How To Approach Employee Retention Using Mentors
Identifying and placing talent in the right roles at fast-growing companies is only one part of the recruiting equation.
Taking accountability for these hires and working with our partners to improve employee engagement and retention is what differentiates recruitAbility.
With that in mind, we connected recently with Janice Omadeke, CEO and founder of The Mentor Method, an Enterprise SaaS solution that helps employers increase the retention, engagement, and leadership development of their employees. To hear more of her thoughts, register here for our Lunch & Learn Nov. 17.
What do companies miss about employee retention?
Omadeke: Over 22 million Americans have quit their jobs in 2021, and 4.3 million Americans (2.9% of the workforce) quit their jobs in August 2021. With the Great Resignation well underway, it’s clear that enterprise companies have a big problem with severe implications.
Turnover disrupts the flow of a functioning workforce, and recruiting and training a new employee requires time and money. That’s where The Mentor Method comes in.
Why is employee turnover so costly? How do you calculate the cost?
Omadeke: When someone quits, it can take up to 50-400% replacement costs, including opportunity costs, training costs, and lost costs that are embedded into retention. For instance, when a Senior Associate leaves, replacement costs can be between $45,645 – $365,080.
We’re able to calculate this cost by listing all of the processes associated with employee turnover, beyond recruitment. This includes: cost of productivity leading up to an employee departure, cost between finding a replacement, job advertising costs, labor hours for interviews and the list goes on.
How do mentors reduce employee turnover?
Omadeke: We believe that a lack of connection with a company culture can be the difference between the next great idea staying at a company or moving to a competitor. What if these idea generators are at your company, but because they don’t have a mentor, they took their ideas to a competitor?
One of the best ways to win the war on talent and retain talent in any company is through mentorship. When done right, it works.
What have the results been since you launched The Mentor Method?
Omadeke: Since launching, we’ve been able to reduce the average work and resource time it takes to build a mentorship program, decrease mentorship program development and implementation time, and reduce resources costs for enterprise companies.
With The Mentor Method, you can set up a mentorship program and begin engaging your teams in under an hour.
At which career stage are mentors most impactful or important?
Omadeke: People of all ages, career stages, and backgrounds can be impactful as mentors. The Mentor Method algorithm gives people an opportunity to walk through their goals in order to be matched with their best fit.
What are some statistics that prove this out?
Omadeke: These are just a few data points that reinforce the value of mentors.
- “91% of workers with a mentor are satisfied with their jobs.” – CNBC
- “Mentored employees are far less likely to quit their jobs with a 72% retention rate for mentees.” – UMass Global
- “76% Of People Think Mentors Are Important, But Only 37% Have One.” – Forbes
What are signs that companies should notice when it comes to employee attrition?
Omadeke: Companies should work proactively to strengthen their workforce and retain the knowledge and ideas that they’ve cultivated over the years. The Mentor Method allows companies to take surveys and assessments while also helping to promote and advance talent from within.
Can your software predict employee churn?
Omadeke: The Mentor Method can be used for multiple cases to help you track your success criteria milestones. These cases can include executive sponsorship, DEI, and group sponsorship.
Our software uses a patent-pending algorithm to generate mentorship matches, creates a prescriptive program based on your needs, then administers data and reporting based on your use case.
Based on your program, you can determine employee churn and its relation to your program.
To learn more about The Mentor Method, visit https://www.thementormethod.com/