Archive for the ‘getting the most out of your employees’ Category

An Effective Mentoring Program Can Save Your Company Money

October 18, 2011

Everyone wants to feel valued.  Mentoring programs have been shown to increase participant engagement in two ways: Mentors feel good about themselves and their work experience and mentees feel more valuable to their companies.

Higher engagement translates directly into lower turnover and better job performance – impacting your bottom line.

These results can be measured directly through retention or turnover rates, job satisfaction surveys and quantifiable results based on skills transfer.

Effectiveness of your mentoring program needs to be evaluated using these measures.
Effectiveness of the Administration of a Mentoring Program will be seen in the quantitative results. At the end of the day, all the numbers reflect the chemistry of the mentor-mentee match.

If you are looking to improve the quality of the average match in your program, you need to know why the WisdomShare™ algorithm is different from other products for managing a formal mentoring program.  Send me an email at KWise “at” MentorResources.com or call me at 415-380-0918.

With Unemployment Above 9%

October 12, 2011

With unemployment at current levels, why would any manager focus on mentoring?  Why spend money on current employees when they should be happy to have their job?

As an observer of the American business environment, I find myself startled at the short-sightedness of managers who make comments like these.  And yet, I have heard these comments and been stunned to see them written in blogs.

Near as I can figure, the questions must derive from the commenter’s own fear of losing their job.  They are extremely short-sited and not to the benefit of any company that expects to remain in business for more than a few more quarters.

It is well documented that an outstanding manager (or employee) will contribute significantly more than an average employee in the same position to the firm’s bottom line.  Thus, it should be obvious that leveraging your best employees impacts the bottom line in a meaningful way. Today, every manager needs every one of his or her employees to be a better than average employee.  Rather than taking employees for granted (“since there are no jobs out there”), managers should be focused on increasing engagement, efficiency and proficiency at the job.

The impact can be meaningful: BestBuy, for example, has recently shared with observers that a 0.1% increase in average employee satisfaction within a store increases revenues, at that store, by $100,000 per year.

Mentoring is the fastest way to share the perspective and tacit knowledge of the outstanding employees.  Tacit knowledge is the counterpart to classroom learning.  It’s the subtle lessons of experience and observation over time.

When an employee who has been successful in the organization agrees to mentor a less experienced employee and they click – creating a good mentoring experience – the perspective of the successful employee is leveraged and magnified.

Mentor Resources provides software for the administration of formal mentoring programs.  WisdomShare™ is a proprietary algorithm which matches Mentors and Mentees to create a good match, where the pair share personality traits.  Tell us about your company’s mentoring program.  Let us share thoughts on how it might be improved.

Mentoring for New Hires (On-Boarding): Part 1

January 10, 2011

There are seven types of formal mentoring programs. 

Mentor Resources is one of the leading providers of software for managing mentoring programs with a few dozen pairs to thousands of particpants.  Our software can be tailored to nearly all of these.  Most of our customers run several mentoring programs with different objectives and participants, and our software has considerable flexibility to help you reach your mentoring goals.

By way of review, the seven types of mentoring programs we see with our clients are:

  • Mentoring for Succession Planning
  • Mentoring for Communities of Practice  
  • Reverse Mentoring
  • Mentoring for Career Development
  • Mentoring within Employee Resource Groups
  • Mentoring for Skills Transfer
  • Mentoring for On-boarding

On-boarding or Mentoring for New Hires may be the single most effective way to integrate new employees into an existing corporate culture.  A new employee is assigned a Mentor who is a peer.  The Mentor is there to explain the unwritten rules of the workplace and to shorten the learning curve of the new employee.

Every article and book about Millennials, the demographic group now in their 20’s, points out that these employees expect and seek a significant amount of feedback about their performance. Many managers (read this as “most Baby Boomers”) find this expectation draining.  This results in both the supervisor and the new employee frustrated and dissatisfied with the work environment. 

One effective solution is to pair the new employee with another, more experienced, Millennial as a Mentor.  Note, this experienced colleague is not the supervisor of the new employee, but someone who can give realistic feedback and temper the Millennial’s expectations to the organization’s norms. 

As a broad generality, Millennials view work as a central part of their life, not a separate activity that needs to be “balanced” against.   Therefore, finding work that’s personally fulfilling and socially connected is of paramount importance.

For these employees, mentoring can be a meaningful recruiting tool. Millennials assume work is a place to make new friends, learn new skills and connect to a larger purpose.  If an employer can offer the Millennial a clear path towards this, through a peer-mentor, the employer will be offering a compelling Employee Value Proposition. 

In plain English, your firm can get a better pool of candidates with peer-mentoring as part of the employment package and simulaniously take some of the burden off the line managers at the same time. Mentoring is one of the high priority factors Millennial strivers seek in an employer. 

Click here for a recent article from the Harvard Business Review on Millennials and mentoring.  Contact us directly for more information.