Employee Retention - How having a mentoring program can assist

© Insala All Rights Reserved 2016
How Mentoring Can
Boost Employee
Retention and Your
Bottom Line

1. Current trends resulting in retention challenges
2. ROI of an employee retention strategy
3. Mentoring: An effective retention strategy
4. Tips for creating a mentoring program that
supports retention
Agenda

FROM HERE:

TO HERE:

Why do people leave?
How can mentoring help?
• Career paths can be guided by mentors – they’ve been there before
• Targeted competencies for career path can be developed with
qualified mentors
• Mentors can share their professional network to create new career
opportunities for the mentee.
Retention Issue #1: Perceived lack of career development
Harvard Business Review 2016

How mentoring helps:
• Managers (mentee) matched with more
experienced managers (mentor).
• Competencies to be a good manager are
explored and developed.
• Specific managerial issues can be
addressed with the mentor.
Retention Issue #2: People leave
managers, not companies

How mentoring helps:
• If you fix retention issues regarding career development and managers,
you’re less likely to lose employees to other companies!
Retention Issue #3: Another company has offered a “better” job

The absence of millennial-company loyalty, engagement, and retention are pressing
and important business concerns.
Of millennials surveyed:
• 63% are not happy with leadership development opportunities
• 2 out of 3 millennials expect to leave their organization by 2020
Current Trends in Retention
32%
The Deloitte Millennial Survey 2016

Why Retention Important Today?
40% of employers rate retention as
more important than five years ago.
• Stronger economy
• Increasing war for talent
• Less skilled workers
Tenure = Appreciating asset
Tenured employees are an asset –
they’re increasingly valuable to an
organization
Real cost of turnover is 2x the
existing employee’s salary! Factor in:
• Recruitment costs
• Loss of productivity
Turnover impacts your business
relationships including your
employees, customers, & talent
pipeline.

Deloitte Millennial Survey found that mentoring supports retention initiatives.
The Deloitte Millennial Survey 2016
Increases tenure
Gained
leadership skills
from mentorship
94%
satisfied with
mentoring
Felt mentors care about
their development
Ideal hours/week for
mentoring, coaching, and
developing leadership skills.
3.6 hours
Employee
Loyalty
Leadership
Development
91%
91%

Research Links
Harvard Business Review:
https://hbr.org/2016/09/why-people-quit-their-jobs
Deloitte:
http://www2.deloitte.com/global/en/pages/about-
deloitte/articles/millennialsurvey.html

Benefits of Mentoring for your New Hires
• Mentoring from “Day 1” leaves a lasting impression
• Reduces time to productivity
• Introductions & networking
• Help with navigating the culture and politics
• On-the-job training is learning while you’re doing it

Benefits of Mentoring for your Managers
• Receive confidential advice for handling sensitive managerial issues
• Focus on specific managerial skills and competencies from other
experienced managers
o Communication
o Delegation
o Team Management
• Helps develop a successful
managerial style that is part
of the company culture

An employee survey can identify any retention issues to
address.
Questions can include how people feel about their role,
and their intentions in the next two years.
Results can help you choose the best types of mentoring
programs to address retention.
Some mentoring program examples:
• Onboarding
• Career development
• Leadership
• Management development
Note: Know your current turnover rate and why!
Tips for Launching a Mentoring Program for Retention
1. SURVEY

• Identify – and train – your mentors & mentees from program
objectives & survey results.
• Qualifying: The following competencies have to be
considered to be a good mentor:
• If career development, do an open program to everyone.
2. IDENTIFY & TRAIN
o Willing & able o Adaptability
o Goal Setting o Influencing
o Motivating o Interpersonal
o Leadership o Visionary
o Communication

3. MATCHING
Create your matching questionnaire to address retention.
• Why do you need mentoring?
a) New hire needing onboarding
b) Improve my leadership skills
c) Career development
d) Etc.
Along with other questions such as:
• Experience / Career Level
• Skills / Competencies
• Department / Location Question

4. GOALS & LAUNCH
Set program goals
Communicate the program
Launch the program

5. RE-SURVEY
• After 9 to 12 months, conduct a second employee
survey.
• Questions should be identical to the first survey, so
they can be fairly compared.
• Compare the results to the first survey to determine
any progress made in retention.
Note: Compare the new turnover rate and reasons to
the original survey.

How do I present retention for mentoring to my senior management or board
of directors?
• Create business case
• Turnover rate
• Costs to the business.
• How mentoring can help; costs vs. ROI.
• Where is your retention rate the highest? Look at that job particular job.
Presenting Your Business Case
91%

• M*O*R*E Workshop
• Consultation for matching
criteria
• Training for mentors, mentees,
and managers
• Algorithm matching
How Insala Can Help You

Employee Retention - How having a mentoring program can assist

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