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Did you know that 70% of Future 500 companies utilize mentorship programs, according to the Wall Street Journal? And there are good reasons for it! In addition to higher retention and engagement rates, mentees are promoted five times more often than employees who are not enrolled in a mentorship program.
It is quite clear, then, why mentorship is becoming a pillar of successful and healthy workplaces. In addition to personal and professional achievements, mentorship shifts the focus and atmosphere of one’s company culture for the better.
But before we get into all of that, let’s define some of the basics! By the end of this article, you should have a better idea of what mentorship is, how it affects company culture, and how you can begin to implement a mentorship program into your workplace, no matter the size.
What is a mentorship culture?
Typically, mentorship culture is characterized by a highly engaged workplace where the opportunities for learning are accelerated. This is for several reasons, the first being that the company, through mentorship, has created an environment where learning is accepted and rewarded.
Additionally, workplaces like these often attract high-potential employees who value learning and have the desire to continue to evolve in their personal and professional lives. In a mentorship culture, no one is afraid to ask for help or support because communication and collaboration are major priorities.
A great example of a company that is thriving as a result of its strong mentorship culture is education publisher McGraw-Hill. They meticulously crafted their mentorship program to best fit their workplace, and now 97% of their employees would recommend the program, and 80% attested that they achieved the goals that they set at the beginning of the program.
As an aside, we interviewed Michelle Ferguson, the leader behind McGraw-Hill’s mentoring program. The topic is on supporting Employee Resource Groups through mentorship, but she draws on many of the best practices she learned while at McGraw-Hill.
What are the benefits of building a mentorship culture?
As previously mentioned, there are several benefits of mentorship for mentors, mentees, and your workplace in general.
It is easy to think that it is only the mentee who receives something from the experience, but research has proven this to be false. An investment in mentorship is an investment in both mentors and mentees.
Here are the major benefits of building a mentorship culture.
Retention
One of the most difficult aspects of the business to battle is employee turnover, as it can lead to wasted time and money. Mentorship programs have been shown to increase retention rates for mentees by 22% and mentors by 20%. This is all part of the support, direction, and encouragement they receive as part of the mentorship program, which leads them to feel as if the company truly cares about their well
Employee engagement
Employees in mentorship programs are more satisfied in their jobs which causes them to also become more engaged in the work that they are doing. They feel motivated to take initiative and contribute to the thriving company culture out of gratitude.
Support for diversity, equity, and inclusion efforts
Mentorship programs also lend themselves nicely to a company’s efforts in favor of diversity, equity, and inclusion. By pairing mentors and mentees together from underrepresented backgrounds, they work together to help one another overcome barriers and address issues while supporting one another.
5 Benefits of mentorship on company culture
The benefits of mentorship are not just for the employees involved but for the company culture as a whole.
Building a supportive company culture is increasingly important. In fact, one study found that 58% of employees have left or would leave a position due to negative company culture.
As the workforce continues to value positive company cultures, mentorship programs can assist in assuring that your workplace is meeting their needs. Here’s how.
Communication
One of the major ways that mentorship affects company culture is through the betterment of communication. When employees are paired, they form deeper bonds and practice discussing challenges and triumphs. This builds trust throughout the workplace and allows employees to better understand how to express themselves in whatever they are facing.
Learning and development
Mentorship can, and often should, be paired with learning and development efforts. Instead of mentors and mentees dialoguing about their experiences, participants should be instructed to treat mentorship as a learning opportunity. Everyone has something to offer through their previous employment and personal journeys!
Transparency
This goes hand-in-hand with communication. When employees feel more comfortable communicating with their colleagues, they will naturally open up more. This contributes to a greater culture of transparency where employees do not feel as if they have to hide parts of themselves or negative experiences that have happened.
Teamwork and collaboration
Mentorship inherently encourages teamwork and collaboration. The pairing of two or more individuals creates a scenario where each participant will have to collaborate to ensure that the mentorship experience is meaningful and successful for everyone involved. It is impossible to be a mentee or mentor and be siloed!
Leadership development
Creating a company culture with forward momentum may just be the most exciting element of mentorship. When learning and development are prioritized, this encourages participants to continue to pursue new opportunities and challenges, thereby spurring the formation of the next generation of leaders. As previously mentioned, mentees are promoted five times more often than employees who have not been a part of a mentorship program.
How to build an amazing company culture with mentoring
All of the benefits of mentorship sound great, but choosing the right approach for your mentorship program will impact its success rate.
Train your mentors
There are several elements to consider when building a mentorship program, with one of the most important being mentor training. While some mentors may already be confident in their skills, formal mentor training allows them to understand exactly what to expect and be ready for any part of the process that they may not have previously considered. This is extra security for the success of the program.
Don’t make participation mandatory
It is also crucial to ensure that mentees are able to volunteer for the program at their discretion. Not every employee is ready off the bat, and that is perfectly fine!
During your program promotion, make sure that you have a mentor request form that is easy to find. Having a highly organized system of all available mentors and their interests will additionally aid with mentor-mentee matching at every stage of the game.
Decide what needle you’re trying to move
Once the program is up and running, it is important to monitor pre-determined metrics to understand your ROI of the program and whether or not you are achieving the goals you desired with the program.
If you want to increase employee retention, monitoring turnover rates before, during, and after the program would be essential. If there is little or no change, that will be an indication that your program needs to be tweaked to reach your intended outcome.
Bottom line
Mentorship’s proven success in employee engagement, retention, and satisfaction is key to building positive and healthy company culture. However, we know that starting a mentorship program from scratch can be daunting! That is why Together has created a mentorship software that has been used by over 150 companies.
Together’s software is easy to use and allows for quick implementation by relying on customizable templates designed to work for every workplace. All of the data and information you or your employees provide is also highly secured for peace of mind.
We also provide support to ensure that you not only tailor the mentorship to your workplace but that it inevitably emerges as a successful endeavor. We know the mentorship process through and through and know all the right tweaks to ensure that you reach your desired outcome.
Schedule a demo with our team to find out more about how Together can help you craft a successful mentorship culture.
