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.
Mentoring Benefits for Mentees
New development opportunities
Who doesn’t want another channel to better themselves?
Mentoring can provide a mentee with new development opportunities by offering guidance and support in areas such as skill development, career advancement, and personal growth. A mentor can share their knowledge, experience, and insights, and provide feedback and advice on the mentee’s performance. They can also serve as a role model, helping the mentee to set goals and develop the skills and confidence needed to achieve them. Additionally, mentoring can provide access to networking opportunities and other resources that can help the mentee grow and succeed in their career.
We all need someone who can encourage us to do that thing we might otherwise not.
Mentoring is like having a personal confidence coach, helping you build the self-assurance you need to achieve your goals. Your mentor will be there to provide you with support, guidance and honest feedback. Together, you’ll identify your strengths and areas for improvement, set goals, and figure out how to achieve them. This process will not only help you develop new skills and knowledge but also help you feel more in control of your own growth. And let’s not forget, as your mentor, they’ll be a shining example of how to approach challenges and opportunities with confidence. By observing them, you’ll learn how to adopt the same confidence-building techniques and mindset. Plus, through the mentoring process, you’ll receive validation and recognition for your accomplishments, which will give your self-worth and confidence a boost.
A larger network
It’s not what you know, it’s who you know.. right?
Mentoring is like having a personal connection specialist by your side, helping you grow your professional network. Your mentor likely has a wealth of established relationships and connections in their field, which they’re more than happy to share with you. They have the ability to introduce you to other professionals and experts in your field, and open doors for you to attend networking events and connect with potential employers, collaborators, and business partners.
A more valuable network
Mentors are trusted confidants. And they will go to bat for you if you show them why they should.
And it’s not just about the number of connections, your mentor will also help you develop the skills and confidence you need to make the most of networking opportunities and build your own network. Through the mentoring relationship, you’ll learn how to network like a pro, and who knows, you might even end up with some new friends in your field. And the cherry on top, mentoring can open doors to new opportunities, and since mentors are usually successful people in their field, their networks are usually diverse, and they may connect you with people you wouldn’t have had access to otherwise.
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).
Having a mentoring partner to help you stay on track and achieve your goals is both incredibly valuable and a privilege. Your mentor can guide you, support you, and hold you accountable – and help you set realistic goals, create a plan of action, and provide regular check-ins to ensure progress. They also may offer feedback, advice, and resources to help you overcome obstacles, stay motivated and focus on your goals. A good mentoring relationship can often help you stay committed to your objectives, and ultimately lead to success.
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).
Real-life advice is often more valuable than advice you read in books or online because it’s tailored to your specific situation. It’s given by people who have personal experience and knowledge, and can offer practical solutions and strategies that are specific to you. Plus, real-life advice comes with emotional support and encouragement, which can be super helpful for motivation and accountability.
We could all do with a bit more real interaction.
Participating in a mentoring program can have a positive impact on human connection by fostering a sense of trust and openness between the mentor and mentee. Through regular interactions, mentees can develop a deeper understanding of their mentor’s experiences, perspectives, and values. Often this has a flow-on effect, leading to more meaningful relationships and increased mutual respect.
Who is the best person to tell you about how to become a VP of Sales? Probably that VP of Sales.
Mentoring differs from other forms of advice in terms of relevance because it is tailored to the specific needs and goals of the mentee. By pairing a mentor with a similar career trajectory or set of interests, they can work closely to best understand their unique situation and provide advice and guidance based on that understanding. This can make the advice more relevant and applicable to the mentee’s specific circumstances, which can increase the chances of success.
Improve communication skills
Communications skills can always be improved through.. communication. Especially with people of different backgrounds and expertise.
Mentoring can help you communicate better with people who are different to you by giving you opportunities to interact with diverse individuals and learn from them. Your mentor can provide you with feedback on your communication style, offer strategies for effective communication, and help you understand and respect different perspectives. Plus, mentoring provides a safe and supportive environment for you to practice and improve your communication skills. All in all, mentoring can help you navigate and communicate better with people from different backgrounds, making you more versatile and effective in your communication.
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.
A mentor can help you level up your leadership skills by providing guidance, support, and feedback on your abilities. They’ll help you identify your strengths and areas for improvement, set goals, and develop the skills you need to lead effectively. Your mentor can also serve as a role model, showing you how to lead with integrity and authenticity. Plus, they can provide access to their professional network and opportunities for you to gain practical experience and improve your leadership skills. And not to mention, they can also offer feedback and coaching on different leadership styles, helping you find the best fit for you.
Improve management skills
Learn how to manage professional relationships. That’s what managers do.
Having a mentor can help you become a pro at managing things. They’ll provide guidance and support in areas like goal-setting, decision making, and problem-solving. They’ll give you honest feedback on your performance and help you identify your strengths and areas for improvement. They’ll also show you how to effectively lead and manage a team and navigate challenges. Plus, they’ll serve as a role model for good management and give you opportunities to gain practical experience. And let’s not forget, they’ll also offer feedback and coaching on different management styles, helping you find the best fit for you. Overall, a mentor can be a real asset in helping you develop your management skills.
Great mentoring = great progress.
Having a mentor can help you make major strides in your personal progress. By providing guidance, support, and feedback on your personal goals and development they can help you identify your strengths and areas for improvement, set goals, and develop the skills you need to achieve them. They’ll also show you how to navigate personal challenges and make decisions. Plus, they serve as a role model for personal growth and give you access to resources and opportunities to help you succeed.
Employees who receive mentoring are promoted 5 TIMES MORE OFTEN.
In addition to all of the above benefits, mentors can often offer feedback and coaching on different career development styles and strategies, which can help mentee to discover the career path that best fit them and increase their chances of being promoted. Sometimes discovering the right path for one’s skillset and strengths can be uncovered by working with a mentor.
Find a connection
In company mentoring programs, having a mentor can better connect a mentee to management – and the organisation itself.
Participating in mentoring can make you feel more connected to an organisation because it provides opportunities to interact with and learn from experienced individuals within the company. Furthermore, mentoring often includes networking opportunities, which can expand your professional and personal connections within the organization, making you feel more connected to the organization. Overall, mentoring can create a sense of belonging and increase your engagement with the organization.
Every employee should feel like they can control their career and destiny. Mentoring can do that.
Mentors can help you identify your strengths and areas for improvement, set goals, and develop the necessary skills to achieve them – they can also help you check for your career blind spots. They can also provide insights and advice on how to navigate challenges and make decisions about your career trajectory and help you to feel more capable and in control of your own development and destiny.
Mentoring Benefits for Mentors
Give back or pay it forward
People enjoy giving back and having an impact on other people’s lives.
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 along 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.
Mentoring Program Benefits for Organisations
27) 75% of millennials deem mentoring critical to their success: Your organisation has millennials.
28) Leadership development: Managerial productivity increases by 88% when mentoring is 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.
Mentoring Program 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 whose 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 that will hopefully push you over the mentoring program edge so that you, your employees, and your organisation (and us: society) don’t miss out on these 40 benefits.