Emotional Intelligence Contribution to Career Success

Discussions about emotional intelligence (EQ) and its impact on the success of a career first surfaced in the 1990s.  Daniel Golemanconcluded while conducting research for his 1995 book Emotional Intelligence that 67% of all abilities associated with strong job performance were related to emotional intelligence.

Since Goleman’s provocative findings there has been mounting evidence of the impact of emotional intelligence on the success of a career, and the favorable financial performance of organizations.  The results of different research studies vary slightly, but the overwhelming conclusion is that EQ is the most important factor in determining career success.

Based on a number of recent studies, experts believe a successful career is determined by:

  • 25% general intelligence (IQ)
  • 10% – 20% technical competency
  • 55% – 65% emotional intelligence (EQ)

Organizations of all types need to consider these research findings and the fact that the World Economic Forum’s Future of Jobs Report has recognized emotional intelligence as a job skill.  The report also indicates EQ will become one of the top 10 job skills by 2020.

The financial benefits of an emotionally intelligent culture are vast.  All key performance indicators are favorably impacted when employees have strong EQ.  Here is an example.

A powerful study by Benjamin Palmer and Sue Jennings demonstrates that the skills of emotional intelligence are worth over $2 million per month.At Sanofi-Aventis, a pharmaceutical company, a group of salespeople was randomly split into a control and development group. The development group received emotional intelligence training and increased their EQ by 18% (on average), after which they out-sold the control group by an average of 12%, or $55,200 each x 40 reps = 2,208,000.00 per month better. The company calculated that they made $6 for every dollar they invested in the training.

So, what is emotional intelligence?  EQ is the ability to be aware of, control and express emotions and handle relationships empathetically.  With high EQ we can recognize and control our own emotions and the emotions of others. Emotional intelligence helps us identify our preferences in decision-making, successfully purse goals and persuade others for or against an idea.

The elements of EQ include self-awareness, self-management, social skills and relationship management.  Individuals with high EQ often seek feedback from others on these elements.  They then self-evaluate to determine their strengths and opportunities for improvement.  With this deeper self-knowledge, high EQ individuals experience:

  • Greater confidence
  • Heightened creativity
  • Sounder decision-making
  • Stronger relationships
  • Effective communication

Like technical expertise, we must deeply study to develop strong emotional intelligence.  The learning starts with a commitment to self-reflection in order to honestly view our current behaviors, our impact on others and the need to make changes.

How would you assess your EQ?

  • Self-Awareness: How do you show up for work?  Would your colleagues agree with your self-assessment?
  • Self-Management: Do you factually debate an opinion without getting emotionally charged?
  • Social Skills: How well do you relate to your co-workers?
  • Relationship Management: Are you investing adequate time to build collaborative and productive work relationships?

After a first read, the answers to these questions may seem simple, with a high probability of positive responses.  But with deeper thought, many individuals often uncover behaviors or language used that can be interpreted differently than intended by others.  By strengthening our emotional intelligence, we are able to avoid creating unknown barriers to career success.

 

 

1Daniel Goleman is an internationally known psychologist who lectures frequently to professional groups, business audiences, and on college campuses. As a science journalist Goleman reported on the brain and behavioral sciences for The New York Times for many years. His 1995 book, Emotional Intelligence was on The New York Times bestseller list for a year-and-a-half, with more than 5,000,000 copies in print worldwide in 40 languages, and has been a best seller in many countries.
2Jennings, S. and Palmer, B (2007), Enhancing Sales Performance Through Emotional Intelligence Development, Organisations & People, May 2007, Vol 14. No 2, and personal correspondence with Dr. Palmer. The salespeople in the study were selected because all were in the in the same revenue band starting at $460k/mo in sales.

 

CEOs Add Chief Employee Experience Officer to the C-Suite to Achieve Financial Goals

Chief Employee Experience Officer

Innovative organizations understand a delightful customer experience (CX) is driven by an intentional, positive employee experience (EX). Given the importance of creating a seamless link between employee engagement, customer satisfaction and company financial success, CEOs are establishing a critical new role in the C-Suite – the Chief Employee Experience Officer (CEEO).

