What is business mentoring: tips and benefits

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It began to be used as a Human Resources strategy almost two decades ago, and after the pandemic its popularity has skyrocketed. Mentoring is in fashion and it is no coincidence.

Companies, committed to the technological challenges of the future, seek to cultivate their talent in increasingly competitive markets. This involves staff training, and also the legacy of skills sets between generations.

Thus , mentoring , a practice that has been present but not standardized in every organization since time immemorial, is now gaining prominence as a business trend from which some derive economic and others competitive benefits.

Today at MÁSMÓVIL Negocios we will discuss this type of work-related learning, investigate its future projections and try to offer advice on how to master it.

What is business mentoring?
You may also be interested in: “ The importance of business training ”

A revolution in the making
Back in 2006, the consulting firm Gartner published a five-year study in hong kong number data which it was able to verify that after going through a mentoring program , 25% of employees had achieved a salary increase . Among those who had not, only 5% achieved it.

These trained employees were five times more likely to be promoted , and offered their companies 22% more guarantees than outside employees that they would not leave. In other words, they increased retention without incurring compensation costs.

Given the benefits of this kind, it is not surprising that 71% of Fortune 500 companies currently have mentoring programs . In fact, according to British consulting firm mentorsme, 67% have managed to improve their productivity thanks to it .

This business mentoring is also expanding strongly in the entrepreneurial ecosystem, as a kind of professional coverage and guarantor when it comes to prospering and obtaining financing .

Business Angels , in fact, are a kind of tutor who, in addition to carrying out public relations work with other investors, also teach the entrepreneurs themselves.

The British FSB points out that seven out of ten small companies trained in mentoring programs survive five years or more ; precisely double the number of startups that operate without this tutelage.


The phenomenon of multilateral support
Few business techniques receive as much support from organizations and workers as mentoring , and virtually none offer such equitable benefits.

It is reasonable to think that some are interested in improving their work skills, and that others invest in it to become competitive and productive .

A 2016 Statistics study of employees in the United States found that no less than 29% of workers were “very willing” to participate in mentoring programs .

On the other side of the scale, there are company executives. Here, reverse mentoring is valued ; an alternative formula that reverses the direction of teaching, from apprentice to master.

Under this formula, it is the CEOs who learn from the younger employees, and not without receiving due payment in kind. Specifically, Harvard Business Review points out a series of percentages of weight among a specific sample:

84% say the program helped them avoid costly mistakes .
Another 84% point to the speed with which they acquired skills for their roles .
And 69% were able to make better decisions thanks to what they learned.
“ When business leaders fail to make and act wisely, their companies suffer,” says Suzanne de Janasz , a professor of management analysis and conflict resolution at George Mason University. “ With the right mentoring in place, everyone wins .”

Keys to mastering mentoring
Although each program has its own particularities, and not all companies pursue the same objectives through mentoring , it is possible to list some general recommendations regarding this practice.

This can be done especially when this information comes from experts or business people with extensive experience in the world of business training .

Rick Woolworth , president of Telemachus , a nonprofit organization dedicated to mentoring emerging leaders, has been working in this sector for 35 years and offers his own recommendations based on his experiences.