Why even consider a Mentoring Program for Your Business
Why even consider a Mentoring Program for Your Business
[#1 in a series of 9 articles]
Series compiled by leading business-mentor, Michael Donovan –iMentor-pro
Retention
The most measured benefit for organisations lies in retention. Research data suggests that only one in five executives go looking for a new job or a new post in the same company (they usually look outside for opportunity); for those with a Mentor, the figure rises to four out of five. Seventy-seven percent of US companies report that mentoring programs were effective in increasing employee retention (the largest and most thorough research as yet undertaken anywhere).
Recruitment
Having a mentoring program is a significant factor in selection of an employer. Mentors also provide a very cost-effective resource to re-capture talented executives who have moved to other organisations. When these executives are ready to move again, the first person they often talk to is their former Mentor, if they have had a good mentoring relationship.
Induction into the organisation is typically improved by mentoring. People become acclimatised up to twice as fast as normal. At senior management levels, where the track record of success in external appointments is not high in general, mentoring is believed to make a substantial difference in acceptance of the new executive and getting that persona up to productive speed.
Other key areas of organisational benefit include:
Promotion
Mentoring programs play a key role in a Senior Executive’s career advancement and, for women in particular, is one of the most effective ways of enhancing their advancement. Almost no one makes it to the top without a Mentor of some sort.
- 75 percent of executives point to mentoring as playing a key role in their careers. (Source: American Society for Training and Development [ASTD])
- 44 percent of senior executives up to the CEO list mentoring programs as one of the three most effective strategies to enhance women’s advancement to senior management. (Source: Dr Belle Ragins for Catalyst)
- 80 percent of senior executives, in a recent survey undertaken in the UK, stated that having a mentor was one of the keys to their success. (Source: Clutterbuck Associates, UK)
- CEOs state that one of the top three factors affecting career growth was mentoring. (Source: AccountTemps survey of Fortune 500 companies)
Personal and Professional Development
The majority of executives who have been mentored cite mentoring as one of the most important aspects of their development:
- More than 60 percent of college and graduate students listed mentoring as a criterion for selecting an employer after graduation. (Source: MMHA)
- 76 percent of Fortune 500 companies top 25 companies offer mentoring programs. (Source: Fortune)
- 96 percent of executives say mentoring is an important development tool. (Source: AccountTemps)
Productivity
Productivity increases significantly as Mentees feel much more motivated when they are being mentored.
- Managerial productivity increased by 88 percent when mentoring was involved, versus only a 24 percent with training. (Source: ASTD)
- 71 percent of Fortune 500 companies use mentoring to ensure learning occurs in their organisation. (Source: ASTD)
- 95 percent of mentoring participants said the experience motivated them to do their very best. (Source: “The War for Talent” by Ed Michaels, Helen Handfield-Jones & Beth Axeirod)
Succession planning
Many organisations find that mentoring provides a clearer picture of the talent pool available, and helps people position themselves more clearly against the likely needs of the business.
Diversity management
Mentoring has proved to be one of the most important elements of diversity programs. When an organisation has a strong cadre of effective Mentors, it has an extra impact upon the overall culture of the organisation. A number of organisations have used mentoring as the starting point for changing from a culture that was hostile towards learning, to one that is very supportive of learning behaviours (HPC).
Benefits for the Mentee
These are very wide, but the most commonly reported are:
- Greater clarity about personal development and career goals
- Being able to discuss, in an open and unthreatening environment, issues about their career and development
- Improved networking
- Practical advice on organisational politics and behaviour
- The opportunity to be challenged constructively
- Transfer of knowledge and, in particular, judgement
- Having a role model
Various research data suggest that Mentees achieve greater confidence in their own potential and ability, feel more secure in their role (especially at senior levels) and earn more than their non-mentored counterparts. There is also data to suggest that having a Mentor is a critical factor in the career success of 80 per cent of UK senior executives.
Benefits for the Mentor
The most frequently cited benefits for Mentors are:
- Their own learning (often Mentors report as much or more learning than Mentees)
- The opportunity to practise good developmental behaviours outside their direct line responsibilities
- Development of their own self-awareness
- Greater understanding of other areas of the business and/or of other cultures
Recent research among women leaders, who are being mentored by more senior males, indicates that more than half of the Mentors feel more secure in their roles.
