10 Top Ways to Recruit Mentors Within Your Business

Recruiting mentors is one of the biggest challenges organizations face when starting a mentoring program, so here are our top 10 ideas to help you out.

How effective your mentoring program is entirely dependent on the participants you recruit. Mentoring within an organization is becoming increasingly significant with 67% of businesses reporting an increase in productivity and 55% stating an increase in profits due to mentoring programs. Starting a program within your company is the start of truly exciting times ahead and a chance for real transformation.

Over the years, mentoring has proven extremely beneficial to organizations with the benefits outweighing any costs involved. However, one of the most frequent challenges faced is actually how to recruit effective mentors within your organization. You should be considering these ideas when it comes to recruiting and retaining your mentors:

1. Having a target audience and key objectives
The first step and arguably the most important factor in promoting your program and recruiting mentors is to understand your target audience and key objectives. You need to work together with your team to fully comprehend why you need a program and who it is targeted at. Are you looking to improve employee engagement? Is there a barrier between departments? Is employee retention low? These are just some of the more common reasons people implement a mentoring program in their organization. Once you’ve identified your key objectives and audience, you can begin acting on ideas to promote the program company-wide.

2. Get senior leadership involved
Creating a successful mentoring culture and program within your organization begins with senior leadership. You need to ensure the senior members of your business are advocates of the program and efficiently convey the importance of mentoring to their colleagues, their success stories, and positive experience. This will improve the visibility of the program and how it’s received across your organization. By engaging with senior team members and having them on board as mentors (or reverse mentees) is highly impactful on how the organization as a whole embraces mentoring and inspires your employees.

3. Success stories
When trying to relate with your staff members, personalized messages work great. Personal stories from participants of your mentoring program are the ideal way to showcase the influence and success of mentoring within your organization. Video testimonials and quotes about things such as how the mentoring program has allowed for promotions to be made, the new skills learned by the mentees/mentors, and the personal goals met are some of the things you should be convincing when trying to attract people to the program.

4. Case studies
Although considered similar to success stories, case studies also show the challenges faced and how the individual was able to overcome any obstacles. Case studies are a great way to showcase the success of the program within your organization. You can share the case studies with your organization through the use of emails, articles, and social posts.

5. Host mentoring events
With the lockdown being lifted, people are more eager than ever to attend real-life events, however, these events can also be hosted online. Hosting a mentoring program kick-off launch or ongoing events can be a powerful way of drawing people’s attention to the mentoring scheme you have in place at your organization. Hosting an event where an inspiring mentor can speak to your employees, a place where they can have the opportunity to network with other mentoring members and discuss their stories is highly impactful.

6. Be clear on commitments
It’s essential that you’re clear on the commitments and expectations of mentors, not only to recruit them but to retain them. Provide your employees with transparent and realistic guidelines of what’s expected, including things such as time commitments and how they can help. Some of your employees may not have sufficient free time outside of work due to other personal life responsibilities and need to ensure they have enough time left in their schedule to help mentees before signing up.

7. Email communication
The use of email is a popular communication technique used by companies worldwide. This popular method of communicating with employees is a great way to get the message out there, without taking up too many resources. To recruit mentors to your program you can send a company-wide email outlining more about the program, what’s involved and the value it adds for the individual. However, as it’s easy for employees to miss or ignore their emails, there are factors you need to think about such as the time you send the email or the subject line.

8. Instant messenger channels
Besides email, since the beginning of last year, more companies are using other means of communication such as Slack, Zoom, or teams. If your organization has any of these in place it would be advised to also communicate about the program via these channels by sending out a mass message to all the members of your organization.

9. Team meetings
Have the managers at your organization host team meetings to discuss the implementation of the new program. Your managers know and work with their team members and know exactly who would be a great fit for the program. Your team leaders can also be advocates of the program, conveying its significance.

10. Portray the value
The main factor in recruiting and retaining mentors is ensuring your company can express the value mentoring brings to the table. As mentoring is a voluntary experience, it’s crucial to showcase the impression it can have not only on them as an individual but the business in general. To illustrate the value, you need to have a plan in place to fully understand how you’re going to reach these members and what methods you’re going to use. Examples of this could be utilizing email, and producing videos and internal blog posts.

