Organizations that promote and facilitate strong mentorships may experience improved employee retention, morale and engagement.
Statistics to Know
A LinkedIn Workforce study found that 94% of employees would stay at their jobs longer if their employers invested in their career development.
According to research by CNBC and SurveyMonkey, 91% of employees with a mentor are satisfied with their jobs, more than 20% higher than those without one.
What Is Mentorship?
Mentorship in the workplace describes the relationship between a mentor and a mentee. Workplace mentors typically offer professional advice to encourage mentees to learn, grow and develop professional skills.
How Does Mentorship Help With Retention?
Successful mentorships have numerous benefits for both employers and employees, such as the following:
- Providing a sense of control over one’s career path
- Encouraging strong interpersonal relationships
- Offering professional support and development opportunities
- Creating a positive workplace culture
- Facilitating a safe space for open discussion
- Boosting job satisfaction, engagement and productivity
- Offering an avenue for personal and professional growth
- Increasing motivation and internal mobility
Types of Mentorship
Here are some common examples of mentorship:
Group
Mentoring groups or circles may focus on a specific workforce demographic (e.g., women or other minorities).
Peer to peer
Through this form of mentorship, employees with similar backgrounds and experience provide understanding, support and guidance to one another.
One to one
This type of mentorship involves mentors with professional knowledge and developed skills providing valuable answers to less experienced mentees during individual sessions.
Reverse
Such mentorship entails junior employees mentoring senior employees in areas where they may have additional experience, such as technology.
Fostering Mentorships
These steps may help employers facilitate successful mentorship relationships among employees:
- Define goals and objectives.
- Select the type of mentorship that best fits organiza-tional needs.
- Encourage employees to become mentors or mentees.
- Provide relation-ship guidelines, learning resources and support to mentors and mentees.
- Ask participants for feedback.
Mentorship Meets Custom Benefits
Mentorship significantly boosts employee retention and job satisfaction. However, complementing these mentorship programs with a robust Employee Benefits Plan is crucial for a comprehensive employee experience. If you’re uncertain about the effectiveness of your current benefits plan or seeking improvement, contact us. We specialize in crafting custom benefits solutions tailored to your business needs, ensuring your team feels valued and supported.
