A corporate mentoring program can have significant, positive impacts on a mentee, and can be especially helpful for employees who are earning a business degree. However, what we don’t always realize is that the company itself can also benefit from a mentoring program. Here are just five of the many reasons every company should have a mentoring program:
- Develop New Leaders
A mentoring program is one of the best ways to develop new leaders for an organization. This extends in ways far beyond just developing technical day-to-day skills, but to more intangible skills like leadership, teamwork, and self-awareness.1 While these skills might be taught in the classroom, even the top MBA programs won’t be able to deliver the type of hands-on support that a mentor can provide. As demonstrated by the KPMG Leaders Engaging Leaders program, a mentoring program can allow upper management to see the emerging leaders within the company and help prepare them for advancement.2
- Increase Diversity
Large companies like Deloitte, IBM, and WellPoint are investing in cross-cultural mentoring programs. According to recent research, women and people from other traditionally underrepresented groups do better than the general population in areas like engagement, retention, and receiving promotions when involved in a corporate mentoring program.3 A diverse workforce of business managers and leaders can be enhanced by implementing a corporate mentoring program.
- Retain Existing Talent
As baby boomers age out of the workforce, the market for top talent becomes more competitive. Recent research published in the Harvard Business Review cited a lack of mentoring programs as a primary reason why young high achievers seek employment with other companies.4 Studies also show that implementing corporate mentoring programs improves talent retention. For example, GlaxoSmithKline’s finance division saw only 2% turnover for participants in its mentoring program, compared to 27.5% turnover for other employees. Hiring talent from the best business schools and top MBA programs is a significant investment for all companies, and having a corporate mentoring program can help promote long-term returns on those investments.
- Employer Branding
Top young talent with various business degrees—like a master’s in business administration—and management degrees are becoming increasingly attracted to companies because of the organization itself, focusing less on title and compensation. In addition to retaining top talent and creating a diverse workforce, a corporate mentoring program can brand an organization as a top place to work.5 It shows that a company is willing to invest in its staff, and this will attract candidates who are looking to make a similar long-term investment in a company.
- Secure The Future
All companies, large and small, experience varying pivots and change over time. A company’s reaction to and adoption of change is significant in its success, and a mentoring program can aid in this critical change management process. Mentees can share concerns and questions about pending changes with their mentor—a trusted and established leader in the organization.6 This can lead to insight about new skills that might be necessary to be successful in the future. Not only does mentoring increase the chances of a successful change, but it is another way to retain top talent, helping prepare the next generation of business managers and leaders to build a stable company that is poised for long-term growth and sustainability.
While a corporate mentoring program can help with a mentee’s success and advancement, combining that with an online graduate degree program can be powerful. Taking online courses from an accredited university gives job candidates the flexibility to grow their professional skills while earning a degree at the same time. Completing these two simultaneously is both an advantage for the student as well as the employer. By completing both an online graduate degree program and a corporate mentoring program, individuals can find themselves equipped with the skills necessary to be a successful leader and business manager.
A corporate mentorship program can create a strong and diverse workforce that can lead a company to new stages of growth and stability. It is a worthy investment that should be considered by every company that wants to take its business to the next level.
Walden University is an accredited institution offering an online Master of Business Administration degree program. With Walden University, you can take your career to the next level and further your professional and personal development.
Walden University is accredited by The Higher Learning Commission, www.hlcommission.org.