Final thoughts
When recruiting mentors for your program, it’s important to strategically plan your methods and truly understand how as an organization you’re able to demonstrate the value and impact the program brings to your staff members. Don’t wait until the last moment and leave the mentors to come to you, utilise these ideas to guarantee your mentoring program is as effective and thriving as possible.

Source: pushfar.com ~ Image: Canva Pro

Data Shows Mentors are Vital to Small Business Success

A survey of more than 200 small businesses sheds light on the importance of mentorship among entrepreneurs.

Kabbage, Inc., a global financial services, technology and data platform serving small businesses, surveyed more than 200 small businesses throughout the US to understand the importance of mentorship to small business owners. The findings show:

Only 22 percent of small businesses had mentors when they started business. Another 17 percent indicated they have an advisor, which suggests a paid relationship for consulting and advice. This leaves a wide percentage of business owners, 63 percent, not pursuing professional guidance at the onset of their business.

92 percent of small businesses agree mentors have a direct impact on the growth and the survival of their business. A separate Kabbage report revealed that 84 percent of small businesses reach profitability in the first four years of their business, with 68 percent attaining profitability in the first year. The early years of any business is a crucial make-or-break period and most small businesses agree mentors are vital to success.

The study shows that 61 percent of small business owners mentor others, and 58 percent specifically mentor younger entrepreneurs. This shows that small business owners are taking the time and finding value in giving their time to mentor, and younger entrepreneurs are seeking mentors to help in their careers. This was most prevalent in industries such as real estate, property management, and construction.

Of all respondents, 89 percent of small business owners that don’t have a mentor wish they did. This represents the 63 percent of businesses that do not currently have a mentor, highlighting a need among the entrepreneurship community to easily find and connect with others that can deliver actionable advice and value to a business.

“A great mentor is someone who provides objective advice, provides counsel from a fresh perspective, is willing to collaborate, listen and learn, as well as remind you of your goals, your purpose, and what you’re working so hard to achieve,” said Head of People Operations at Kabbage, Amy Zimmerman. “Businesses have a great opportunity to provide everyone in a company the benefit of mentors—from the founders to the interns—as the data shows it’s critical for success. We began offering this perk at Kabbage and have seen great success as it can be an affordable benefit that businesses can easily leverage.”

Source: kabbage.com ~ Image: Canva Pro

76% Of People Think Mentors Are Important, But Only 37% Have One

Many successful people attribute part of their professional success to having a mentor.

Mentors provide a wealth of knowledge and experience to us, they guide us through challenges and increase our likelihood of success, they lift us up and take our success personally.

They are invaluable.

So why do only 37% of professionals have one?

Olivet Nazarene University wondered why too. They recently surveyed 3,000 people about professional mentor-mentee relationships to see what they look like in 2019.

Here’s what they found:

  1. 76% of people think mentors are important, however, only 37% of people currently have one.
  2. Most people opt for same-sex mentors (69% women, 82% men)
  3. People with mentors are happier at their current jobs than those without.
  4. Only 14% of mentor relationships started by asking someone to be their mentor. 61% of those relationships developed naturally.

Would a mentor be beneficial for you? Ask yourself these questions to find out:

  1. Would you like to have a trusted and more experienced person to bounce ideas off, to discuss challenges with?
  2. Are you entering a new industry and would like access to an expert in this new field?
  3. Are you in a new role and would like access to a seasoned executive that has held the same/similar role for many years?
  4. Are you a CEO or at the top of your field and feel isolated because you don’t have peers to share problems/brainstorm with?
  5. Are you considering launching a new venture and are seeking expertise you don’t yet have?

If you answered “yes!” to any of the above questions, you’re ripe for mentorship. First, read my blog on networking. Now using that advice and a bit more below, you’ll be all set to meet the mentor of your dreams!

