Organisations are always concerned about productivity. And usually, the approach to boosting productivity goes something like this: the company invests in new tools and software, and re-jigs their processes with hopes that will solve their problems.
But what ends up happening is the company spends a lot of money on tools and software that provide maybe only a minimal boost in productivity—while a lot more productivity is lost as people try to get on board with the new processes.
So what’s a company’s best bet? Thankfully, mentoring can help your team be more productive—and at a fraction of the cost for the organisation. Here’s exactly how it can achieve just that.
1. Mentoring helps your people focus on goals
Mentoring can help both mentoring partners tease out their goals; after all, it’s nice to have someone to provide real-time feedback as you think through exactly what you want to work towards.
Additionally, the act of setting goals can not only help improve focus but can also lead to increased productivity. How? Because, according to Forbes, goals trigger behaviours, guide focus, sustain momentum, align one’s focus, and promote self-mastery—all leading to an increase in productivity.
2. Knowledge sharing opens people up to new ideas
Mentoring promotes knowledge sharing, and knowledge sharing opens people up to new processes and ways of doing things. These new ways and techniques might work better for your people than the “usual” way they’ve always gone about things. After all, after years of doing a task or process over and over again, it’s likely a more seasoned team member can shed some light on how to cut some steps out of the process for younger employees.
And the benefits don’t end there: knowledge sharing can also encourage leadership and promote more innovation.
3. People who feel supported are more productive
Similar to having goals to focus on, people who feel more supported and connected are also more productive—thankfully, a mentoring program can help your organisation achieve both. And that’s good news, especially since the top 1% of productive individuals add about $5,000 in profits for an organisation every year, whereas less productive employees can cost you $12,000 per year.
For new hires, mentoring can serve as a great onboarding tool by immediately providing them with access to their mentor’s network. This allows them to familiarise themselves with the company culture in a more informal way, meaning they have more time to focus on honing important on-the-job skills.
But these perks don’t only apply to new hires—managers’ productivity can benefit from mentoring as well. In fact, the ATD found that, at 88%, mentoring managers was associated with a 64% higher jump in productivity than simply training them (24%).
4. Exposure equals widened perspectives
Exposing your people to a diversity of people and ideas opens up a whole new world that can widen their perspectives. All elements of diversity—age, gender, race, education, background, and more—are all that allow individuals to bring their unique expertise to the table.
Mentoring programs with a focus on DEI can provide individuals with the ability to share ideas and solve issues in unexplored ways.
Want to learn how the Mentorloop platform can provide mentoring software and the necessary process to get your program set up for success and improve productivity? Book a demo and chat with one of our mentoring experts!
