A whopping 97.6% Fortune 500 companies have formal mentoring programs (up from 84% in 2020) and are twice as profitable as the unfortunate 2.4% of companies that do not (Fair360). Companies as varied as Google, Boeing, Citibank, and Unilever have formal programs. Fortune 500 companies investing major resources into mentoring is an indication of how …
A whopping 97.6% Fortune 500 companies have formal mentoring programs (up from 84% in 2020) and are twice as profitable as the unfortunate 2.4% of companies that do not (Fair360). Companies as varied as Google, Boeing, Citibank, and Unilever have formal programs. Fortune 500 companies investing major resources into mentoring is an indication of how important it could be for you. There are over 163 million workers in the United States, and for those lucky and savvy enough to find a mentor or be a mentor, the rewards are demonstrably priceless and profitable. Mentoring can benefit the mentor, the mentee, and the companies that employ them.
The mentor/mentee relationship helps nurture young professionals and lay the foundation for future successes and leadership. Learning from a mentor’s experience and guidance can be transformational for a new career. From the business owner’s point of view, mentoring institutionalizes knowledge, can improve engagement, promotes professional and personal growth, and may impact satisfaciton.
Who is a mentor?
Mentors are not your boss! They are junior-level employees or higher who take you under their wing and show you the ropes. Mentors answer your questions, teach you critical skills, and develop your overall competencies. A mentor will influence you in ways that you will carry throughout your professional career, regardless of company or role.
Why is a mentor important?
Mentors have the experience. They know what you need to know to succeed because they’ve made all the mistakes. Unlike the people to whom you report, a mentor has a more detached and objective perspective that can help you navigate professional (and maybe even personal) challenges outside of the pressures of the corporate hierarchy. Mentors can help you with issues you don’t want to bring up to your boss, and offer confidential advice when you need it.
What are the benefits of being a mentor?
The benefits of being a mentor are so self-evident that it seems superfluous to articulate them here. Mentors have the opportunity to develop a deeper connection with their proteges than one that is merely transactional. The most important and influential relationships are mutually beneficial, and this can include mentor/mentee. Many of us have a natural desire to nurture young professionals, instill knowledge, guide them to make good decisions, and take joy in their future achievements.
What are the benefits of being a mentee?
Mentees are the recipients of the secret handshakes that grease the world. Your boss will tell you what to do, but your mentor will help you decide how to do it. When you’re not sure which direction to go, your mentor is a reliable and indispensable resource. Your mentor can open up professional connections and help you expand your network. Most of all, as a mentee, you will have an advocate and supporter who is genuinely invested in your future success.
Philip Roufail contributed to this article.
Scott Singer is the President and Founder of Insider Career Strategies Resume Writing & Career Coaching, a firm dedicated to guiding job seekers and companies through the job search and hiring process. Insider Career Strategies provides resume writing, LinkedIn profile development, career coaching services, and outplacement services. You can email Scott Singer at scott.singer@insidercs.com, or via the website, www.insidercs.com.
Photo Credit: iStock – Nuthawut Somsuk
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