Human-to-human approach in business highly relies on employer or HR branding. This process requires redesigning recruitment process not only with fresh and progressive environment evidence, but also with onboarding and agile methodology of task allocation. HR onboarding helps companies to stay competitive in rapidly changing global economy of HR management with mentoring.
Global executives find mentor-mentee relationship the most powerful tool for talent management.
A study by the American Society for Training and Development found that 71% of Fortune 500 companies surveyed have some type of corporate mentorship program. Study also shows that in average 75% of companies with recently implemented mentorship provides positive reaction to it.
Here is the 6 reasons why any business should apply official mentor programs and the results it may have for your workforce.
1. Accelerate growth and development
The above-mentioned study provided trend in mentorship program that helps companies reach current positions in the market. Warren Buffett, Colin Powell, Cal Ripken and even Oprah still give credit to their mentors for helping lead to their success.
Your company is not an excuse. Mentorship programs may be an effective replacement for standard policies with appraisal forms and become more inspiring compensation asset.
2. Help recruit and retain talent
Data from an Emerging Workforce study showed that 35% of employees surveyed mentioned willing to plan to look for another job within 12 months. Employee retention today is a complex process, where mentoring saves time and money on further recruitment and onboarding.
Employees desire professional training not even to satisfy own social improvement demands, but also to be more productive within projects and company itself over time. In addition, mentoring processes are socially admirable and lead to increase of employer branding cases.
3. Attract millennials
Global survey by Deloitte’s 2016 on young generation employees showed that these people do not want to continue working for one company more than 3 years. The rising population of this workforce segment needs to be attracted and the most admirable compensation model is mentoring policies within the company.
Obtaining experience demands professional training, regarding existing experience from projects. Millennials make companies invest in more progressive HR solutions. They prefer mentors to disciplinarians and as such, it is critical to offer them more “carrots” than “sticks”.
This practical methodology describes mentorship approach to control the meshing of millennials and baby boomers as social types along with technology influx.
Jack Welch, retired General Electric CEO founded reverse-mentorship to connect two distinguished social groups – millennials and baby boomers. To provide trainings that are more efficient for team members and ensure overall performance increase this mentoring program had positive results by an example of companies such as Hewlett-Packard, Cisco and Ogilvy & Mather.
5. Benefits for involved
If you consider that implementing mentorship program is enough for talent management, you are making a huge mistake by this point. Learning process never goes easy and desired for employees, even if they are interested.
Giving your employees “carrots” describes nurturing approach, where employees get benefits for impact they make after mentoring program and even during training. Interpersonal skills are blooming only when the mentor increases employees’ self-confidence by assuring compensation and motivation models for such achievements.
6. Benefits for the CEO
Harvard Business Review by 2016 in an article titled “CEOs Need Mentors Too” provides benefits of mentoring programs applied positive also for CEO of the company. Not only management should be taught some skills, but also management and top management.
Requirements for CEO mentoring apply methodology to show transparency and equality in organizational culture as unspoken rules. The rule is simple – take leader role to motivate your employees start trainings by taking own mentorship program.
Effective mentorship program has own checklist to be efficient for the company.
- Identify goals. What exactly are you going to achieve through mentorship? Retain employees? Improve workforce skills? Increase employee satisfaction? The aim of teaching program is core before it is applied.
- Careful matchmaking. You may need to identify the prospective mentors and mentees pairs, styles of mentorship and content of the program to provide the effectiveness of the whole program.
- Appraise process. Keeping a close watch on how the mentorship is going is required for you to analyze whole process and outcomes. Reviews made are helpful for providing benefits for nurturing involved people.
Human-to-human relationship do not work automatically because of the human factor. This may work for and against you in some cases.
Designing training materials in programs should be done under your control because only you know who and what are your employees, which would be participating in the program. In addition, you can apply modern published handbooks for mentees and mentors to follow.
Results measurement is the last part of the mentorship program and is considered by many of specialists as terrific work. Taking notes of the frequency of meetings and interactions and analyzing overall KPI increase by your expectations is struggling process for managers and leaders.
Vestrics study by 2013 examined responses from mentors and mentees and showed that 69% of mentors and 72% of mentees retention rates climbed and saved about $6.7 billion in avoided staff turnover.
Implemented mentorship programs result in average 30% increase of productivity of each employee trained. More than 70% of trained responded by positive reaction to training program. Advanced careers help companies grow asset measurement by 40% in average each year.
Mentorship program overall are in high demand for the companies to increase HR and employer branding. Considering them requires more free time during the working day. Workly is ready for you to save time by avoiding routine paperwork of time and attendance control of your employees by simple solution to empower your HR and make it do real things. The form is below, claim your free trial.