Bottom Line Stats About Employee Mentoring Programs
A well designed mentoring program, especially for new employees, can make a bottom line impact at any organization.
Mentoring programs are becoming the standard in many American workplaces, especially when it comes to onboarding new employees. In fact, mentoring has been called an "overlooked perk" because of the benefits it offers employees.
Fortune 500 organizations are incorporating mentorship into their new employee onboarding programs
Time Warner Cable uses mentoring to improve loyalty and workplace satisfaction. Their goals are to build their employees’ skill sets, increase industry knowledge and achieve developmental goals. They say it gives their top talent “a stage on which to shine and enables them to move throughout the company.”
Mentors at Caterpillar move mentoring beyond the typical job responsibilities. They provide guidance on careers, culture, soft skills, work-life balance and the community. The program doesn't stop after a few months. In Caterpillar's new employee mentorship program, employees stay in their mentorship programs for 2-3 years. This helps them develop leadership skills and build long-lasting relationships with their mentors and peers.
They’re not the only companies seeing these kinds of benefits. The majority of Fortune 500 companies see so much value in mentorship programs that they’re using them in their own organizations, and executives are attributing their own career success to their mentors.
Studies are also backing the claim that corporate mentorship is essential for attracting, developing and retaining talent.
To see more examples, check out this blog: 5 Corporate Mentorship Programs Worth Imitating.
Take a look at these employee mentorship statistics
75% of private sector executives say mentoring has been critical in their own career development. When you create leaders through mentoring, you’re sharing a skill set between experienced individuals and new employees, investing in the future of your organization.
71% of Fortune 500 companies offer mentorship programs. These include: Google, Caterpillar, General Electric, and Intel.
77% of companies with mentoring programs say they improve employee retention and job performance. Studies show that employees are retained longer, work harder, and produce better quality work when they feel content in the workplace. And employees who’ve been mentored express greater workplace contentment.
47% of millennials will switch jobs to find better culture if they feel they are disengaged in the workplace. Mentoring engages employees and helps establish a stronger culture, both of which reduce turnover and save organizations tens of thousands per lost employee.
81% of millennials with mentors report they’re happy with them, and they’re twice as likely to stay with a company for more than 5 years. That’s a 68% retention rate as opposed to 32%. That’s a huge benefit considering each lost employee can cost 1.5-2X their annual salary.
64% of high-potential employees said they are dissatisfied in one study because their companies offer little opportunity for development. Another study found lack of career development as the number 1 reason employees quit their jobs, something that can easily be solved through career mentorship.
72% of mentees were retained as opposed to 49% who received no mentoring in a Sun Microsystems study. The same study also found that mentors received promotions 6X more often than their peers.
Adding a mentoring program for your new employees
You understand the importance of a mentorship program, but do you know what it takes to put a program together? Check out this blog: The Basic Anatomy of All Corporate Mentorship Programs to see what you need to consider as you move forward.
Creating a solid plan to present to your CEO, along with the stats to back it, may just help you get your much-needed mentoring program up and running.
As career expert, Heather R. Huhman states, “Mentorship is essential for the success of many organizations. Whether the mentorship program is formal or informal, employees can benefit from this type of workplace relationship.”