Industries evolve and expand with the introduction of new skill sets. It is not feasible for businesses to hire and fire people on these evolutions’ whims and fancies. Those who upgrade themselves stand a chance to succeed. It is, however, feasible and smarter to provide space for existing personnel to upskill.
A fact to note is that most employees lack the necessary skills and resources to face an internal challenge. When employees face barriers, they resign to themselves, resulting in disengagement and feel that he/she cannot seek advice. Contrarily, when employees actively engage with a mentor, the mentor may equip the employee with the necessary tools and guidance to flourish and further his/her career.
How Can Companies Allow for Options?
When we know that most learning takes place informally, mentor-mentee interactions are crucial for knowledge absorption. Creating a companywide mentorship program is one of the smartest ways to ensure your employees grow.
While assigning mentors to individuals, it is advisable to take in the individual’s growth requirements, learn about the individuals’ needs regarding what they want to learn, the pace they would like to learn, the learning approach, etc. Combine it with the business goals and tally with the result a firm would like to achieve, and then understand how the mentorship program would benefit the individual and the company.
This way, you create a space for the individual to grow their way and upskill them as the company or business requires it.
Mentoring Benefits to Organizations
There is evidence to support the economic returns to businesses to structured and monitored mentoring programs. Let us look at some benefits.
It Builds Company Culture
Mentoring builds manager-employee relationships, which are performance drivers that help workers overcome challenges in the office. The relationship between an employee and his supervisor is an employee engagement driver. A company whose employees are engaged will participate in cross-functional activities.
A formal mentorship program makes employees feel comfortable reaching out for help and advice when needed. When companies give employees with enough support and resources, will prepare the employee and the company to face challenges head-on. A communication culture increases both the quality and quantity of internal communication, benefiting the company.
It Retains Talent
Mentoring provides an incentive for employees to stay in an organization, build loyalty, job satisfaction, retain staff, and add to the company culture. Staff retention reflects well in recruitment too. People apply to organizations when they know employee growth is happening.
A recent Gallup study showed that 47% of the millennials disengaged at work reported that they would switch jobs to find a job with suitable cultural fit. 77% of companies with mentoring programs report improvement in employee retention and companywide performance.
It Increases Productivity
Taking mentorship will help employees learn new skills, build confidence, and develop focus. We have already established that mentorship helps in communication. In turn, communication fosters innovation, leadership, and it fills knowledge gaps, critical to productivity.
It Creates Leaders
Mentors will expose mentees to opportunities throughout the organization and motivate them to pursue those opportunities, making them progress as leaders confidently. The company benefits when it builds a pool of able leaders.
Benefits to Mentees
Being mentored is a valuable opportunity because the mentees take their time to give their wisdom. The guidance, encouragement, and trusted support will provide mentees with personal and professional benefits.
Key benefits include:
- Improvement of perspective, confidence, happiness, and well-being.
- Exposure to ideas and ways of thinking.
- Development of skills and knowledge.
- Development of strengths and overcoming weaknesses.
- Guidance on developing professionally and advancing careers.
- Increased companywide visibility and recognition.
Benefits to Mentors
The mentor-mentee relationship is a give-and-take relationship. It offers reciprocal benefits for mentors. The feedback most of the time in a companywide mentor-mentee relationship is that mentors gained as much as mentees.
Key benefits to mentors include:
- Develop leadership ability and coaching style.
- Exposure to perspectives, ideas, and approaches.
- Companywide recognition as a leader and a subject matter expert.
- Extension career record.
- Reflect on goals and practices.
Creating an employee mentorship program within the organization benefits the company, the mentor, and the mentee. It fosters a culture of growth within the organization, and it helps business keep their talent quotient high and improve relationships with stakeholders. Contact Mentorcloud to learn more.