How a Workplace Mentoring Program Can Save Your Small Business Money

Implementing a workplace mentoring program is one of the smartest your small business can do. A workplace mentoring program can save your small business a lot of money while improving retention and increasing efficiency. A workplace mentoring program can achieve the following.

Teach Necessary Employee Skills for a Fraction of the Cost

Putting employees through training and development programs is expensive. Not only does it cost a lot of money, but it also regularly takes employees out of the workplace. In a small business, both of these factors can be real problems. A workplace mentoring program uses older employees to do the teaching, saving teacher costs. They can teach a lot about what they need to on the job, keeping your employees more productive. 

Furthermore, mentors can teach your new employees in a practical way that a classroom situation just can’t. Mentors can offer them guidance, letting their experience get passed on to your new employees. This will give them confidence, and help them develop the right attitudes.

Retain Experienced Employees

Employees often feel lost when starting a new job. A mentor who has been working at the company for a long time can help them get into the flow of your company in a lot of small ways that can’t be taught in a classroom. Having such wisdom and guidance on hand reduces confusion, anxiety, and stress. This means they are more likely to stay on at their new positions.

It is easy for even experienced employees to make mistakes. A workplace mentor can help such employees learn from their mistakes, instead of worrying and stressing about damage to their careers. Workplace mentoring programs help your employees feel confident and focused at work, instead of stressed and anxious. Losing an experienced employee costs your business a lot of time and money. Even when a replacement is found and trained, it can be a long time before they gain an equivalent amount of experience. A workplace mentoring program can ensure that your personnel will be highly experienced and competent, instead of perpetually new and inexperienced.

Develop Future Leaders

As your small business expands, you are going to need new managers and executives to handle the new employees you will be hiring. These new managers and executives should ideally come from the experienced employees you already have. Workplace mentoring can help groom your employees to become the kinds of leaders that you will need.

The Takeaway

Workplace mentoring not only saves your small business money, but it also benefits your company in many more intangible ways. A mentoring program will give you a workplace culture that is positive and supportive, as well as a more experienced pool of employees. The benefits that such a program brings outweigh the minor costs involved.

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