Do Mentoring Programs Work? Key Mentoring Statistics

For generations finding the right mentor has been a fundamental part of success in business and in life. Finding that perfect mentor has almost always been subject to chance. Maybe you’d be lucky enough to bump into your dream mentor in the office or through personal connections, but there was no surefire way to get on the radar of someone who could really forward your career.

That’s not the case today. Technology has been coupled with the age-old tradition of mentoring. Mentoring Software enable’s HR directors and executives to match their employees up with the perfect mentors. The entire process is streamlined and supervised to ensure all goes well.

The benefits of mentoring software are vast. Mentees gain knowledge and experience they would never have access to without a mentor. Mentors connect with a younger generation. Employee engagement is improved as well as retention rates.

Here are some hard statistics and figures about mentoring platforms and the workplace.

Companies that invest in mentoring software have higher retention rates

• Employee turnover cost US businesses up to 1 trillion dollars annually. The cost to replace a lost employee can be up to 2x the employees’ salary. (Gallup)

• Employees at every echelon are less likely to quit if they have a mentor. (CNBC/SurveyMonkey)

• 94% of workers report they would stay with a job longer if their employer offered career development opportunities. (LinkedIn)

Companies are turning to mentoring

• The pandemic was a catalyst for a 30% increase in mentoring activities within the workplace when employees needed support. (LHH)

• 84% of Fortune 500 companies use mentoring programs. 100% of Fortune 50 companies use them. (Forbes)

How does mentoring impact career development?

• Mentees are 5x more likely to be promoted than those without a mentor. (Source)

• Mentors are 6x more likely to be promoted compared to their co-workers. (Source)

• A recent study showed that 25% of employees who are part of a mentoring program had a salary increase in comparison to the 5% who didn’t participate. (Source)

Diversity, Equality and Inclusion

• 72% of DiversityInc Top 50 companies have reverse mentoring programs. (DiversityInc)

• Companies that have racially diverse leadership teams are 33% more profitable. (McKinsey)

• Mentoring programs boosted minority representation at the management level from 9% to 24% (Source)

Mentoring Statistics for Millennials

• Millennials intending to stay with their organization for more than five years are twice as likely to have a mentor (68%) than not (32%). (Source)

• 79% of millennials view mentoring as a crucial aspect of having a successful career. (Source)

• Only 28% of Millennials would stay at their current job beyond 5 years (Source)

• 91% of Millennials consider the potential for career development 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)

Mentoring can be used to assist any organization to achieve its goals. Growth and prosperity require employee engagement, inclusion, diversity, growth and career development. Mentoring can be the key tool to bring all these things about.

Mentor Resources can help any company or government agency to leverage technology to create tailored career development programs that are cost-effective. Our mentoring software - Wisdom Share is a cloud-based program that is simple and comes with guided workflows. Included are tools for administrators to attract, enroll, connect, and guide participants. We also provide analytics to ensure you can monitor your employee development program and easily see ROI metrics.

Reach out to us today for a Free Demonstration of our software.