Organizational Benefits of Mentoring

The mentoring process contributes to the retention of high potentials, develops a strong corporate culture, engages employees more effectively, and assists in recruiting new talent.

FREMONT, CA: Organizations can offer their employees mentoring as one of the most valuable and effective development opportunities. 

There are a number of personal and professional benefits that can be gained from a trusted and experienced mentor, which ultimately leads to improved performance at work. All participants in the program, including the host organization, benefit from mentoring.

Here are some significant ways through which a company can benefit from mentoring.

The development of new managers: Every organization relies on managers. Thus, they influence many aspects of the business, including recruitment, employee retention, and even business results. Seventy-seven percent of senior leaders believe that managers play a critical role in achieving business objectives.

Managers play an important role across various organizational functions, but many managers aren't able to maximize their potential because they're not given the tools or support they need. That's why companies are encouraged to invest in various mentoring programs, which have been shown to boost confidence, increase skills, and improve work quality. In addition to setting the managers up for success, this also benefits the organization.

Diversity and inclusion should be fostered: Mentoring programs can support diversity and inclusion efforts, whether that's by retaining more underrepresented employees or preparing them for future leadership positions.

The Harvard Business Review found that mentoring programs, on average, increase the representation of Black, Hispanic, and Asian-American women and Hispanic and Asian-American men by 9 percent to 24 percent. A study by Heidrick & Struggles found that mentoring programs are particularly beneficial to women and people from underrepresented groups. Compared to 23 percent of men, 30 percent of women said their mentoring relationship was extremely important. In a similar vein, 32 percent of minorities found it extremely important, compared to 27 percent of the overall sample. 

Diversity in the workplace benefits not just employees but also the organization's innovation and financial results. In order to increase diversity, large companies like IBM, Ernst & Young, and Kraft Foods offer mentoring programs.

Enhancing the culture of the company: Mentoring programs can also have a significant impact on the company's culture. Investing in the development of the employees has many benefits. For example, employee retention can be increased, productivity can be enhanced, and generally, the workforce can feel more valued. These positive outcomes strengthen the company's culture and make it a great place to work. 

Recruiting new employees: According to Millennials, professional career growth, and development opportunities are important in a job. Therefore, mentoring can help in attracting high-quality candidates to the talent pipeline. Recruiting can cost thousands of dollars and take an average of 23.8 days to fill a vacancy.