4 Mentoring program KPI’s you should be tracking

Mentoring program KPI

Mentoring is one those employee programs that is generally considered good, even when the objective results aren’t 100% clear.

However, organisations are often (and rightly so) concerned with tracking more tangible outcomes – and assessing the ROI of their mentoring programs.

If you are in this camp, and are looking to track mentoring success more closely, what exactly should mentoring program KPI’s look like?

And how can you accurately measure these KPI’s?

KPI: Mentoring program satisfaction

It is important to quantify employee satisfaction for any program. All too often, organisations build checklist programs (check the box because it’s the right thing to do) without ever really assessing whether or not their employees are enjoying/happy with the program.

This KPI is critical to success – because if this KPI isn’t achieved, then the next few will be impossible.

How do you measure it?

One of the best ways to measure satisfaction is to measure engagement and communication frequency between mentor and mentees, which mentoring software platforms like Mentorloop make very simple. Mentorloop captures all communication (frequency not the content of the message) between mentors and mentees within the platform and via email, and sends that data to your dashboard for reference and reporting.

In addition, simply ask your employees whether or not they are satisfied, and how the program can be improved with a couple of pulse surveys or post-program interviews.

KPI: Employee engagement & retention

One of the proven outcomes of a great mentoring program is improved employee engagement and retention – which means it should be one of your KPI’s. Increasing engagement and retention are a high priority amongst all organisations; drastically reducing turnover and hiring costs, and increasing productivity.

How do you measure it?

This one can be a little more difficult, but is doable (here is a great article on employee engagement and how to measure it).

Once again, you can employ the survey method of discovery, simply asking your employees to fill out regular pulse surveys; conduct one-on-ones; conduct stay/exit interviews; and gather employee NPS scores.

The key here in terms of your mentoring program KPI’s, is to make sure you have a baseline measurement pre-program – and measure against that baseline for progress during or after the program – where you can confidently derive that the program had an impact.

KPI: Employee learning and development

Learning and development is another standard KPI for mentoring programs. Mentoring programs are great for developing soft skills such as leadership development, communication skills, and confidence, but are also great for improving domain learning when a mentee is partnered with a mentor who can provide their expertise and actionable tactics.

How do you measure it?

Goals are a great (and under-utilised)  method of measuring personal and professional development. Integrating goals and intended outcomes into your mentoring program recruiting/onboarding form gives you an easy way to measure your L&D KPI.

To do this, simply ask your mentors and mentees what they would like to get out of the program (whether that be improved networks, leadership, or something specific like website development), and then assess their progress against these 5 metrics.

KPI: Diversity and inclusion

Mentoring programs are becoming an increasingly important diversity and inclusion initiative as they encourage the type of activity and support which results in better D&I outcomes.

More young female professionals are being paired with successful men and women in senior roles who can support them, offer them advice, and sponsor them to success; other minority groups are feeling more acknowledged, and deriving the confidence and leadership skills to break through the artificial ceilings.

How do you measure it?

The most common methods of assessing diversity are measuring the representation of underrepresented groups at various levels of an organisation e.g upper management.

You can get a good look at this KPI by doing a pre and post-mentoring program assessment of these statistics. Promotions and large-scale hiring don’t happen overnight, so it may take a couple of cohorts to see tangible results.

Personally, I don’t think this measure does enough in describing the results, nor prescribing real solutions for plaguing inclusion problems  – and think we can do a better job at creating a more holistic look at D&I with measures like these.

While not an exhaustive list of mentoring KPI’s, if you stay true to these 4 mentoring program KPI’s that you should be measuring, you can’t go too far wrong.

If you have a highly specialised mentoring cohort (say you are an engineering heavy company), you may want to get more granular with your mentoring program KPI’s, and make them more skill specific.

Good luck in achieving those key performance indicators.

Want some help tracking and achieving these mentoring program KPI’s?

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