In the hyper competitive global economy, employers are not keeping any stone unturned to increase profit, revenue and market share. The relationship between mentor-mentee relationship has been commonplace for long time. According to a study conducted by the American Society for training and Development, 71% of fortune 500 companies have various kind of corporate mentorship program.
Let’s see the best reason to go for official Mentor Programs NOW!
Accelerates Development and Growth
A study conducted by American society for Training and Development found that 75% executives credited their mentor to help them reach the current positions. Indeed official managers can become mentors but this is not the case always. A mentor program can provide employees with the chance to deepen and connect relationship with colleagues and learn from the top performers of the company.
Recruit and Retain Employees
According to Emerging Workforce 35% employees surveyed said that irregular mentoring lead them to search for another job within short period. Undoubtedly the a single bad hire can cost immensely but mentor program can act as a key driver to not only attract but retain talent.
Global Millennial Survey of 2016 reached out to 7,700 millennials and found out that a around two third of them are planning to leave current organization by 2020. Millennials are supplanting baby boomers and will make upto 75% of workforce by 2025.
Mentoring programs doesn’t remain circumscribed to benefit only junior employees. The meshing of baby boomers and millennials with the technology influx leads to reverse mentoring. Mentors give back their hard earned knowledge, skills and experiences that increases the feeling of job satisfaction and self worth. This concept started with the several 500 companies but eventually gained momentum.
The benefits of mentor program are wide and impacts mentee, mentor and organization as whole. Mentees can increase interpersonal skills, self confidence and acquire better understanding of unspoken rules and culture of organizations. Both these aspects are critical for the success.
Companies investing resources and time to implement and formalize the mentorship programs are offered with real opportunity to improve corporate culture, profits and recruiting efforts.