121. Reasons why having a mentor boosts your business

Mentorship is important to elevate you personally and professionally. As business athletes you need a professional network just like athletes a team to help support their performance and skill development. This is done through coaching, mentorship, consultants and advisors so they can perform at their best level and continue to improve their skills and performance.

Forbes and various studies report that 97% of Fortune 500 companies have mentoring programs, while 76% of professionals believe mentors are important for career growth, though only 40% to 50% currently have one.

Mentorship is linked to increased employee engagement, productivity, and job satisfaction, with 91% of workers in mentorship programs reporting happiness in their jobs. Mentoring also boosts confidence, retention, and can provide a competitive edge for businesses. 

Mentorship in the Workplace:

When I was teaching I was introduced to a mentorship programs and it was really beneficial to have that one person in the department that made time to work with me on my goals and development. Once I was a qualified and experienced teacher I was then given new team members to mentor. This evolved into helping students set up their own businesses and has continued to blossom over the last fifteen years.

• Prevalence of Programs: 97% of Fortune 500 companies and 100% of Fortune 50 companies offer formal mentoring programs, according to Forbes in 2024. 

  
  

• Employee Benefits: Mentorship increases employee engagement and productivity, which in turn boosts company profitability, notes Forbes. 

  
  

• Job Satisfaction: A 2019 poll showed 91% of workers in mentorship programs are satisfied with their jobs. 

  
  

• Talent Development: Mentoring helps attract, develop, and retain top talent, and gives companies a competitive advantage, states Forbes. 

  
  
  
  

Mentee & Mentor Benefits:

When I wanted to 10x my business I needed someone who had a achieved and succeeded at where I wanted to be headed. Hiring a business coach gave me confidence, elevated my business and helped me overcome hurdles with my mindset adn mouthset. Being part of communities with people who were further down their career chapter than I was helped me to improve and broaden my skill set and vision.

• Confidence: 87% of mentors and mentees feel more confident and empowered due to their relationships, according to Mentorloop. 

  
  

• Professional Growth: Mentors help accelerate mentees' career growth, improve job satisfaction, and increase retention rates for both mentors and mentees, says Forbes. 

  
  

• Skill Development: Over 83% of Gen Z want mentors to help them learn skills to perform better in their jobs, according to Forbes. 

  
  
  
  

Challenges & Opportunities:

• The Gap: While 76% of professionals see mentors as important for growth, only about 37% to 40% of people currently have a mentor, says Forbes. 

  
  

• Informal Relationships: 61% of mentoring relationships develop organically rather than through formal programs, according to Forbes. 

  
  

In our community we incorporate and promote Kaizen the Japanese philosophy to be 1% better every day. This focus is importantly because today’s micro wins become tomorrow’s competitive advantage.

Darwin’s theory of evolution was largely based on incrementalism ~ the gradual accumulation of small changes of evolution and human change. By maintaining that cadence in your personal and professional lives you will continue to improve and evolve.

Multiple studies highlight the value of mentoring in retaining employees. An earlier Deloitte study,for instance, found that 81% of Millennials remain with a company for five years or more when they have a mentor. I see these benefits all the time in my own company and in other companies that I work with.

Thank you for reading, if this was useful and if it could help someone in your network, please share. Thank you!

Wishing you continued success & prosperity ~ Diana x