You have invested in high-end technology and streamlined your business operations. Now, it is time to capitalize on your greatest resource – employees.
Investing in the right mentoring programs will be helpful. It can transform your employees into a productive, capable, and competent team that will help your company thrive in the crowded industry and stand apart from the competition.
But what’s the role of corporate mentoring programs? How will they help a medium-sized or well-established company grow and expand?
Corporate Mentoring Programs – A Glimpse of The Past
In the 21st century, corporate mentoring programs have become more famous than ever. But they gained traction in 1990.
Before, the focus in corporate structured mentoring was the individual mentee development for constant career growth. It did not emphasize performance and leadership (which is necessary in today’s corporate world).
At the beginning of corporate mentoring programs, career progression and sponsorship mentoring became a more accepted and common aspect among businesses of all sizes and niches.
Before, people did not appreciate and saw the value of mentoring. But as mentoring evolves, small, medium-sized, and large organizations have learned that these programs can play a critical role in achieving and maintaining talent diversity and inclusion strategies.
How Corporate Mentoring Programs Help Organization from Different Industries
To be successful in a continually changing and growing business environment, companies must understand employees’ aspirations/motivations and learn to evolve. A well-structured mentoring program can play a significant role.
Research has confirmed that 71% of Fortune 500 companies have invested in mentoring programs. It is no surprise because they provide many possibilities to employees’ professional development and improvement of corporate services.
Mentoring programs mainly create, develop, and maintain a company culture that values development and learning. One of the problems that organizations face is how to retain their top talents. Studies have shown that lack of growth or progression can lead to employee turnover. But with a practical and engaging mentoring program, retention of a competent and capable team will not be a problem.
Another role of a mentoring program in the corporate world is that it reduces the cost of learning. In this pandemic, businesses in every part of the world are suffering from a decline in their revenues. So, they are rushing to cut costs while remaining competitive.
Employee training is one of the go-to choices when reducing costs in the event of an economic downturn. But let’s be honest. It is hard for employees to find ways to cultivate and develop their skills.
So, is ending the training program helpful? No. The absence of training can affect engagement, decline employee morale, impact the company’s relevance to the industry, and increase legal liability.
A mentoring program got you covered. You do not need to forgo your employee development even if you are on a tight budget. A mentoring program is a low-cost solution that fills the gaps caused by losing some of your training efforts.
A mentoring program can help decrease anxiety and stress within the workplace environment. When faced with a problem at work, employees may ask for help from their colleagues. But if they have not experienced the same problem, they cannot assist. A mentoring program, on the other hand, is different. Mentors are someone they can turn to when the need arises.
Corporate mentoring is also known to increase job satisfaction. Research published in the Plastic Surgical Nursing journal found that the creation and implementation of a mentoring program positively influenced nurse practitioners’ job satisfaction. It also revealed that a significant level of satisfaction contributes to improved retention, reduced turnover, and productivity.
Other Benefits of Corporate Mentoring Programs
Quick and Successful Onboarding – Before, bringing new hires took a lot of time. But corporate mentoring programs make the process effortless, trouble-free, and seamless. They can speed up the deployment procedure effectively.
Research has revealed that the first month of new employees is critical to the success of their tenure and stay in the organization. Mentoring offers a valuable resource to these employees throughout that learning stage.
Succession Planning or Career Growth – Mentoring is an effective way to provide your workforce a career growth path. Honing your employees into senior positions can help reduce turnover and recruitment costs. Mentoring is a crucial tool for grooming your staff to fill some of your company’s key roles.
Quality and Consistency– “Organizations that care about the quality of their services are more profitable,” Dr. W. Edwards Deming said. While many factors run in your mind, making everyone follow your existing internal process is the first important step you should not miss. How to make it happen? A mentoring program got your back.
Reduce Frustration and Disappointment – Suppose you get hired by a company you love. You are aware of the position you apply for, but that does not mean you understand every duty assigned. Of course, you can look for help. What if you did not find someone who can assist you? While it may not be a big deal at the moment, experts believe it can lead to high turnover, which you do not want to happen. Implementing a mentoring program is a meaningful investment.
Why Is It Important to Track Mentoring Performance
You have established a mentoring program. But your job does not stop there. Tracking and measuring mentoring performance is next.
Is it effective? Does every department’s productivity improve? How about your employee turnover? Do you retain your most qualified and competent professionals? Does the quality of your services level up?
If yes, you can finally say that all your efforts are worth it.
But developing or measuring mentoring programs is not an easy task. While some companies handle the process themselves, there are experts to rely on and trust. But be careful when selecting the right specialist. Do not be tempted to take advantage of a professional that offers the cheapest services. Always be willing to spend more. Plus, direct your attention to those backed by in-depth expertise and vast experience.
Build and achieve an engaging team with an expert to ensure business success!