In the workplace, something that employees look for are jobs that provide a sense of growth to its employees. If an employee does not feel as if they are in an environment to grow with the company, there is a chance that they are looking for new opportunities outside of your business.
One way to ensure growth opportunities for employees is to have them work with a mentor. Mentorships can be very beneficial to both the employee, and the organization. The University of Phoenix surveyed young adults in the workforce. One-third of these adults mentioned that they were looking for a new job because they do not have anyone to mentor them.
Another study led by Randstad, an HR consulting firm, mentioned that 49% of the employees they surveyed said they are less likely to leave a company if they have a mentoring program. These statistics may leave business owners wondering if they should add a mentorship program, or review the current one in place.
What is a Mentor?
According to Zywave, “a mentor provides guidance and professional advice to encourage a mentee’s growth, learning and professional development”.
There are different ways that a mentorship program can be presented to employees.
Peer to Peer - This type of mentorship usually includes people of the same level getting to learn together. Peer mentoring helps the individuals feel that they have a safe place to have open workplace communication with.
One on One - This is the more “traditional” style of mentoring. This type will involve a mentor with developed knowledge that works with someone that is newer, or up and coming in the specific field.
Reverse - With this mentoring category, a younger employee (typically Gen Z or Millennial) will work with an employee of a different age group on things like technology. This also helps develop younger employees into more of leadership roles.
Group - Group mentorship circles are often used to get more employee participation. Many times, they are used to encourage growth within an organization.
If your company is looking to implement a mentorship program, deciding what type of mentorship is needed is the first step to a successful strategy. Mentorship programs will benefit both the mentor and the mentee. The mentor will feel a sense of self-worth and pride, while the mentee will feel that their growth is respected and encouraged.
Do Mentors Help With Employee Retention?
A LinkedIn study showed that 94% of workers are likely to stay in their current work situation if they feel their employer values and wants to watch you grow. Adding a mentorship program can help your employees feel this way. This will benefit your business because your employee turnover rate will get better as well.
According to Zywave, a mentorship program can help with employee retention by:
Offering support from a professional
Encouraging strong work relationships
Developing a plan for an employees career path
Promoting better workplace culture
Increase employee motivation
Mentorships come with so many great benefits. If you are looking into reconstructing certain aspects of your company to decrease employee turnover, we highly recommend starting by adding this, as it can improve things with no cost to you, the business owner.
If you would like to learn more about implementing a mentorship program for your business, or other ways to make your business soar, please fill out the form below. Our Human Resources department will put you on track for an even more successful business.