One of the many unique things about individuals is that each one of us learns differently. Some people can easily understand new concepts by listening to lectures. In contrast, others are more visual or tactile and prefer seeing ideas presented rather than reading about them. These factors are one of the many reasons why mentoring is important.
Mentorship is when a professional shares their knowledge with an untrained person. It’s a rewarding relationship where everyone learns a new skill. The mentor can build their leadership skills while the mentee gains valuable advice from a seasoned expert.
Overall, it’s an excellent tool for improving personal and professional growth. And if done right, mentorship can also help your company succeed in the long run.
Find out how corporate mentorship programs can help you and your employees.
Exploring What Mentoring Means
A mentorship is a form of social learning where an experienced person helps someone with less experience gain professional growth. This firsthand learning is one of the best ways people can ensure their growth in their chosen field.
Getting a mentorship program teaches you through a hands-on approach instead of going through traditional lectures and courses. You can observe your mentor, ask them as many questions as you like, and clarify any confusing details and processes.
Mentorship also allows you to learn things a lecture can’t teach you. Your mentor can help you deal with complex dilemmas by inspiring you to see things from a broader perspective.
Ultimately, it’s a more holistic approach to professional development and personal growth.
Why Mentoring Matters
There are several ways mentorship benefits both the mentor and the mentee.
Builds Leadership Skills
Having leadership skills matters if you want to climb the corporate ladder. Great managers are expected to know how to motivate and encourage others. Luckily, participating in mentorship programs can help company leaders build these skills.
Managers can learn how to manage and inspire their team to do more by taking on someone under their wing.
Gain valuable insight
Most lectures don’t offer advice on getting ahead of the competition. People can only get these insights through years of experience, which most mentees don’t have. But a mentor can teach a mentee what conventional lectures don’t cover.
A mentor can guide them in making the right decisions during complicated situations. Sometimes, employees will be asked to go outside their comfort zone, which can be challenging for some. But with the help of a mentor, they can learn how to adapt and find new ways to create positive outcomes.
Mentorship can also help teach resilience. Learning to bounce back after a setback is important to survive in competitive markets. A mentor can teach mentees how to move forward despite their mistakes.
Improves communication skills
Recent statistics have revealed that 86% of executives think poor communication is one of the main causes of workplace failures. Other studies have shown that effective communication can increase a company’s overall productivity by 45%.
Effective managers know how to talk to their team members even if they don’t speak the same language. One of the best ways a manager can improve their communication skills is by mentoring someone from a different background or environment.
Helps expand professional network
One of the main advantages of participating in corporate mentorship programs is the opportunity to expand one’s network. A mentor can introduce mentees to people they’re less likely to interact with, like executives and other experts in the field.
Mentoring in Today’s Workplace
Karen Rice, Human Resources Vice President of the Lash Group, says that the recent technological advances have completely altered how colleagues interact. Meeting through channels like Zoom and Google Hangouts has become the norm. But there are certain things that organizations could do to ensure that their mentorship programs stay evergreen.
For instance, mentors can use Zoom meetings to provide context and teach their mentees how to apply their lessons in their respective roles. Rice also suggests that mentors should have regular meetings with their mentees.
She explains that mentorship is meant to be a two-way street. Mentors and mentees should be able to enlighten one another. This will only be possible if both participants communicate regularly.
Rice also emphasized the importance of face-to-face meetings. Participants don’t necessarily have to meet each other every day. But if they have in-person meetings, they must put their phones away.
Doing so will help them avoid distractions and help them focus on what matters.
How Mentoring Developed & Retained Top Talent
Besides helping companies train their employees to become better professionals, mentorships have also helped them retain their workforce. Recent studies show that 94% of employees are more likely to stay with their employer if they offer career development programs.
The Association for Talent Development says workplace mentorship programs are becoming more popular. More than 70% of today’s Fortune 500 companies offer corporate mentorship programs to their employees.
One great example of this is Caterpillar’s mentoring program for professional learning and development. Anyone who joins the international construction equipment manufacturer is assigned to a mentor. The mentor will guide them during their first three years of employment.
Caterpillar also has a reverse mentorship program where young employees are asked to teach senior employees new technologies. This program ensures that everyone in the company is given the same opportunity to gain new knowledge.
Jaime Myers, Caterpillar’s Litigation Corporate Counsel, says that “Mentors at Caterpillar guide almost every aspect of in-house practice, such as career exploration, corporate culture, and more,”
ATD also says mentorships offer organizations several benefits. Some of the advantages a company can get include the following:
Higher employee engagement and retention
Support for the growth of high-potential employees
Creation of intra-organizational relationships
Improved knowledge management and transfer
Ultimately, this shows how universally-beneficial mentorship programs can be. Mentoring shows us how companies can succeed if they give their people enough room to grow.
NCH believes that any investment you make in your people is an investment in your company’s success. That’s why we’ve made it our top priority to be your mentors in business formation.
Our business specialists are here to guide you through the entire process, from finding the right entity for your start-up to helping you hire a registered agent. We’ll help you start on the right foot and ensure your new Nevada business succeeds. You can learn more about our services through our website or call us today at 800-508-1729.