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Stop Losing Top Talent! How Mentoring Can Supercharge Your Retention Rate.

Have you ever asked yourself how many employees leave your company each year? Whether the answer is many or few, one thing is certain; losing employees is expensive to your company.

According to a 2018 study by the Center for American Progress, it costs an average of $15,000 to replace an employee. So, what can you do to retain your employees? One effective way is by mentoring your people.

Mentoring is a powerful tool for developing employees and helping them reach their full potential. It can also help you retain employees and build a more engaged workforce.

A 2020 study by the Society for Human Resource Management found that companies with mentoring programs had a 20% lower turnover rate than companies without them.

Benefits of Using Mentorship to Develop Your People

There are many benefits to using mentorship to develop your people. These benefits include:

  • Improved employee engagement
  • Increased employee retention
  • Enhanced employee skills and knowledge
  • Improved employee performance
  • Increased employee satisfaction
  • Reduced employee turnover

How to Begin Using Mentoring to Develop Your People

Now that you know the benefits of using mentorship to develop your people, let’s discuss how to get started. Here are 5 steps:

Step 1: Define your goals:

  • What do you want to achieve with a mentoring program?
  • What are your specific goals for your employees?
  • Once you know your goals, you can start to develop a plan for your mentoring program.

Step 2: Choose your mentors:

  • Look for employees who are experienced, knowledgeable, and willing to share their expertise.
  • You can also use external mentors, such as retired professionals or volunteers.

Step 3: Match mentors and mentees:

  • Consider the goals of both the mentor and the mentee when making matches.
  • You want to make sure that both parties are a good fit for each other.

Step 4: Provide training:

  • Train your mentors in the people skills they need to connect with their mentee.
  • You’ll want to be sure they are skilled in things like communication, feedback, self-awareness, building trust, and more.
  • growthstream.io is a great resource for this.

Step 5: Support your mentors and mentees:

  • Provide ongoing support to your mentors and mentees throughout the mentoring relationship.
  • This can include things like check-ins, resources, and training.

Tips for a Successful Mentoring Program

Here are a few tips for a successful mentoring program:

  • Make it voluntary for both mentors and mentees.
  • Set clear expectations for mentors and mentees.
  • Provide regular communication and feedback.
  • Recognize and celebrate successes.
  • Be flexible and adapt your program as needed.

Conclusion

Mentoring is a powerful tool for developing your people. By implementing a mentoring program, you can improve employee engagement, increase employee retention, enhance employee skills and knowledge, improve employee performance, increase employee satisfaction, and reduce employee turnover. By following the tips in this blog, you can get started on the right foot and create a successful mentoring program for your company.