The competencies required of this strategic position merge responsibilities of several traditional roles — the obvious “people” executive of the CHRO, the planning, communication and measurement focus of the CMO, the digital workplace enablement of the CIO and the execution skills of the head of Operations.

The CEEO needs to successfully execute three key initiatives:

  1. Lead the addition of consumer-focused employee initiatives to their company’s culture
  2. Oversee employee-facing functions
  3. Establish a strategic development practice to employee experience

Employee expectations have evolved, and today’s workforce behaves more like consumers, creating a need for someone who can balance strategic development plans with strong execution and evaluation skills.  This individual needs to be effective in pulling together cross-functional teams to build innovative, holistic solutions.  A Chief Employee Experience Officer also needs to effectively execute the addition of an employee-centric focus across functional areas, joining the existing customer-centric thinking mindset.

This emerging business need for improved employee engagement has re-energized HR teams to demonstrate their strategic thinking and execution abilities.

There are five key tenets the Chief Employee Experience Officer needs to be successful:

  1. Commitment and support of their executive peers
  2. Additional financial and people resources
  3. An open, transparent and supportive culture across the entire organization
  4. Exceptional, influential communication skills
  5. Empathy to respect each individual employee as unique

The CEEO must be measured on the core elements that have driven success for customers and now employees — attraction, retention and development.  Employee analytics are central to measuring success.

It is no surprise the CEEO acronym differs only slightly from CEO, given the strategic focus on all aspects of their internal customer — employees.

 

Employees Now Demand Excellence from their Employer

Employee Engagement Beyond Data Collection

The capabilities evaluation and cultural fit of a prospective new employee is no longer one sided.  Yes, organizations continue to seek exceptional individuals. But those prospects, who have successfully achieved results for others and exhibit consistent values, are evaluating their potential new employer in extreme detail, especially younger workers.  Their desires for an ideal employer extend beyond job content and financial compensation.

Employees are now demanding excellence from their employer.  Our research shows job seekers, and existing employees, are evaluating their employer on the following merits:

  1. Meaningful company and job purpose
  2. Strong corporate culture and values alignment
  3. Work and personal life harmony
  4. A creative, empowering and caring work environment
  5. Technology support of their job responsibilities

At a human level, employees want to feel cared for and valued.  They consider their employer and its members a second family, where they can build strong relationships.

If an employer is not measuring up, data shows workers will move on to one that does.  The average tenure of Millennial employees is just over 2-years, down from 7-years for Gen Xers and 11-years for Baby Boomers. Businesses can no longer simply “sell” a positive employee experience, they must invest in it and live it every day.

The Employee Factor of a Successful Strategic Plan

Employee Experience Strategic Planning

Successful organizations know the tried-and-true formula of an effective marketplace strategic plan.  1) Gain deep insight into the market to be addressed.  2) Define and develop products, services or programs to address these needs or eliminate a frustration.  3) Measure and analyze performance to determine if desired outcomes are achieved.  4) Course correct or even undertake a major pivot to achieve defined results.

But in today’s market environment, there are additional, critical internal factors impacting an organization’s likelihood to succeed —- employee expectations of their employer and limited work experience. Now that Millennials are the largest generation of the workforce, it is more important than ever for employers to understand their employees’ attitudes and desires. As the most academically educated generation, today’s employees feel empowered to prompt change in the workplace, certainly in ways not believed by older generations.

At an organizational level, this intellectual generation wants their employer to have a meaningful purpose and they want to be empowered to contribute to its success.  At a human level, they want to feel valued and cared for.

What they lack however, is work experience.  For many Millennials, and now Generation Z workers, they first entered the workforce at age 22, after graduating from college.  Maneuvering and influencing different personalities and generations is something they did not broadly experience in their academic life.  A Randstad and Future Workplace study reveals they feel unprepared to solve conflicts, negotiate, and manage other people.

Businesses who extend their strategic development chops internally to focus on their employees’ desires, who gain a deep understanding of their employee competencies and then invest in additional career development will succeed.

So how do you address these diverging factors?  With the same strategic methods undertaken to meet the varied needs of your customers.

Let’s break down the current desires of employees and tactics you can take to address these needs.

