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Investing time into mentorship within a business has been known to help boost performance, productivity and innovation, for example back in 2006, Gartner released the results of its five-year study of 1,000 employees which supported this.
The study discovered that retention rates were higher for both mentees (22% more) and mentors (20% more) in comparison to employees who did not participate in a mentoring programme, while 25% of employees who enrolled in a mentoring programme had a salary-grade change.
Millennials are also eager to embrace mentoring, as an article by the Huffington Post stated that 79% of Millennials see mentoring as crucial to their career success. With statistics indicating that this generation makes up the majority of the workforce, it is essential for HR and employers to tap into mentorship in order to maintain their staff and retain new talent. In addition, mentorship has the ability to allow employees to grow and discover new skills, something that Elaine Grell, Group People Director at co-living space The Collective, supports.
She told HR Grapevine: “Mentoring is a great way to encourage self-discovery and to help employees gain a broader perspective and outlook. It can be particularly useful when someone is transitioning into a new role, developing a new skill or competency and exploring or planning careers. Mentors can leverage their experience to help others to think more clearly, provide encouragement and create options that the mentee can apply, practice and learn from.”
