MentorcliQ Study Finds US Fortune 500 Companies with Mentoring Programs Out-Perform those without During Pandemic
MentorcliQ, the gold standard in employee mentoring software, is revealing new insights from its 2022 Mentoring Report, an analysis of the impact of mentoring for US Fortune 500 companies. Nearly 20 years ago, a report published in the journal Human Resource Development Quarterly revealed that 70% of Fortune 500 companies use mentoring as part of their talent strategy. As companies assess their employee development strategies and turn to data as proof of success, 20-year-old stats become a poor foundation for establishing the value of mentoring.
This new 2022 report brings this story forward, revealing a vast majority (84%) of Fortune 500 companies now use mentoring programs, a substantial increase over the commonly-cited “70%” statistic. In addition, the report segments the Fortune 500 list and finds that the higher companies rank on the list, the more likely they are to have a mentoring program:
- 90% of U.S. Fortune 250 companies have mentoring programs
- 96% of U.S. Fortune 100 companies have mentoring programs
- 100% of U.S. Fortune 50 companies have mentoring programs
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Mentoring programs increase employee retention, a key factor in company profitability. Multiple studies highlight the retention impact of mentoring, including a Deloitte study which found that 81% of millennials will stay five or more years at a company when they have a mentor. Beyond retention, mentoring programs have additional bottom line benefits as MentorcliQ’s research shows that companies with mentoring programs had YoY profit changes that were 15% better than average in 2020, while those without mentoring programs had profit changes that were 43% worse than average for other companies in the U.S. Fortune 500 list. In addition, during the volatility of the COVID-19 pandemic in 2020, companies with mentoring programs enjoyed a profit performance that was 53% greater than average compared to those without.
“We’ve built our approach based on the proven value of mentoring for corporations — and this study only further validates the impact of these programs,” said Gracey Cantalupo, Chief Marketing Officer at MentorcliQ. “While many companies today have a mentoring program of some kind, the most effective programs are structured and designed to meet strategic business goals. Structured mentoring programs enable learning and development leaders to better understand the impact these engagements have on retention and profitability, which is why a growing number of Fortune 500 companies are adopting formalized mentoring initiatives.”
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The report shows that 90% of U.S. Fortune 500 companies with women CEOs (41) have mentoring programs and experienced significantly better than average profits during the COVID-19 pandemic.
“Women-led companies are showcasing the adoption of these programs that we know is a powerful asset to career development and company growth. We are encouraged by these findings and know the corporate world is finally realizing the power and promise of formal mentoring programs,” added Cantalupo.
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