Companies not only need to attract and win talent but they also need to retain talent. Mentoring is one of the most effective tools in attracting, winning, and retaining talent. The power of a personal relationship with someone in the organization who has a sole interest in your professional development is an incredible incentive for staying with the company. For most people, continuing to grow in a position and feel valued will translate into loyalty to an organization.
Today’s workforce is looking for employers who are interested in investing in them as employees AND helping them along in their career. Employees often move frequently from employer to employer searching for an employer that will demonstrate both. According to a 2011 article by The Society For Human Resources Management (SHRM) "In 2010, the Corporate Leadership Council of the Corporate Executive Board surveyed 880 high-potential employees. More than 25 percent said they planned to change jobs within the next 12 months. That's potential attrition 2.5 times greater than just five years earlier. Among the dissatisfied, 64 percent said their current employment experiences are having little impact on their development."
Financial reward is not the most important retention factor for most employees. Feeling valued as an employee is an extremely important retention factor that should not be overlooked. Mentoring demonstrates how much you value your employees and benefits mentors, mentorees, and the organization itself. In this Harvard Business Review blog post, Anthony K. Tjan said “Mentorship, delivered in an authentic manner, shows that you care about employees' professional progression. This basic ‘I care about you’ culture is the foundation for effective mentorship. It requires knowing a mentee's ambitions and capabilities, their successes and challenges towards, and the ways you can help push their ball forward.”
Competition for highly skilled employees is becoming a greater challenge. Prospective employees conduct more sophisticated job searches and are likely to ask more critical questions to assess what they will gain both short-term and long-term in working for your company. Offering a planned approach to their career development, such as a corporate mentoring program, has become a “must-have” for organizations that want to attract and retain top talent.
Mentoring has a powerful attraction for prospective employees. In career development surveys, mentoring continues to be cited as an important strategy. When marketing to prospective employees, advertising that you have a professional and effective mentoring program can be a significant differentiator between you and your competitors.
With a professional and effective corporate mentoring program, you have the ability to attract, win, and retain top talent.
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