ESG Metric: Employee turnover
Ease of implementation: Medium
Suitable for: All businesses
Suggested functional lead: HR
Summary
Mentorship programmes increase employee engagement, collaboration, promotes internal mobility and aids learning. These are all factors influencing employees to remain in their current company, decreasing turnover rates. We suggest collaborating with a professional mentorship software company, Together, to set up a seamless mentorship programme. By filling out a short questionnaire, they will make relevant matches and integrate the mentorship schedule in your chosen online platform, such a GSuite or Microsoft Office. Their software will identify mentorships pairing that are not meeting so you can intervene and investigate why. They will also be able to generate reports on participation, feedback and pairing relevance. Additionally, we do suggest collecting data on turnover rate prior to the new mentorship programme as well as any employee engagement in previous mentorship programmes. This allows for comparisons to be made post implementation of the Together Mentorship software.
Background Information
Between 2013 and 2018, the Hay Group found that the turnover rate was 23% globally. This equates to 192 million people leaving their employment in 2018. To improve retention the employer needs to make the company an attractive place to stay with development opportunities and good professional relationships. Mentorships are a great way to improve retention and decrease turnover rates. It increases employee engagement, aids learning, promotes internal mobility and creates a collaborative company culture. Deloitte mentioned that 71% of employees participating in a mentorship programme agree the programme has aided in career development where only 47% of employee without a mentor thought the same.
Implementation Steps
Assign responsibility to implement and monitor mentorship
Assign responsibility to a member of staff to implement and monitor the new mentorship programme. This may be embedded into your HR team or be a separate individual for each department.
Determine current turnover rate
Determine the current turnover rate and retention percentage prior to starting a new mentorship programme. This allows for comparison and assessing the success of the programme after it has been implemented.
Assess current mentorship programmes in place, if any
Determine whether you have a mentorship programme set in place already. If so, identify how many employees are participating in the current programme and request their feedback.
Identify external party to collaborate with
We suggest working with an external party to promote a new and more interactive mentorship programme. They match every employee with a mentor that is relevant to their goal. Investigate which company works best for your business, however we suggest collaborating with Together. They allow you to include various styles of mentoring, including 1-on-1s, group mentoring, peer-to-peer learning, reverse mentorship, employee resource groups and speed mentoring.
Register with external party; Together
Register with Together through a simple registration questionnaire to collect information regarding your business and the employees. They will integrate the mentorship programme with everyday online tools such as GSuite and Microsoft Office as well as more specific programmes. This allows all employees to have access to the schedule and programme as well as articles and tips from Together. You will also be assigned a Customer Service manager to ensure the programme drives the desired impact and suggest any improvements along the way.
Algorithm will match pairings and schedule meetings
The algorithm in the Together software creates relevant matches based on skills, goals and requested areas of growth. This allows for effective and hassle-free mentor and mentee pairing. Together easily integrates the mentorship agenda in your employees' calendars like any other meeting.
Monitor and support mis-matches
Together also has a Health monitor tool imbedded in its system which flags any matches that have missed meetings or are not meeting as frequently as others. The tool allows you to quickly make new matches or check-in to determine why.
Generate report through the software
Generate quarterly reports on the programme through the Together software. It generates reports regarding signups, goals completion, participation rates, pairing relevancy, session feedback and more.
Monitor turnover rate
Assess turnover rate post new mentorship programme and compare it with the turnover rate prior to it. Share any successes and downfalls with the team to increase transparency and collaborative company culture.
Determine employee feedback
Send out a survey through the software to determine employee feedback. Investigate the feedback and implement any changes necessary to further improve the mentorship participation and thus, retention.