  1. Sense of purpose: Start by communicating and providing on-going updates on your company’s purpose, values and annual objectives.  More than ever before, today’s workers want to clearly understand their employer’s purpose and how they contribute to its achievement.
  2. Cared for: This category reflects this generation’s blending of work and personal life.  It is no longer work/life balance, but rather work and personal life integration — it is just life.  Employees now expect support in areas that were formally viewed as a personal life focus, specifically health and wellness.  This is where your physical, nutritional, mental and financial health campaigns meet your audience’s (employees’) needs.
  3. Career Development: Admittedly, the largest generation feels ill-prepared to ultimately lead today’s organizations.  They desire additional career development to prepare them for their responsibilities today, as well as in the future.  And they expect frequent, on-going feedback on how they are performing, so they can continue to improve.

The varied elements requiring support can seem overwhelming at first.  And organizations are at different stages in the journey to developing a comprehensive employee experience. To help demonstrate how integrating these multi-faceted topics can be achieved in practice, we have developed three sample 2018 Employee Experience Plans.  Take a look to spark ideas on how to enhance your approach, and then help achieve your external growth objectives.

Getting Started

Intermediate

Progressive

Amp-It is an employee experience platform that leverages expert educational content, practical application experiences and data analytics to enable individuals to develop positive habits to live a more productive life.  And organizations create a deep sense of community among employees, establishing a culture where everyone will want to work.   

Amp-It empowers Chief Employee Experience Officers’ strategic, data-driven company culture and employee experience decisions.

 

Millennials Want To Actively Contribute to Strategy Development. New Mentoring Models Realize this Desire

mentoring millennials

Millennials are extremely confident in their technical job abilities.  And why not, they are the most educated generation, in addition to being the largest.  They have been encouraged to excel at every stage of life.  So as intellectual thinkers, it is only natural they want (expect) to offer their thoughts and ideas to the development of their organization’s strategy.

One of the generational gaps experienced in the workplace today is the skepticism of more experienced employees in their younger colleagues’ ability to develop an effective strategy, and then successfully execute it.  There is some validity to this uncertainty.  For many Millennials, their first work experience follows graduating from college.  With competing academic and required extra-curricular activities, many individuals born between 1981 and 2000 did not have time to also work before the age of twenty-two.

The antidote to this generational ability quandary can be new forms of mentoring.  The Millennial generation is questioning the status quo and pushing change in all aspects of the workplace.  These disruptions are spurring new, innovative approaches, including to mentoring.

In years past, a younger person would identify a mentor from whom they would learn and emulate.  Now, mentors come in all shapes, sizes, age and experience levels.  Forward-thinking organizations are leveraging mentoring in fresh, new, and fun ways.  And in the process, executives are discovering creative ideas to business challenges, while offering guidance, based on their experience, on deep strategic thinking and how to execute effectively — a win-win for mentors and mentees.

Here are some examples of how.

Reverse Mentoring to Tackle a Critical Business Issue:  Reverse Mentoring teams an experienced, often an executive, with a less experienced, lower-level employee.  Many businesses are using this mentoring approach to brainstorm ideas for breaking down barriers to company growth or an internal problem.  For example, defining and testing new social media approaches to modernize a brand and enliven the company’s external communications, changing corporate culture from a fearful environment to an empowered environment to do the right thing for customers and other employees, to reversing low employee engagement rates and high voluntary turnover.  The lower-level employees provide executives with a deep view into ideas and opinions of the company’s employees.  And the mentees are excited by their opportunity to contribute to strategic issues.  Some CEOs have gone so far as to create a team of less experienced employees, with just one executive sponsor, to tackle these types of issues.

“Speed-Dating” Mentoring Too Improve Cross Organizational Communication:  A universal business challenge continues to be communication.  Many employee satisfaction surveys point to the lack of understanding by employees of corporate strategy or other internal information. “Speed-dating” mentoring offers lower-level employees the opportunity to ask executives clarifying questions about the company during their allotted time.  Employees appreciate the deeper understanding of the company vision, desired culture and strategy.  And executives gain insight into what employees think and understand about the company strategy and why employees may not be living the desired culture.

