Part 1 – Mentoring: How it benefits mentor, mentee, and your company

“The delicate balance of mentoring someone is not creating them in your own image but giving them the opportunity to create themselves.” Steven Spielberg.

In my last post, we discussed how to support your team and increase talent retention. We spoke about appreciation, policy changes and development opportunities. One of the most powerful ways to help your people improve their performance and career prospects is through mentoring.

We know people are burnt out, tired, overworked and not overly satisfied with their roles. We also know that a good salary isn’t enough to keep someone in the job they;

• Need opportunities to grow and develop.
• Want a career, not just a job.
• Are happier when they enjoy what they do, not just turn up at the office.

Mentoring can have benefits for both mentor and mentee with a delegation of small projects and tasks to mentee, while the mentor gets help from someone who is excited and passionate about moving forward.

If that’s not enough to convince you about the power of mentoring, look at these interesting facts which clearly show the excellent ROI.

• 67% of businesses reported an increase in productivity due to mentoring
• 55% of businesses felt mentoring had a positive impact on their profits
• 94% of employees said they would stay at a company longer if they were offered opportunities to learn and grow
• Organisations that embrace mentoring are rewarded with higher levels of employee engagement, retention, and knowledge sharing.
• The NY Times reports on a 2015 study which found that “women gained more social capital from affiliation with a high-status mentor than their male counterparts did.”
• According to Deloitte, millennials who intend to stay with their organisation for more than 5 years are twice as likely to have a mentor than those who choose to leave.

What’s in it for the Mentor?

If you can see the benefits of a mentor program, how do you convince your people to step up as mentors? Show them the benefits.

The biggest benefit is an increased chance of promotion, with mentors being six times more likely to be promoted. People who mentor improve their interpersonal and communication skills. They learn much about themselves during the process, and they prove their expertise and ability to nurture others. Becoming a mentor is an excellent way to bring yourself to the attention of those who can influence your career progression.

What’s in it for the mentee?

Researchers have found that when compared to non-mentored employees, mentored employees gain five times more promotions and higher pay rates for their work.

A career, personal growth, professional development, new networks, job satisfaction, opportunities, further experience, guidance on strengths, new perspectives, challenges, support… Shall I go on?

There’s no doubt that everyone can benefit from a properly structured mentor program. It’s critical that both mentor and mentee approach the relationship with a willingness to learn and do some self-reflection. It’s a growth opportunity for both parties.

Next week I will share some of my experience in designing and implementing a mentor program. But if you can’t wait and can see the astonishing benefits a mentor program will bring to your organisation and people, start designing right now. Contact Linda to help you create and implement a mentorship program and coach you through the process.

Have you been a mentor or mentee? I’d love to hear about your experiences. Please leave a comment below and let’s chat.