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Mentors Are Good For Business: Why Investing in Mentorship Initiatives Will Help Your Business in the Long-Run



Mentoring is a vital part of workplace culture. Finding someone who can guide you through the corporate world can be an invaluable part of your career progression. In turn, helping others who are just starting out can not only be a rewarding experience for you, but can help your company in the long run. Training new employees and helping them gain skills sets them up to take over greater roles in the future – not to mention cutting expensive turnover costs later on.

 

“When examining companies and how they became remarkably successful, one trait which stands above many others: successful companies have excellent leaders, and with excellent leaders come excellent employees,” writes Julie Kantor, the CEO of Twomentor, LLC a management consulting firm.

 

“Leadership and guidance is very important to success in nearly every field, and workplace mentoring is one way to provide personalized leadership for both new and tenured employees.”

 

“Leadership and guidance is very important to success in nearly every field."

Kantor breaks down the importance of mentoring into four key components. The first is that it is generally just good business sense to educate and encourage learning amongst all your employees. Well-trained employees produce better results than those who don’t receive training. Furthermore, studies have shown that nearly all learning (more than 80 percent) occurs informally – meaning not from studying a textbook or going to class. Effective learning needs to take place on the job from well-versed and experienced workers who are willing to teach.

 

The second reason to encourage mentoring is that it reduces turnover costs in your business. You won’t have to invest in training fresh employees if you encourage your current employees to grow, adapt and learn. Diversity & Inclusion leader Dresdene Flynn-White estimates that the loss of one good employee can cost your business on average a year’s salary.

 

Not to mention having employees who are ready to step into managerial roles with minimal training is invaluable.