You recently had a talk with your boss about implementing a mentoring program. To your surprise, they disagreed with you, seeing it as an ineffective waste of the company’s resources. Thinking about what your next step should be might feel challenging, but we’re here to help you. We all know the importance and value mentoring provides to individuals, but to get your boss on board you need to showcase the importance of mentoring in the workplace.
Here are the 6 main benefits of implementing a mentoring program at your organisation to show your employer:
1. Career progression opportunities
Mentoring programs are an invaluable resource to have within any organisation, playing a key role in nurturing the leaders of tomorrow. The programs provide an efficient way to showcase career progression options and encourage employees to connect with those in a senior role.
As a way to reduce costs and employee turnover, mentoring programs can help guide and support employees when transitioning into more senior positions. This continuously inspires employees to strive to be the best they can and when the time comes, enables them to flawlessly fill key senior roles.
2. Creates a learning culture
Mentoring programs create a bridge where people can connect with others to whom they may previously not have had access. By showing that you’re invested in your staff members, it proves you are focused on creating a company culture that values learning and development.
An efficient program helps employees build relationships and create a collaborative learning environment for all involved, allowing them to find a mentor who can help assist in their career development. Mentoring allows employees to upskill, benefiting the business all-round and improving innovation at the company.
3. Reduces learning costs
Although outsourcing fancy training programs and courses are deeply advantageous, sometimes they come at a hefty price. By forming an environment where people can connect and learn new skills from others already in the company, is a great way to reduce costs.
4. Decreased stress and anxiety
We all know the damaging impact stress and anxiety can have on the physical and mental wellness of individuals. When faced with challenges or obstacles within the workplace, employees often feel conflicted about reporting any issues with their manager, concerned about how they may be perceived. With a recent study in 2020 revealing that 79% of us are stressed at work, a 20% increase from 2018, it’s time employers take matters into their own hands and find a solution to help relieve any issues staff members may be having.
Having a mentor to discuss these issues with can decrease workplace stress and anxiety for several reasons as employees can speak to another individual who has faced similar challenges and have someone on hand to offer guidance no matter the issue. Employees feel at ease knowing there is someone there that they can freely voice their concerns with.
5. Mentoring retains and attracts employees
One of the most influential benefits of mentoring programs is that they are highly attractive to new and current employees, greatly reducing the turnover rate and creating a positive work environment. Mentoring programs have also been proven to boost employee satisfaction, which once again increases employee retention.
Forbes revealed that 72% of mentees and 69% of mentors had higher retention rates compared to 49% of employees who did not participate. Losing high-performing employees can be remarkably damaging for a company, both financially and mentally.
By implementing a mentoring program within your company, you’re able to attract and retain employees by providing them with the opportunity to develop and grow into the successful professionals they want to be. Mentors help implement personalised advice to their mentees, encouraging them to overcome and work through any challenges they may face within the workplace. Employees who feel their employer is investing in them, providing them access to training and development opportunities are more likely to stay with the company for a longer period.
6. It improves employee engagement
Employees are the driving force of any business, keeping them engaged is crucial to a successful business that meets the goals set. Having a mentor to guide employees means that success becomes imminent. Mentors are often highly skilled and experienced, willing to share their knowledge with their mentees to ensure personal and professional development targets are met, by doing this, mentees are more than likely to become more highly skilled and engaged within the workplace.
Sometimes, companies see a lack of engagement due to communication barriers, mentoring programs help eradicate this by giving employees a voice to speak to someone in a more senior position. Employee engagement is also closely linked to working relations and workplace culture, with the implementation of a mentoring program allowing for a strong culture to be built whilst helping employees build social connections, encouraging a more growth-focused mindset, and satisfying employee needs for career progression.
The benefits of mentoring within the workplace are immensely valuable for companies and shouldn’t be neglected. Ensuring employees are engaged and effective culture is formed is crucial to the success of your company.
Jessie Thorrington is Content Marketing Manager at PushFar, the world’s leading mentoring and career progression platform. She is passionate about helping individuals with personal and professional development.