Using Mentoring to Bolster Employee Retention

Employees are the backbone of any organisation, but many individuals who are seeking growth may explore opportunities beyond their current companies. It is interesting to note that 65% of employees cite a lack of personal development as a reason to seek new employers, as research conducted by online training company GoodHabitz shows.

Retaining skilled and engaged employees is crucial for an organisation's long-term success. Companies with low turnover rates generally have reduced hiring and onboarding costs, enhanced employee morale and increased productivity.  One cost-effective way to boost employee retention is through mentoring.

Understanding Mentoring:

Workplace mentoring refers to the relationship between a mentor and a mentee, where the mentor provides guidance and professional advice to encourage the mentee's growth, learning, and professional development. Successful mentoring relationships are beneficial for both parties.

Types of Mentoring:

Organisations have various types of mentoring relationships to consider. Some common examples include:

• Peer-to-peer 
• One-to-one 
• Reverse 
• Group 

The Importance of Mentoring:

Effective mentoring programs foster a culture of learning, growth, and collaboration among employees. This helps create an inclusive environment and promotes strong interpersonal relationships among colleagues. Mentees benefit through continuous growth, feedback and skill development. Mentors, on the other hand, have the chance to further enhance their leadership and communication skills.

How Mentoring Aids Retention:

Employees increasingly seek growth and development opportunities from their employers. According to a study by LinkedIn Workforce, 94% of employees would remain with their company longer if their employer invested in their career development. Employers who demonstrate a commitment to their employees' development are more likely to have engaged staff who actively seek career advancement within the organisation. Mentoring programs play a significant role in boosting employee retention by:

- Creating a safe space for open discussion

- Providing professional support

- Fostering strong interpersonal relationships

- Developing a sense of control over one's career path

- Offering avenues for personal and professional growth

- Cultivating a positive workplace culture

- Contributing to increased engagement & productivity,

- Boosting motivation

Implementing Mentoring Programs:

Organisations looking to enhance employee retention through mentoring should consider the following steps when creating a mentoring program:

1. Define a high-level goal.

2. Invite employees to participate 

3. Match mentors and mentees, while also providing support, guidelines, and learning resources.

4. Seek feedback from participants regarding their experience.

Organisations that support successful mentoring programs will likely experience increased employee engagement, reduced turnover, lower costs, and a more knowledgeable workforce.

For further guidance on implementing mentoring programs and additional workplace resources, please do not hesitate to contact us today.