At a recent client monthly meeting we discussed their new employee orientation (onboarding) process and how someone is always included to mentor the new person. The mentoring program isn’t structured. Its primary intent is to provide an opportunity for feedback and concerns that they might not feel they can address with their supervisor. The CEO played a video on why mentoring is important this company. Immediately he observed there were additional opportunities mentoring offers to grow their business.
What did he see?
Let’s start with some reasons why mentoring can be an important part of your strategy for growing your business. First 77% of companies surveyed agree that mentoring is an effective tool in increasing retention of key employees. In financial terms, losing a good employee can cost a minimum of $50-$100K. (If you’d like to find out more what losing a employee costs check out Topgrading’s Cost of Mis-Hire Calculator) The first opportunity for gain – mentoring increases employee retention.
Are you every concerned that when an employee leaves they take a little bit of the company with them? Knowledge and expertise in your business is not always easily replaced. Mentoring provides a way for new employees to tap into your experienced and professional people. Their knowledge is transferred assuring all that experience doesn’t walk out the door when someone leaves.
Mentoring enhances your people’s skill sets, develops careers, management and provides education support. Having a mentor train a new employee can often bring life to the training process. It can recharge the mentor and bring real time understanding to static training efforts.
Mentoring helps with culture changes or adoption. Mentoring is also a way to aid recruiting since the new person is better acclimated and willing to help find new employees who have a similar mindset to your company’s culture. Faster orientation and a positive experience with your company increases the likelihood they’ll speak positively to their friends and acquaintance’s greasing the path for new employees.
Reread the last several paragraphs. Ask yourself how much value can you place on this? How much is a mentoring program worth to your organization? Can you place a dollar value on the rewards mentoring provides?
In addition mentoring is valuable to both the person being mentored and the mentor. How often do employees get stuck where they are. Mentoring a new employee can help them get a new perspective and rebuild the enthusiasm they had for their position when they started. It can help them to solve problems with a new perspective. New employees build skills and at the same time provide training on how to train to the mentor. This can lead to management opportunities, knowledge transfer and reduce conflict.
Does this give you a better sense of the value mentoring provides for your company?
Consider reviewing or starting a mentoring program for your company now. You’ll be handsomely rewarded for your efforts! It will decidedly increase employee engagement
Orienting new employees in your business should have two sets of organizational directions: an emotional and objective component. We’ll discuss these and their value next blog.