When it comes to employee retention and engagement, more and more companies are embracing formal mentoring programs. Why? Consider these statistics (from MentorcliQ):
- 92% of all US Fortune 500 companies have mentoring programs.
- The median profits for Fortune 500 companies with mentoring programs were over three times higher than those without a program.
- Fortune 500 companies with mentoring programs were significantly more resilient against employee quitting trends in 2021, with a median year-over-year employee growth of just over 3%. On the other hand, Fortune 500 companies without mentoring programs had a median decrease of 33% in their staff numbers.
More importantly, those who participate in a mentoring program reap both personal and professional benefits. According to CNBC/SurveyMonkey, 90% of workers who have a mentor report being happy in their job. Furthermore, workers at all levels in the organization are significantly less likely to quit if they have a mentor. Coqual reports that leaders who mentor others are twice as likely to be aware of junior-level colleagues’ concerns.
As an organization dedicated to continuous learning and development, we’ve just launched our first company-wide mentoring program here at BGE, and nearly half of the company is participating, either as a mentor, mentee or both! The program was informed by a pilot group last year. Here’s what a few of the participants had to say:
Colton Gill (mentee) and Rusty Glover (mentor)
“BGE has a lot of great people, and the opportunity to learn from others is a resource everyone should utilize. Gaining a different perspective and building relationships is fundamental to growth. I gained a relationship that I would not have pursued on my
own.” – Colton Gill
“Colton is the future of BGE! It’s my job to pass down my knowledge and experiences to him and other young future leaders in the firm. It’s important to get our future leaders ready to lead.” – Rusty Glover
Tyler Wilson (mentee) and Kelly Race (mentor)
“One of the unexpected benefits was finding my voice in a professional setting. Developing this skill had direct benefits as I am now more involved in office operations. Without the program, I wouldn’t be as involved as I am now.” – Tyler Wilson
“I believe when young team members feel known, heard and seen, they are much more likely to share ideas and speak up. Tyler’s input has been great for the office.” – Kelly Race
Bryce Watson (mentee) and Nick Vann (mentor)
“Nick emphasized not only professional development and team building, but also the importance of work/life balance. He guided me through what I consider one of the more formative years of my career in which I obtained my PE license and took on more responsibility within my department.” – Bryce Watson
“This was a great way to network within the BGE family and learn more about our business. I was reminded of the challenges associated with being a new license holder, which in turn, helps me relate to my team members who are in a similar position. It’s given me a new perspective on leading my team.” – Nick Vann
Overwhelmingly, our pilot participants agree that if you have the opportunity to participate in a mentoring program, do it! We all have something to learn.