The Top Benefits of Mentorship in the Workplace
How do you promote a culture of learning in your company? It turns out, a survey revealed, that employees who have a mentor are more likely to feel happier at work. Aside from this, below are the other benefits of mentorship in the workplace that can bring long-term positive results to your business.
Benefits of mentorship in the workplace
Mentorship is a mutually beneficial relationship — encouraging growth and development on both the mentor and the mentee. Looking at the bigger picture, it also provides valuable benefits for the company such as higher performance and lower attrition rates.
To expand this further, let’s look at the benefits of mentorship for employees, mentors, and the company.
Benefits to employees
- Employees who have mentors at work feel more satisfied with their jobs and consider staying with the company longer compared to those who don’t have mentors.
- Mentorship programs also help them develop a skill or competency.
- Seventy-one percent of employees with a mentor believe the company provides them good opportunities for career advancement.
- Employees who turn to mentors for advice commit fewer mistakes and produce better quality outputs.
- Become more aware of the different approaches of working.
- Moreover, they also feel a higher level of engagement, visibility, and recognition at work.
- Having a mentor an employee can turn to when things aren’t going well also reduces stress and anxiety.
- Employees also feel more empowered and confident when they belong in a mentorship relationship.
Benefits to mentors
- Becoming a mentor improves one’s communication skills, specifically verbal and active listening skills.
- It creates a sense of purpose and fulfillment by sharing the knowledge with the next generation of leaders and mentors.
- Encourages the mentor to become more responsible and accountable.
- Becomes exposed to fresh ideas and perspectives.
- Improves the leadership and coaching skills of the mentor.
- Mentors also have the opportunity to learn new insights from their mentees.
- Mentors also experience a lower level of anxiety when mentoring others due to the sense of fulfillment this role brings.
Mentors help their mentees grow through their willingness to share the knowledge they gained through years of experience. However, it’s important to note that mentors need mentors, too. Whether you’re the CEO of the company, a director, manager, supervisor, or team leader, it’s essential to find a mentor who can guide you in the right direction, especially when making tough decisions.
Benefits to the company
- Companies can observe increased levels of employee engagement, satisfaction, and loyalty.
- There are also higher retention rates for companies implementing mentorship programs.
- A strong mentorship program is an effective way to attract millennial talents.
- It also encourages higher productivity and better performance among employees.
- Strengthens company culture by enabling knowledge sharing and proper guidance and support among leaders and employees.
- Serves as a good method to transfer and maintain institutional knowledge.
- Promotes diversity and inclusion.
- Strengthens corporate culture.
- Reduces training costs by allowing one-on-one or group mentoring.
- Builds strong leaders.
Everybody benefits from an effective mentoring and/or coaching program. Create a healthy environment for lifelong learners by fostering a mentorship culture in your company. As the popular saying goes, “Knowledge increases by sharing but not by saving.”
Continuous knowledge sharing is a key priority at D&V Philippines. If you need help from accountants who thrive in this kind of setting, talk to our experts today to learn the accounting services we have for your business. You can also download our whitepaper, Employees to Partners: How D&V Philippines Invests in its People, to find out more about our culture.