There is an ever-increasing level of competition in the world of business. It can be difficult for startups to establish themselves in the industry they choose.
Customers are also more difficult to please these days. You want to increase online visibility, generate high returns on investment, and increase your market share when running a business. This is not an easy task. You’ll have to work for it. It is a wise move to focus on your team’s professional and personal development while considering many other factors.
Employees are the lifeblood of your organization. You cannot develop a product or service that resonates with your target market if you do not have a team of competent, dedicated, and efficient professionals. You may be unsure of how to develop your talents strategically as a beginner.
This problem is not unique to you. It happens to many small and even big companies. Company mentoring programs may be able to help you tackle this problem. Almost every industry has implemented a mentoring program in recent years, and it has helped companies to surround themselves with world-class personnel.
There has been a positive change in employee productivity due to mentoring in 67% of businesses. It has been reported that 71% of people with mentors say their organization provides them with opportunities to advance their careers. According to experts, 94% of employees would remain with a company for a long period, especially when they have ample time to learn new skills and grow as a professional.
Among the caterpillars
Caterpillar is known to everyone, right? World-wide, the company is one of the leading manufacturers of construction equipment and mining equipment. One of the reasons for Caterpillar’s reputation is its mentoring program. Its primary purpose is to facilitate employees’ personal and professional growth, as it is for other programs in organizations.
What are the benefits of its program? Mentors are assigned to newly hired employees as a way to provide assistance. A mentor is typically assigned for three years. Mentors are responsible for providing guidance to mentees regarding soft skills development, work-life balance, and culture, among other important subjects.
Transferring employees to new departments enables them to gain experience, build a network, and help them become multi-talented professionals. To ensure quality and reliability of mentoring even in a larger setting, Caterpillar, an American Fortune 100 company, has established 13 employee resource groups.
The company also participates in reverse mentoring. This is where the young employees in the company teach the older employees about the newest technology in the industry and other things they should already be knowledgeable about. There are many of you who would think that a mentor should be older than their mentee. Nonetheless, it depends on one’s knowledge and experience.
Genworth Financial Services
General Electric has an excellent monitoring program as well. The construction/mining equipment business of Caterpillar is complemented by the venture capital, finance, healthcare, additive manufacturing, power, digital energy, and aerospace businesses of General Electric.
Generating reverse mentoring is a renowned leadership trait of General Electric, like Caterpillar. It encourages collaborative learning through its mentoring program. Its objective is to provide mentorship to newly hired and existing employees by bringing in certified and experienced executives. Each department is taught critical skills that can improve productivity and performance. Mentoring at General Electric is about more than teaching.
It is about encouraging rapport and building meaningful relationships. As an industry leader for more than a century, General Electric always endeavors to develop a collaborative atmosphere that strives to develop employees’ potential and prepare them to become the future leaders of the company. The company also has two-year rotational programs in sales and marketing. The company has ally alliances with women and transgenders, as well as other employee resource groups.
BAIN & COMPANY
Our third place goes to Bain and Company. Brain and Company, like the other companies listed here, offers employees strong interpersonal relationships, one-on-one connections, and a chance to grow. Bain and Company offers mentorship to consultants, employees at all levels, as well as to younger employees.
Along with the mentoring program, Bain and Company also provides their people with further professional development benefits, such as the Veteran’s Program, Black Program, and Latin Program. This provides them with the opportunity to find guidance from their peers and even find commonalities. As many of you may not know, Brain and Company is a management consulting firm in the US that was founded in 1973.
Over time, the company has evolved into a top-tier consulting company. Do your revenues not meet your expectations? Whatever the reason, your organization needs to invest in the development of your staff, and a mentoring program can help. Training is more expensive than mentoring, which delivers better results without having to compromise on quality. Consider implementing a mentoring program to see the difference in your business operation.
