Developing Talent and Tapping into Potential Through Corporate Mentoring
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The document discusses the significance of corporate mentoring in talent development, emphasizing that over 70% of Fortune 500 companies have mentorship programs. It outlines various types of mentoring styles, such as group and training mentorships, and distinguishes between formal and informal mentoring approaches. The document also provides steps for implementing a successful mentorship program and highlights the benefits of mentorships, including increased employee retention and engagement.
Developing Talent and Tapping into Potential Through Corporate Mentoring
- 1. Developing Talent and Tapping Into Potential Through Corporate Mentoring TalentManagement360.com @TalentMgmt360
- 2. Introduction to TM360 TalentManagement360 gives you the tools and resources to expand your talent’s potential. Enjoy well-researched whitepapers, articles and reports including talent management solutions, video interviews, best practices and case studies discussing the all-important WHY. One way many companies are starting to do this is through talent development efforts, and in particular mentorship programs. In fact, more than 70 percent of Fortune 500 companies have some type of mentorship program in place. A guide to implementing and developing a mentorship program at your company
- 3. A Broad Overview of Corporate Mentorships Often the mentorship relationship will last for several months, but there are other styles of mentoring programs that are also becoming more popular. ● Group mentoring- may be the more ideal situation for companies where there are a limited number of mentors available. ● Training mentorships - (which aren’t designed to provide as much of a personal relationship or development opportunity) have an employee gain a specific set of skills or knowledge from a more experienced employee. ○ Training mentorships can be a great option in a manufacturing setting, or anywhere a specific skillset is required that may be best suited to on-the-job training. These are just some of the broader mentoring styles, and there are more specific instances of mentorship programs that are cross-culturally aligned in their goals, mentorships that are specifically to develop women in the workplace, and other programs with varying goals.
- 4. Formal vs. Informal Mentoring Formal Some companies have invested the time and resources to create a formalized program with a great deal of structure and guidelines. ● With a formalized program there may be a specific set of goals in place. Informal For other companies it may make more sense to have a casual, informal program. ● With informal mentorship the goal still remains professional while encouraging personal development, as well. ● With informal mentoring the outcomes aren’t necessarily measured and these relationships are often naturally created, much like forming a workplace friendship.
- 5. Who Is A Mentor? According to the Society of Human Resources Management, a mentor is defined in the following way: “A mentor is an experienced person who provides information, advice, support, and encouragement to another person, often leading and guiding by example through his/her expertise or success.” According to Management-Mentors.com (Management-Mentors, n.d.), a mentor plays the following role: ● Teaching their mentee about a specific issue ● Skill-based coaching ● Providing a means of growth for the mentee through shared networking opportunities and resources ● Helping a mentee to move beyond his or her comfort zone ● Promoting risk-taking in a safe environment ● Helping with the mentee’s total overall development
- 6. ● Mentees need to see mentorship as only one part of the development process. ● Take personal responsibility for their career ● A mentee has to be open The Role of the Mentee
- 7. Benefits of a Mentorship Program Some of the primary benefits of a mentor program include: Retention Engagement Identifying and Developing Leaders Diversity and Inclusion Continual Learning for More Experienced Employees
- 8. Steps to Implementing a Formal Mentoring Program While each company is going to vary its approach to developing and implementing a mentorship program, there are some basic steps that can be taken to ensure the most success for a formal program. Step One: Outline the strategic objectives Step Two: Lay out program framework Step Three: Spread the word Step Four: Training Step Five: Define Evaluation Methods and Metrics
- 9. Measuring ROI Chronus, a company specializing in creating Mentoring and Talent Development Solutions put together their own five-piece system for measuring your mentoring ROI. The areas of measurement include (Aja C. Duncan- Chronus, 2014): Retention Engagement Advancement Program Costs Behavioral Change As well as these long-term and comprehensive ways to measure your mentorship ROI, you can also look at some short-term numbers as well, that will let you see how well your program is functioning on a day-to-day basis.
- 10. Conclusion Mentorships are continuing to add value to both the people directly involved, as well as their employees. Mentorships are also something that are continuously evolving and growing, particularly as fresh, new talent enters the workplace and these relationships are useful in terms of nearly every component of a robust talent management strategy. _____________________________________________________________________ For a more detailed analysis of ways to develop talent through corporate mentoring. Check out our free whitepaper at: talentmanagement360.com/developing-talent-mentoring sis of