Investing time and efforts into mentoring program is a good way to increase efficiency, productivity and innovation for your organization. In 2006, Gartner published a research of 1,000 employees over five years period to support this theory.
The research showed that the retention rates were higher for both mentee (more than 22%) and mentors (more than 20%) in comparison to those who did not participate in a mentoring program. The research also suggested that, 25% employees who enrolled in a mentoring program had higher salary-grade.
The millennials are also excited to participate in mentoring programs, according to an article on the Huffington Post, 79% of young people see mentoring is very crucial for their careers. And since young people is making up the majority of the workforce, it is necessary for the HR department and employers to understand the importance of mentorship and develop mentoring programs to maintain the staff and retain new talent. In addition, mentorship also helps employees to develop in their long term careers and exchange new skills, according to Ellen Grell, Human Resources Director at The Collective.