The magic of mentoring in engaging and developing the potential of individuals is evident daily, and the statistics back this up.
More than 70% of Fortune 500 and private companies use mentoring to attract, develop and retain talent as well as boosting productivity.
Research by ASTD discovered that managerial productivity increased by 88% when mentoring was involved in staff development, compared with an increase of just 24% with training alone.
An Account Temp survey of the Fortune 500 companies discovered that one of the top three factors affecting career growth amongst senior leaders was mentoring.
Findings published in June 2019 by AAT revealed that whilst 37% of members said they would like their organisation to run a formal mentoring program, yet only one in twelve members reported that their organisation currently runs one.
The same survey found that the most valuable trait mentees took from meeting with a mentor was confidence. 28% said that having a mentor gave them new skills, but interestingly a similar number said it gave them someone to talk to.
What is a mentor?
A mentor is a person who guides a less experienced person, building trust and encouraging positive behaviours. The best mentors have patience, empathy, and an eagerness to share their wealth of accumulated knowledge and experience.
Mentoring is mutually beneficial
Mentoring schemes can be extremely effective in helping individuals to improve their skill set – both for mentors and mentees, as both parties will experience personal development through their involvement in the mentoring relationship. In the case of the mentee, they will, amongst other things, learn from someone with either more or different experience to their own. Mentors will have an opportunity to hone their leadership skills, learn new approaches and see different perspectives and challenges.
Mentors do not necessarily have to be of an older age or higher up the career ladder. In recent times Reverse mentoring has become increasingly relevant as seasoned professionals turn to younger professionals to gain new views on the world of work from the perspective of a new generation. Younger mentors can also pass on their knowledge about using new technologies and social media etc. In an ever-evolving world it is important to continue our learning and understanding whatever level we are in our career.
Peer to peer mentoring is another area that has become increasingly popular. The pandemic period has thrown up lots of challenges that have been completely new to all of us and peer to peer mentoring has proven to be a real benefit in terms of enabling professionals who are facing specific challenges to work together on these issues and to provide mutual support. It is a refreshing and revealing way to exchange ideas and knowledge.
The many benefits of mentoring for both the mentor and the mentee include increased confidence, motivation, innovation, productivity, collaboration, recognition, appreciation, engagement, and fulfilment.
Mentoring also encourages goal setting, which is important in helping work performance, yet for many professionals, goal-setting discussions in the workplace just never happen.
So, if you think you could benefit from either becoming a mentor or a mentee why not look at our mentoring program.