Mentoring – A positive business decision!

Mentoring is an essential part of personal and professional growth. It is a process through which a mentor shares their tacit knowledge, skills, and expertise with a mentee to guide them towards achieving their goals. The benefits of mentoring are numerous, and it can be a positive business decision for organisations to incorporate mentoring programs into their business strategy.

Structured business-mentoring programs could provide business executives and managers with a framework that provides the many benefits of a learning hub (knowledge bank) within the organisation, as well as other benefits such as employee stability, reduced staff churn, and improved alignment between the organisation, its strategic objectives, and workplace culture.

The first obvious benefit of mentoring is that it can enhance the skills and knowledge of the mentee. Mentors are typically experienced professionals who have spent years developing their skills and expertise. By sharing their knowledge and lived experience with a mentee, they can help the mentee to further develop their own skills and knowledge. This can lead to improved productivity, efficiency, and performance for the mentee, which can ultimately benefit the business.

So, the question should be asked… Are you or your business ready for its next phase of growth? Could you benefit from the support of trained mentors or a business improvement expert? Is it time to start working more on the business rather than in the business?

Other demonstrated benefits of mentoring include:

1.???Mentoring can also help to improve employee retention rates. When employees feel supported and valued, they are more likely to stay with the organisation. Mentoring can provide employees with a sense of support and guidance, which can make them feel more valued and appreciated. This, in turn, can lead to increased employee satisfaction and loyalty.

2.???Mentoring can also help to develop future leaders within the organisation. By providing employees with the opportunity to learn from experienced professionals, organisations can develop a pool of talented individuals who have the skills and knowledge necessary to lead the organisation in the future. This can help to ensure the long-term success of the business.

Implementing a mentoring program does not have to be a complex or expensive process. Organisations can start small by pairing employees on an informal basis and gradually building up to a more structured program. Mentoring can also be incorporated into existing training and workforce development programs to enhance their effectiveness.

Does mentoring work? Here is what our current research shows…

• ?The International Society for Training and Development (ISTD) believes that up to 75% of businesses that use mentoring improve across a wide range of growth outputs like productivity, quality, customer service, cost reduction and bottom-line profitability.?
• Catalyst, the national employment services company say that 44% of mentor users, list it as one of the three most effective strategies to enhance women’s advancement in business.
• In the UK, 80 percent of respondents in a recent survey stated that having a mentor was one of the keys to their business success.?(Source: Clutterbuck Associates, UK)
• Managerial productivity increases by 88 percent when mentoring is involved, versus only a 24 percent increase through training.?(Source: ISTD)
• 95 percent of mentoring participants said the experience motivated them to do their very best.?There were measurable performance improvements and benefits for both the Mentor and Mentee. (Source: ‘The War for Talent’)

In addition to the above-described benefits, mentoring can also help to promote diversity and inclusion within the organisation. By pairing employees from different backgrounds, genders, cultures, and with different work/life experiences, organisations can promote greater understanding and respect between individuals with different perspectives. This can help to create a more inclusive and supportive workplace culture, which can ultimately benefit the business.

To support business success, mentoring programmes should be well structured, with clear goals, expectations, and a defined timeline for the execution of outcomes. Mentors and mentees should be carefully matched based on the mentee's needs, goals, and personality, and aligned with the skills and expertise of the mentor. Regular check-ins and assessments should be conducted to track progress and adjust the effectiveness of the program as needed.

Overall, structured mentoring can be a valuable tool for supporting business success by developing the skills of employees, improving individual and team performance, promoting diversity and inclusion, and ensuring a smooth transition of leadership.

The proven techniques of effective mentoring (question-based interventions) ensure the transfer of the experiential (tacit) knowledge to others in such a way that they are able to solve business related issues through clearer thinking, creativity and innovation.?On the upside, these new skills and knowledge (acquired talent and knowhow) will ?generally stay with the mentee long after the mentor departs.

In conclusion, mentoring is a positive business decision that can benefit organizations in numerous ways. By enhancing employee skills and knowledge, improving retention rates, developing future leaders, and promoting diversity and inclusion, mentoring can help to create a more productive, efficient, and supportive workplace culture. Organizations that prioritize mentoring will be better equipped to achieve long-term success and remain competitive in today's rapidly changing business environment.

If you’re keen to grow your business or team, and believe that you would benefit from utilising the services of a highly regarded and award-winning business coach and mentor, email me direct ?[email protected] or tap into my Calendly diary here to lock in a complimentary 45 minute consultation. Mark Jones Calendar?