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How to Succeed with Mentoring Programs in Corporate

Are you planning to start a mentoring program to improve employee engagement? That’s great! Whatever might be the reason, mentoring is a great way to support, develop and grow your employee in a much more impactful way for your business.

Another important aspect is employee retention. as per 2016 Deloitte Millennial Survey, 60-70% of your Millennials workforce will leave your organization by the year 2020. This is a cause of grave concern.Employee Engagement is important else they will exit your organization

If we look at what Millennials are looking for, Harvard Business Review has put it well very in this compact infographic below. To summarize, they are looking for a constant dialogue for meaningful conversations and feedback. Mentoring can be great tool to support that need.

What Millennials Want

But before you go too far in implementing mentoring program in your organization, here are a few key aspects you need to look at:

Is your organization ready for Mentoring?

Most of the companies are still led by Boomers and Gen X people. For them to understand the need of a Millennial can sometimes be difficult. The whole concept of social, collaborative work environment is very new for them. Boomers, grew up in an environment of societal upheaval where challenging authority and the status quo were the norm. They come to the workplace confident, prepared to work hard, and expecting to be rewarded for their efforts. On the other hand, Millennials grew up in an environment of adult attention where monitoring, recognition, and support were the norm. This difference keeps creating a conflict in the organization and relationship between Boomers and Millennials.

That said it’s not impossible to put an end to this. Given the right training and setting expectations, we can have a very committed and successful relationship. So before you start make sure you are doing the due diligence to find out the pain points and addressing the issues.

Have you defined a Process for Mentoring?

Adhoc attempts without proper planning and process to support your program can definitely cost you. Process always helps you keep focused on the tasks in hand and guide you on the next steps. There are also great tools available for you to retrospect if you feel something went wrong. You may want to read this blog post which explains the D.E.L.T.A. process of NxtSpark which aids and guides your internal Mentoring program.

Figured out a way to Mentee Mentor Matching?

Getting paired with the right mentor is crucial, this will probably define whether you will be able to sustain the momentum of the program and have a ROI of the significant time and investment you have made. Read this blog to understand more on how to get it right.

Are you tracking the progess?

Most of the companies, who have successfully implemented mentoring, had a strong tracking system to measure the pulse of the program. Getting insights into whether employees are realizing the value or if the Mentoring pairs is spending enough time with each other is very important for the success of the program.

However, there’s an important aspect to bear in mind. The specific details about a Mentoring relationship are supposed to be confidential to enable them to open up. Crossing that line can result in breach of trust of your employees, which can cause a monumental issue and can cause more damage.

To conclude, Employee engagement is one of the hardest issues corporates are facing today. Mentoring/Coaching, Peer mentoring, mentoring 2.0 are different names and ways to solve the problem. But at the end of the day we are talking about human relationship. If solutions are used as a checklist item, they are bound to fail. Make sure you are reading the pulse of the employees well and you are prepared to take on the problem head on. Most of organization need help, so don’t think twice if you feel help is required.

What To Do After The Employee Engagement Survey

The article written by Soumen Chatterjee, CEO NxtSpark, originally appeared in CEOWorld magazine in Aug 2016. http://ceoworld.biz/2016/08/05/whats-next-employee-engagement-survey

Employee engagement is not a mere buzzword anymore and has gained attention of CEOs and top executives in companies. In an ever-disruptive economy business leaders know that having a high-performing workforce is essential for growth and survival. They recognize that a highly engaged workforce can increase innovation, productivity, and bottom-line performance while reducing costs related to hiring and retention in highly competitive talent markets.Employee EngagementAmong the findings of a new Harvard Business Review Analytic Services report of more than 550 executives around employee engagement, it was found that while 71% of respondents rank employee engagement as very important to achieving overall organizational success, only 24% of respondents say employees in their organization are highly engaged.

In a separate study by Gallup’s on the State of the Global Workplace, it has been observed that only 30% of employees worldwide are engaged at work –  employees who are psychologically committed to their jobs and likely to be making positive contributions to their organizations.

But while most executives see a clear need to improve employee engagement, many have yet to develop tangible ways to measure and tackle this goal. However, a growing group of best-in-class companies says they are gaining competitive advantage through establishing metrics and practices to effectively quantify and improve the impact of their engagement initiatives on overall business performance.

Without effective Employee Engagement practices, a company is bound to lose it valuable employees to competition. As per industry estimates, it has been found that the cost of replacement can be as high as 400% of the cost to company (CTC) of a full-time employee (FTE). With such high costs of replacement in a highly disruptive economy, it can have serious repercussions for a company.

One of the proven ways of high-impact Employee Engagement is Mentoring and Coaching of employees. Mentoring and Coaching have a strong bearing on morale, productivity, leadership development and internal career growth. They can also be used for succession and planning and diversity initiatives.

Mentoring (and Coaching) is not only beneficial for the recipients but also for the people who are Mentors. Sun Microsystems (now a part of Oracle) ran a highly successful Mentoring program for over 13 years and saw higher retention and promotion rates amongst its Mentees as well as Mentors.

Mentoring Program in a corporate
Mentoring Program in a corporate

With the emergence of SaaS-based solutions, companies can now implement and run Mentoring and Coaching programs seamlessly across geographies. Right from correct Mentee-Mentor matching on strengths to real-time feedback and visual data analytics, such platforms provide insights into Employee Engagement initiatives of the company and assure a high ROI. Over a period of time, such data gets accrued and flow into useful Predictive Analytics for design of appropriate learning interventions, estimating employees-at-risk of attrition and crafting specific retention strategies.

These Employee Engagement platforms can also be used for Strategic On-boarding of New Hires to map them to senior leaders as buddies, ensuring they get into the “groove” early on in the company.

With rapid adoption of technology by HR teams, an increasing number of companies are using such Employee Engagement as a part of their People Management Strategy.  It’s time when any company which realizes people are its true competitive advantage will start investing its dollars in Employee Engagement platforms.