Benefits for the Supervisor
Supervisors in effective mentoring schemes typically comment upon:
- The value of a “second opinion” — someone the Mentee can take issues to, who does not have a direct involvement
- Improvements in the Mentee’s relationships with peers and the Supervisor him/herself
- A clearer sense of purpose and direction on the part of the Mentee
The bottom line for mentoring is that it achieves a great deal of change for a cost that is relatively small in comparison to remuneration and mitigated risk.
The content of ideas, concepts and experiences that make up this series of nine articles have been contributed from a number of sources and authors. Assembly by leading business-mentor, Michael Donovan, Managing Director, iMentor-pro 1300 720 190
Why even consider a Mentoring Program for Your Business - To learn more about this author, visit Michael Donovan's Website.
Like this article? Share it with your friends
Why even consider a Mentoring Program for Your Business?
[#1 in a series of 9 articles]
Series compiled by leading business-mentor, Michael Donovan –iMentor-pro
Retention
The most measured benefit for organisations lies in retention. Research data suggests that only one in five executives go looking for a new job or a new post in the same company (they usually look outside for opportunity); for those with a Mentor, the figure rises to four out of five. Seventy-seven percent of US companies report that mentoring programs were effective in increasing employee retention (the largest and most thorough research as yet undertaken anywhere).
Recruitment
Having a mentoring program is a significant factor in selection of an employer. Mentors also provide a very cost-effective resource to re-capture talented executives who have moved to other organisations. When these executives are ready to move again, the first person they often talk to is their former Mentor, if they have had a good mentoring relationship.
Induction into the organisation is typically improved by mentoring. People become acclimatised up to twice as fast as normal. At senior management levels, where the track record of success in external appointments is not high in general, mentoring is believed to make a substantial difference in acceptance of the new executive and getting that persona up to productive speed.
Other key areas of organisational benefit include:
Promotion
Mentoring programs play a key role in a Senior Executive’s career advancement and, for women in particular, is one of the most effective ways of enhancing their advancement. Almost no one makes it to the top without a Mentor of some sort.
- 75 percent of executives point to mentoring as playing a key role in their careers. (Source: American Society for Training and Development [ASTD])
- 44 percent of senior executives up to the CEO list mentoring programs as one of the three most effective strategies to enhance women’s advancement to senior management. (Source: Dr Belle Ragins for Catalyst)
- 80 percent of senior executives, in a recent survey undertaken in the UK, stated that having a mentor was one of the keys to their success. (Source: Clutterbuck Associates, UK)
- CEOs state that one of the top three factors affecting career growth was mentoring. (Source: AccountTemps survey of Fortune 500 companies)
Personal and Professional Development
The majority of executives who have been mentored cite mentoring as one of the most important aspects of their development:
- More than 60 percent of college and graduate students listed mentoring as a criterion for selecting an employer after graduation. (Source: MMHA)
- 76 percent of Fortune 500 companies top 25 companies offer mentoring programs. (Source: Fortune)
- 96 percent of executives say mentoring is an important development tool. (Source: AccountTemps)
Productivity
Productivity increases significantly as Mentees feel much more motivated when they are being mentored.
- Managerial productivity increased by 88 percent when mentoring was involved, versus only a 24 percent with training. (Source: ASTD)
- 71 percent of Fortune 500 companies use mentoring to ensure learning occurs in their organisation. (Source: ASTD)
- 95 percent of mentoring participants said the experience motivated them to do their very best. (Source: “The War for Talent” by Ed Michaels, Helen Handfield-Jones & Beth Axeirod)
Succession planning
Many organisations find that mentoring provides a clearer picture of the talent pool available, and helps people position themselves more clearly against the likely needs of the business.
Diversity management
Mentoring has proved to be one of the most important elements of diversity programs. When an organisation has a strong cadre of effective Mentors, it has an extra impact upon the overall culture of the organisation. A number of organisations have used mentoring as the starting point for changing from a culture that was hostile towards learning, to one that is very supportive of learning behaviours (HPC).
Benefits for the Mentee
These are very wide, but the most commonly reported are:
- Greater clarity about personal development and career goals
- Being able to discuss, in an open and unthreatening environment, issues about their career and development
- Improved networking
- Practical advice on organisational politics and behaviour
- The opportunity to be challenged constructively
- Transfer of knowledge and, in particular, judgement
- Having a role model
Various research data suggest that Mentees achieve greater confidence in their own potential and ability, feel more secure in their role (especially at senior levels) and earn more than their non-mentored counterparts. There is also data to suggest that having a Mentor is a critical factor in the career success of 80 per cent of UK senior executives.
