What do successful companies have? Excellent leaders. And with excellent leaders come excellent employees. Good leadership and guidance are essential in every organization. And one way to ensure that your employees are lead and guided successfully is through an employee mentoring program.

 

The Advantages of an Employee Mentoring Program

An employee mentoring program is beneficial to the satisfaction, engagement, retention, and development efforts of an organization. In fact, 71% of Fortune 500 companies have mentoring programs, a testament to how beneficial mentoring is to their organizations. To further support the importance of mentoring, CNBC/SurveyMonkey’s 2019 Workplace Happiness Survey reports that 91% of their respondents who have mentors are satisfied with their jobs, with 57% are “very satisfied”. Here are some more advantages of having an employee mentoring program for your organization!

 

Higher employee performance

Fact: educated and well-trained employees produce better results than employees who lack training and knowledge. When you have an employee mentoring program, you can better prepare your team for the tasks and responsibilities that they will have for their organization. And when they’re better prepared, they can do their jobs more efficiently and effectively.

Of course, you’ve hired a talent because you found their skills and education fit for the job. However, that’s not enough. They have to able to learn how to navigate your organization—your processes, policies, rules, regulations, etc.—and other know-hows that only employees or members of your company will know. Some of this can be solved through a successful onboarding program, but the rest can be addressed by a mentor-mentee relationship.

 

Reducing turnover

Perhaps one of the main benefits of mentoring programs is that mentors can play a major role in an employee’s desire to stay with the company. Because a mentor is in a superior position over the mentee, they can affect a person’s experience in the organization and may influence their retention, just like how managers can influence turnover and how some employees leave because of bosses and not companies.

A mentor can help work out an employee’s frustrations or concerns, and help them build the skills they need for success. Mentors can also encourage their mentees to stay with the company and grow there for a longer period of time. This results to lower employee turnover. And when you have lower turnover rates, your company won’t have to continually experience not just financial loss, but also memory loss.

 

Save time and resources

Task concerns and questions can delay the job. But who can they ask? By implementing mentors, employees with questions or concerns can just go to their mentors whenever they have something to ask or solve. This process removes the wasted time when people go to one person or another just to work out a problem. And then, overall productivity improves.

Mentorships also reduce the need for formal training. “Project-based” mentors can help employees learn on the job, rather than in a training room. This also allows managers and bosses to spend more time with their more imperative tasks to the success of the company.

 

Succession planning

As sad as it is, no employee will stay on your company forever. They can leave for better opportunities, retirement, other priorities, and more. This is especially debilitating if it’s your leaders who leave. That’s why an organization always has to ensure that they have their next-generation leaders in place. Save your time and money by implementing mentoring programs as a part of your succession planning!

Having employees who can fill your vacant managerial positions with minimal training is highly valuable. This reduces the need for external hiring, as well as the need for resources that you use when you hire a new employee. Mentors can teach employees with leadership potential the leadership skills need.

 

Employee mentoring programs can be a win-win situation for all the parties involved—the employee, the mentor, and the company. Are you ready to create yours?