“35% of employees who do not receive regular mentoring look for another job within 12 months”
– Emerging Workforce study by Spherion
Too many organizations invest heavily in recruitment yet fail to retain star performers because they lack a thorough plan and process for starting their people right and continuing to develop them. Winners want to win quickly; hire a winner and you have to have the tools and mentorship program in place to help them win.
Furthermore winners leave when there’s no more challenge or personal or professional growth opportunities. When recruiting University Graduates one interesting statistic to note is that “More than 60% of college and graduate students listed mentoring as a criterion for selecting an employer after graduation” (MMHA)
In a recent study of 3000 companies done by Accenture Analytics and 18 other organizations globally found that the top 25% of companies in multiple industries as compared to the bottom 25% were those organizations that had significantly more mature and effective human resource development plans with strong leadership and mentorship development components in those plans. The bottom-line is mentorship and people development makes a difference to your bottom line.
The need for mentorship is particularily true for the millenial generation or generation Y. This demographic tends not be of the live to work mentality. They don’t just talk about “balanced lifestyle” like their boomer parents did, they put lifestlye first and see work as a tool to support that lifestyle. Recent studies also show that without mentorship Generation Y is not equipped with the contrast between their sheltered (and good for them by the way!) upbringing and the realities of the work-force and the demand of society financially, socially, and otherwise.
Having a solid mentoring process along with training, personal development and a good dose of entertainment can help retain the up and coming star players of tomorrow.
This is blogathon entry number 19 for the MSMF Blogathon. Visit this page to learn how you can support this cause. Also if you live in Vancouver please check out the Vancouver Board of Trade’s Leaders of Tomorrow Mentorship Program.