Triple Return on Investment
Mentorship is defined as a supportive relationship in which an experienced individual provides guidance, advice, and encouragement to a less experienced person to help them develop their skills, confidence, and career opportunities. Most would agree that it’s an excellent way to share knowledge with and prepare the next generation, but, in reality, mentorship is much more than that. In fact, countless studies show that the positive effects of mentorship not only impact the mentee, but also the mentor and the organization they report to.
The Mentoring is Mutual
Though its definition suggests that the benefits of having a mentor are one-sided, both mentors and mentees experience professional and personal growth due to the relationship. Some of the benefits include:
Mentor
- Industry rejuvenation – technology, regulations, best practices, etc.
- Improved communication skills
- Sharpened leadership skills
- Increased exposure to, and understanding of, other generations
Mentee
- Accelerated skill development
- Expanded professional network
- Increased exposure to receiving and giving constructive feedback
- Improved self-awareness – active listening, communication, goal-setting, etc.
Overall, nearly 90% of mentors and mentees report a greater sense of confidence and empowerment due to their collaboration.
Numbers Don’t Lie
Beyond personal growth and fulfillment, mentor and mentee relationships have been proven to accelerate career paths and opportunities. According to Big Brothers Big Sisters of America, 30 years of data shows that youths in their program experienced a 15% increase in earnings between the ages of 20 and 25 and were calculated to earn $56,000 more by age 65 than non-mentored youths. Experts have also found that mentees are promoted five times more often in the workplace than those without mentors, and mentors themselves are six times more likely to be promoted.
And that’s not all. Research shows that organizations offering mentorship programs benefit just as much as their employees, with 67% reporting higher productivity and 55% reporting a positive impact on profitability. Additional benefits include:
- Improved employee retention and satisfaction
- Enhanced communication and collaboration across departments
- An inclusive and supportive environment
- Increased growth and development of high-potential leaders
To Mentor or Not To Mentor
Mentorship is beneficial for all parties involved, but – like anything in life – there are considerations that should be weighed before entering the relationship. Mentorships require time and dedication for both parties, so individuals should ensure they can handle the responsibility beforehand. Mutual respect and the ability to decline advice that does not fit the individual are also important for a healthy and successful collaboration. Finally, clear boundaries and expectations should be set for the mentor and mentee, as these can look different for the distinct types of mentorship – educational, professional, peer, etc.
Meet the Author
Abby Callahan, BA
Abby Callahan is a graduate of the University of Tennessee at Chattanooga (UTC), where she earned a Bachelor of Arts in English with a minor in Spanish and the distinction of Cum Laude. She also graduated Magna Cum Laude from Chattanooga State Community College, earning honors through the Global Scholars Honors Program. Prior to joining CMC Media & Marketing Group as editor/digital content specialist, Abby successfully fulfilled roles in marketing and event planning, as well as strategic communications and storytelling for a wide variety of initiatives. Today, Abby leads ideation, conceptualization, and development of numerous health, wellness, business, sports, and lifestyle articles published in print and online for HealthScope®, CityScope®, and Choose Chattanooga® magazines – premier publications serving S.E. Tennessee and North Georgia.
