Mentorship: One Secret to Employee Retention

| July 06, 2023

Employees are more likely to leave their jobs if they feel like they are not learning and growing. Companies that invest in employee development can boost productivity, innovation, and employee satisfaction. Mentorship programs are a great way to achieve this. 

What are some approaches to mentoring?

There are many types of mentorship relationships for organizations to consider. Here are some examples:
  • Peer to peer—Peer mentors usually have similar backgrounds and experiences to one another, enabling them to provide support, guidance and understanding.
  • One on one—This is a traditional hierarchal type of mentoring in which a mentor has developed professional knowledge and experience in the field of their mentee.
  • Reverse—With reverse mentoring, junior employees are responsible for mentoring senior employees in areas where they have expertise, such as technology use.
  • Group—Employers may use mentoring circles or groups to expand organizational participation.

What are the Benefits?

Benefits for the Mentee (or person being mentored): 

  • 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 them 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 employees 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: 

  • Improves Confidence—It gives mentors the opportunity to help someone else out, which may increase mentors’ self-worth.
  • Company Commitment—It helps mentors re-energize their careers, which may increase their commitment to your company.
  • Leadership Skills—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:

  • 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. For more information on recruitment and retention strategies, contact DiNicola Insurance Services today.