Workplace mentoring has been linked to improved productivity, better performance, and greater transitions for new employees.5 One study of a mentoring program found that mentoring was “an important element of improving staff capabilities, but also key to improving skills and knowledge.”4
Mentoring improves the satisfaction and success of those involved and it raises the level of functioning of the company as a whole.
The Harvard Business Review found that millennial workers are highly open to mentoring and actively seek it out. It recommends mentoring as a way to help millennial employees succeed.1 Mentoring has also been empirically linked to empowering women for future career advancement2 and has been recommended furthering the career development of minorities in the business world.3
Mentoring not only improves the satisfaction and success of those involved, it raises the level of functioning of the company as a whole. Retention rates are reduced, saving companies thousands in turnover and recruiting costs. It facilitates the transfer of knowledge from retiring employees to new employees, preserving the skills and information of your business’s seasoned veterans. This transfer of knowledge also reduces costs of formal training and engenders organic growth of knowledge and integration into the company culture. And most importantly, mentoring creates leadership skills so that current and future managers are well prepared to thrive in challenging economic environments6.
1 Meister, Jeanne C., and Karie Willyerd. “Mentoring millennials.” Harvard business review, 88.5 (2010): 68-72.
2 Washington, Christa Ellen. “Mentoring, organizational rank, and women’s perceptions of advancement opportunities in the workplace.” International Journal of Business and Social Science, 2.9 (2011).
4 Guillot, Craig. “Mentoring that matters: sharing knowledge and expertise makes for well-rounded, relevant auditors.” Internal Auditor 71.2 (2014): 46-51.
5 McCarthy, Grace. Coaching and Mentoring for business. Sage, 2014.
6 Schooley, Claire. “Drive employee talent development through business mentoring programs.” Retrieved 28th August (2012).