Building a company culture known for professional development plays a key role in retaining your talented employees. After all, modern workers want to build a productive career and will look elsewhere to find the right opportunity. In the end, using senior employees as mentors helps their coworkers truly develop the skills they need to succeed.
So let’s take a closer look at integrating mentorship into your company’s office culture. The benefits of this strategy remain numerous, especially when trying to retain your talented employees during the Great Resignation. Notably, a cultural focus on professional development identifies many of the top companies in the business world.
A recent study illustrates the importance of implementing a mentorship program. It reported that 70 percent of Fortune 500 companies leverage mentoring in an official capacity. Additionally, only one-quarter of smaller firms provide a similar program.
This situation places the onus on businesses, medium-sized and larger, to follow the same approach. As noted earlier, modern workers want professional development opportunities from their employers. So an official mentorship program helps businesses achieve this goal, improving their retention rate as a result.
The bottom line remains simple. If your company wants to compete for talented candidates, mentor your employees! Forging a culture focused on professional development also helps your operational efficiency, leading to higher profitability and business success.
A case study at Sun Microsystems offers valuable insights into the other benefits gained by an employee mentorship program. Five times as many employees participating in the program advanced in pay grade compared to non-participants. Even the mentors themselves enjoyed additional progress in their careers. Similar percentages also applied to a mentored employee’s chances of promotion.
Notably, the company retained 72 percent of employees taking part in the mentorship program. This compares to a 49 percent retention rate of non-participants.
A mentorship program also helps companies with their efforts to achieve diversity and inclusion in the workplace. A study by Cornell University noted a mentorship program improves minority representation in management by 9 to 24 percent.
Any successful mentorship program needs to focus on personal relationships as opposed to a procedural or bureaucratic approach. Find senior-level employees interested in mentoring and pair them with recently hired employees. However, letting an employee choose their mentor works more effectively than assigning them. Provide a light framework or structure for the mentoring, but give both parties the flexibility to customize the arrangement.
If your company needs a talent influx, connect with the experts at the Atlantic Group. As one of the top staffing agencies in New York City, we provide exceptional candidates to help your business succeed. Schedule a meeting with us to discuss your current hiring plans.