Workplace mentoring is one of the things organizations are paying attention to in today’s competitive business environment. They are leveraging mentorship to nurture, develop and retain their best people. According to a recent study, 94% of employees would stay at a company longer if their employer offered more learning and career development opportunities. It shows mentorship in the workplace is a necessity an employer must invest in considering the dynamics in today’s workforce.
Let’s explore more about workplace mentoring and its benefits.
What is Mentoring in the Workplace?
Mentoring in the workplace is an organized program by an organization whereby somebody (often an experienced employee of the same company or a professional from an outside company) shares their knowledge, skills, and expertise with a less experienced employee(s), the mentee. Additionally, mentors guide their mentees through their professional journey/ progression.
Note: mentoring programs in the workplace are beneficial not just to new employees but also to other employees seeking professional development.
What is the difference between a mentor and a coach? A mentor focuses more on sharing their knowledge, skills, and experience with a mentee to develop, grow and gain a new perspective on their career. More importantly, mentoring is more personalized, and the mentees drive their relationship with the mentor.
On the other hand, a coach guides clients on their goals and helps them master their abilities to reach their full potential. Notably, coaching is based on a standardized approach, and the coach drives the relationship between them and their client.
What is the Importance of Mentoring in the Workplace?
A well-defined and structured mentoring program is vital to mentors, mentees, and an organization. Here are five benefits of workplace mentoring:
Mentoring improves employee productivity in the workplace
Mentoring in the workplace encourages employees to be innovative, fills knowledge gaps, and enhances leadership. Consequently, that impact on employees makes them more resourceful in solving problems in their workplace, improving productivity. Additionally, it provides employees with additional support that helps them become more confident while executing their tasks in the workplace.
Statistics show that 67% of businesses reported increased productivity due to mentoring. Further, Mentorcliq conducted research that found that 88% of mentors and mentees agree that their productivity or effectiveness increased due to their current mentoring experience.
Mentoring increases employee satisfaction and retention
Mentoring in the workplace is a form of professional support to employees, thus reducing stress levels. Additionally, employees to be more engaged in the workplace. As a result, engaged employees have increased job satisfaction.
Above all, employees who are satisfied in their workplace are less likely to quit their job, which enhances employee retention.
According to a Workplace Happiness Survey, 91% of employees with career mentors said they were happy in their jobs. Additionally, 40% of employees without mentors said they considered quitting their jobs in the past three months.
Mentoring supports a learning culture
Mentorship programs are a powerful tool for employee development. Through mentoring, collaborative learning in an organization provides a sounding board for ideas and opportunities for those involved. More importantly, through continuous learning, employees can stay up to date.
A study showed that 54% of employees found it essential to get training and develop new skills throughout their professional life to stay in touch with changes in the corporate world.
Mentoring promotes career growth
One of the main benefits of mentoring is promoting career growth in the workplace. Mentors are critical in helping employees improve their professional skills and advance their careers. Consequently, organizations can effectively fill some of their key positions without hiring new employees now and then.
Mentoring drives more revenue to an organization
The bottom line of all of the above benefits of mentoring is that it drives more revenue in an organization. How? If employees in our workplace are more engaged and satisfied, they will be more productive. Additionally, there will be less employee turnover, reducing the cost of acquiring and training new employees. Ultimately, these benefits will impact the overall revenue a business generates.
Among other benefits of workplace mentorship is that it creates a diverse and inclusive workforce, allows reverse mentoring, and improves organizational leadership skills.
Mentoring activities in today’s workplace are necessary, and businesses should pay attention to them. Effective mentorship programs are an excellent way to build an engaged and productive workforce that leads to business success. Above all, it creates a positive company culture.