Uncertainty. It’s the new hot trend. 

Thanks to many unforeseen factors (hello, pandemic!), we’ve got more unknowns than ever before.  

Will the housing market ever settle down? 

Will J.Lo and Ben Affleck stay together? 

Will my employees stay with me for the long haul?  

Ok, real talk: we can’t tell you whether you can buy a house or bet on Bennifer. 

But when it comes to the current uncertain talent market, we do have a few ideas.  

If you’re really worried about retention, try mentoring.  

It’s true: Diminishing budgets, hiring freezes and layoffs have forced many companies to do more with less -  many employees treading with caution when it comes to their team’s professional growth. (We get it, you can’t afford pay rises and luxury incentive prizes for all!) 

That’s why mentorship is such a good idea. It’s not only a great cost-effective solution to improving employee retention and supporting career growth, but mentoring can also position your company as a supportive and dedicated workplace.  

We talked with Mentorloop Co-Founder and COO, ​Heidi Holmes, National Commercial Sales Manager of HP, ​Andrea O’Halloran, and Sales and Administration Coordinator at HP, ​ Dorothy Maciaga about the partnership between Mentorloop and HP and the benefits of implementing a mentorship program within the workplace. 

So, what is mentorship? 

Traditionally, mentorship is often seen as a hierarchical relationship where someone with extensive experience (the mentor) takes another under their wing (the mentee). 

While that may be true of some mentoring experiences, companies like Mentorloop are aiming to challenge these traditional views and help companies see that some of the most impactful mentoring relationships are more reciprocal in nature. 

As Heidi from Mentorloop notes, “it’s important to be respectful and trusting in those relationships and acknowledging that we all have something to learn and potentially we all have something to teach, whichever role we’re playing.” 

Viewing mentoring in this broader context, mentorship can not only support employee growth and retention within your business but also improve the skills of those taking on a mentor role. 

So with this new understanding of mentorship, what benefits can implementing these types of programs provide to your business? 

The benefits of mentoring 

Benefits for Organisations 

1. Outperforming and outshining competitors 

Because everyone wants to be the best, right?  

In 2023, we’re seeing more Gen Z begin to enter the workforce. And they are looking for two things: networking and mentorship. 

Mentoring programs have the ability to offer both to prospective employees. 

After starting their program with Mentorloop around 2.5 years ago, Andrea noticed that this perfect blend of perks spurred their new recruits to outperform their competitors. 

Using mentoring programs to match and connect employees with the most beneficial connections enables both parties to improve and expand their skills. This, in turn, led to better performances across the company. 

Win-win.  

  2. Increased feeling of connectedness 

Because there’s nothing like a lockdown to make you appreciate your village. 

Considering the more hybrid environment of workplaces today, another easily identifiable benefit of mentoring is the increased feeling of connectedness it gives to employees.  

Starting their program just before the Covid lockdowns, HP saw a great increase in employees signing up to the program during this time, however the benefits of this connectedness have continued past this time as people continue to work from home. 

“What’s been great to see is that almost everyone has stayed on the program,” explains Andrea. 

“The other great thing we’ve seen is that there’s a lot of people who have signed up as a mentor and a mentee, not just one. So they’ve built a number of different connections.” 

Feel the love! 

   3. Networking opportunities 

Because it’s not what you know, it’s who you know 

With the mentoring program increasing the team’s ability to connect, HP also discovered opportunities to network across teams in a way that’s normally not possible. 

From being able to problem solve with someone outside of their regular team, to connecting with those in other sectors of the company they might not otherwise get the chance to communicate with, mentorship can bring in that key networking aspect many Gen Z employees are searching for. 

As Andrea notes, “a lot of my team are in sales so they naturally have those opportunities to network, but not every role has those opportunities and that’s what I love about mentoring, being able to offer networking to everyone.” 

Benefits for mentors AND mentees 

Because we all need a win ;) 

While mentorship can bring many benefits for a company as a whole (see above!), there are also many benefits for the individual mentors and mentees. 

• For mentors, there is the opportunity to share their experience with others and provide themselves with a bigger sense of purpose. 

"Remuneration is not the payoff we all strive for, sometimes we need more to keep us going. So the sense of fulfilment and teaching others is one of the benefits,” highlights Dorothy Maciaga. 

Understanding the more reciprocal nature of the relationship means the roles can also be switched, with mentors able to benefit from the unique skills and experiences of the mentee. 

This sharing of knowledge across not only teams but generations, allows everyone involved to learn new skills and perspectives. 

• For the mentee, the feedback from the mentor allows them to learn, reflect and grow within both their professional and personal development. 

In terms of employee retention, such programs can provide employees with the feeling that the company is willing to invest in them. Providing them with this ability to develop, transfer skills and network is exactly what the new generation of employees are looking for. 

Did we mention it looks great on a CV?? 

How do I implement a mentoring program? 

When it comes to successfully implementing a mentoring program, there’s a bit more to think about than correctly matching people. 

(This isn’t The Bachelor.) 

It’s important to understand how to build a successful structure that ensures everyone involved can get the most out of their experience. 

One of the key elements in creating a sustainable mentoring culture is allowing employees to opt in and find the connection they're looking for when they need it. 

As Heidi explains, “rather than being tapped on the shoulder and being told this is when you apply, it’s more about ‘I’m facing this problem’ or ‘I want to know how to get from A to B’ and’ I want to know how to do to that now, I don’t want to have to wait six months for the program to start’”. 

Whether your employee needs only 2 or 3 conversations with a mentor or wants to have an ongoing six month relationship, providing flexibility can make for a more engaging and productive program. 

 

How to measure the success of your mentoring program 

Now you’ve got your program up and running, how do you keep check of whether it’s actually helpful for your employees? 

While checking on stats, numbers and important KPIs (such as how many people have been matched together) is one way, ensuring usability and comfortability is also important. 

But knowing that employees find value from their time with their mentor or mentee, whether they learn new skills or find valuable career advice, is one of the best measures for success for your mentoring program. 

“When we’re all looking for good news stories, this is where you can turn to mentoring,” explains Heidi. 

“When people say [for example] through this relationship I was able to find a way that I could navigate a career transition internally, for a senior executive.It’s a qualitative statement but you can see the tangible value around [employee] retention and engagement.” 

Read, set, grow! 

Essentially, if you want to retain your employees, you need to ramp up their career-care. 

Nurture their skills with mentoring and not only will they stay with you longer, but your organisation's overall performance will improve. You’ll have a team who wants to learn, grow and excel - and is more likely to outshine your competition.  

Of that, we’re certain.  

For a full recap on all these benefits, be sure to check out our webinar conversation HERE.