Home Business Insights & Advice How investing in mentoring can be a valuable asset for business

How investing in mentoring can be a valuable asset for business

by John Saunders
27th Jan 22 12:06 pm

People form the foundation of a business. They are a vital component of the company’s working machine. Their productivity levels can influence the success of the business. Employees are often the face of a company. They are the people customers interact with to either invest in the product and services or find out more information.

Employers want to ensure that they keep employees happy. To ensure this, they might offer benefits such as flexible working and creating an open and transparent culture. Another way to keep employees happy is to invest in mentoring. Aside from maintaining happy employees, mentoring can prove to be a powerful tool to help in the success of a business. There are numerous ways mentoring can be a valuable asset for a business. These are just some of them worth considering.

Ways mentoring positively impacts business

Mentoring is predominantly known to benefit the mentor and mentee. The mentor can share their knowledge and experience with someone starting their career. Mentoring provides them with the chance to experience being a teacher, supporting another individual to gain industry insight.

Along with the individual benefits it can provide, mentoring can have numerous advantages for a business. The positive impact mentoring has on employees will make a noticeable difference in the daily operations of a business. These are just a selection of ways mentoring can positively impact your company.

Enhance company culture

Introducing a mentoring programme into your business could help to strengthen company culture. Showing your employees that you are committed to their development by offering a mentoring programme can bring a whole host of benefits to your business.

When your employees participate in a mentoring programme, your company will more likely see increased retention rates. It could also enable you to see an improvement in your employees’ productivity levels. Most of all, it could make your workforce feel as though they are being cared for by the leadership team. Combining all of these positive outcomes can further strengthen your company’s culture. It can allow you to transform your company into an excellent place for people to work. This will help keep retention rates high and attract talented candidates applying for roles within your company.

Improve knowledge sharing

If you choose to implement a traditional leadership mentoring programme or a bottom-up mentoring programme, they are both effective options that can increase knowledge sharing in your business. When you and your employees share knowledge with each other, it can encourage further collaboration throughout the company. Sharing knowledge can lead to increased productivity in your workforce. It can potentially also lead to innovation. Each team member’s different backgrounds and ways of thinking can bring a diverse range of ideas. When an eclectic group comes together, it can result in innovative ideas being created. As a result, your business could begin to offer a unique selection of products or services. All of which could enable you to stand out amongst your competitors.

How to successfully implement a mentoring programme

When employees go to work each day, whilst they may have the motivation and skills to complete their skills, they do not feel as if they are reaching their full potential. However, others might find themselves falling behind in certain areas that others excel in. As such, investing in a mentoring programme can be beneficial in the workplace.

Knowing the strengths of a mentoring programme can be enough reason to implement one into your business. If you are interested in implementing a mentoring programme into your business, here are ways to do so.

  • Set goals for the programme – Before starting, focus on a clear set of goals. Identify what you want your employees to achieve when participating in the mentoring programme. For instance, do you want to build stronger integral relationships or improve retention rates within your business? When you set clear goals for your mentoring programme, it can help you measure the programme’s success.
  • Keep the programme simple – Your mentoring programme does not have to be overly complicated. The bulk of the work is completed during the preparation phase of the process. During this time, some businesses produce an elaborate mentoring programme to use. However, this approach can be both counterproductive and costly to the company. Keep the programme simple. Consider how many employees will participate and how you want the programme to be taught. It will help you to create an effective mentoring programme.
  • Use a mentoring platform – A mentorship platform, like PushFar, can prove to be a valuable tool for your business. With a mentoring platform in place, you can provide a place for your employees to learn more about a specific topic. The mentorship platform can also offer you and your employees the opportunity to monitor their performance. It will help them to ensure that they are staying on track. In addition to this, it provides them with an overview of areas they are strong in and areas needing improvement.
  • Offer rewards – It is essential to monitor your employees’ progress by utilising the mentoring platform. It can be helpful to spot any common patterns amongst your employees, such as areas they excel in and where they may need more support. When your employees are doing well in their progress, offer rewards for their accomplishments. The positive reward will encourage them to continue with the successful progress. It also shows your employees that you are invested in their progress by monitoring their accomplishments in the mentoring programme.
  • Collect feedback – One of the best ways to ensure that your mentoring programme is working as anticipated is by collecting employee feedback. After the programme has been launched, you will more than likely notice a few improvements that need to be made. Along with areas of improvement you have noticed, ask your employees for feedback on the mentoring programme. You could ask for their thoughts on the parts they liked and did not like or what they feel could do with improving. As the programme is for them and future employees, their opinions and feedback are valuable. You can use the feedback provided to improve the course and overall engagement in the programme. An additional benefit from asking for feedback is that employees will feel heard. They will notice that you have asked for their opinion and have listened. This will help with improving the company culture within your business.

In summary

Implementing a mentoring programme into your business can significantly impact both employees and your business. Mentoring is a worthwhile investment. It can help you support your talented employees and improve your retention rates. It can be tremendously helpful for employees, regardless of their position in the company.

Additionally, when you need to recruit new talented individuals to your workforce, showing that you offer a mentoring programme can be an incentive. Being able to show candidates that you provide a mentoring programme shows them that you have plans to support them in the business.

All of these factors combined can help you to improve your business. If you want to find alternative ways to improve your business, investing in a mentoring programme is a worthwhile option to consider. You could see a noticeable positive difference within your company and the satisfaction of your employees.

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