From cultivating a connected culture to boosting skill-building, the benefits of a workplace mentorship program are broad and far-reaching. Some of the most important advantages include:
#1. Improving employee retention
When employees feel like they have someone advocating for them at work, it will be a lot harder to choose another job over your organization. However, Harvard Business Review reveals there’s a serious disconnect between the value employees place on mentorship and how satisfied they are with their organization’s current setup. On a scale of 1-5, managers ranked the importance of workplace mentorship as a 4 but rated their employer’s current offerings at just a 2.5.
#2. Strengthening company culture
Mentoring gives employees the chance to build connections with colleagues they may not normally have the chance to work with. It can also improve cross-functional collaboration, as employees will gain greater insight into how other teams work and what they’re looking to achieve.
#3. Promoting diversity and inclusion
Nearly 1 in 2 CEOs view building a diverse, equitable, and inclusive workforce as one of their organization’s top challenges. Mentoring programs can move the needle by increasing the presence of groups that are typically underrepresented and democratizing access to career development opportunities. One study found that mentoring, in comparison to other tactics such as trainings and job tests, increased representation among managers in the workplace by up to 24%.
#4. Enhancing engagement and satisfaction
Many employers struggle to crack the code for creating a compelling employee experience. Fortunately, mentoring could be a key part of the solution, since more than 9 in 10 employees who have a mentor at work report feeling satisfied with their jobs. These team members are likely to feel more valued for their contributions and receive personalized guidance about building a future with their organization.