Our 2017 article with the same title remains one of the most popular resources on our website. Which prompted us to examine how much things have changed in the last six years, and how much has stayed the same.
While we see the magic of mentoring in engaging and developing current and future leaders on a daily basis, the evidence from global research remains clear. In 2023 mentoring is a valuable investment in developing and retaining talented people in your organisation.
76% of working professionals believe a mentor is important to growth. After all, “to teach is to learn twice.”
92% of Fortune 500 companies have mentoring programs (up from 73% in 2017!) Why? Because investing in leadership capability pays off in performance, productivity and innovation (Centre for Workplace Leadership 2016). Additional data in 2023 suggests that companies actively choose to develop their talent by leveraging internal knowledge and as a way to boost job satisfaction. Since 90% of employees who have a career mentor are happy at work, mentoring can add value to retention goals.
In 2015 Sun Microsystems revisited a 2006 Gartner five-year study which showed that 25% of employees who enrolled in a mentoring program had a salary-grade change, compared to only 5% of workers who did not participate
In 2023 mentees are promoted five times more often than those who are not in a mentoring program. (The source document is behind a paywall and can be purchased here.)
In 2023 retention rates have risen significantly, with retention rates being much higher for mentees (72%) and mentors (69%) than for employees who did not participate in the mentoring program (49%). (Source)
For CEO’s in formal mentoring programs (Harvard Business Review 2015):
- 84% said mentors had helped them avoid costly mistakes
- 84% become proficient in their roles faster
- 69% were making better decisions
The stats around younger employees are revealing too. Research shows that:
- 79% of millennials see mentoring as crucial to their career success [Source]
- 63% of millennials say their leadership skills are not being fully developed [Source]
- Millennials intending to stay with their organisation for more than 5 years are twice as likely to have a mentor than not (68% vs 32%) [Deloitte]
- A leading reason for millennials wanting to quit are ‘Not enough opportunities to advance’ (35%) and ‘Lack of learning and development opportunities’ (28%). [Deloitte]
This is critical to note, as:
- 91% of Millennials consider the potential for career progression as a top priority when choosing a new job [Source]
- 53% of Millennials have been disappointed by a lack of personal development training when starting a new job [Source]
- 93% of millennials find skill development crucial to their career progression [Source]
- Participants in a mentor program are 40% more likely to achieve their goals if they write them down. This increases to 70% if the goals are shared with someone to keep them accountable, such as a mentor.
- 89% of those mentored, go on to mentor themselves contributing to a culture of learning and mentoring
The power of having a mentor, and being a mentor, is clearly enduring. The statistics of the last six years underscore how mentoring is increasing in value, and creating or participating in a mentoring program is potentially one of your company’s best strategies to retain, engage and develop your people. Get in touch today to see how we can help!
