If you’re seeking to foster collaboration, community, and learning for your employees, the answer lies in a well-designed mentoring program.
Mentorship creates a workplace environment that encourages growth and development, providing people with the tools they need to succeed in their careers. Its supportive design also offers cohesion and collaboration while providing a supportive platform for less seasoned workers to learn from experienced professionals. What’s more, 2021 Workplace Happiness research from CNBC and SurveyMonkey revealed that 91% of respondents who had a mentor reported a high degree of job satisfaction.
With so much to be gained, here are six compelling reasons your organization needs a well-constructed mentoring program.
A better bottom line
A number of factors tie mentorship programs to better fiscal results and a reduction in employee turnover is one of the biggest. Recruiting and hiring new staff is time-consuming and expensive. When an employee feels supported by their mentor, they gain confidence in their current role and begin to see their long-term potential within the organization. This creates loyalty to the company, leading to less turnover. Mentoring also has the power to spur innovation through the sharing of knowledge and ideas, which is also tied to greater profitability.
Employee satisfaction and engagement get a boost
A disgruntled worker is more likely to leave their job than one who is satisfied. While that may be obvious, the impact extends further. A recent Gallup study revealed some expensive repercussions of disengaged workers, including 37% higher levels of absenteeism, 60% more errors, and 18% less productivity. Organizations with happier employees see the results in their capacity to generate more income than their less happy competitors.
Supportive personal and professional development
Mentorship programs encourage employees to take risks in order to learn and grow. It creates a supportive space for them to explore new ideas without the fear of failure. Mentors provide guidance and support by helping mentees set personal and professional goals, then providing the resources needed to achieve those objectives.
Mentors benefit too
Mentorships are two-way streets that yield tremendous rewards for both parties. Mentors gain heightened confidence and better engagement. And by taking an active role in guiding and counseling others, it provides an opportunity to develop their leadership skills and demonstrates readiness to take on greater responsibilities. Mentors also note the satisfaction of helping others as one of the biggest benefits of mentoring relationships.
Inspire workplace learning
A learning workplace culture encourages employee development through education, training, and professional growth initiatives. It recognizes that people need to be assisted in their growth both professionally and personally to remain productive and engaged at work. This type of culture is supported by mentors and mentees because it is based on the sharing of advice, feedback, knowledge, competencies, and any other type of support they can offer one another. Furthermore, a mentorship program that’s designed with a learning culture in mind helps employees develop their skill sets so they remain competitive in today’s ever-changing business environment.
Foster a company culture of diversity and inclusion
Mentorship programs help create an environment of acceptance, appreciation, and understanding between people of diverse backgrounds. Through these relationships, employees are able to learn about their peers’ experiences and perspectives. It can also help them better understand how their own experiences may be shaped by their identity or culture. Companies stand to profit from a workforce that’s diverse and inclusive. When employees feel accepted, they are more likely to be productive, engaged, and loyal members of the organization.
Crafting the right mentorship program is a complex undertaking. It takes time but it’s well worth the effort. With a successful mentoring program in place, meaningful relationships are forged that support personal growth, confidence, inclusion, engagement, and learning.
Ready to develop a masterful mentoring program at your workplace? The HR Team is here to support your efforts with valuable strategic guidance and seasoned insights to make it a success. Please contact us to learn more.
About The HR Team: Founded in 1996, The HR Team is a Maryland-based human resources outsourcing firm committed to developing strategic, customized solutions that respond to the unique needs and cultures of organizations of all types and sizes. Available as a one-source alternative to an in-house HR department or on an à la carte project basis, the company’s flexible service models address the full spectrum of HR needs that many organizations struggle to address. The HR Team helps clients achieve their highest level of success by providing value-driven human resources services that leave them time to focus on what they do best: directing business growth and profitability. Headquartered in Columbia, Maryland, the firm serves all of Maryland, Washington, DC, and Virginia. To learn more about The HR Team, call 410.381.9700 or visit https://www.thehrteam.com/.