Why Mentoring in the Workplace is Crucial
Cultivate, Forming The Emerging
Generation through Life-on-Life Mentoring
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 ProMentoring mentorship program 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.