3 Reasons Why Neglecting Mentoring Will Cost You Time and Money

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Cost You Time and Money

Mentoring schemes in the corporate business world are a unique way to enhance company cohesion and expand employee skillsets. Additionally, providing coaching opportunities demonstrates to your team that you have an invested interest in their needs, aspirations and motivations. However, not all companies put mentoring programs in place and sometimes those that do, fail to utilise them effectively. With this in mind, let’s discover 3 reasons why neglecting mentoring can cost your company time and money.

1. Mentoring Programs Foster a Collaborative Company Culture

Company cultures that place emphasis on learning and development are more likely to be conducive to success. Through providing an internal mentoring scheme, employees feel that their efforts are appreciated and that the company cares about their future aspirations. Providing a mentor for all members of staff ensures that employees at all tiers of the company structure have someone to go to for both learning opportunities and support with troubleshooting.

Employees care a great deal about their working environment and mentoring schemes encourage participation on all levels. That being said, some companies worry that they cannot afford to invest in developing a worthwhile mentoring scheme. Nonetheless, thanks to mentoring software platforms such as Together, it has never been easier for your HR department to pair mentors and mentees and even schedule coaching sessions.

Furthermore, with the potential to track and report progress, your company can identify clear areas of achievement to ensure that everyone benefits. For more information about why your HR department needs mentoring software, go to togetherplatform.com.

2. Successful Schemes Can Lead to Reduced Learning Costs

Budgetary constraints can dramatically stunt employee growth and development opportunities. However, an in-house mentoring program allows employees to learn valuable skills on the premises at a minimal cost. Engaging and energising your experienced employees and managers by encouraging the transfer of critical business knowledge and insights develop your existing talent and can consequently increase productivity across multiple levels of the organisation. 

Mentoring programs are an opportunity for employers to enhance leadership and coaching skills while at the same time retaining and developing top performers. Corporate team building days can be an excellent way to boost morale and enhance company cohesion, but they can prove expensive, especially in large corporations where available spending levels per staff member can often be smaller. Subsequently, a low-cost mentoring scheme could be the game-changing and affordable solution your company needs.

3. Coaching Increases Job Satisfaction and Reduces Staff Turnover

In the modern corporate workplace, employees are after so much more than the simple 9 to 5. Research consistently shows that staff members of all age groups value a positive and upbeat working environment and this, in turn, can lead to enhanced retention rates and improved quality of work. Mentoring schemes provide a level of individualised attention as well as opportunities to build relationships with co-workers and these bonds can go on to drive company culture and generate fresh ideas.

Avoiding disengagement is a huge concern for employers. Employees need to see the potential for learning and growth, and if these priorities are not attended to, staff members can quickly start to lack motivation and might begin to seek work elsewhere. Higher levels of job satisfaction typically correlate with reduced turnover rates, and therefore, if companies want to avoid losing employees as well as the expenses associated with hiring new recruits, then mentoring schemes can offer a worthwhile solution. 

Ultimately, well-implemented mentoring schemes benefit both employers and employees by providing a unique space for learning and development opportunities. Above all, training staff in house, can boost team morale and even reduce costs. Establishing a mentoring program is one of many ways to ensure businesses of all sizes stand out from the crowd. For more corporate business tips, take a look at this blog post about how to make your small business more successful.