Group Mentoring to Stimulate Innovative Ideation:  Many employees are creating a new form of mentoring, group mentoring.  In companies where employees are empowered, they leverage this trust to organize groups of their peers and sometimes next level managers on their own, to brainstorm a new market opportunity or company issues.  These groups are defining innovative solutions that are moving their company forward at accelerated rates.

Although the definition and approach to mentoring is evolving, the benefits are unwavering. Organizations who invest in the development of mentoring programs experience boosted employee development, engagement, retention and improved profitability.  And they provide younger employees the opportunity for accelerated career growth and development by offering a forum to contribute to the strategic initiatives of the organization.

Relying Solely on Your Insurance Company for Your Employees’ Wellbeing Could Negatively Impact Your Corporate Culture

Press 1 for premium payment information, 2 for a claim update, 3 for…….ah……the dreaded ro-bo answer of a call center, or the perky text of “I’m here to help you” of an online chat bot.  If you have a generic, standard question, let’s say to check the status of a payment, it’s incredibly efficient to have a machine reply.  With a simple account query, your information is quickly provided.  But your experience is very different, and often times frustrating, if you have a more involved question.   You get the privilege of wading through a number of questions, none of which lead you to an answer to your question or to a human to help.

This analogy extends to how impersonal your wellbeing programs may feel to your employees if you are relying solely on your insurance provider to construct and manage them. The problem is individuals have unique needs, and a generic program that simply calls up the same answer over and over again will not deliver your desired results.

Let’s take a look at the top reasons why.

  • One-size-fits-all packaged programs. Insurance companies have created wellbeing programs through the lens of lowering their insurance payouts.  Has your insurance provider offered to survey your employees to determine what they might expect or want from you on these topics? Have they offered to customize a solution for you based on your own research?  The critical starting point of any program development process is knowing what your target audience wants, and then developing solutions that address their needs.  Insurance company wellbeing programs, although they have great content, start with a focus on their needs.
  • Negative insurance company sentiment. How many people do you believe like or thinks highly of their insurance company?  Given the continued health cost increase trend, and the growing percentage individuals personally pay, most of us do not have a positive view of our insurance company, fairly or unfairly.  This negative sentiment leads to skepticism about the insurance company’s intent in providing wellbeing programs, which leads to lower than desired participation rates.
  • Ineffective incentives that change short or long-term behavior. The typical incentive offered for wellbeing program participation by insurance company sponsored programs is a premium discount at some point in the future.  This singular focus incentive does not consider the motivational attitudes of today’s multi-generational workforce.  For example, Gen Xers and Millennials have grown up in an immediate feedback environment.  Waiting 12-months to receive a discount on their insurance premium is not an effective incentive for these employees.

But the greatest damage to solely relying on your insurance company for your wellbeing programs may be to your corporate culture.  Think about the message your employees are receiving from this approach. An insurance provider’s greatest conflict of interest with your culture comes from their self-serving goal of lower costs, which is most likely at odds with your desire to demonstrate that you care about and value the whole-health needs of your employees.

Augmenting your comprehensive employee experience with campaigns from your insurance company can be an effective strategy.  After all, they have invested significantly in the development of their wellbeing programs and support. And these services can help you achieve higher employee engagement through improved health and mental clarity. But their solutions only address a fraction of the holistic wellbeing needs of your workforce.

Organizations are at different stages in the journey to comprehensive employee wellbeing.  We have developed three 2018 Strategic Plans based on these varied life-cycles.  Take a look and hopefully you will get some ideas to amplify your plans.

Getting Started

Intermediate

Progressive

Research Shows Investing in Employee Engagement Strategies Pays Dividends

Numbers around the level of employee disengagement have been widely reported.  And while it’s true the youngest generation is the most disengaged, as reported by Gallup, the number of disengaged employees across all generations is concerning.  What’s even more disconcerting, the reasons for lack of employee engagement are as varied as the number of individuals employed!

We now know ignoring employee engagement leads to disruption across a business.  According to the Queen’s School of Business and Gallup, employee disengagement leads to:

  • 37% higher absenteeism
  • 49% more accidents
  • 18% lower productivity
  • 16% lower profitability
  • 37% lower job growth
  • 60% more errors and defects
  • 65% lower share price over time

Employee engagement it seems couldn’t be more of an important issue for HR to address, but the answers to the engagement challenge have been limited and place a large burden on often small, in-house HR teams.