Here’s how to get one:

  1. The “friendly stalker” approach: Here’s how I got some time and advice from Steve Jobs. The relationship lasted for many years. Follow this approach as it works every time!
  2. The “met on a plane” approach: talk to whomever you meet on a plane, even just a little bit. People are interesting. Become curious about them! A month ago I struck up a conversation with a man on a plane. He has become an informal mentor and has already saved me tens of thousands of dollars due to the tax planning advice I received from him.
  3. The “friend of a friend” approach: one of our clients needed a board member with public company CFO experience, as he’s preparing for his IPO. I connected him with a CFO client of ours with this expertise. The CFO has now joined our client’s Board of Directors and is adding great value.
  4. The “prepared, then random meeting” approach: I was intrigued by Jerry Jampolsky and wanted to volunteer with his organization. I read all I could, reached out to them, and didn’t hear back. I was getting discouraged when, as fate would have it, I bumped into him at a restaurant. He’s been a mentor of mine now for over 20 years. Sure glad I studied up on him before we bumped into each other!
  5. The “I care about what you care about” approach: Countless times in my career I’ve reached out to total strangers offering to help them solve a problem. This is how I got my job at Microsoft (as a self-taught engineer without the required college degree), Lotus (remember them?), Apple (yep, before I stalked Steve), and more. Oh, and this is how I met Stephen Hawking (and got invited to the White House).

The Net-Net

  • Mentors can profoundly boost your career success and trajectory
  • There are a variety of ways to meet them that work
  • Be creative and curious, as you’ll be surprised where you can meet mentors

Source: Forbes.com ~ By: Christine Comaford ~ Image: Unsplash

Mentoring Statistics in 2022: Everything You Need to Know

Updated for 2022: We’ve compiled the ultimate list of the mentoring statistics, from employee engagement and inclusion to learning, career progression, and development.

Updated for 2022: Having a mentoring relationship is often noted as being one of the most beneficial things you can do for your career and personal development. Whether you want a mentor to progress in your career or are someone who struggles with soft skills, a mentor is there to help you develop on your journey. A vast number of studies have shown that some incredible benefits come with being a mentor or being mentored, from an enhanced network and the higher possibilities of being promoted within your organization. We’re now seeing the number of people looking for a mentor rapidly increase with the number of businesses now implementing mentoring programs to improve the learning, development, and skills of their employees. With the demand for mentoring rapidly increasing and a large amount of research available, we’ve compiled the latest mentoring statistics list, some of which you probably didn’t know about:
General Mentoring Statistics
It’s imperative that when talking about the advantages of mentoring relationships, we’re able to categorize the influence it can have on different factors in our lives. Generally speaking, mentoring has a significant impact on the lives of an individual or business and should be celebrated. Listed below are some of the top statistics about mentoring that will impress you.

  • 87% of mentors and mentees say that their mentoring relationships make them feel empowered and assist them to develop a more prominent sense of confidence in themselves. (Source)
  • 97% of individuals with a mentor feel they are highly impactful and valuable. (Source)
  • Only 37% of professionals have a mentor. (Source)
  • 89% of individuals mentored will mentor someone in the future. (Source)
  • Almost one-quarter (24%) of 46-64 claimed they would only return to the office for in-person mentorship or coaching

Mentoring Statistics in Career Progression
Mentoring and career progression go hand in hand. Mentoring is now considered one of the top strategies used for career development and progression with a large number of professionals pursuing mentoring relationships to advance in their careers. Mentoring has also proven notably valuable to help assist and guide individuals looking to make career transitions. Whether you’re a mentor or mentee, it’s equally as beneficial for your career.

  • Mentees are 5x more likely to be promoted than those without a mentor. (Source)
  • Mentors are 6x more likely to be promoted compared to their co-workers. (Source)
  • A recent study showed that 25% of employees who are part of a mentoring program had a salary increase in comparison to the 5% who didn’t participate. (Source)

Mentoring Data

Mentoring Statistics for Employee Retention

The first few days for a new employee are crucial to their long-term success. Yet, many businesses fail to realize the importance of the first few days and the expense correlated with retaining and training employees. The data speaks for itself with over 22% of staff turnover occurring within the first 45 days and the replacement of an employee costing 3x their annual salary. Time and time again having a mentoring program in place has proven advantageous for employee retention, giving new and old employees a feeling of belonging and strong company culture, both things that are highly prominent in motivating employees to stay within your company.

