12 Jan 2022
Having a mentoring relationship is often noted as one of the most beneficial things you can do for your career and personal development. Whether you want a mentor to progress in your career or are someone who struggles with soft skills, a mentor is there to help you develop on your journey. A vast number of studies have shown that some incredible benefits come with being a mentor or being mentored from an enhanced network and the higher possibilities of being promoted within your organisation. We’re now seeing the number of people looking for a mentor rapidly increase with the number of businesses now implementing mentoring programs to improve their employees' learning, development, and skills. With the demand for mentoring quickly increasing and a large amount of research available, we’ve compiled the latest mentoring statistics list, some of which you probably didn’t know about:
It’s imperative that when talking about the advantages of mentoring relationships, we can categorise the influence it can have on different factors in our lives. Generally speaking, mentoring has a significant impact on the lives of an individual or business and should be celebrated. Below are some of the top statistics about mentoring that will impress you.
Mentoring and career progression go hand in hand. Mentoring is now considered one of the top strategies used for career development and progression, with many professionals pursuing mentoring relationships to advance in their careers. Mentoring has also proven notably valuable to help assist and guide individuals looking to make career transitions. Whether you're a mentor or mentee, it’s equally as beneficial for your career.
The first few days for a new employee are crucial to their long-term success. Yet, many businesses fail to realise the importance of the first few days and the expense correlated with retaining and training employees. The data speaks for itself with over 22% of staff turnover occurring within the first 45 days and the replacement of an employee costing three times their annual salary. Time and time again having a mentoring program in place has proven advantageous for employee retention, giving new and old employees a feeling of belonging and strong company culture, both things that are highly prominent in motivating employees to stay within your company.
Over the past few years, there is growing evidence that concludes that inclusive working environments lead to better results. When employees feel included, they are more likely to be engaged and perform at a higher standard. Companies are finally recognising that inclusion and diversity within the workplace are required to form a company that truly understands its employees and becomes successful. We recently surveyed our mentors and mentees at PushFar, unsurprisingly, 82% of those surveyed said that they thought mentoring was valuable to tackling diversity and inclusion hurdles head-on. Employees feel motivated and supported when they see senior leaders with whom they can relate and identify with.
Whether you're a Fortune 500 company or a small business owner, mentoring will impact your company. To be successful at what you love, it doesn't hurt to have direction and assistance from another individual who has taken a similar path to yourself. More business owners now recognise the significance of mentoring relationships, not only for themselves but for their employees. All businesses will likely seek out a mentor or implement a mentoring program within their organisation in the near future.
Millennials are considered as being the most powerful generation, causing endless companies to evaluate how they operate. Studies predict that in just 5 years, millennials will amount to 75% of the global workforce. Millennial professionals have different expectations from their previous generations, for example, millennials seek out training and feedback from the workplace, and meeting these expectations can prove challenging to managers across the globe. Having a mentoring program in place is ideal for this generation, ensuring they get the attention and guidance they seek.
Young adults are those aged between 12-18, research proves that mentoring is greatly useful in young adults lives. Studies have shown it helps individuals improve both academic social and academic prospects. Mentoring allows meaningful relationships to be formed, having a real impression on both the mentor and mentee. It allows them to develop leadership, management, communication, and creative skills. Mentoring for young adults also further empowers them to give back to their community. Mentors for young adults are there to advise, support and guide them about classes, careers, jobs, life choices and future education routes, whilst being a role model for the mentee.
Read more on PushFar's website.
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General mentoring statistics
Mentoring statistics in career progression
Mentoring statistics for employee retention
Mentoring statistics for diversity, equality and inclusion
Mentoring statistics for business owners and entrepreneurs
Mentoring statistics for Millenials
Mentoring statistics for young adults