We all know that business success relies on finding a competitive edge that truly meets a market need and then using it to generate strong profitability. Introducing a simple workplace-mentoring program could be the first step in helping you develop the X Factor for your business – or your “secret sauce” – that will set you up for the next level of success.
Workplace mentoring increases staff engagement and significant global research has shown that increasing staff engagement can directly increase all the key metrics that are important to your business.
Have you ever looked at hugely successful brands like Google and Apple and wondered where the X Factor comes from? There are also many industry leading small businesses out there, operating in a clear niche, that leave the competition behind them. These businesses are highly profitable and the best people are lining up at the door to work for them.
An “engaged” employee displays a strong passion for their work, as well as pride, commitment and loads of energy for their work. They go the extra mile and they take on extra tasks. The goals of your business are just as important as their own.
And there is a cost to keeping and tolerating ‘disengaged’ workers. It has been estimated that disengagement costs Australian business at least $33.5 billion each year in lost productivity and poor customer service.
Somewhere in most businesses, value is leaking out:
- Through disinterested communication with customers,
- Through conflicts and distractions with other employees, and
- Through costly mistakes and poor execution of their tasks
According to global consulting firm Mercer, it costs your business somewhere between 50% and 150% of that person’s annual salary each time you replace someone. It simply makes more sense to invest in mentoring your people to develop the engagement, commitment and productivity that you are looking for.
A workplace mentor is an experienced person who provides active support and guidance to a less experienced person in the business environment.
Ideally, the mentor is not also directly accountable for the job performance of the person they are mentoring. This ensures an objective focus on the needs of the individual, and provides a new level of teamwork as you all work toward supporting the goals of the individual and ensuring they are connected directly to the goals of the business.
A workplace-mentoring program will be most successful with some training for the mentor, and a commitment from the organisation to support and develop the initiative. Add to that a simple ROI measurement structure in place, any business that relies on staff to deliver business success, will reap the rewards.