After surveying learning and development managers from around the world, we decided to launch a new module to help clients facilitate better corporate mentorship programs. Read on to learn more.
Successful organizations are seeing the benefits of workplace mentoring.
After experiencing a decline through the 1980s and 1990s workplace mentoring has experienced a rebound, a fact clearly illustrated by some of the world’s most successful organizations. 71% of Fortune 500 companies have a corporate mentorship program in place, while 25% of small businesses claim to engage in team mentoring.
Higher employee retention is perhaps one of the most significant benefits realized by organizations using mentoring as part of a structured learning and development strategy. Research shows that 40% of employees who don’t receive adequate training leave their positions within one year, while those who do are far more likely to stay within the organization and advance.
In a recent study conducted by Sun Microsystems (now Oracle) the company realized an annual savings of more than $500,000 as a direct result of their mentorship program. For mentors and mentees the benefits of the program included salary increases and a likelihood of promotion that was five to six times greater than their peers.
Other positive outcomes experienced by organizations with successful workplace mentorship programs include:
- Increased team productivity
- Higher retention of future leadership
- Increased employee and team engagement
- Improved employee performance
- Deeper organization loyalty
Teamscope has launched a new module to help your organization get great results just like these from workplace mentorship. Book a FREE demo today to learn more!
The top three reasons corporate mentoring programs fail.
Globally, corporations spend well over $300 billion a year on learning and development, but a sizeable amount of budget is wasted on poor outcomes. Below are three of the most common reasons corporate mentorship programs fail.
Research shows that poor matching of mentor to mentee is commonly cited as the number one reasons mentorship programs fail. When mentors and mentees are thrown together without thought or strategy, it can lead to an awkward compact that neither party wants to be in. This often happens in large enterprises where mentoring is pushed as a mandatory directive instead of a voluntary initiative.
Unconscious or Conscious Bias
It’s perhaps an unfortunate characteristic of human beings, but many people tend to feel more comfortable providing opportunities and guidance to those who look or act most like them. In corporate environments, men are far more likely to occupy critical leadership roles that prepare them for upward mobility. Comparatively, women are often filtered off into support roles. As a result, by the time some women reach upper middle management, only about 20% are in positions with profit and loss responsibilities. In turn, lack of experience is oft-cited as the reason female candidates are turned down for mentoring.
Mentorship programs that don’t align with organization goals
When an organization is not fully committed to incorporating workplace mentorship into its culture, such initiatives are often siloed off as stand-alone programs. Separated from the rest of the company, goals and outcomes for the program can result that have no bearing on the organization’s operations or strategies. Successful companies use mentorship as an integral part of learning and development, succession planning, team building, and leadership development.
Here’s how Teamscope Learning can help your mentorship program succeed!
After conducting our research, we were able to see that Teamscope has the built-in capability to address the common reasons mentorships fail. Our algorithm removes the unreliability of human intuition to address issues like poor matchmaking and bias, allowing for natural diversity and selection based on compatibility and competency.
In adapting our platform for workplace mentorship, we also wanted to replace the traditional learning and development process with something more efficient. Usually, learning and development is a top-down, drawn-out procedure involving multiple courses and yearly training plans. We know that the best learning takes place when:
- People integrate learning with everyday work, as opposed to sitting through courses or presentations.
- Team members are provided with the freedom to designate the competencies they need to develop based on the job they perform each day.
- Team members are matched to colleagues who are not only experts in these competencies, but also possess character traits that make them a compatible match for particular mentees.
When these factors are in play, mentoring initiatives naturally align more closely with an organization’s learning culture, mission and strategy.
To help organizations facilitate successful mentorship programs, we’ve launched Teamscope Learning. Here’s how it works:
- After a mentee creates a profile in the Teamscope app, our software will compare the protégé’s competencies and development goals with everyone from their organization.
- Next, Teamscope Learning finds the best mentor match for the mentee based on personality and values.
- Teamscope Learning creates the connection between mentor and mentee to start the protégé’s development.
- Throughout the mentoring process, Teamscope provides motivation, guidelines for goal setting, and tips for getting the most out of mentorship.
Teamscope is ready to help your corporate mentorship program be a worthwhile success. Book a demo with us today to get started!