Peer mentoring has been around since ancient times, as people have taught fellow friends, classmates, and partners how to acquire new skills.
Although this sometimes occurs naturally in the workplace, there is also a real value to more formally establishing a peer mentorship program to benefit the long-term growth of your employees.
As Mentorcloud put it, “As employees turn to their mentors for advice, they make fewer mistakes on the job, cutting losses to the employer.”
This post outlines the benefits of peer mentorship. We’ve also written a step-by-step on how to implement a mentoring program in your office.
The Benefits of Mentoring
A well-crafted mentorship program can affect every aspect of your company, from recruiting to company growth and retention. Here are some ways mentoring in the workplace can make a difference.
Offer Growth Opportunities at a Low Cost
Events like teaching an in-house writing workshop, producing a lunch-and-learn series, or teaching refined skills in small groups cost nothing, but they also give employees an opportunity to shine. The experience of teaching is a great way for people growing within the company to polish their presentation skills and share knowledge their peers may not otherwise be exposed to.
Related article: 11 Low-Cost Ways to Encourage Employee Development
Strengthen Team Relationships
Mentoring in the workplace sets the stage for individuals to strengthen their relationships and, in turn, work more cohesively as a team.
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And unlike a mentorship between a manager and subordinate, mentees feel safer talking about their challenges with a peer. This means they’ll have the ability to express their fears, concerns, and desires for growth in the role with a more trusted confidant.
Related article: Don’t Make Peer-to-Peer Constructive Criticism Awkward: 11 Tips
Train Mentors for Management Positions
If your employees are looking for a way to grow in their roles, mentorship programs are a great place to start. It will give them the needed practice in coaching employees on complicated topics, and it’s a foundation of experience they can continue to build upon.
Both mentors and mentees will appreciate that you’ve enabled them to dedicate time to building new skills.
Increase Employee Retention
There are many ways to increase employee retention, from onboarding employees seamlessly to appreciating them with small gestures. A mentorship program is one of many ways to keep your employees at work and happy. As it turns out, 77% of companies with a workplace mentoring program reported it to be an effective method to increase employee retention.
Encourage Employees to Perform Their Best
Mentorship programs can also boost productivity within your company. According to a study by Millennium Group International, 95% of mentees reported that participating in a mentoring program motivated them to perform at an even higher rate.
Overall, it’s hard to deny the benefits of a mentorship program at your work. Ready to get started? Here are some articles you might find helpful:
This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, legal or tax advice. If you have any legal or tax questions regarding this content or related issues, then you should consult with your professional legal or tax advisor.