How can mentoring improve your business?

What is the common denominator among Larry Page, Steve Jobs and Richard Branson? Well, according to Mr Branson himself, they all had access to and guidance from mentors during their developing years.

In business, leadership training can help you discover your potential, but, to be a successful manager you will need to have the ability to guide your employees during critical times.

In a 2009 article, The Wall Street Journal reported that approximately 70 per cent of Fortune 500 companies had implemented a mentoring program of some sort.

As mentoring programs are trusted by some of the biggest companies around the world, here are three ways it could help your business succeed.

1) Attract high-quality recruits

A mentorship can make the difference between a possible recruit choosing your business over a competitor. When a potential employee sees that your organisation has a mentoring program, typically it will show them that you care about their professional development.

By committing a mentor to a new employee, you are indicating that the individual is a long-term investment, not a short-term fix.

2) Talent management

Mentoring has a proven record as a talent management technique when developing in-house talent.  Being able to transfer knowledge from a senior staff member to a new recruit has a variety of positive outcomes.

Some of these include: higher employee retention, lower absenteeism, better employee engagement and a strong succession pool.

Talent management is essential to the long-term survival of your business and mentoring is an excellent foundation to begin with.

3) A flexible approach

When setting up a mentoring program, managers and leaders may become worried about the amount of time they will need to spend with the mentoree.

However, mentoring can involve a range of different approaches. The choices include: one-on-one, group-based and situational mentoring. Each option has its own positive outcomes and contextual limitations.

To find the optimal approach that fits your organisation’s needs, talk to a quality management training provider today.