Mentoring Delivers Cost Savings in Business

Have key decision makers in your organization ever said, “We’d do mentoring if you can show us it’s worth it and cost-effective.”

Well, your wait for the data that proves the value of mentoring in BUSINESS is OVER. Here are some recent facts, and THESE are only those related to reduced employee attrition. There are others detailed elsewhere on this web site.

How many facts do you need to make the case for mentoring in YOUR business? JUST ONE. Go to the page titled “Attrition or Retention- Which Focus” and start to build the proof in your local organization. This web site provides the tools and processes.

  • Deloitte & Touche deployed a large scale career management program for its 30,000 partners and employees in the USA and a coaching program for 1,000 employees and avoided an estimated $11 million USD in turnover-related costs1
  • A pharmaceutical company indicates a 1% + change in EE satisfaction = 3% + movement on net income
  • Several law firms report it costs $315,000. to lose a 2nd year associate2
  • Companies with highest % women on senior management teams have 35% higher return on equity
  • ROI on a mentoring program for high-potential employees in a manufacturing company after 12 mo. = 1,200%. In other words, the mentoring program cost the company 1/12th of what they saved from reduced attrition !!

REFERENCES

  1. W. Stanton Smith, National Director Employer of Choice-Next Generation Initiatives, Assoc. of Career Professionals International, Venice 2004
  2. Toronto Star, Aug.16, 2007