Check out the summary of our most recent white paper by Horace McCormick discussing the importance of mentoring in leadership development.
How to Launch a Successful and Sustainable Mentorship Program
Mentoring is a strategic tool that when done right, can attract and retain high-potential talent and accelerate leadership development and readiness. Mentoring is also an effective tool for shaping organizational culture and closing engagement and generational gaps. Employers are increasingly recognizing the benefits of mentoring in leadership development. According to a Corporate Executive Board survey, 25 percent of U.S. companies now host peer-mentoring programs, a significant increase from before the 2007 recession, when only 4 to 5 percent of U.S. companies reported sponsoring mentorship programs. Unfortunately, as many business leaders can attest, it can be quite challenging to develop and maintain successful mentoring programs.
Many mentoring programs miss the mark because of a lack of alignment to business goals and strategy and because they fail to clearly articulate the goals of the program from the outset. Others fail because of poor mentor/mentee matches and insufficient training at the beginning of the program. To avoid these pitfalls and launch successful, enduring mentoring programs, HR should use the following steps:
- Lay the groundwork – business case, buy-in, sponsorship
- Prepare for the launch – tools, communicate intentions with laser focus
- Launch the program and train mentors and mentees on process and tools
- Build relationships and assess progress and momentum
- Evaluate effectiveness of the mentoring program and pairings at regular intervals