Why Your Business Needs To have mentors

I have written a number of times about the challenges in retaining your top talent. The Harvard Business Review recently wrote about the power of businesses putting in place a mentorship program and the positive impact mentors have on team members.

The HBR study found that employees with mentors reported higher compensation, greater levels of promotion, more commitment and satisfaction in their career and more positive feelings about the organization and its leaders. 75 percent of executives credited mentorship as a driving force in helping them reach their position.

On the flip side, high achievers in large organizations cited lack of mentorship as a chief reason they left their last job.

There are a number of benefits for mentors:

1) It helps to build the next level of leaders. Through mentoring, seasoned employees can develop their leadership skills in a low-risk environment. Senior-level managers can help guide mentors and polish their approach with their mentees, helping the mentor become more effective.

2) The mentee receives exposure to fresh perspectives, new ideas and approaches. This can also apply to the mentor who can learn from the mentee, making the relationship even more powerful.

3) It’s a wonderful opportunity to give back and share knowledge. This can be a very powerful motivator for mentors as through their help and guidance they assist their mentee to achieve great things.

For the mentee:

1) Increased visibility and recognition throughout the company. It can be hard for new employees to be recognised and put forward new ideas, so with their mentors support they have a much better pathway.

2) Development of skills and guidance on professional growth. Mentors can provide an experienced perspective to help the mentee with daily challenges and career advice, that the mentee may be completely unaware of.

3) Instantly creates a web of contacts. By serving as their anchor, a mentor can help a new employee by assisting with knowledge transfer, including them in the community and reinforcing important cultural norms. A mentor can be the difference between an employee failing to take root versus one who becomes the next great team member.

The obvious benefits to the company include, happier team members who are more productive, more engaged and less likely to leave. Of the notorious job-hopping millennials, 68 percent stayed with a company over five years who had a mentor.

In today’s challenging business world, retaining the best talent is essential.

Roger Simpson – CEO, The Retail Solution and Author of “The Ultimate Retail Sales Experience” With over 35 years’ industry experience, Roger Simpson is recognized as Australia’s #1 Authority on customer ROI in the retail industry and as a global expert on staff coaching, customer service, and selling skills.