Is a Mentor Program a Good Return on Investment? Aug 21, 2018Views: 703
In business, the bottom line is everything. For this reason, it is understandable that you may be considering whether a mentor offers a good return on investment. In this article, we are going to examine this, as well as what a mentor program can do for you and your business.
What is a Mentor Program?
A mentor is someone who takes a junior, less experienced colleague under their wing. They offer advice, guidance, emotional support, and act as a good role model. The protégé or mentee has someone on hand who they can trust, which is invaluable as they learn the demands of their role within the organization.
The Benefits of a Mentorship Program
It has long been known that a mentor can help smooth the path in many roles. Many high-level executives have mentors to help guide them in their careers. Their mentors work with them to resolve the issues faced, both professional and personal. The mentor’s first responsibility is to the individual, not the company, so their advice is always impartial. When tough decisions must be made, it is helpful to have a mentor to turn to for advice.
The advantages of offering a mentor to employees should not be underestimated. Employees who feel secure and happy in their role are less likely to leave. Employee retention should always be an organization’s priority, as employees are your biggest asset. Mentors can also help prepare their mentees for more responsibility, by boosting their leadership skills and self-confidence.
Mentoring also helps to boost technical skills by encouraging older, more experienced employees to teach their younger proteges the ropes. Again, this also improves employee retention rates, as your staff are less likely to seek opportunities elsewhere if they feel valued.
Calculating a Return on Investment
A mentorship program requires a commitment from all parties. Management must commit to spending time and money implementing a scheme. Experienced employees must commit to offering their services as a mentor. And finally, junior staff need to be open to the idea of working with a mentor.
To work out whether establishing a mentorship program is a worthwhile investment, you should look at whether employee retention is a problem and whether you have issues finding suitable candidates for internal promotion into leadership roles. If the answer is “yes” in both cases, a mentorship program can offer you an excellent return on mentoring investment.
Implementing a Mentorship Program
To make it work, put a plan in place and have clear and measurable goals. There are software packages available that can help you track the number of people who register for the scheme, both mentors, and mentees. Use this to track how many mentor relationships are set up at any given time. Make sure that there are no discrepancies in the data, such as fewer minority candidates registering for either role. Mentors need an action plan. This should be monitored by administrators to ensure progress is being made.
Even the slightest improvement on employee retention will boost your bottom line, so don’t ignore the benefits of a mentorship program.
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