A Classic Talent Management Problem
Searching for a new employee can cost an organization up to 150% of the person’s annual salary. Alternatively, adding mentoring to your talent management process can be seen as a good approach to sustain ones’ talent pool, and given the new technology tools around mentoring programs, it can even be considered revolutionary.
The challenge of managing the cost associated with hiring new employees include: sustaining a talent pool, planning time, advertising, recruiting, interviewing new candidates, and training for the new hire. While many organizations may be naturally inclined to strengthen and change hiring practices, utilizing approaches to strengthen the existing talent pool is an increasingly popular alternative.
The Solution: Mentoring
Companies pursuing mentoring as a solution seek to:
- Improve an organization’s perspective about what can be achieved from a fundamental shift in training philosophies.
- Provide options to move employee learning along a creative threshold, by increasing their social engagement.
The benefits of implementing mentoring programs range from increasing effectiveness of the onboarding process for new recruits, to increasing morale and productivity.
The Challenge of Mentoring Program Implementation.
Some organizations have no urgency in implementing mentoring programs, or the role of mentoring is overlooked. With the sense of overtaxing staff resources to manage a mentoring program, organizations have created unnecessary heartburn about the use of mentoring programs as an existing alternative. The most common reason companies are afraid to implement mentoring are:
- The perceived financial investment
- Lack of engaged employees
- The absence of resources and assets to contribute to mentoring in unique ways
Initiating a mentoring program in the workplace can seem like a daunting task, but the rewards of talent retention and overall company improvement make the idea one worth considering. At Coley & Associates, we have carefully crafted our mentoring services to take each organization by the hand during planning and implementation. Our experience allows us to avoid common pitfalls and incorporate strategies for success into the mentoring programs of each client.