With the right approach, mentoring can unlock a host of benefits that will impact everything from employee engagement to revenue growth. Here are some of the most important advantages:
Boost employee retention
At this point, most leaders know that holding on to top talent is becoming increasingly challenging. Mentoring has the potential to move the needle on turnover rates, with Harvard Business Review reporting that young managers recognize the importance of co-learning programs. These employees rate mentoring as more than a 4 out of 5 when ranking the importance of career development opportunities. Unfortunately, the majority of these workers think their employers are currently falling short, given that they ranked accessibility to mentorship at just 2.5 out of 5.
Strengthen corporate culture
Launching a mentoring program can also be a game-changer when it comes to workplace culture. Mentoring empowers employees to build relationships with peers they may not normally have a chance to work with, cultivating a sense of connectivity that can span your entire organization.
Promote diversity and inclusion
Promoting diversity, equity, and inclusion now sits at the top of the C-suite’s priority list, with 43% of CEOs noting that it’s high on their list of challenges. Yet, there’s still a lot of uncertainty about what it takes to level the playing field. Mentoring can be a powerful tool since programs increase the representation of typically underrepresented groups and ensure opportunities are visible to all employees so that no one gets overlooked.
Break down silos
Whether you experiment with reverse mentoring or stick with a traditional approach, every type of co-learning will promote knowledge sharing within your organization. Rather than relying on a small group of employees for critical expertise, why not encourage these highly skilled workers to share their competencies so that everyone can take advantage of them?