One of the most effective and cost-efficient ways to build a resilient company that can navigate economic uncertainty is by offering mentoring to valued employees.
Whether it is a formal or self-directed program, mentoring helps to increase retention of top talent, keep employee recruitment costs down, cross-train employees, and develop future leaders.
Why consider mentoring?
Think about the challenges your business faces today:
- High Recruitment Costs – Finding the right candidate takes time and money;
- Retention Struggles – Keeping your best employees engaged is a growing challenge;
- Leadership Gaps – The next generation of leaders want development opportunities; and,
- Cross Training Demands – Employees need to take on new roles and responsibilities.
Mentoring helps to solve all of those challenges!
High quality candidates are attracted to companies that offer development opportunities. It signals a company’s commitment to an employee development culture, attracting candidates seeking supportive and growth orientated workplaces.
Employees who have access to a mentor feel more confident in their skills and are less likely to leave the organization. They are also 3.3 times more likely to describe themselves as productive.
Mentoring bridges leadership gaps by developing internal talent, accelerating skills building, ensuring knowledge transfer, and preserving cultural continuity. As leaders retire, mentoring helps to prepare the next generation of leaders, reducing both reliance and the costs associated with hiring and training external employees.
Finally, mentoring helps employees develop the skills needed to step into different roles following budget cuts, hiring freezes or unexpected departures. This adaptability strengthens your workforce culture and future proofs your business from disruption.
Where to Start?
Mentoring does not need to be a formal, HR-organized program. It can be a self-directed process driven by employees who are taking the initiative to seek career guidance, develop new skills, or gain clarity on what it means to succeed as a leader.
Younger team members can actively shape their own growth by reaching out to experienced colleagues for insights and support. Regardless of how mentoring begins, a few key factors contribute to its success:
- Position mentorship as a core leadership responsibility, ensuring experienced leaders are accessible and prepared to invest their time in developing others.
- Equip both mentors and mentees with the skills they need to build strong relationships, including training on trust-building, effective feedback, and creating meaningful learning experiences.
- Measure impact by tracking participation, employee engagement, and skill development to ensure mentoring efforts drive real results.
Companies that embrace these principles do not just develop employees; they build a resilient, future-ready organization. Mentoring is a powerful way to invest in people – and in the company’s success.
Written by Ronnalee McMahon who has designed and delivered formal mentoring programs across corporate and non-profit sectors, impacting close to 500 participants from all professional fields. She has provided the delivery of sessions that equip both mentors and mentees with the skills they need to build mutually beneficial and productive relationships. Ronnalee speaks regularly on the topic of mentoring, including on “Maximizing Employee Engagement Through Formal Mentoring Programs”.