Professional mentoring is both incredibly important and valuable in the workplace. This is true not only for the mentee, but the mentor and the company as a whole.
For starters, mentoring offers guidance and encouragement for employees, allows senior leaders to reflect on their own professional advancement and goals, as well as fosters a culture that encourages growth and acknowledges talent.
Great mentorship is not only important for professional advancement, but it’s also a key factor in improving employee engagement. This is particularly true for the millennial generation. By 2025, millennials will account for about 75% of the workforce, and research shows that organizations supporting leadership ambitions builds loyalty. In fact, millennials planning to stay for more than five years with their employer are twice as likely (68%) to have a mentor.
There is a very significant connection between higher levels of engagement, better retention and a better bottom line with professional mentoring in place, particularly for millennials. And here’s the good news: there are a number of tools and resources that now exist for employers and HR to connect and align employees seeking mentorship.
Just in case you needed a few more reasons as to why you should invest in a mentorship program, or take interest in mentoring, we’re giving you our top three reasons:
#1: Boost Engagement
While we touched on engagement above, we really can’t stress this benefit enough. After all, 85% of executive leaders rate engagement as a top business priority. And since we know the workforce will soon largely consist of millennials, and that this generation wants mentoring and feels loyal to employers who offer it, investing in a mentorship program will boost longevity and performance.
#2: Help Keep Employees Motivated and Focused
Whether you have a highly motivated, ambitious team, or a team that requires a more hands-on approach, professional mentoring can help keep all team members focused, motivated and accountable. Even the best teams will occasionally struggle given different personalities, management structures and culture clashes, but mentorship can help teams work together and overcome hurdles.
#3: Identify New Talent
Mentorship doesn’t just have to be for employees. In fact, mentoring individuals who work outside your company is not only a great way to give back, but also allows you to identify new emerging talent.
If you’re a small company, or don’t currently have a structure in place to implement a mentorship program, you still have options. There are a number of online programs and apps that offer companies customizable tools and mentoring packages that can have a profound impact. The key to taking a digital approach is personalization. Make sure you customize the content or program so you can meet the employee where they’re at.