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41 Reasons You Need Mentoring in Your Organization

Amanda Dreher - Tuesday, October 18, 2016

Mentoring is increasingly becoming a critical component to any successful organization. In fact, mentoring initiatives contribute to corporate cultures characterized by increased employee engagement, retention levels, productivity, collaboration and much more. Investing in your people through mentoring benefits the organization both now and in the future. Let's take a look at 41 reasons you should have a mentoring initiative in your organization.

 

Benefits for Mentees:

 

  • 1.  support in attaining skills/ knowledge/ attitudes/ culture awareness
    • 2.  encouragement for faster learning and growth—both personal and professional
    • 3.  increased confidence
    • 4.  access to role models
    • 5.  greater exposure and visibility
    • 6.  increased feeling of being more valued as an employee
    • 7.  improved communication and expanded network
     

 

Benefits for Mentors:

  • 8.  learning
  • 9.  expansion of sphere of influence
  • 10.  reinforcement of accomplishments
  • 11.  opportunity to reciprocate
  • 12.  recognition
  • 13.  focused investment on one person
  • 14.  improved communication and people skills
  • 15.  opportunity to change another’s life

 

Benefits for Organizations:

  • 16.  gives a recruiting edge
  • 17.  speeds identification, development and retention of talent
  • 18.  supports organizational commitment to employee personal growth and organizational contribution
  • 19.  improves communication and reduction of silos
  • 20.  supports knowledge, culture, values and strategy transfer for greater productivity
  • 21.  encourages a learning culture
  • 22.  increases loyalty and retention with more motivated and engaged employees
  • 23.  promotes a greater sense of community and more inclusion with diversity
  • 24.  advances succession planning
  • 25.  uses the resources you already have

 

Mentoring Statistics:

  • 26.  Retention rates are higher for mentees (72%) and for mentors (69%) than non-mentoring participants (49%). (Sun Microsystems)
  • 27.  When peer mentoring is done effectively the “average engagement capital” can increase by 66%. (Corporate Leadership Council, 2011)
  • 28.  People are 77% more likely to stay in a job if they are in a mentoring relationship—particularly your younger generations. 35% of employees who do not receive regular mentoring look for another job within 12 months. (Emerging Workforce study by Spherion, 2012)
  • 29.  83% of professionals would like to be involved in a mentoring program, yet only 29% are in workplaces that offer them. (Robert Walters Recruiting)
  • 30.  Companies with low engagement had an average operating margin that was 32.7% lower than companies with engaged employees. (“Engaging for Success”)
  • 31.  When peer mentoring is done well the average engagement capital can increase by 66%. (Corporate Leadership Council)
  • 32.  Mentoring increases learning retention: With mentoring managerial productivity increased by 88% verses 24% with training alone. (ASTD)
  • 33.  Mentoring encourages beneficial diversity: Diversity training has been proven to have negative effects. (TIME) Only mentoring teaches people how to practically work across differences. (MLT)
  • 34.  Mentoring helps keep valuable employees: Over 40% of internal job moves involving high potential employees end in failure. (Harvard Business Review). Losing employees costs 100-300% of the replaced employee’s salary. (Society of Human Resource Management)
  • 35.  Mentoring fills your leadership pipeline: Employees who received mentoring were promoted 5 times more often than those who did not. (Forbes). Mentors were 6 times more likely to be promote. (Forbes)
  • 36.  1 out of every 5 women does not have a mentor. (Source LinkedIn from Everwise)
  • 37.  According to SHRM, baby boomers are set to retire, taking a massive amount of skills and knowledge with them. (SHRM)
  • 38.  Sixty-two percent of employers at Fortune 1000 companies believe future retirements will result in skilled labor shortages over the next five years.         (HireVue)
  • 39.  Seventy-five percent of millennials want a mentor, and 58 percent of them turn to baby boomers first for advice. (HireVue)
  • 40.  By the year 2020, there will be a possible worldwide shortage of 13 percent of highly skilled, college-educated employees, equaling around 38 to 40 million workers. (Dobbs and Madgavkar)

41.  Eight out of ten organizations told a ManPowerGroup survey they are “taking the steps to grow the talent pool and ensure access to the rights skills that will help drive business results." (ManPowerGroup)

 

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