5 Ways Mentoring Can Benefit Your Organization

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Mentoring helps employees develop skills and competency, boosts their self-confidence and awareness, and increases job satisfaction and promotion chances. However, the benefits of an effective mentoring program are not limited to just the employees. The advantages also extend to your organization. Read on for five ways mentoring can benefit your organization.

1. Fosters diversity and inclusion

One of the greatest challenges in most organizations today is diversity and inclusion. Although the organizations create diversity programs to curb this challenge, poor implementation, lack of leadership buy-in and consistency, and resistance often make them unsuccessful. Mentoring can support your organization’s diversity and inclusion attempts by preparing the underrepresented employees for leadership roles and retaining them. 

According to the Harvard Business Review, mentoring increases the representation of the minority such as Blacks, Asians, and Hispanic men and women, to mention a few, from 9% to 24%. By cultivating diversity and inclusion in your workforce, you boost innovation and financial results.

2. Boosts knowledge sharing

Mentoring involves communication between the mentors and mentees, paving the way for knowledge sharing. For instance, when you pair employees from different generations together, allowing them to interact, the staff from the older generation can teach the younger ones about the best workplace practices, ethics, and values. The younger generation can in turn teach the older generation about new technology. This boosts more collaboration across your organization, increasing innovation and productivity. Consider investing in mentoring software to effectively match mentors and mentees based on their strengths and weaknesses to encourage valuable knowledge sharing that leads to your company’s growth.

3. Reduces employee turnover

Every organization has high-potential employees who bring 91% value to the organization and work 21 % harder than their colleagues. However, with time, such employees quit their jobs, making you miss out on the benefits they bring to your organization. Providing a comprehensive mentoring program gives your high-performing employees the career support they crave and makes them feel valued and appreciated, encouraging them to keep working in your company. Mentoring also equips new staff with the ability to perform their jobs correctly, which further reduces employee turnover.

4. Reduces costs

Your business incurs significant expenses to acquire new skills to scale with constantly changing industry dynamics. It is even more expensive to hire new talent to fill vacant positions than to retain existing employees. Mentoring can help you reduce the cost of training or hiring new skills as it leverages current senior employees to help juniors get up and running.

5. Facilitates the development of high-potential managers

Managers have a significant impact on several aspects of your organization, including the business’s outcomes and employee recruitment and retention. Mentoring provides managers the support and tools they need to succeed in their roles by boosting their confidence and improving their skills and work quality. The interaction between the mentors, who are often seniors in the organization, and the mentees, also gives the juniors firsthand experience allowing easy progression into new leaders.

Endnote

Mentoring can provide various benefits to business organizations, including fostering diversity and inclusion, increasing knowledge sharing, reducing costs and employee turnover, and developing high-potential managers. If you have not already implemented a mentoring program in your organization, consider investing in one to enjoy the above benefits.