In today's highly competitive job market, especially in industries facing talent shortages, a strong mentoring program is a powerful tool for attracting and retaining top talent. By investing in internal employee development, firms can address skills gaps by preparing staff for future leadership roles. This approach can strengthen the company and help mitigate the challenges posed by a tight labor market.
Starting a mentoring program is easier than you might think, and research shows that mentoring programs significantly boost employee retention, with mentees having a 72% retention rate, compared to just 49% for those without mentoring. Whether you're building a new program or improving an existing one, the effort is aimed at contributing to the happiness and success of your employees.
Define participants – Mentor and Mentor
I suggest pairing mentees with senior colleagues in the role they aspire to or with individuals who have a strong understanding of the firm's culture and expectations. Assigning all new and transitioning employees (whether they've received a promotion or are moving to a new department) a mentor is extremely important. It is important to note that a mentor should not replace the employee's manager. In fact, it has proven beneficial for employees to have someone other than their manager to guide them as they transition into a new role. A mentor is someone the employee can go to with questions related or unrelated to their job function, as well as questions about the firm and expectations.
Your management team should work together to select the best mentor for each mentee. Consider factors such as role, personality and goals. It is also very important to ensure that mentors are fully committed, willing to make time for their mentees and able to engage in both formal meetings and impromptu check-ins. A successful mentor provides constructive feedback, pushes the mentee toward achieving their goals, and maintains confidentiality, separate from the mentee's relationship with their manager.
Set clear guidelines
A good mentoring program has guidelines that each party must adhere to. To ensure that both parties take the partnership seriously, I suggest creating a formal mentoring agreement for both mentor and mentee to sign. The agreement should define the time frame of the program. Consider what other requirements you want to include, such as how often meetings occur and topics to cover. Here's what we recommend, based on whether the employee is in their first trimester or later:
The first three months:
- Any problems or concerns this week?
- What did you like?
- Where do you see room for improvement?
- Are you on track to achieve your goals?
- Schedule the next meeting and set the agenda
After the first 3 months:
- Any problems or concerns from last quarter? (If ongoing, schedule follow-ups)
- Discuss the employee's progress
- Track goals and progress
- Highlight an item that both feel is a strength/improvement and an item to continue working on in the future.
Creating guidelines gives the mentor and mentee a clear starting point, recognizing that individuals have different perspectives on what is needed and the appropriate cadence for these types of meetings. This framework helps both parties stay accountable in their relationship and provides structured discussion points. This approach provides a sense of direction until they become more familiar with each other and build a level of trust, enabling mentors and mentees to tackle more sensitive, real-life examples.
These are guidelines only, and meetings are often tailored to the needs of the mentor and mentee. The goal is for both parties to learn from each other and develop a strong and supportive relationship.
Track your progress
Managers play a crucial role in overseeing the mentoring program. Although the mentor-mentee relationship remains confidential, managers are responsible for ensuring that regular meetings take place and that both participants benefit from the process. They are always available to facilitate or provide support if needed.
Don't be afraid to reassign mentors or mentees if the pairing isn't working, whether due to personality conflicts, time constraints, or changes in goals. For example, we had a remote mentor paired with a HQ-based mentee, and it didn't work because the mentee really thrived on the in-person interaction. In another case, a mentee changed career direction and was a better fit with someone in the role they aspired to.
Mentoring is not an exact science, so there is some trial and error involved. Some people are naturally better suited to being mentors, while others may not find it helpful. It is important to find individuals who are genuinely enthusiastic about mentoring and suitable for the role.
I suggest tracking all mentoring agreements and their timelines. This will help you check progress and make sure the program is on track, while also managing mentor assignments. You also want to avoid overloading mentors with too many mentees – a good benchmark is no more than two mentees at a time to ensure no one is overwhelmed.
A mentoring program provides opportunities for employees to build strong relationships, learn from each other, and grow in their personal development. By fostering this growth, you help ensure that all employees continue to evolve, as we know that progress is impossible without change.
Kelli Kiemle is the Managing Director of Growth and Customer Experience at Halbert Hargrove