“Not only does mentoring develop the profession; by not mentoring, we are wasting talent.
We educate, and train, but don’t nurture.” ~ Wright and Wright 1987
Career mentoring is a short term or long term one-to-one personal relationship that is considered as a vital tool for learning, development, and career advancement. This relationship is all about sharing resources, knowledge, values, expertise, skills, proficiencies and perspectives with the purpose of developing another individual. Career mentoring also gives the mentor the chance to further their knowledge and improve their skills through the continuous reassessing and building of such areas.
Mentoring in the Workplace
Typically, mentoring is a three-way beneficial process. It helps not only the mentee and the mentor, but the organization as well. Although the main goal is to advance the career of the mentee, this is not the sole benefit of this kind of relationship. Similarly, the workplace can obtain success through the increased productivity, well socialized staff, lower employee turnover rate, and of course a more solid management team.
- Training can lead to increases managerial productivity by 24%, while the combination of coaching and mentoring can increase productivity by a huge 84% (Source: American Society for Training and Development).
- A survey of CEOs from Fortune 500 companies revealed that mentoring is one of the major reasons for the significant career growth in their respective companies.
- In a study of training, it was found that those employees who receive mentoring are more knowledgeable about the unwritten rules of the company compared to those who didn’t undergo any mentoring program. (Source: Wilson and Elman)
Importance of Mentoring in the Workplace
One study on the cost of employee turnover made use of mentoring programs to enhance, diffuse and retain intellectual capital. So what are the estimated costs?
- Estimate 1.5x the yearly salary if a staff person is lost (i.e. candidate recruitment, selection, training)
- Training: Although just 15-20% of standard formal training is actually relevant to employee needs – since it is designed for everyone – advice and instruction given by a mentor can be adapted to specific needs of an individual protégé and thus the relevancy percentage reaches 100%
- Estimated cost of mentoring-related training and development: $500-$1,000) per person (Source: American Society for Training and Development, 1998)
The largest generation in history to retire is the generation of the Baby Boomers. They are expected to leave their positions and jobs over the next 5 years, and this will create a change towards a new generation of leaders in the coming decades.
Among the many and more difficult challenges that confront human resources and management teams is how they are going to empower Generations X and Y to have the values of a true and effective leader. How are you supposed to take advantage of the mind-share of the Senior Managers and Baby Boomers to help advance the careers of Generation X employees?
Our mentoring program, ProMentoring, is designed to assist companies and organizations as they make an effort to implement a powerful leadership program. As we all know by now, mentoring programs are proven to increase employee retention and company productivity.
Just recently, Cecile was one of the mentoring experts who were invited to present at Seneca College’s Smile Mentoring Program (one of its continuing education options).
Read more about the ProMentoring Program here