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Quantitative data about how mentoring in the workplace improves staff retention, productivity, promotion & development
Hello! Thanks for your request to provide a comprehensive overview about how mentoring in the workplace improves staff retention, productivity, promotion and development. The most useful sources I found to answer your question are from the National Mentoring Day Summit and Forbes. The short version is that all case studies i found in my research states that mentoring helps mentors, mentees and entire businesses push their capacity and efficiency a lot further.
Below you will find a deep dive of my findings.
METHODOLOGY
I first directed my research towards the overall effect of mentoring on the psychology of people with the objective of gaining better insight into it's perceived benefits in the corporate world. I then proceeded to search for case studies about companies that claim to have increased staff retention, productivity, promotion and development. I focused more on presenting you with hard data to show actual documented results and not just testimonials. I then redirected my research towards millennials (employees aged 18-35) because studies reveal that by 2025, 75% of the workforce will be composed of millennials.
I segmented my research findings into 5 parts. 1 portion for each of the 4 main points of the request and another for my findings about mentoring that do not fit into these categories,
RETENTION
• Mentoring fosters important working relationships and gives employees a sense of belonging, both important factors that motivate employees to stay with a company.
• A case study of 1000 Sun employees show that retention rates were much higher for mentees at 72% and mentors at 69% than for employees at 49% who did not participate in the mentoring program.
• 77% of companies that have a mentoring program indicate that it improved both employee retention and job performance.
• A survey by Deloitte reveals that millennials planning on staying with their employer for more than five years are 68% more likely to have a mentor than the 32% who are not.
PRODUCTIVITY
• Case studies state that mentoring can increase managerial productivity by 88% when managers are involved in a corporate mentorship program. This is a significant difference considering that productivity increases by only 24% increase when managers received training but no mentorship.
• Research by the National Mentoring Day Summit states that 67% of businesses reported an increase in productivity due to mentoring.
• The same research reveals that 55% of businesses consider mentoring to have a positive impact on their company's profits.
PROMOTION
• Sun Microsystems state that their corporate mentors were promoted six times more often than those not in the corporate mentorship programs. Mentees were promoted five times more than their non-mentored counterparts.
• Results from a case study of 1000 Sun employees over a 5-year period show that 25% of employees in a test group who took part in the company’s mentoring program had a salary grade change. 5% of employees in a control group who did not participate in the program did not have a salary grade change.
• 28% of mentors in the test group had a salary grade change as opposed to just 5% in the control group.
DEVELOPMENT
• Fortune 500 companies see mentoring as an important employee development tool. 71% of them having mentoring programs.
• A case study about learning states that 80% of learning takes place informally, interactions between mentors and mentees are crucial times for employees to absorb knowledge.
OTHER FINDINGS
• By offering their support and guidance, mentors can inspire mentees to create their own balance, thus allowing them to become more efficient with their time and less bogged down by stress.
• Mentoring provides for the transfer and exchange of knowledge between mentor and mentee, spreading resources across the company and employees, so no expertise is wasted.
• A survey by Atenga, a professional survey and data interpretation company, states that 67% more Millennials than Baby Boomers say that "having a great mentor" at work is important.
• A nationwide survey of 1500 employees reported that the relationship between an employee and his direct supervisor is one of the top three drivers of employee engagement.
• In a recent PWC Millennials at work survey, millennials say they prefer to learn from coaches and mentoring, and rank it as the most valuable training/development opportunity. This is a significant trend considering that millennials currently make up 50% of today’s workforce and will comprise 75% of the workforce by 2025.
• Research by the Federation of Small Businesses shows that 70% of small businesses that receive mentoring survive for five years or more, which is 100% the rate compared with non-mentored entrepreneurs.
• A case study by Sage states that 55% of entrepreneurs that believe mentors are valuable believe mentoring can help them succeed while 60% look for experience in a mentor above anything else. 85% currently do not have a mentor.
•The same case study states that 93% of small and medium sized businesses acknowledge that mentoring can help them to succeed.
CONCLUSION
To wrap it up, hard data proves that mentoring helps companies maximize the capabilities of their employees and their businesses.
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