In every field, a mentor can be the difference-maker in a career. The majority of accomplished professionals can point to a specific person who invested time, energy, and support in helping them navigate the workplace.

An effective mentorship program allows business leaders to capitalize on their greatest resource – their employees. Strategically developing both new and existing talent contributes to company growth, innovation, and the bottom line.

Are you interested in implementing a mentorship program in your own company? Here are a few of the benefits it can bring to your organization.

BETTER ONBOARDING FOR NEW EMPLOYEES

Studies have shown that the first 30 days for a new hire is critical to the employee’s tenure with the organization. A mentor can be a crucial resource for new employees during this important learning phase. Mentors can help mentees learn the ropes of the company and develop relationships across the organization. Because 80% of learning is informal, mentoring empowers learning in ways that manuals, intranets, and training programs can’t. It shortens the learning curve, enhances productivity, and helps employees align with the business strategy more quickly. With the right training and guidance for new employees right off the bat, company leaders can spend less time onboarding and more time managing the business.

REDUCED TURNOVER RATES

To retain top talent, it’s important to understand individual employee career objectives and align them with organizational goals. Mentoring serves as a platform for organizations to discuss career goals while offering development opportunities and guidance to employees who want to advance professionally. The collaborative nature of mentoring enables both career and leadership development to help employees expand fresh skills and feel engaged within the organization. These factors all lead to a happier workforce and better employee retention rates for a stronger organization.

ORGANIZATIONAL SYNERGY

After being positively impacted by a mentor, 90% of mentees are more interested in becoming a mentor themselves. When an employee feels like they have had time invested in them, they will be more likely to invest their time back to the company. Once a mentorship program is in place, you then have an ongoing cycle of mentees wanting to become mentors and nurturers of the organization’s knowledge and best practices. The more engagement and investment an employee has in a company, the more likely they will stick with that company long-term.

UNCOVER NEW LEADERSHIP POTENTIAL

With an ongoing mentorship program in place, your employees are constantly growing and learning on the job. Once you have cultivated your employees into key players, it’s easier to put them in leadership positions. Mentoring programs are an effective way to provide a career path to your employees and groom these employees to fill key roles in your organization. There’s no question about it − setting up a mentoring program will set up your company for success in the long run.