One case study to gain insight about this topic is the recent trend of employee wellness (versus engagement) programs.  After all, the foundation to a healthy business is the well-being of its employees. A study by Health Affairs reported that every dollar spent on a wellness program returned $6 on the investment.

While workforce engagement can sometimes be a happy side-effect of wellness programs, the focus on physical health lacks answers to overall engagement and the comprehensive wellbeing of employees to include mental, financial, emotional, as well as physical health.

So where to begin?  Effective employee engagement deserves the same diligent planning and analysis required for effective company strategy development.  New product or service introductions need to link across all market research, leadership buy-in, strategic planning, measurements, and more.  This same connective-tissue needs to apply to employee engagement strategic development efforts.

Given the pervasiveness of engagement challenges across the personalities and processes of a fluid organization, how does a maxed HR team allocate it’s time to a comprehensive employee engagement strategic development process?

To help you efficiently break down your time allocation, download our template for developing an effective employee engagement strategy.

Download here

Despite the massive resources required to tackle such an all-encompassing problem, employee engagement tools and programs are being developed to help businesses regardless of size.  Amp-It allocates the entirety of our focus to helping businesses solve engagement challenges and, in return, makes our results more economical and effective for you.

The world now clearly sees the results of employee engagement strategies and program execution are well worth the effort.  How to invest smartly to make employee engagement work for the wellbeing of employees and the success of the business is the next challenge.  Be ready when you’re rushing to complete next year’s budget.

Employee Wellbeing Incentives (Motivators) for the Multigenerational Workforce

Businesses incorporating wellbeing programs have become common for good reason with reports of Return on Investments (ROIs) of up to 5:1.[1]  Wellness programs are set to take on even higher importance as the research and case studies of benefits sees higher and higher returns, including the: recruitment and retention of Millennials, prevention of chronic diseases, reducing absenteeism, and increasing engagement of the workforce.

A wellness program’s ROI, however, and the correlated increases in employee health, are only as good as the sponsoring company’s participation rates.  As Millennials make up one in three of American workers, corporations have to entice up to four generations of employees simultaneously, each with different health risks and reasons for participating or avoiding the program.[2]  Although Millennials demonstrate higher interest in a corporation’s wellness culture, older generations could see even greater benefits, especially as they are challenged to reduce the effects of aging, long work hours (an inherent trait of the Boomer generation), and sometimes destructive nutrition habits from outdated health information.

Here are some ideas to increase participation across workforce generations:

Boomers & Gen Xers

  • Monetary Incentives or Penalties: Sinces wellness is not an intrinsic motivator across all generations, nearly half of businesses offering wellness programs have increased participation through decreased health care premiums, co-pays or deductibles.[3]  Meanwhile, 32 percent of employers have started to experiment with penalties, premiums or surcharges for unhealthy lifestyles, such as tobacco use, and have seen even high participation rates.[4][5]
  • Personalization: Not all employees will start their wellness journey with similar fitness or health statuses.  By tailoring programs and goals to make the wellness program more meaningful or attainable to individual employees, companies can help entice first steps.  Communicating the values of participating, both in long-term or short term goals, unique to individual lifestyles can help employees understand the impact to their individual motivators, such as “keeping up with their young children, preparing for retirement, or contemplating quitting smoking or losing weight”.[6]
  • Variety of Offerings: The same differences in the messaging of wellness programs should be incorporated into the variety of offerings within the program. For instance, an employee accustomed to a sedentary lifestyle might be more comfortable learning about healthy eating than participating in a fitness challenge.
  • Communicate with the Technology-Averse: Mailings, printed newsletters or flyers might help businesses communicate and promote the offerings of online portals to those who shy away from new technologies.[7]
  • Ease of Use: Just as Millennials are a highly-stressed generation, Baby Boomers and Gen Xers tend to be over worked.  Ensure wellness program activities can be easily incorporated into work schedules and accessed from home or at work.  Consider broadening the program to include families or partners, which will help incorporate the program into an employee’s lifestyle and discourage longer work hours to fit in a wellness activity that can be completed at home.[8]

Millennials Although Millennials typically demonstrate higher participation rates in wellness programs, their perception of the wellness programs “authenticity” will help validate and increase participation.  In turn, businesses can see higher recruitment and retention of the future workforce.