  • 50% of younger professionals say that a workplace mentorship program would make them more likely to stay at a company.
  • 86% of professionals claim that having access to mentoring is a factor in them staying with an organization.
  • 43% of professionals claim that having access to mentoring is a significant factor in staying with an organization.
  • A massive 94% of employees stated they would stay at a company for longer if they were offered opportunities to develop and grow within the company and their careers. (Source)
  • 9 in 10 workers with a mentor say they feel happier within their career. (Source)
  • 4 in 10 workers who don’t have a mentor admit that they’ve considered quitting their job in the past three months. (Source)

Mentoring Statistics for Diversity, Equality, and Inclusion
Over the past few years, there is growing evidence that concludes that inclusive working environments lead to better results. When employees feel included, they are more likely to be engaged and perform at a higher standard. Companies are finally recognizing that inclusion and diversity within the workplace are required to form a company that truly understands its employees and becomes successful. We recently surveyed our mentors and mentees at PushFar, unsurprisingly, 82% of those surveyed said that they thought mentoring was valuable to tackling diversity and inclusion hurdles head-on. Employees feel motivated and supported when they see senior leaders with whom they can relate and identify.

  • 63% of women have never had a formal mentor. (Source)
  • On average mentoring programs boost the representation of underrepresented groups, by 9% to 24%. (Source)
  • Promotion and retention rates for minorities and women also increased for one organization from 15% to 38% in comparison to their non-mentored staff members. (Source)
  • Women are more likely to have a mentor (54%) compared to men in the workforce (48%). (Source)

Mentoring Statistics for Business Owners and Entrepreneurs
Whether you’re a Fortune 500 company or a small business owner, mentoring will impact your company. To be successful at what you love, it doesn’t hurt to have direction and assistance from another individual who has taken a similar path to yourself. More business owners now recognize the significance of mentoring relationships, not only for themselves but for their employees. All businesses will likely seek out a mentor or implement a mentoring program within their organization in the near future.

  • 71% of Fortune 500 companies have a mentoring program in place. (Source)
  • 56% of organizations have a mentoring program in place. (Source)
  • 70% of small businesses that receive mentoring survive five years or more, twice the rate of those who don’t have mentoring relationships. (Source)
  • 93% of small and medium-sized businesses recognize that mentoring can help them succeed. (Source)
  • Only 25% of small and medium business owners have a mentor. (Source)
  • 92% of small business owners with a mentor agree that it has directly impacted the growth and survival of their business. (Source)
  • 61% of small business owners mentor others. (Source)
  • 58% of business owners will specifically mentor young entrepreneurs. (Source)
  • A massive 89% of small business owners that don’t have a mentor wish they did. (Source)
  • 84% of CEOs stated that mentoring has helped them avoid mistakes within their businesses. (Source)
  • For businesses, 67% reported an increase in productivity due to mentoring. (Source)
  • 55% of businesses state that mentoring had a positive impact on their profits. (Source)

Mentoring Statistics for Millennials
Millennials are considered as being the most powerful generation, causing endless companies to evaluate how they operate. Studies predict that in just 5 years, millennials will amount to 75% of the global workforce. Millennial professionals have different expectations from their previous generations, for example, millennials seek out training and feedback from the workplace, and meeting these expectations can prove challenging to managers across the globe. Having a mentoring program in place is ideal for this generation, ensuring they get the attention and guidance they seek.

  • Millennials intending to stay with their organization for more than five years are twice as likely to have a mentor (68%) than not (32%). (Source)
  • 79% of millennials view mentoring as a crucial aspect of having a successful career. (Source)
  • After implementing a reverse mentoring program, a company experienced a 96% retention rate amongst millennial employees. (Source)
  • 63% of millennials feel their leadership skills aren’t being fully developed within the workplace. (Source)
  • 68% of millennials with a mentor intend to stay with their organization for over 5 years compared to the 32% than peers who don’t. (Source)
  • Only 29% of millennials feel engaged at work. (Source)
  • 78% of employees are concerned about the level of engagement from seniors within their company. (Source)
  • 61% of millennials in the workforce feel like mentoring is having a positive impact.
  • There are various reasons for millennials wanting to leave their job, however, the main reasons are 35% of millennials feel as though there aren’t enough opportunities to advance and 28% feel their organization lacks learning and development opportunities. (Source)
  • Millennials crave feedback, however, only 19% say they are receiving feedback from their managers, and 17% stated that the feedback they receive is meaningful. (Source)

Mentoring Statistics for Young Adults
Young adults are those aged between 12-and 18, research proves that mentoring is greatly useful in young adults’ lives. Studies have shown it helps individuals improve both academic social and academic prospects. Mentoring allows meaningful relationships to be formed, having a real impression on both the mentor and mentee. It allows them to develop leadership, management, communication, and creative skills. Mentoring for young adults also further empowers them to give back to their community. Mentors for young adults are there to advise, support and guide them about classes, careers, jobs, life choices, and future education routes, whilst being a role models for the mentee.

