When you invest in a corporate mentoring program, you demonstrate to new and junior employees the company’s investment in their future with the organization. Consider the other benefits outlined below.
Retention affects the bottom line not only by reducing costs, but also by building an effective workforce. Companies often invest hundreds of thousands of dollars in recruiting talent but then stop there and miss the opportunity to get the best return on their hiring investment. Some companies invest in a “buddy” system, which is a good investment but is short term (2-3 months) and addresses only the issues of adjusting to the company. Mentoring, however, is more strategic and aims to:
• Create a more effective contributor to the company’s overall goals
• Engender a sense of loyalty in employees
Developing a talent pool is an ongoing challenge for all companies as they strive to remain ahead of the competition and compete in a global market. Many different development strategies exist and a company that wishes to remain a player needs to incorporate a number of them to grow its talent.
Mentoring is one of the most effective strategies as a standalone program or as part of an existing workforce development program. For example, if your company is conducting formal classroom training on specific competencies, such as leadership or customer service, adding a mentoring component can translate the theoretical knowledge gained through formal training into “practical” experience. This has the benefit of creating a more completely developed employee by combining theory with practice.
Managing employees successfully can be a daunting challenge. Having a degree or taking formal courses is good preparation for assuming a management role, but it’s not enough.
Where does a new manager go to gain from the experience and wisdom of a more seasoned manager and balance that formal book knowledge with experiential knowledge? Yes, new managers can always turn to their supervisors, but there is an inherent hesitation to do this because the new manager doesn’t want to appear “incompetent” or “weak.”
Mentoring is a strategic initiative that pairs less seasoned managers with those who can provide not only the experiential wisdom they have, but also a supportive environment whereby the less seasoned manager can share the real issues impacting success.
As you can see, the benefits of using mentoring in career development are many. Contact us if you’d like to set up a mentoring consultation so you can learn more.