“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, a short or long-term one-to-one personal relationship, is an important tool for learning and development, and career advancement. It is based on the development of another by sharing knowledge, resources, expertise, values, skills, perspectives and proficiencies. It also provides opportunity for the mentor to further enhance their skills and knowledge areas by continuously reassessing and building upon those areas.
Mentoring In The Workplace
Mentoring is usually “a three-way beneficial process”, which helps the mentor, mentee and the organization. While the primary objective is to further the career of the mentee, it is not the only benefit from this relationship. The workplace will derive success from increased productivity, reduced turnover in staff and properly socialized employees as well as a solid management team.
- Training alone increases managerial productivity by 24%; the combination of mentoring and coaching increases productivity by 84% (Source: American Society for Training and Development)
- In a survey of Fortune 500 CEOs, respondents state one of the top three factors affecting career growth in mentoring.
- In a study of training, employees who receive mentoring learn the ropes and unwritten rules faster and more effectively then those without the benefit of mentoring (Source: Wilson and Elman)
Value of Mentoring in the Workplace
In a study of the cost of employee turnover, mentoring programs are used to develop, diffuse and retain intellectual capital. What are the estimated costs?
- Estimate 1.5x the annual salary if you lose a staff person (i.e. candidate recruitment, selection, training)
- Training: While only 15-20% of standard formal training is relevant to employee needs – because it is designed for everyone – instruction and advice given by a mentor can be tailored to specific needs of an individual protégé and therefore the relevancy percentage shoots up towards 100%
- Estimated cost of mentoring-related training and development: $500-$1,000) per person (Source: American Society for Training and Development, 1998)
Baby Boomers, the largest generation in history to retire, will begin vacating the workplace in the next five years, creating a shift to a new generation of leaders over the next decade.
One of the biggest challenges confronting management and human resources teams is how to empowering Generation X and Generation Y to step up to the leadership plate. How do you leverage the mind-share of retiring Baby Boomers and Senior Managers to develop and advance the careers of Generation X employees?
We have developed a mentoring program, ProMentoring, that is designed to help organizations employ a successful leadership program. Mentoring programs have been proven to increasing productivity and employee retention, as well as the growth and development of businesses.
Most recently, Cecile was one of the mentoring experts who presented at Seneca College’s Smile Mentoring Program (one of its continuing education options).
Read more about the ProMentoring Program here
