MASTERING MENTORING TO PASS THE TORCH BY NANCY WRAY, VP & COO, ABC CENTRAL FLORIDA A Gallup study indicated that 50% of workers are mentally checked out and quietly quitting. All indications are that this trend could get worse. That study also found that the decline was related to the lack of expectation clarity, opportunities to learn and grow, feeling cared about, and a connection to the organization’s mission and purpose. It is necessary to re-engage employees if companies are to survive. One way to tackle this challenge is establishing a company mentoring program. National Mentoring Month, an annual campaign established in 2022, is celebrated each January and was created to raise awareness of the impact of mentoring. One new year’s resolution might be to establish a company mentoring program. A 2023 Mentoring Impact Report from MenteorcliQ shows that Fortune 500 companies that offer mentoring programs are seeing the benefit of employee engagement, retention, and profit goals. Statistics show an increase of headcounts by 4% vs. companies without mentoring programs that lost an average of 33% of their workforce. A comparison of median profits for 2022 Fortune 500 companies with mentoring had an average of three times more profit than those without.
The Wharton School of Business at the University of Pennsylvania found mentoring relationships positively impact productivity, engagement, and retention (1). Mentoring can turn a typical co-worker relationship into a mutually beneficial and meaningful relationship for both parties.
“The delicate balance of mentoring someone is not creating them in your own image but giving them the opportunity to create themselves.”
The mentor will find value in participating through developing their leadership skills, including coaching, — STEVEN SPIELBERG listening, and counseling. Mentoring is an opportunity to acquire new technological knowledge, increase generational awareness, connect, and appeal to younger generations. It will help them learn about their company at other levels and give them a better understanding of the challenges faced by younger or newer employees. Mentoring will rekindle enthusiasm and will allow them to demonstrate their expertise. Mentors can discover new ideas by engaging with mentees while improving their network. Mentees will gain confidence, a sense of purpose and feel more fulfilled thereby resulting in increased job satisfaction. Being mentored is a way to develop new skills, get career guidance and gain industry insights. A mentoring program is a collaboration where both the mentor and mentee become co-learners. A Gartner study shows that mentored employees had a 25% salary grade change and were promoted five times more often than those not in a mentoring program. The same study found mentors received promotions six times more often than their peers. It can be an important employee development and retention tool.
Additional studies (Gartner) showed that 72% of mentees were retained compared to 49% of employees not mentored. The retention rate of the leaders who mentored was also 20% higher than those who did not participate in the program1. Mentoring is a substantial way to show employees that they are valued, and that the company’s future includes them. A mentoring program helps create a positive company culture, creating a sense of community, while communicating the company’s values, vision, and mission.
Mentoring helps address challenges in today’s workforce and will help expand your company, bring in more revenue and create loyalty among your employees. With a continued shortage of skills workers, can construction companies afford not to invest in a mentoring program? 1.“Workplace Loyalties Change but the Value of Mentoring Doesn’t. ”Knowledge @ Wharton. Wharton School of Business, University of Pennsylvania, 16 May 2007. Web. 30 Sept. 2014. abccf.org | THE CONSTRUCTION ASSOCIATION OF CHOICE
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