We see the magic of mentoring in engaging and developing future and current leaders on a daily basis. The statistics tell our story:
- 71% of Fortune 500 companies have mentoring programs. Why? Because investing in leadership capability pays off in performance, productivity and innovation (Centre for Workplace Leadership 2016).
In a five year study of 1000 employees (Gartner 2006):
- 25% of employees who enrolled in a mentoring program had a salary-grade change, compared to only 5% of workers who did not participate
- Mentees are promoted five times more often than those not in a mentoring program
- Retention rates were higher for both mentees (22% more) and mentors (20% more) than for employees who did not participate in a mentoring program
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
Research also shows:
- Millennials intending to stay with their organisation for more than five years are twice as likely to have a mentor (68%) than not (32%)
- Participants 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