees are the core of every organization. Without qualified and committed employees, it is very difficult for an organization to ensure its prosperity and to stand out from the competition.
The retention rate of your employees goes hand in hand with the satisfaction of your employees. A dissatisfied employee is more likely to leave than one who is thriving professionally. According to a 2019 Mercer study (Global Talent Trends), Canadian employees want three things:
A well-structured mentorship program addresses these three desires. How? By providing your employees with tools to develop their skills and talents, allowing them to be more autonomous and making strategic decisions. And of course, mentoring directly addresses the need for training programs.
Such an investment will increase your employees’ level of satisfaction and, by the same occasion, their productivity. A winning combination!
Diversity and inclusion are popular topics these days, and with good reason. Inclusive teams are more engaged and productive, as well as a significant factor in the professional well-being of all employees, especially those from underrepresented groups.
Through a mentoring program, employees have the opportunity to connect with each other and, at the same time, open up to new perspectives and ideas. This is a great way to foster innovation and creativity within your organization.
In fact, studies have shown that mentoring has more positive results than other diversity initiatives, such as training and targeted recruitment. For example, a mentoring program can increase the representation of Black and Hispanic/Asian women and Hispanic/Asian men in management positions by 9% to 24%. Other initiatives had lower results ranging from -2% to 18%.
Our solutions make it easy for organizations to launch and manage a mentoring program with consulting services, training, and a mentoring platform. Our experts are here to support you every step of the way when designing, implementing, or evaluating your program. Program leaders, mentors and mentees benefit from personalized coaching.