4 Simple ways to increase team performance
June 21, 2018
When looking for opportunities to increase ROI, consider establishing a mentoring program within your organization.
Mentoring relationships have developed into more of a two-way exchange than in the past. The relationship helps both individuals to grow personally and professionally regardless of their age and job title.
4 Benefits of Establishing Company Mentoring Programs
1. Help employees with onboarding
Onboarding a new employee is more than walking around the office with them, making introductions to the other staff members, and sending them on their way.
Onboarding is a critical step in increasing employee retention. When introduced to mentors during the onboarding process, new employees are better able to understand the organization’s culture and values. It also helps them to understand how they fit into the organization.
"Pairing new employees with experienced mentors during the onboarding process can have a big impact in increasing morale, making the new employee feel valued, and helping them feel that their voice is being heard,” said Darci Borcherding, Banleaco’s Director of Marketing.
The benefits of the relationships come in the form of inspired employees, acquisition of important skills, and trust in the organization. Employees feel as if the organization cares about them and their personal development.
2. Increase retention and job satisfaction
A 2013 Vestrics study of 1,500 mentors and mentees showed that after being part of a mentorship program, employee retention rates climbed 69% for the mentors and 72% for the mentees over a seven-year period.
“Mutual mentoring can be very beneficial to both parties. Senior executives gain valuable insight. At the same time, the younger member of the pair has the chance to build relationships with senior level management which increases job satisfaction and ultimately employee retention,” says Borcherding.
Improving retention rates can also have a huge impact on staffing costs. The average cost to replace an employee making $100k is over $200k. As retention rates increase hiring costs decrease.
3. Build senior leadership and management skills
Regardless of the number of years of experience or the collection of educational degrees someone has, there will always be an opportunity for professional development.
At first glance, it may seem that it is only the mentee who will learn from the relationship. In reality, both mentor and mentee have something to gain. By working together, the mentor has the opportunity to have more open conversations with junior employees.
4. Bridge generational gaps
Older employees can learn a lot from younger staff. Their time together can be an opportunity for the mentor to learn new skills, hear a new perspective about how their decisions impact people in their own organization, and show that they are open to listening to others ideas. The mentoring relationship can also be an effective way for older individuals to learn about technology. Young team members can teach older staff key information on how to better understand and leverage social media platforms, about online privacy issues, and about data protection.
The investment of time through mentoring can result in amazing outcomes. It can provide the organization with a pool of dedicated, engaged, excited talent who will ultimately increase team and company performance. If you haven’t considered how implementing a company mentoring can help your business’s success, you might want to look at this as a growth opportunity.
Are you having success with an employee mentoring program? We want to hear about it! Email us