Why Mentoring Creates a Kick-Ass Company
Larry Olsen September 29, 2021
Every human interaction in your company is doing one of three things or a combination of all. 1. Worst case scenario, alienating your associates from wanting to contribute to the success of your company. 2. Typical; Yes, I acknowledge you but don’t know how to contribute to your growth and development. 3. Kick-Ass; We believe in you as a valued asset to our success and create an environment where you prosper and thrive.
Let’s peel the onion and examine what type of mentoring is essential to create and maintain a Kick-Ass Company.
- Mentoring and Your Company Culture
That environment we talked about where associates prosper and thrive, is a day in and day out ingrained attitude with all leadership/mentors. It’s embedded into how your company acts and makes decisions driven by your purpose, vision, and values of the company.
For example, if one of your values is “Engagement: Bringing out the best in others at each encounter.” Then each time a mentor interacts with, works with, and develops their people they are living the values. This modeling not only reinforces them but creates believability for all associates who witness the value in action. Seeing is believing.
- Mentoring Equals Associate Engagement
You’re not Kick-Ass if you don’t have long-term associates who look forward to coming to work and tell their friends how privileged they feel to work in your company. Engagement is critical to business success and one of the consistent drivers of engagement is whether you have learning and development opportunities. If you don’t, they will find the company that does.
Mentoring is highly personalized and is one of the most important skills in developing their confidence by encouraging and supporting their goals. As Gallup’s research shows, people don’t leave their job they leave their boss. If my mentor doesn’t care, why should I?
- Mentors Grow and Develop Future Leaders
Promoting from within makes sense from 2 perspectives. First, when an associate sees others being developed and ultimately getting promoted, it generates trust and believability that they have the opportunity for upward mobility as well.
Secondly, the benefits are huge. Self-esteem and performance match. Mentoring their growth and development improves confidence and competence which raises self-esteem, thus performance. Training costs go down and retention rises. It costs much less to train and retain an existing associate than to go out and find a new one.
- Mentors Customized Personal Learning Strategies
Most training skills are impersonalized and not created for associate development but task implementation. Uniqueness brings many solutions to today’s problems and mentoring personalizes the training to fit the individual needs.
When mentoring is done on purpose, it gets done. Scheduling learning and development that fits their schedule, not only demonstrates your commitment to associate development but supports flexibility which is becoming the norm. Another benefit for associate retention.
- Mentoring Secures the Bottom Line Through Retained Associates
There is no greater return on investment than the investment in your people. Since the cost of replacing an associate is huge, the return on mentoring is dramatic. Many companies spend more on training and developing new associates than they do on retaining the ones they have.
Associate replacement costs by job level:
- Entry-level – 30% – 40% of annual salary
- Mid-level – 150% of annual salary
- Highly skilled – up to 400% of annual salary
When we are mentoring, we are managing the frustrations and concerns our associates have now rather than wishing we had after they leave. For every hour invested in associate development returns 4 to 5 hours in time spent productively, as opposed to putting out fires caused by poor communication. Associates are truly our greatest asset and companies who get that prosper no matter the circumstances.
Create your own Kick-Ass company and connect with: Aperneo LLC
About Author: Larry R. Olsen, Corporate Culture Expert, Keynote Speaker, Author and CEO of Aperneo: An Achievement Acceleration Company
Aperneo is an achievement acceleration company providing individuals and teams quick, actionable guidance on how to break ingrained, ineffective habits. The Aperneo approach to professional development balances common sense, practical neuroscience, and personal accountability, enabling clients to gain insights and perspectives to live, work, and engage with more success.
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