Florence M. Stone, the author of "Coaching, Counseling,and Mentoring" says that corporate mentoring programs are a great way for companies to show that they value their employees. Establishing a mentor program keeps both mentors and mentees motivated by allowing senior management to serve as role models and develop the talent within the company and by providing less-experienced employees with an "inside look" at how the company works. There are several other benefits to corporate mentoring programs.
Team Building
Establishing a corporate mentoring program is a good way to encourage teamwork and collaboration among all employees. Employees that have direct access to a manager or other senior executive often report feeling more "in the loop" in their company and less alienated from senior management. In some companies, new or less-experienced employees that have a mentor have the chance to provide input on new ideas or projects, while also getting feedback on their own ideas and work.
Talent Development
New employees that are paired with a more-experienced mentor have the benefit of getting an insider's view of the corporate culture and expectations. A mentor can provide insight into everything from the unspoken rules of conduct to background information on office politics and projects that can help the new employee adjust to their new role. A mentor also can help a mentee learn what he needs to do in order to grow and advance within his position and the company. A mentor can offer a less-experienced colleague with a vision of what she wants to be in the future and ideas on get there. Mentors can make introductions to other key personnel and help new employees build a strong network to advance their careers and succeed on the job.
Employee Retention
According to the International Mentoring Association, corporate mentoring programs can increase employee retention by up to 20 percent. New employees that receive support and guidance from a more-experienced employee are more confident about their work and the company expectations. In successful mentoring programs, both the mentor and the mentee feel as if they have a friendly sounding board to work out issues and complaints, and that can contribute to increased job satisfaction and help prevent an employee from seeking work elsewhere.
Skill Development
Employees that participate in mentoring programs often develop skills that bring increased value to the organization. Specific job-related competencies can be developed through working with a mentor, but in addition to those skills, a mentoring relationship can provide both the mentor and the mentee with leadership skills, increased self-awareness, improved interpersonal communication skills and improved teamwork skills. All of these skills are valuable to companies, and help the company sustain its talent pool and develop a future leadership workforce.
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