Mentoring in the Workplace: How to Bolster Employee Retention

Mentoring in the workplace is often an overlooked strategy to attract and retain top talent. Over the years, it’s becoming clearer that employers who promote and facilitate strong mentorships may experience improved employee retention, morale and engagement. In this article, you’ll learn about workplace mentorship and how to get started.

3 Statistics that Enforce the Importance of Mentorship

Before we take a deep dive into mentorship, you may be wondering, “Why do I need a workplace mentorship program?” We’ve gathered three key statistics that identify the importance of creating a mentorship program at work.

1. According to a study from the University of Phoenix, more than half of employees are looking for a new job or expect to be looking for a new job in the next six months.
2. A LinkedIn Workforce study found that 94% of employees would stay at their jobs longer if their employers invested in their career development.
3. According to a study from consulting firm Randstad, employees are 49% less likely to leave companies with mentoring programs.

What is Mentoring in the Workplace?

Mentorship describes the relationship between a mentor and a mentee. Workplace mentors typically offer professional advice to encourage mentees to learn, grow and develop professional skills. Want an easy-to-navigate visual to share with your team? Check out our “Using Mentorship to Bolster Employee Retention” infographic. In the meantime, let’s dive a little deeper into what mentoring in the workplace is and how to best facilitate it.

8 Benefits of Mentoring in the Workplace

If you’re trying to implement a workplace mentorship program, people may ask you, “What are the benefits of aligning with a professional mentor?” Successful mentorships have numerous benefits for both employers and employees. Eight key benefits of mentoring to know include:

• providing a sense of control over one’s career path;
• encouraging strong interpersonal relationships;
• offering professional support and development opportunities;
• creating a positive workplace culture;
• facilitating a safe space for open discussion;
• boosting job satisfaction, engagement and productivity;
• offering an avenue for personal and professional growth; and
• increasing motivation and internal mobility.

Types of Mentorship

Mentorship isn’t just a mentor- and mentee-dynamic. In fact, there are four common types of mentorship.

1. Group: Mentoring groups or circles may focus on a specific workforce demographic like women or other minorities.
2. One-to-One: This type of mentorship involves mentors with professional knowledge and developed skills providing valuable answers to less experienced mentees during individual sessions.
3. Peer-to-Peer: Through this form of mentorship, employees with similar backgrounds and experience provide understanding, support and guidance to one another.
4. Reverse: Such mentorship entails junior employees mentoring senior employees in areas where they may have additional experience, such as technology.

Fostering Mentorships: Five Steps to Get Started

By understanding the basics of mentorship, employers are able to better foster it within their workplace. Use the following steps to begin thinking about what mentorship programs would best fit your company:

1. Define goals and objectives.
2. Select the type of mentorship that best fits organizational needs.
3. Encourage employees to become mentors or mentees.
4. Provide relationship guidelines, learning resources and support to mentors and mentees.
5. Ask participants for feedback.

Launch Your Mentorship Program: Contact Us

Mentoring is a simple and cost-effective way to reduce employee turnover and increase employee engagement. Our team of experts can give you the resources and tools necessary to start or strengthen a mentorship program. Contact us for further guidance on how to best implement your workplace mentorship program.