In October, we asked our readers what type of on-the-job training their companies provide employees, and with 23% of the votes, “supervisors/managers train employees” was the most common response. “Access to online training classes and resources” was second with 18%, followed by “self-guided training” with 17%.
The rest of the results were as follows:
- Mentorships: 12%
- Formal employee training program: 11%
- Reimbursement for college/career tech training and certification: 9%
- Internships: 4%
- Apprenticeships: 4%
Slightly more than 2% of respondents selected the “Other” option and submitted their own thought on the question, including:
- Vendors provide periodic training that I pay employees to attend
- It depends on the job
- Shadow other employees
- Peer coaching
Does Your Company have a Formal Mentorship Program?
In the business world, mentorships can be especially important for training and developing future leaders and inspiring innovative thinkers. And, implementing a formal mentorship program is a great strategy for building employee retention in a booming economy that is creating a labor shortage across a wide variety of business segments.
From young, entry-level employees, all the way up the ladder to the C-suite, mentorships help build expertise and retain knowledge that drives business growth and success.
A few key indicators that your company would benefit from a formal mentorship program include:
- Your leadership team and other key employees are reaching retirement age
- There’s a widening gap between young, entry-level workers and more experienced workers
- Your older generation workers could benefit from learning from younger, more tech-savvy employees
- You do not have a formal succession plan in place
Although creating an effective mentorship program requires a significant amount of planning, from structuring your program to ensuring its success long term, the benefits truly outweigh the effort in the long run.
Does your company have a formal mentorship program? How effective is it? How is it structured? Let us know in the comments section below.