The benefits of mentoring to employees are countless, from helping fast-track their professional development, to boosting vital skills such as client management, time management or giving a sleek presentation.
Speaking to HR Grapevine, Zaltzman gave us her reasons why mentoring is an invaluable asset to every business. “Our research has shown that start-ups are 3½ times more likely to grow user numbers for their products and services if they have helpful mentors. But what are the other benefits to businesses of implementing a successful mentoring scheme? A well-implemented mentoring scheme, such as a ‘buddy’ system between junior and senior employees, can not only increase your employees’ output, but also nurture a more cordial and communicative environment.”
“Recruiting new staff can be an extremely costly and time-consuming process. According to research by Oxford Economics, it costs on average £30,614 to replace an employee, taking into consideration the inevitable loss of business output as well as the logistical costs of recruiting and training new starters. Supporting the development of existing staff and ensuring all employees are happy is therefore vital. A high staff turnover will inhibit business performance and growth.”
“While a high employee turnover will slow down business growth, mentoring programmes can speed this up, by better educating your employees and teaching them vital job-specific skills that will fast-track their progression, increase their output and minimise mistakes made. Professional development not only benefits the individual employee but will ensure the company as a whole is getting the most out of its staff.”
“Internal training will boost the effectiveness of your workforce and maximise business output. Offering training also shows employees that you are invested in them as an individual, which will in turn motivate staff and encourage loyalty from new recruits. This is particularly important for millennials – a study by Deloitte of nearly 7,700 millennials representing 29 countries worldwide found that the younger generation places an importance on the workplace atmosphere, with over a quarter (26%) saying they looked to work in a place that put employees first, while 25% looked for an employer that provided a solid foundation of trust and integrity.”
Nurture creativity and teamwork
“A collaborative working culture encourages teamwork and helps build stronger relationships between junior and senior employees, giving more senior staff the opportunity to impart their knowledge, while ensuring younger workers feel valued and respected. A strong workplace community, in which colleagues work together towards idea generation, encourages creativity and could make your business stand out.”