Mentoring programs can offer many positive results to a business. Results that may not directly impact the bottom line. But still add value to those being mentored. When we set out to start our own business we tend to look back at our previous experience. And, how the environment was either supportive or non-supportive of the employee’s success; to see what worked and what didn’t work. One of the elements of a successful business is the openness to share our wisdom and passion with others. One of the easiest ways is to establish a Mentoring Program. Mentoring doesn’t always mean we are ‘grooming’ the new employees for their rise in the corporate environment. It can also mean mentoring high school students to gaining much needed experience in the work place.
A few of the advantages of how establishing a mentoring program can support your small business. We will also touch on how setting up a mentoring program can help develop your human resources. Then use these resources in the most efficient way possible.
First, let’s start with the key advantages of mentoring programs:
Reduced Learning Curve
As organizations establish a mentoring programs, it can be one of the most important resources available. Especially, for employees during their initial learning phase of the new hire employment period. Or, when an employee is transferred or promoted to a new positiion. Having a mentor supporting them allows for a less stressful work environment.
The learning curve for your employees is reduced. The amount of overhead expenses needed for employee to be up to speed and working efficiently at their new responsibilities. We all know, when employees are happier their work performance improves and so too does the bottom line.
An example is if you take on a high school student to mentor. You will empower them to embrace new skills. These skills are transferrable when they leave high school and enter college or university. These news skills will reduce their stress associated with a new learning. Which translates into supporting a positive educational experience and potentially a better grade point average. Or simply, increases their self-confidence.
Lower Attrition Rates
When an organization embraces mentoring programs, reports show the employee satisfaction in their jobs increase. As your employees feel supported and they enjoy their work, they are less apt to leave their place of employment. When their loyalty rises, then the costs associated with new hires is directly and positively impacted.
Embracing a mentoring program with young individuals, your business is seen in the local community as a supportive one. As business owners taking an interest in ongoing education. Supporting the workforce of the future, clients immediately and automatically view the business with greater respect. In turn, are more apt to support such businesses.
Confidence for both the mentor and mentee improve as the mentor shares his experiences and expertise. The leadership qualities in the mentor are also improved. As a result, the mentor feels appreciated and respected by his co-workers. This confidence and pride carries over into their own regular duty which again improves their efficiency and effectiveness.
Small businesses working that encourage and mentor the future workforce see an increase in effectiveness. The appreciation expressed by the mentees leads to an increase in moral. Improving moral, improves your employees decision making skills. Businesses again gain good will in the community and are seen as a leader.
Succession planning is normally seen to be more applicable to those larger businesses. But even small businesses can begin to embrace the idea of mentoring when considering exit strategies. Mentoring programs help senior management spot the best talent and groom them for better roles in the organization. In effect, it helps the organization retain talent and allows the employees to grow in their careers.
As mentioned above, succession planning is not only for large companies. Entrepreneurs starting their business can consider their own success. With the notion at what point will their business take on a life of its own. When this happens, will you as the entrepreneur be ready to hand over the reins and to whom? You can identify key skills, qualities and work ethics would be necessary for your business to continue to survive.
Reduced Stress Levels
A well established mentoring program gives employees the opportunity to discuss their professional and sometimes personal issues. This helps employees deal with their stress better. Organizations in turn are able to maintain high levels of employee efficiency.
Encouraging open communication between the mentor and mentee will reinforce your support of the ‘whole’ person. As a small business owner you provide the same open communication with the student mentees you are working with. This open communication will support their ongoing success in school and careers.
A mentorship program encourages teamwork and allows each person to focus on what he does best. Employees can feel stuck when they face tasks that go beyond their skill levels. A good mentorship program can take care of that by providing employees with regular feedback and guidance. Thus ensuring they are able to do reach to their full potential.
Student mentor programs teach and encourage team work. This reinforces the skills necessary to be successful in any industry they have a desire to work in. Teamwork is a skill set always retain it’s value. It is always transferrable from one environment to another.
The most crucial advantage of mentoring programs is perhaps knowledge management. In most organizations when key people leave they take the knowledge and wisdom they possess with them. By establishing a mentoring program, however, organizations can ensure this knowledge is passed on from the mentors to the mentees.
High school mentees may not take your owners ‘knowledge’ to heart. Or it may be only have a small impact on supporting your business. The practice for you to share knowledge reinforces the key information needed for your business to continue without you. As well, how to plan for unexpected events.
Knowledge is power. The power of your knowledge can be limitless when you freely share it with others. Keeping your trade secrets – secret it still critical. It mean supporting others and empowering them to be successful at any job will support your overall business success. Mentoring others is something I truly enjoy. It allows me to empower others to step into their full confidence. Hear their inner wisdom which allows them to follow their hearts and find their true purpose.