The mentor-mentee ways of the past are coming back in a surge to speed up growth and development in businesses. This trend is enticing millennials by cutting out the disciplinarians, which helps to bring in new talent and keep them around for much longer. This trend even benefits the CEO as feedback and counsel from all levels of the business increases.
- A study by the American Society for Training and Development found that 71 percent of Fortune 500 companies surveyed had some type of corporate mentorship program.
- The cost of a bad hire is enormous and a mentor program can be a key driver to help attract and retain top talent.
- The meshing of millennials and baby boomers, along with the influx of technology, has led to “reverse mentoring.”
“An official mentorship program can give employees the chance to not only connect and deepen relationships with fellow colleagues, but also learn from the company’s top performers.”