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Advice for Businesses
5 Reasons to Formalise Mentoring in Your Organisation
We harness peer learning strategies in the workplace every day.
Whether it’s shadowing, lunch learn sessions, coaching or mentoring, peer-to-peer strategies are finally becoming recognised as an essential part of L&D initiatives.
In fact, 68% of employees actually prefer learning through peers over traditional, top-down training methods.
Why should organisations harness peer-to-peer learning with a structured approach?
Within this article, we want to provide you with the tangible benefits of implementing formal peer learning and mentoring programmes, and how this will have a significant positive impact on your business.
For more information, discover how to build an impactful programme here.
1. Accessibility: Finding a mentor has never been easier
Traditionally, finding a mentor within an organisation could be a daunting task. Formalised mentoring changes the game by simplifying the process.
They make it easier than ever for employees to connect with mentors who can guide them on their career journeys, giving the choice of when and what skills they would like to work on. This accessibility ensures that methods for talent development and support is within everyone’s reach.
2. Scalability: Make an impact across the entire organisation
One of the standout advantages of formalised mentoring is scalability. Programmes can be extended to all employees, regardless of their position within the organisation. Scalability democratises mentorship, allowing even entry-level employees to benefit from the wisdom and guidance of seasoned professionals, strengthening the talent pipeline.
As our client Clyde & Co mentions, introducing mentoring at scale creates a more inclusive work culture, that can help to build networks across siloed areas.
3. Engagement – Create relationships that last
Using a formal approach has a huge impact on mentees and mentors, as these relationships are recognised by leadership. Studies show that they can last an impressive 4.2 times longer than informal mentorship arrangements.
Mentees are assured that mentors have enough time to commit and this extended engagement gives them ongoing support and sufficient time to achieve their goals. Our research shows that 70% of mentees felt that their relationship had a significant or extremely significant positive impact on their careers.
4. Data & Insights – Monitoring Skills Gaps and Goals
Like all strategies, we must always harness data to observe what drives successes. Formalised programmes provide data for a methods of learning thought to be immeasurable. This can revitalise mentoring.
These insights are invaluable to learning and development, talent and HR teams to monitor the progress of mentees, identify skills gaps, track goal attainment, and gain a deeper understanding of the programme’s impact on professional development. This data-driven approach allows organisations, to fine-tune their mentoring initiatives for optimal results.
5. ROI – Monitoring and evaluating success
Finally, formalised mentoring programmes offer a clear path to measuring return on investment (ROI).
By tracking key performance indicators and outcomes, organisations can gauge the success of their mentorship initiatives. This ability to evaluate the impact of mentorship provides a tangible way to assess the programme’s value and make data-driven decisions for continuous improvement.
The proof in the pudding
Like all business practices, using an analytical and repeatable approach is the best way to make a lasting impact. However, as mentoring and peer learning is personal, it is difficult to understand the evidential outcomes.
Would you be surprised to hear that 84% of Fortune 500 companies have a formalised mentoring programme?
Mark Zuckerberg was mentored by Steve Jobs, Oprah Winfrey by Maya Angelou. All have achieved incredible, unimaginable success.
Is this a coincidence? Or, are formalised and scaled mentoring programmes reshaping the way organisations approach talent development?
They bring accessibility, scalability, and engagement to the forefront, while also providing valuable data and insights for monitoring and evaluating success. By embracing these solutions, organisations unlock a powerful tool to nurture talent, drive growth, and a cohesive future for both employees and the organisation as a whole.
Are you interested in introducing a formal approach to peer-to-peer learning? Find out how to build an impactful programme today.