Benefits for the Mentor
The most frequently cited benefits for Mentors are:
- Their own learning (often Mentors report as much or more learning than Mentees)
- The opportunity to practise good developmental behaviours outside their direct line responsibilities
- Development of their own self-awareness
- Greater understanding of other areas of the business and/or of other cultures
Recent research among women leaders, who are being mentored by more senior males, indicates that more than half of the Mentors feel more secure in their roles.
Benefits for the Supervisor
Supervisors in effective mentoring schemes typically comment upon:
- The value of a “second opinion” — someone the Mentee can take issues to, who does not have a direct involvement
- Improvements in the Mentee’s relationships with peers and the Supervisor him/herself
- A clearer sense of purpose and direction on the part of the Mentee
The bottom line for mentoring is that it achieves a great deal of change for a cost that is relatively small in comparison to remuneration and mitigated risk.
The content of ideas, concepts and experiences that make up this series of nine articles have been contributed from a number of sources and authors. Assembly by leading business-mentor, Michael Donovan, Managing Director, iMentor-pro 1300 720 190
Why even consider a Mentoring Program for Your Business - To learn more about this author, visit Michael Donovan's Website.
Like this article? Share it with your friends
 | |
 |
No article feedback found. |
| |
Leave Your Feedback |
 | |
| |||
Casey GollanCasey Gollan, Business Coaching & Mentoring Programs. Add $1 Million to $10 Million in the next 1 to 3 years. Since 1996 Casey has to added hundreds of millions of dollars to businesses. Watch a free video see client results Business Coaching website. - Visit Casey Gollan's Website |
|||
John PowerJohn Power, founder of Biltmore Franchise Consulting, has extensive experience developing and marketing franchises and business opportunities. He has been in and around franchising for over twenty years. From 1980 through 1990 he conceptualized, organized, and developed the American Video Association. He grew AVA to 2,000 national members, before selling the company it 1990. It was later merged into another home video marketing company. From 2000 to 2005 he worked as a contract marketing and human resources consultant to several local and national companies. In 2005 Mr. Power began working as a franchise development consultant on a full-time basis. Since that time he has helped more than three dozen companies initiate and develop their franchising program. He notes that there are many companies interested in developing a franchise program, and who need his specialized assistance. Mr. Power is a “hands-on” franchise consultant. He said, “I am the ‘nuts and bolts’ person who tends to the details for my clients.” Mr. Power holds a B.S. degree with a major in Marketing. See: www.biltmorefranchise.com You may contact Mr. Power at: jpower@biltmorefranchise.co - Visit John Power's Website |
|||
Staging DivaDebra Gould, aka The Staging Diva®, is President of Six Elements Inc., an internationally recognized home staging company. Inspired by many requests from aspiring home stagers wanting to start similar businesses, Gould created the Staging Diva Home Staging Business Training Program. Gould has trained over 1000 Staging Diva Graduates worldwide to start staging businesses. Buying decorating and selling six of her own homes in four years lead to an interest in real estate staging which she turned into a career with the launch of sixelements.com in 2002. Since then she has staged hundreds of homes in addition to teaching home staging training. Gould is the author of several home staging resources including a series of popular ebooks made up of a Design Guide, Color Guide and Portfolio Guide. For more information about Debra Gould visit stagingdiva.com. - Visit Staging Diva's Website |
|||
David BarrDavid Barr is the President of Venture Opportunities, Inc. David has been a professional business broker/intermediary since 1980 focusing on General Business Brokerage and Mergers and Acquisitions representing client transaction value from $400,000 to $20,000,000. Mr. Barr has handled the sale of over four hundred and fifty companies. David earned a university degree from the State University of New York majoring in economics and business. David holds the Mergers and Acquisition Master Intermediary and the Certified Business Intermediary designations from the International Business Brokers Association. He is also a Senior Business Analyst and a Texas licensed Real Estate Agent. For more information about David and Venture Opportunities, visit www.bizdealmaker.com. - Visit David Barr's Website |
|||
