Leader in Employee Mentoring Software Unveils Tips to Help Companies Attract & Retain Talent
The Great Resignation is in full swing. Studies show 40% of workers are thinking of quitting. With the rising cost to replace a worker (as much as 2X that employees’ salary), companies must focus on laying the foundation for employee attraction and retention in 2022 and beyond. Today, MentorcliQ, the gold standard in employee mentoring software, is sharing its top tips to help companies survive and thrive.
“This is a transformative time for the global workforce and recognizing the role each company plays in adapting is critical for the future success of businesses today,” said Gracey Cantalupo, CMO of MentorcliQ. “A successfully proven approach to support employees is to embrace mentoring programs that foster connections. Creating a culture of mentoring amplifies the voice of the employee and helps companies gain the insights they need to engage, develop and retain their employees.”
In an effort to help companies better prepare for what’s ahead, MentorcliQ is releasing a step-by-step roadmap for managing the evolving workforce in the year ahead and beyond.
- Step 1 – Know Where You Are: The COVID-19 pandemic continues to impact the economy and businesses worldwide. Very few organizations were prepared at its onset and with the ebbs and flows of the pandemic, workers have come to the realization that they had wants and needs that either weren’t being met pre-pandemic, or that changed as a result of it. This has culminated in what’s being widely referred to as the Great Resignation, which is highlighted by more job openings and higher quit rates than anything we’ve seen in the past 20+ years. Recognizing that this movement is real is the key to managing it most effectively.
- Step 2 – Know Who You Need: Diversity, equity, and inclusion (DEI) are more than buzzwords. They’re part of the job experience that nearly the entire workforce demands from current and potential employers. The need for belonging only intensified after multiple cases of injustice spurred months of equal rights protests throughout 2020. Failing to recognize your need for DEI and missing the mark on addressing those needs the right way will not only cause talent to quit but will also drive away potential high-skilled hires. Given McKinsey research shows companies with ethnic and cultural diversity outperform those without it by 36%, fostering DEI is as much a revenue-generation strategy as it is a people strategy.
- Step 3 – Know Where You’re Going: Is your organization a “dead end”? You may not think so, but unless you’re helping your talent develop their skills and build a career pathway, they’re ultimately going to see it that way. You will eventually lose workers to your competitors who will happily offer the type of upskilling, reskilling, and career pathing your (now former) employees wanted from you. Leveraging mentoring to develop employees is an effective tool to reduce turnover as workers strongly desire to grow personally and professionally. In fact, a LinkedIn report found 94% of polled workers would stay at a company that invested in their career development.
“Mentoring is one of the leading ways that we can help develop and upskill our talent ultimately helping our organization be more successful,” said Miriam Lewis, Chief Inclusion Officer at Principal.”Mentoring has been beneficial from a business strategy and personal perspective as the program has helped our employees learn how to get ahead, strategically think, and work inclusively.”
Research shows that 75% of the Fortune 500 and 72% DiversityINC Top50 companies use enterprise-wide mentoring as an effective way to engage their workforce. As a result of a growing need for companies to retain employees, MentorcliQ is experiencing explosive demand for its platform and over a 40% boost in mentoring hours year-over-year.