Why should you invest in coaching and mentoring in your organization? Research shows that 87% of people in mentorship programs state that it has a profound impact on them.
This is in terms of feeling empowered. And developing more confidence in their roles.
Coaching and mentoring are strategies that are often confused with each other. Many people use these terms interchangeably, although they mean different things.
Coaching and mentoring will inspire and empower your employees. It helps to increase workplace productivity, and build commitment to the company. It also promotes individual career growth.
Both are essential for your business, yet they differ in their approaches.
In this guide, we will look at all the differences, as well as why you should focus on coaching and mentoring your employees.
We will also pinpoint the qualities that you should look for when assigning coaches and mentors to your business.
What Do Coaching and Mentoring Entail
Coaching and mentoring in the business environment share the same goal.
They both aim to develop the skills and improve the confidence of employees. Yet, the coaching process is usually a more structured, formal approach. Mentoring on the other hand is less formal.
There is another area of difference, and that is in their scope. Coaching tends to focus more on the employee’s job-specific roles in the company. While mentoring allows more for a junior staff member’s career development.
How Are Coaching and Mentoring Beneficial to Your Workplace?
Coaching and mentoring of employees is generally carried out by senior employees. It offers distinct benefits to any organization.
Like other strategies that foster a good relationship with staff, they have the following 5 key benefits:
1. Enhances Employee Engagement
Coaching sessions and mentoring programs tend to be implemented on a more personal level than training programs. This helps address employees’ needs more successfully.
Therefore, you’ll engage employees better by building their self-confidence and skills through mentoring programs and coaching programs. When you enhance employee engagement, it also leads to a slew of other benefits for the company.
2. Encourage Personal and Professional Development
Both coaching and mentoring enhances the personal and professional development of both the coach/mentor and the coached or mentored employees.
One of the main causes of employee turnover is employees feeling there are not enough opportunities for career growth. Employees are sometimes held back, not by a lack of ability, but by a lack of confidence in their abilities.
It is also a strategic way to identify managerial skills in the coaches/mentors. The employee benefits from mentoring programs too, thanks to the sound advice and support of a senior employee.
3. Boosts Job Satisfaction
Job satisfaction is yet another key benefit of a mentoring relationship in the workplace. This is due to the reduction of work-related frustrations about their career progression. Or even interpersonal conflicts that employees may have.
A mentor is a trusted advisor who the less experienced staff can rely on. Therefore you must be sure to appoint the right people for coaching and mentoring roles.
Coaching programs also boost healthy work relationship dynamics and communication skills. By developing clear communication between coworkers, the entire team, or department will be more efficient.
The influence of the coach or mentor as an anchor in a time of difficulty leads to happier workers. They can also be of great advantage in encouraging workplace diversity. This may also recruit in clearer communication.
4. Increase Staff Retention
Job satisfaction and employee engagement go hand-in-hand with employee retention. Staff turnover rates are a significant concern in many organizations. A 2022 study revealed an employee turnover rate of 18%, of which 12% is voluntary.
High turnover causes extra costs for recruiting. And training new employees. It may also impact the company culture in a negative manner.
Staff retention can be increased through coaching and mentoring. By encouraging staff members’ growth and progress in the workplace, they may be less inclined to want to leave.
You could possibly re-engage employees who are on the brink of leaving with targeted mentoring programs. It may be all that they need to want to stay and commit to their role in the company.
5. Improved Company Culture and View of Organization Brand
Providing the space and platform for mentoring and coaching can positively affect your organization in unimaginable ways.
It will create a positive and healthy company culture. This is because employees will feel taken care of. And as though the business is invested in their growth.
It is also useful for employer branding, especially in recruitment. When you improve the view of your organization as a great place to work, you’ll attract more interest when recruiting.
A business with a growth mindset, that is seen to nurture its employees’ professional and personal growth, will stand out among the rest.
Characteristics Of a Strong Coach/Mentor?
The success of your mentoring and coaching programs relies heavily on the candidates you select for these roles.
A good coach or mentor should have the following attributes:
- Expertise in their chosen field and general knowledge about your industry
- Passion for the company and their job
- Experience in the job role and a long history with the organization
- Patience and other people skills
- Excellent communicative abilities
Mentoring in the workplace can encourage greater loyalty to the business. Mentoring relationships can also foster leadership development for high-potential employees amongst your senior staff. This is especially true for succession planning.
Coaching and mentoring also put employees on the path to becoming coaches and mentors further down the line.
Conclusion
Implementing coaching and mentoring in your organization can be advantageous to all parties involved. It will benefit the employees who are being mentored and coached. This is in terms of growing their skills and confidence.
It will also benefit in identifying the leadership abilities of the mentors and coaches.
Rolling out these programs may improve job satisfaction, work attitudes, and loyalty to the business and improve the company culture. These are all imperative benefits for the organization.