Data Personalization: Investing in technologies that personalize a participant’s fitness goal and utilize their personal data to provide feedback will demonstrate a company’s dedication to a wellness culture.  Millennials have come to expect personalized and data-fed technologies and will expect this from any wellness program.[9]

Work/Life Integration: Millennials have begun to extend the concept of work/life balance to work/life integration.[10]  We see this demonstrated through the corporate “campuses” of Facebook, Google & Apple.  One method to accomplish this within a corporate Wellness Program and increase the authenticity of the program is to ensure the program can be participated in an employee’s “own terms” wherever they may be through on demand access from multiple devices and data collection via wearables.[11]   This concept also extends into the next category…

Create a Culture of Health:  A meaningful wellness program would seem insincere without the incorporation of wellness initiatives into the culture of a company.[12]  This can mean everything from the participation and investment of corporate leaders to the offerings of healthy snacks in the break room.  One great way to achieve this and reduce the rise in stress levels, is to incorporate fitness or mental health activities into the work day.  For example, employees from Apple are allowed to take 30 minutes each workday to meditate or take a yoga class.[13]  This also speaks to the Millennial tendency to value mental health in addition to physical health.[14]

Gamification & Group Participation:  Fitbit challenges and athletic achievements posted on Facebook aren’t just a trend, they’re a wellness motivator for Millennials.  As a generation who grew up with social networks, Millennials, as well as other generations, seem to be more likely to adopt and keep healthy habits when surrounded by people who do the same.  By utilizing a mobile portal or online app that increases participation or (friendly) competition among co-workers can help the effectiveness of a wellness program.  Beyond wellness, peer-to-peer challenges can help employees build new connections, strengthen existing relationships, foster solid support networks, and even enhance a work environment as a whole.”[15]

While most incentives will appeal to nearly all age groups, wellness programs can be strategically designed and promoted to maximize the participation of all or specific age groups.  By leveraging online portals and participation data, a company can analyze which demographics need increased attention and which programs are appealing to different segments of the workforce.  Whether through data, technology, or customization, you can drive maximum ROI for your employees and your business.

 

[1] http://www.healthadvocate.com/downloads/whitepapers/WorkplaceWellnessGuide.pdf
[2] http://www.quantifiedhabits.com/blog/2016/5/29/millennials-what-do-they-think-of-your-wellness-program
[3] https://www2.deloitte.com/content/dam/Deloitte/us/Documents/life-sciences-health-care/us-lshc-wellness-programs.pdf
[4] https://www2.deloitte.com/content/dam/Deloitte/us/Documents/life-sciences-health-care/us-lshc-wellness-programs.pdf
[5] https://www.dol.gov/sites/default/files/ebsa/researchers/analysis/health-and-welfare/WellnessStudyFinal.pdf
[6] https://www2.deloitte.com/content/dam/Deloitte/us/Documents/life-sciences-health-care/us-lshc-wellness-programs.pdf
[7] https://medikeeper.com/blog/how-to-create-a-wellness-program-that-bridges-the-generational-gap/
[8] http://www.hreonline.com/HRE/print.jhtml?id=534359286
[9] http://www.quantifiedhabits.com/blog/2016/5/29/millennials-what-do-they-think-of-your-wellness-program
[10] https://thebossmagazine.com/what-are-millennials-looking-for-in-health-and-wellness-programs/
[11] http://www.quantifiedhabits.com/blog/2016/5/29/millennials-what-do-they-think-of-your-wellness-program
[12] https://thebossmagazine.com/what-are-millennials-looking-for-in-health-and-wellness-programs/
[13] https://www2.deloitte.com/content/dam/Deloitte/us/Documents/life-sciences-health-care/us-lshc-wellness-programs.pdf
[14] http://www.quantifiedhabits.com/blog/2016/5/29/millennials-what-do-they-think-of-your-wellness-program
[15] https://thebossmagazine.com/what-are-millennials-looking-for-in-health-and-wellness-programs/

