Today, more and more organizations and corporations are creating and implementing formal programs for mentoring, and for good reason. Research has proven that mentoring is beneficial for both proteges and mentors, but what about the organization? After all, the organization is usually the one who has to develop, implement, and then pay for the program. So, what’s in it for them?
The benefits of mentoring to a company are numerous and diverse — it improves organizational productivity, creates a happier staff, and more. Let’s look closer at 3 ways mentorship can bolster company culture and benefit your organization…
- Mentorship helps to develop new organizational leaders
Investing in your staff through mentorship programs allows you to increase your agents’ ability to lead within a complex environment, while also helping to anchor them to your organization. Consider KPMG’s Leaders Engaging Leaders program. This program pairs more than 50 of their top managers with members of the board of directors, the management committee, and national managing partners. This program allows KPMG’s senior leadership to see who the most talented people are at lower levels and help prepare them for advancement, while also granting the proteges access to some of the top executives in the company.
- Mentorship helps retain your best and brightest talent
It’s no secret that Millennials make up a significant portion of the current workforce — and it’s a number that will only continue to grow. What you may not know, though, is that Millennials are twice as likely to leave a job after three years than the generation before them — unless they feel a compelling reason to say (Inc.com). So how can you appeal to this generation, in order to hold on to some of your best agents and staff? Simple: mentorship programs.
Mentorship programs support diversity initiatives, provide an appealing and effective alternative to the traditional boss-employee dynamic, bolsters a collaborative environment, and demonstrates your organization’s commitment to its people — all things that appeal to Millennials (and more).
- Mentorship programs can help attract and recruit new talent.
In addition to helping you retain the talent you already have, you can also attract some of the best new recruits with a proven, quality mentorship program. HBR data shows that Millennials are looking at mentorship programs and other long term professional development options when they are exploring employers. If your organization is able to provide these types of opportunities, you’ll be ahead of the game in recruiting new talent to your company.
Ultimately, a formal mentorship program works best in an organization where staff development and learning are nurtured and supported by organizational leadership at all levels. After all, a mentoring culture is more than just carrying out the motions of a formal system. By making these types of mentoring relationships important in your company culture, everyone will benefit — which will serve to strengthen your organization.