  • Students with a mentor are 52% less likely to skip a day of school. (Source)
  • 37% of students with a mentor are less likely to skip a class. (Source)
  • 55% of young adults who have a mentor but face an opportunity gap are more likely to get a higher education than peers who did not possess a mentor. (Source)
  • 78% of young adults with a mentor are more likely to volunteer regularly. (Source)
  • 90% of young adults with a mentor are interested in becoming one in the future. (Source)
  • 59% of teens with a mentor get better grades than their peers. (Source)
  • 27% of young adults with a mentor are less likely to use alcohol. (Source)

Final Thoughts
We hope you were able to learn a little more about mentoring, and the impact it can have on both professional and personal development. It doesn’t matter if you’re an employer, a student looking for their first job or a business owner wanting to grow your business successfully, mentoring is for everyone. If you want to learn more about mentoring and how it can help you or your business, you can find more information at PushFar.

PushFar: The World-Leading Mentoring Platform

At PushFar, we run the world’s leading mentoring platform, offering free mentoring for more than 50,000 professionals, students, and entrepreneurs. We also license our mentoring software to hundreds of organizations, globally, to support internal mentoring programs. So, whether you’re looking to become a mentor, find a mentor or run a mentoring program, PushFar is here to help.

Looking for a mentor or to become a mentor?
Join Free Looking for mentoring software to support your private or organizational mentoring programs?
Source: pushfar.com ~ Image: Canva Pro

10 Simple Yet Powerful Business Goals to Set This Year

We often think of the goal setting process as something done when we first start a business or a new job. However, the reality is that we need to be regularly setting new business goals as well as monitoring the progress of past goals.

I personally think it’s best to assess and establish business goals during the first quarter of the new year in order to stay motivated and commit to your goals. This allows for both you and your employees to have a clear understanding of what the expectations are over the coming year.

When deciding on what goals you will have for the year, don’t get bogged down in the minutia of figuring out every last detail of how you plan to get there. This is big picture stuff, your vision for what the organization should look like in a year.

This long-term goal setting will serve as an overall framework for your short-term planning. That short-term planning is where you will lay out the individual steps necessary for achieving the goals.

That’s a long winded way of saying that you first need to figure out where you want to go before you plan the trip.

While no one list could apply to all businesses or all situations, these 10 business goals have been a part of every successful business that I’ve been involved in.

1. Maintain a Healthy Budget

This trips up a lot of entrepreneurs, and I’ve seen many people start businesses without a financial plan.

Academics have coined a new technical term for this type of financial plan: they are calling it a “budget.” And if you don’t have one, then that’s your number one goal for the year.

Having a budget not only helps with tracking where your money is being spent, but it also allows you to analyze things, like what type of advertising is working best for you.

How do your payroll expenses compare to the industry average? Are you spending too much or too little in commissions and bonuses? Are you lacking funding?

Going anywhere for funding (Bank, Investors, VC firms) without a professional budget will get you booted out of the office without a second look.

2. Hire a Certain Number of Employees

If you don’t have any employees, now is the time to consider hiring some as part of your business goals. Trying to do everything yourself is the curse of the entrepreneur. We all try being the Jack-of-all-trades, but we forget the rest of that saying: “but master of none.”

You can start by hiring someone to do all of the little tasks that have to get done but don’t contribute to the bottom line. These tasks take your attention away from growing the business, so delegate them out to others to save yourself time and energy.

3. Reduce Expenses

Running a lean business should be the goal of every entrepreneur. After all, every dollar saved in business expenses is an extra dollar in your pocket. The problems arise when you begin to cut into areas that affect the bottom line.

For example, it’s always tempting to look at payroll first because it’s such a big expense in most businesses. But will cutting sales staff hurt sales? What about the shipping department or customer care? You might not feel the effects of those cuts right away, but if you’re not giving the customer the experience they expect, you will feel it down the road.

