- Posted by Maria Peterson
- On January 14, 2019
Older employees typically have lots of industry and company knowledge, so it’s important to create opportunities for them to share such knowledge with younger employees. One effective way to do this is through implementing a mentorship program.
A mentor is an individual in the workplace who shares their knowledge and expertise to help another employee grow professionally. Mentoring programs can benefit not only the mentees, but also the mentors and the company as a whole. The following are some of the benefits of a mentoring program.
Benefits for the Mentee
Mentees can achieve the following benefits through a mentoring program:
- Skill development – Mentors teach mentees the skills and qualities they will need to succeed, along with familiarizing them with the company’s protocol and procedures. This, in turn, can teach mentees how to do their jobs more efficiently.
- Continual growth – Mentors provide ongoing feedback to their mentees and teach them how to take constructive criticism and apply it to their jobs. This type of feedback can feel less intrusive than regular performance reviews and employees may respond better to it as a result.
- Networking – Mentoring allows employee to build a professional relationship over a period of time and teaches them about the value of networking.
- Talent development – By providing mentees with the skills and support they need to succeed, mentees will be more prepared to advance to new positions within the company and to take on leadership roles.
Benefits for the Mentor
Mentoring programs can also reap significant benefits for the mentors themselves, including the following:
- It gives mentors the opportunity to help someone else out, which may increase the mentor’s self-worth.
- It helps mentors re-energize their careers which may increase their commitment to your company.
- It allows mentors to fine-tune their communication and leadership skills, which can be valuable as they continue to grow in their own careers.
Benefits for the Company
In addition, there are significant benefits that can be realized by your company:
- Retention – Mentoring helps employees feel more engaged in their work and more in control of their careers. Employees will feel like the company cares about them and may be more loyal as a result – in turn, reducing turnover-related costs.
- Recruitment – Advertising a mentoring program can help recruit qualified candidates and establish yourself as an employer of choice within your industry.
- Productivity – Because employees have the skills they need to do their jobs effectively, this can increase productivity and reduce the number of errors made on the job. Employees may also feel more confident in their work and spend less time second-guessing themselves.
- Company culture – By encouraging employees to build positive relationships with one another, you can promote a sense of cooperation and teamwork at your company,
Mentoring programs can be a low-cost way to increase retention, attract new talent and improve employee morale—all of which can help protect your bottom line for years to come.