Listen, at the end of the day, it’s all about retention.
After all, millennial workers—aka the job-hopping generation—who are intending to stay with their organisation for more than five years are more than twice as likely to have a mentor. That’s probably because 7 out of every 10 of your millennial employees deem mentoring critical to their success.
Furthermore, 9 out of 10 HR leaders consider improved retention a critical or high priority. So why not provide your team with the growth and learning opportunities that mentoring programs can bring? It can be the difference between them staying and leaving.
The Human Capital Management Space Has Changed
Talent attraction and retention isn’t just HR’s job anymore. A commitment to retaining your employees has to start from the top, or it won’t take hold. Additionally, employees now look for more than just decent pay, they want personal growth and development opportunities too.
That’s why initiatives like mentoring programs can be so effective. They don’t only signal to your team members that your company is invested in connecting people at all levels of the organisation, but that you’re committed to maximising their career learning and time spent in the workplace too.
A Mentoring Program Shows Your Team You Care About Their Growth and Career
The younger workforce now considers opportunities to be mentored when determining whether to stay at an organisation or even whether or not to accept a new role. In fact, employees who are involved in mentoring programs have a 50% higher retention rate than those who aren’t.
Barring horrible working conditions and toxic culture, employees, for the most part (about 50%) leave their bosses, not their companies. So don’t be the boss they leave because they think you don’t care about anything other than their output. You know you care about more than that, so show them you do by investing in their growth.
It Gives Your Team An Opportunity To Widen Their Perspectives
Widening our perspective is always a good thing. Not only is it great for our interpersonal skills, it can do wonders for how we perform our jobs (e.g. better appreciation for the big picture, consideration of other processes or how other people work, etc.).
It can also help your organisation with the development of future leaders by allowing mentoring participants to learn from seeing, doing, networking, and sponsorship.
What Legacy Do You Want To Leave As A Leader?
Do you want to be known as simply a boss and nothing more? No, chances are you want to be known as more than a boss—you want to leave your legacy as a leader. And as a leader, you probably want to be known as the one who made it a point to have an inclusive team, lifted minorities up, implemented an initiative that changed the direction of the organisation, helped people grow, and more!
Be known as the leader who made sure their team got more out of their jobs than just a paycheck.
Add A Mentoring Program To Your Retention Toolbox
Having a mentoring program is a powerful tool you can add to your retention toolbox, and Mentorloop will support you the whole way through! We’ll help you:
- Improve your company culture by enabling colleagues to connect with one another, expand internal networks, and foster great relationships.
- Offer a constant development source, keeping people engaged and satisfied.
- Fill the feedback and recognition void with support, insight, and advice.
The time is now to start your successful mentoring program implementation, and we’re here to help.
Get started with Mentorloop for free – start building your program today!
