How To Establish A Successful Corporate Mentoring Program
How To Establish A Successful Corporate Mentoring Program
Read moreIt is well-known that the pandemic has had an unprecedented impact on the job market. The job openings and labor turnover report by the Bureau of Labor Statistics states that retention rates are falling as the amount of employee turnover is increasing. The number of job openings at the end of June was at a record high of 10.1 million jobs.
Why are so many employees leaving? Well, the short answer is the pandemic was a time of personal financial uncertainty. If they had an idea of switching pre pandemic, a lot of individuals chose to keep their jobs instead of continuing a search for a new one.
The long answer is now that the economy and businesses have opened back up, vaccinations have been received, and mask mandates in some areas have been lifted or relaxed, business is booming. That means the job market is booming. Many job openings are available, and recruiters are on the hunt. This gives workers an opportunity now more than ever to leave their current jobs for other opportunities if they were previously seeking to do so.
No doubt you want to keep your high performing and knowledgeable top talent. Especially when the average loss of one of those employees is around 6 to 9 months of their salary. It’s important that you choose the right retention strategies to ensure a favorable response from your employees.
Through 25 years of experience in the talent sector we’ve found that the following strategies are the most effective for increasing and maintaining employee retention.
You may already know that these are the reasons your employees are leaving. However, it may come as a surprise that implementing a mentoring program can help you address these issues.
An effective mentoring program will allow you to increase employee retention by addressing the need for development across your entire organization. Providing mentoring helps to immediately improve an employee’s perception of your organization and their role in it.
Showing employees that you are willing to invest in their future helps you to establish long-term employee engagement. This engagement and the ability for employees to see a clear path for success will undoubtedly lead to higher retention rates.
To fully understand what mentoring can do to improve your employee retention program, we must breakdown what the benefits are for each type of individual at an organization.
Mentoring is actually multiple strategies in one that increase employee retention. As you have just read, mentoring helps with increasing engagement, networking, creating a work life balance, and introducing/building on the company culture. Therefore, mentoring should be a key element to any employee retention program.
At Insala, we can help you improve your employee retention program by implementing a mentoring program for your organization. Not only do we have mentoring software, but with over 30 years of experience, we also have the knowledge to help develop the process and strategy specific to your organization’s mentoring program. For more information about setting up a mentoring program, setup a meeting with one of our experts.
Judy is the Director of Consulting and Mentoring at Insala. She has over 30 years of experience providing customized human resources consulting services to medium to large organizations across a variety of industries. In the area of mentoring, Judy has designed and delivered workshops, training, and a complete mentoring methodology. Judy’s mentoring process is the foundation of Insala’s mentoring solution we know today. Her thought leadership articles have been published in journals such as The Diversity Journal and Industrial and Commercial Training and she has spoken at many conferences throughout her career.
How To Establish A Successful Corporate Mentoring Program
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