Mentorship and successful businesses

Posted by Andy Holmes on Wed, Jan 06, 2021 @ 11:30 AM

No one obtains success alone. Even the most prominent and self-reliant business owners have mentors and teams of able people around them to get things done. Great company successes belong to the workforce as much as top flight executives. The more management takes care of its workforce, the more successes there will be.

Investments in the workforce leads to employees who are committed to the company. Time and energy invested into the development of employees brings about new ideas, increased productivity and commitment to the business. Employee development and mentoring also brings up new leaders and ensures less turn over.

Formal mentoring programs pair valuable company veterans with newer, but talented employees. Veterans can pass on years of experience and new employees develop under the wings of experience as opposed to floundering on their own. A mentorship program is a powerful tool which boosts employee engagement and also builds company culture, paving the way for successful businesses.

Mentorship is leadership. 

When you mentor you set an example on how to move a business forward and set the bar for how the mentee conducts future business. You were never alone in your success, there were leaders showing you how to push the boundaries, how to be creative, work standards and behavior and setting the tone for your future work ethics. Be selective when hiring and look for employees whose vision is aligned with yours and for candidates that will be receptive to training and mentorship. Grooming talent is the only way for any business to reach its true potential.  

Less employee turnover. 

The value of happy workers cannot be understated and mentored employees results in less turnover within the company. Engaging in employees leads to a sense of ownership and commitment within the company and committed employees are more likely to be loyal employees. An employee that is loyal and committed will be more engaged and invested in the success of your company.Take the time to create an environment that’s inclusive and encourage employees to take on projects that go beyond their current job description. 

Create more female entrepreneurs. 

While there are 114% more women entrepreneurs than there were 20 years ago, we are still underrepresented as women-owned businesses account for 40% of US businesses.  When you invest in female entrepreneurs you are arming future female business leaders with the confidence to grow their personal skills set in a changing business climate, the tools necessary to start their own business in the future and unleashing the ingenuity and creativity that leads to economic growth. We need more female entrepreneurs!

Your communications skills are needed.

Connection is critical for the younger generations. Millennials and Z, who are just entering the workforce now, communicate differently from those ahead of them. While their communications’ strategies are different and have practical benefits, personal connection is lost in the process.  Training the younger generations to spend face-to-face time with other team members - a benefit that is important to Gen Z employees - and to invest in the professional growth of their peers and colleagues by spending significant one-on-one time will be profitable to the success of your business and them as they move forward in their career.

Paying it forward.

In the same way that your company benefits from taking on new talent that benefited from great mentorship, your efforts will be paid forward when an employee whom you mentored moves on to their next job at another company. This is a means of growing your own network within your industry, thus strengthening your knowledge base and the pool of future potential employees or possible strategic alliances through familiar and trusted contacts. Strong leadership leads to increased economic development.  The sustainable growth of our country is rooted in equal distribution of resources and your mentee is a strong resource. 

Succession planning is smart. 

Through strong mentorship you are creating a pipeline of talent to replace the key employees when they leave the company and also creating a safety net that ensures a succession of leadership. The search for talent is one of the most expensive and time-consuming endeavors a company can undertake and growing and grooming talent internally is a tremendous cost savings and can relieve a great deal of pressure on management and helps ensure the longevity and institutional memory and thus the longevity of a company. Succession planning places value on an employee’s critical contributions to the success of the company, thus boosting their self-esteem.  

Mentor Resources can help any company 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.

Topics: workforce development, web-based mentoring, Things to do when working virtually