Anne BarrAnne Barr has over 26 years experience in sales and marketing, six years as a franchisee. She has assisted over 367 business owners and purchasers to achieve their goals in career change, transition and exit strategy. She holds the designation of Certified Franchise Executive from the International Franchise Association, Certified Business Intermediary from the International Business Brokers Association and Board Certified Broker from the Texas Association of Business Brokers. Anne is active in professional organizations, networking groups and volunteers for non-profit entities. As owner/operator of four successful businesses, Anne has proven people skills and enjoys helping clients find the right "fit" in business ownership. Visit www.FranchiseOpportunitySpecialist.com for more information about me and my company. - Visit Anne Barr's Website |
|||
Kim CastleWith nearly two decades in the advertising and design business, with clients like Domino's Pizza, General Motors, Direct TV, Pedigree, Wolfgang Puck, Higher Octave Music, Hollywood Celebrity Products, Disney, and Paramount, as well as thousands of entrepreneurs around the world define, structure, communicate, and position their business for greater profits, BrandU(R) co-creators Kim Castle and W. Vito Montone discovered that entrepreneurs could experience the same power that big brands command for a fraction of the cost with the world's only process-based results-drive Integral approach to business creation. BrandU(R) is helping entrepreneurs grow with the power of extreme clarity from idea...to brand...to market(TM) and helping one million entrepreneurs become successful and whole so that they can make a difference in the world. Are you one of them? If you want to experience clarity all the way to the bank(TM), get started now at http://www.brandu.com. - Visit Kim Castle's Website |
|||
Jeff FosterWebBizIdeas.com is a Minneapolis website design company founded to help people start an internet business by providing them with website, business, and internet resources that help foster the growth of successful online businesses and develop innovative Internet business ideas. We specialize in internet consulting & internet marketing. - Visit Jeff Foster's Website |
|||
David AchesonDavid Acheson is the founder of DCJA Consultancy. DCJA Consultancy is a management consultancy business specialising in B2B sales consultancy. They offer bespoke and packaged sales consultancy including Sales Optimisation Review, Interim Sales Management, Sales & Marketing Review, 1:1 Sales & Management Staff Analysis, Management Training, Solution Sales Training, Creation of New Pay Plan, KPI's, run Customer Feedback Campaigns, assist with Recruitment, Coaching, Appraisals and set up Strategic Marketing Campaigns. David spent his early career in accountancy and then moved into sales in 1982, working in Office Equipment, IT, Advertising, Training, Outsourcing and Consultancy. He has held many Senior Positions in SMBs and Global Organisations including Head of Sales Operations & Head of Business Development. His knowledge, skills and great experience of the Sales Industry has led to David making keynote speeches and running educational sessions to key businesses through organisations including The Chamber of Commerce and Business Link. - Visit David Acheson's Website |
|||
|
To learn more about the Evan Elite Author Program please contact us. | |||
 | |
|  |
Subscribe to Michael's articles
 | |
|
|  |
 | |
|
| |
 | |||||||
|
 | ||
 |
||
|
||
|
||
|
| ||
 |
| Have you written articles that would be of value to entrepreneurs? Become an expert on our site by publishing them! Expose yourself to a wide audience, drive more traffic to your website and get more sales! Click Here for details. |
|
|
 |
| Modeling the Masters: Learn the true secrets behind Walt Disney's business success factors & grow your company! Video produced by Phanta Media |
|
|
 |
"Learn straight from Evan how you can Make a Full Time Income (And More) from a Website"
Click Here To Learn More |
|
|
|
|
Get advice & tips from famous business owners, new articles by entrepreneur experts, my latest website updates, & special sneak peaks at what's to come!
|
|
|
 Strategic Planning Guide Crazy Busy Put Yourself Into the Top 3% The Money Game Women Entrepreneurs |
|
 | ||
 |
Email The Reporters
Press Release Builder | |
 |
Top 50 HR Blogs 2009
Top 50 HR Blogs 2009 | |
| ||
 | ||||
| ||||
|
| ||||
| ||||
|
|
|
|
|
||||||||||||
|
Email us your ideas on how to make our website more valuable! Thank you Sharon from Toronto Salsa Lessons / Classes for your suggestions to make the newsletter look like the website and profile younger entrepreneurs like Jennifer Lopez and Sean Combs!
|
|
|
| ||||||||||
|
| ||||||||||
|
|
||||||||||