How a Mentorship Program Can Be Your Company’s Competitive Advantage

Modern companies have a problem – a people problem.  According to Gallup, a staggering 87% of employees worldwide are not engaged.[1]  Meanwhile, as the Millennial generation takes over as the majority of the workforce, they are also three times as likely to switch jobs as previous generations.[2] Employee turnover is costly, both in terms of the cost to recruit and retain and in the cost of corporate knowledge and moral lost.  Businesses have to spend the equivalent of six to nine months of an employee’s salary in order to find and train their replacement, while some studies show higher numbers.[3]   Today, nearly all organizations, or 79 percent of businesses, are seriously worried about engagement and retention, according to Deloitte.[4]

Corporate sponsored mentorship programs may hold the answer.  Although mentorship programs have traditional footings, new programs are being designed to fit generational preferences, offer flexibility, and incorporate modern technology.  The fastest growing organizations are beginning to take notice.  Beyond the big names of Google, Facebook and Apple, 70% of Fortune 500 companies practice formal and informal mentorship programs.[5]  Case studies of companies such as Google, demonstrate successful mentorship programs in conjunction with some of the lowest turnover rates world wide.[6]  Why do mentorship programs suddenly seem to hold the keys to success?

[7]

Compared to previous generations, today’s workforce has immediate access to information and training via technology.  What they do desire, however, is frequent communication with corporate leaders, feedback, and a corporate culture that supports more than the bottom line.[8]  Strategically structured mentorship programs have the opportunity to offer these benefits to the Millennial workforce and employees of all ages.  In return, corporations have the opportunity to retain a greater portion of their workforce, their associated knowledge and training, and increase engaged productivity overall.

How to Organize a Successful Mentorship Program

Mentorship programs created without expert guidance or strategic structures have the opportunity to create more harm than benefit.[9]  Meanwhile, mentorship programs run correctly can be the key solution to the most pressing challenges of a corporation.  Today, mentorship programs can take many forms, including:

  • One-on-one Mentoring – to allow individual support and personal connections to develop between the mentor and the mentee.
  • Group Mentoring– to help employees to become more familiar with their work environment and their fellow employees.
  • Peer Mentoring– to provide a support network among fellow employees who share a similar rank.
  • Reverse Mentoring – allows younger generations to teach older generations about modern technology or perspectives of current corporate challenges they might not otherwise have insight to.
  • “Speed Dating” Mentoring– Cross-Company/Functional mentoring can give mentees objective insight, as well as an outside opinion of their work at a glance.
  • Expert Mentoring – to provide coaching for individual needs and personalized advice from leaders in the field.

While these are basic layout options for a modern mentorship program, strategic details and program organization such as a mentor selection and participation incentives will help your program succeed.  We now have decades of case studies, collaboration technology and research to help you design a mentorship program tailored to succeed and fit your unique company culture and goals.

Be sure to download our e-book for comprehensive details on how to structure a successful mentorship program, including the:

  • Benefits of a company sponsored Mentorship program
  • Varied Mentorship Structures
  • Pros & Cons of each
  • Qualities of a good mentor
  • How to recruit & train mentors
  • How to ensure mentee participation
[1] http://www.gallup.com/services/190118/engaged-workplace.aspx
[2] http://www.gallup.com/businessjournal/191459/millennials-job-hopping-generation.aspx
[3] http://www.huffingtonpost.com/julie-kantor/high-turnover-costs-way-more-than-you-think_b_9197238.html
[4] https://www.inc.com/magazine/201412/paul-keegan/the-new-rules-of-engagement.html
[5] http://www.bu.edu/questrom/files/2013/07/Forrester-Research-Report-Drive-Employee-Talent-Development-Through-Business-Mentoring-Programs.pdf
[6] http://www.huffingtonpost.com/julie-kantor/high-turnover-costs-way-more-than-you-think_b_9197238.html
[7] http://www.gallup.com/services/190118/engaged-workplace.aspx
[8] https://link.springer.com/article/10.1007/s10869-010-9172-7
[9] https://www.theatlantic.com/business/archive/2017/06/corporate-mentorship-programs/528927/