Deloitte Research data states that 1 in 3 new hires leave a company within the first year of employment. That number represents a large loss of productive and increased turnover costs. Some turnover in the first year is expected—as both the company and the employee explore whether this is the "right fit" for either of them. But if the right fit is there, companies can improve their talent retention rate significantly by paying attention to the needs of the new employee. And mentoring can help.
Assuming that the new employee has the competence to do the job, the issue becomes whether the employee can operate effectively in this new culture. This is more than simply doing the job well. It is important to ensure that your new employee understands:
- the ins and outs of the corporate culture
- how that enhances or hinders the employee's success now and in the future
Sometimes, a buddy program is developed as a quick and inexpensive method of easing that employee's transition to the company. However, it is often half-hearted in implementation and left up to the buddy to figure out how to be helpful.
A better and more powerful strategy for talent retention is to match a new employee with a mentor. A trained mentor will:
- Build a relationship
- Empower your new employee
- Share company experiences
- Provide important feedback
A mentor will also bring to the table the kind of care and concern needed by someone coming into a new situation—with all the insecurities and doubts that sometimes accompany such a transition. Minimizing such insecurities and doubts will prevent these from eroding that person's confidence in themself and goodwill toward the company. There is nothing as powerful as having someone there who cares and is willing to listen. Mentoring doesn't need to take a lot of time but reaps great rewards—the greatest of these is retaining top talent!