employee retention - how having a mentoring program can assist

© Insala All Rights Reserved 2016

How Mentoring Can Boost Employee

Retention and Your Bottom Line

1. Current trends resulting in retention challenges

2. ROI of an employee retention strategy

3. Mentoring: An effective retention strategy

4. Tips for creating a mentoring program that supports retention

Agenda



FROM HERE:


TO HERE:


Why do people leave?

How can mentoring help?• Career paths can be guided by mentors – they’ve been there before• Targeted competencies for career path can be developed with

qualified mentors• Mentors can share their professional network to create new career

opportunities for the mentee.

Retention Issue #1: Perceived lack of career development

Harvard Business Review 2016



How mentoring helps:• Managers (mentee) matched with more

experienced managers (mentor).• Competencies to be a good manager are

explored and developed.• Specific managerial issues can be

addressed with the mentor.

Retention Issue #2: People leave managers, not companies




How mentoring helps:• If you fix retention issues regarding career development and managers,

you’re less likely to lose employees to other companies!

Retention Issue #3: Another company has offered a “better” job


The absence of millennial-company loyalty, engagement, and retention are pressing and important business concerns.

Of millennials surveyed:• 63% are not happy with leadership development opportunities• 2 out of 3 millennials expect to leave their organization by 2020


Current Trends in Retention

32%

Millennials now occupy the

largest share in the labor market

The Deloitte Millennial Survey 2016

Why Retention Important Today?


40% of employers rate retention as more important than five years ago.

• Stronger economy

• Increasing war for talent

• Less skilled workers

Tenure = Appreciating assetTenured employees are an asset – they’re increasingly valuable to an organization

Real cost of turnover is 2x the existing employee’s salary! Factor in:

• Recruitment costs

• Loss of productivity

Turnover impacts your business relationships including your employees, customers, & talent pipeline.

Deloitte Millennial Survey found that mentoring supports retention initiatives.


The Deloitte Millennial Survey 2016

Increases tenure

Gained leadership skills

from mentorship

94% satisfied with mentoring

Felt mentors care about their development

Ideal hours/week for mentoring, coaching, and

developing leadership skills.

3.6 hours

Employee Loyalty

Leadership Development

91%

91%

Research Links

Harvard Business Review: https://hbr.org/2016/09/why-people-quit-their-jobs

Deloitte: http://www2.deloitte.com/global/en/pages/about-deloitte/articles/millennialsurvey.html



Benefits of Mentoring for your New Hires

• Mentoring from “Day 1” leaves a lasting impression• Reduces time to productivity• Introductions & networking• Help with navigating the culture and politics• On-the-job training is learning while you’re doing it


Benefits of Mentoring for your Managers• Receive confidential advice for handling sensitive managerial issues

• Focus on specific managerial skills and competencies from other experienced managers

o Communicationo Delegationo Team Management

• Helps develop a successful

managerial style that is part of the company culture

An employee survey can identify any retention issues to address. Questions can include how people feel about their role, and their intentions in the next two years. Results can help you choose the best types of mentoring programs to address retention. Some mentoring program examples:

• Onboarding• Career development• Leadership• Management development

Note: Know your current turnover rate and why!

Tips for Launching a Mentoring Program for Retention

1. SURVEY

• Identify – and train – your mentors & mentees from program objectives & survey results.

• Qualifying: The following competencies have to be considered to be a good mentor:

• If career development, do an open program to everyone.

2. IDENTIFY & TRAIN


o Willing & able o Adaptability

o Goal Setting o Influencing

o Motivating o Interpersonal

o Leadership o Visionary

o Communication

3. MATCHINGCreate your matching questionnaire to address retention.

• Why do you need mentoring?a) New hire needing onboardingb) Improve my leadership skillsc) Career developmentd) Etc.

Along with other questions such as:• Experience / Career Level • Skills / Competencies • Department / Location Question


4. GOALS & LAUNCH

Set program goals

Communicate the program

Launch the program


5. RE-SURVEY• After 9 to 12 months, conduct a second employee

survey.• Questions should be identical to the first survey, so

they can be fairly compared.• Compare the results to the first survey to determine

any progress made in retention.

Note: Compare the new turnover rate and reasons to the original survey.


How do I present retention for mentoring to my senior management or board of directors?

• Create business case

• Turnover rate

• Costs to the business.

• How mentoring can help; costs vs. ROI.

• Where is your retention rate the highest? Look at that job particular job.


Presenting Your Business Case

91%


• M*O*R*E Workshop

• Consultation for matching criteria

• Training for mentors, mentees, and managers

• Algorithm matching

How Insala Can Help You