Try looking for other ways to reduce expenses. Try new software, change the implementation of your processes, and most of all, reduce debt!

4. Refocus on Your Customer

You should always be re-evaluating your relationship with your customer when setting business goals. You need to know what areas are working right and what areas need improvement.

Look at the entire customer service experience. Are your customers happy with the product or service? Is your refund / exchange process easy to understand and use? If they have questions or need help, is it easily accessible? Are you delivering your products in a timely manner?

No matter how good you currently are, vow to make the customer experience even better with short-term goals and a detailed business plan.

5. Get More Traffic to Your Website

Even if you’re not generating sales from a website, increasing traffic is great for brand awareness.

If you haven’t updated your website recently, take some time to give it some attention. Make sure it’s pleasing to the eye, easy to navigate, and constantly updated with all the latest information and helpful hints.

6. Evaluate and Refine Your Social Media Marketing

This dove-tails nicely with the previous suggestion. Social media marketing, when done right, will generate traffic, leads, and sales for your company.

I see a lot of companies (especially smaller ones) using a shotgun approach to their business goals related to social media marketing. They end up throwing a bunch of stuff up on their Facebook, Twitter, or Instagram and hope that something works.

You need to have a strategy for social media. Your posts need to be consistent and on-message. It can be a lot to handle all at once, and if you’re not sure what you are doing, there are companies and individuals that will set up and manage your social media marketing for you.

7. Conduct a Marketing Audit

Marketing, along with payroll and rent, are the biggest expenses most businesses have. You want to make sure you are getting the most bang for your marketing buck[1].

Analyze and evaluate every aspect of your marketing budget. Eliminate the worst performing (in terms of ROI) 20% of your marketing efforts, and use that money to expand the top 10% of your best performing assets.

8. Develop or Improve Your Employee Incentive Program

Your employees are the lifeblood of your business. Employees are the ones implementing the company’s policies and procedures. They are (usually) the ones interacting directly with the customer.

Keeping happy and motivated employees is the only way your business goals can thrive. Unfortunately, too many small businesses neglect this issue because of the perceived expense involved.

And while money is certainly a motivating factor for your employees, most people will respond to other types of incentives as well[2]. Things like public recognition, lunch with the boss, or flexible time off can all be used as incentives. Check out this article for 17 Proven Tactics for Motivating Employees.

9. Evaluate Your Company’s Mission Statement

This should be done on a yearly basis. Depending on how long your company has been around, you may have not have even looked at your mission statement in years (if you even have one).

Take the time to get it out, dust it off, and make sure that it’s still relevant. I’ve consulted with companies that, when asked to do this, discover that the original mission statement described a completely different organization!

Over the course of years, as the business climate evolves and technology changes, there’s a good chance that your mission statement needs to be updated.

10. Strive to Create a Better “Work-Life Balance”

Being a successful entrepreneur means making sacrifices. You sacrifice the stability of a regular paycheck, time with your family, sleep, and more, and while the rewards can be great, just make sure the costs aren’t too high.

Things like stress and anxiety will take a toll on your physical and mental health. Time away from spouses and family can cause tension that only adds to the stress level. You need to take evasive action before it can cause irreparable damage. This is why including personal goals within your business goals is so important.

If you’re not eating right and exercising, start taking an hour out of your day.

Whether it’s one day a week, or an hour a night, your family needs to know that they are a priority. Have a scheduled “date night” with your spouse. Chances are you’re not the greatest company after working a 12-14 hour day, and making your spouse a priority is just part of the deal.

Making a conscious decision to prioritize your home life is like brushing your teeth. If you do it, they stay strong and healthy, if you ignore it, they go away.

The Bottom Line

Setting, evaluating and reassessing goals is a constant theme in business. Knowing the right places to allocate the right resources will keep your business thriving in an ever-changing world.

Lou Holtz, the famous football player and coach said,

“In this world, you’re either growing or you’re dying, so get in motion and grow.”

That statement is certainly true in today’s business climate. You need to be constantly on your toes looking for new and better ways of doing things.

Technology is moving a light speed, bringing new, better and faster ways to deliver products and services to the consumer. If you’re not innovating with specific business goals, you can be sure your competition is.

Source: lifehack.org ~ By: David Carpenter ~ Image: Canva Pro

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