At least 71% of Fortune 500 companies run formal mentoring programs.
So there must be something beneficial about them right? Absolutely.
There a lot of benefits to mentoring programs; benefits for the mentees; benefits for the organisations; benefits for the mentors; and a bunch of benefits for society too. So here is your list of 40 mentoring program benefits (& not an exhaustive list) that you definitely don’t want to miss out on.
Benefits for the mentees
1) New development opportunities: Who doesn’t want another channel to better themselves?
2) Increased confidence: We all need someone who can encourage us to do that thing we might otherwise not.
3) A larger network: It’s not what you know, it’s who you know.. right?
4) A more valuable network: Mentors are trusted confidants. And they will go to bat for you if you show them why they should.
5) Accountability: Have a ‘goal’ that you never really pursue. Having a mentor there to ask how that goal is progressing makes all the difference to your motivation (or fear).
6) Real-life advice: Sure Google can answer most of your objective questions, but Google hasn’t been there (Here are 5 reasons mentoring will always be better than Google).
7) Human connection: We could all do with a bit more real interaction.
8) Applicable advice: Who is the best person to tell you about how to become a VP of Sales? Probably that VP of Sales.
9) Improve communication skills: Communications skills can always be improved through.. communication. Especially with people of different backgrounds and expertise.
10) Improve leadership skills: If your mentor is more senior than you, you can learn a thing or two about what it takes to be a leader.
11) Improve management skills: Learn how to manage professional relationships. That’s what managers do.
12) Personal progress: Great mentoring = great progress.
13) Career development: Employees who receive mentoring are promoted 5 TIMES MORE OFTEN.
14) Find a connection: In company mentoring programs, having a mentor can better connect a mentee to management – and the organisation itself.
15) Empowerment: Every employee should feel like they can control their career and destiny. Mentoring can do that.
Benefits for the mentors
16) Give back or pay it forward: People enjoy giving back and having an impact on other people’s lives.
17) Reverse mentoring: Think mentors have learned it all? Think again. Reverse mentoring is becoming increasingly popular in a quickly evolving world (Read: why CEO’s need mentors too).
18) Enjoying the experience: We asked some of Australia’s best mentors what was in it for them – and 50% said they simply enjoyed mentoring.
19) Access to a talent pipeline: What better way to find the next rising star than to help raise them up?
20) Keep your finger on the pulse: Your mentees know all about today’s consumers. And know all about the latest in technology, fashion etc.
21) Ego boost: Nothing says ‘I’m important’ more than someone leaning on your advice.
22) Improve management skills: What better way to learn management skills than to manage without all of the typical management attachments.
23) Bridge the every other generation-millennial divide: Millennials aren’t so different. See how well you get a long with the often misunderstood cohort.
24) Become an even more valuable asset: Sure your work and experience is good. But imagine how valuable you could be by multiplying that impact by making others great too.
25) Increases knowledge share: The more value we share, the more value we create.
26) Improve interpersonal skills: Learn to be a better listener. Learn how to give great advice.
Benefits for the organisation
27) 75% of millennials deem mentoring critical to their success: Your organisation has millennials.
28) Leadership development: Managerial productivity increases by 88% when mentoring was involved, versus only 24% with training alone.
29) Retention: Retention rates have been much higher for mentees and mentors (72% and 69%) than for employees not involved in mentoring programs (49%).
30) Recruitment: More than 60% of college and graduate students listed mentoring as a criterion for selecting an employer after graduation.
31) Improve culture: What better way to improve your culture than to connect those within it.
32) Transfer culture: Have your most senior advocates pass down their passion and vision to more junior employees.
33) Increase knowledge share: Have a bunch of tacit knowledge embedded in your experienced employees? Get it out through mentoring.
34) Increase diversity: Empower underrepresented groups by giving them the support, encouragement and sponsorship they need to succeed and become great employees, managers etc.
35) Improve inclusion: Is there a better way to expose people to different backgrounds, departments, skills, and experiences?
36) Onboarding: Develop employee skills faster, and make them feel more welcome with an employee mentor.
37) Shed a positive light on the organisation: Shows that the organisation is willing to (and want to) invest in its people.
Benefits for society
38) Creates a culture of giving back: Imagine how much better society would be if everybody paid as much attention to giving back – as they do to craving help.
39) Helps bring people off the sidelines: Mentoring has typically been reserved for the select few or ‘high potentials’. What if mentoring was made available to those who really need it; those who’s lives it could change.
40) Creates interaction and connection: In an increasingly (connectedly) disconnected world – it would be nice to see people creating real connections and real relationships, with people outside of their ‘normal’ circles.
And unsurprisingly, there are still a plethora of other benefits associated with running mentoring programs too.
If you are still sitting on the fence, wondering whether or not to get that mentoring program started, here are 10 of the best quotes to get you inspired about mentoring.
10 quotes which will hopefully push you over the mentoring program edge so that you, your employees, your organisation (and us: society) doesn’t miss out on these 40 benefits.