- Leader in Employee Mentoring Software Details How Organizations Can Promote and Sustain Positive Employee Engagement & Retention
Today, MentorcliQ, the gold standard in employee mentoring software, is sharing insights to help organizations combat the enormous amount of talent turnover being seen across the country, known as The Great Resignation. The numbers surrounding turnover are staggering: over 50 percent of professional employees plan to change jobs in the next year. Many professionals are reassessing what matters most in their careers after a year and a half of working from home, putting them squarely in the drivers’ seats of their career paths and forcing employers to cobble together new retention strategies.
“We’re currently in one of the hottest job markets in recent history and employers have found themselves searching for ways to hold onto their talent,” said Gracey Cantalupo, CMO of MentorcliQ. “Many companies have done their best over the past year and a half; however, lack of employee engagement, career pathing and sense of belonging are the top three reasons that drive employees to leave a role. Employers need to find ways to keep employees engaged, and mentoring is one of the proven ways to make that happen.”
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The financial implications of losing significant portions of a workforce may be more than most realize. A recent study shows that re-hiring and re-training costs a company on average 1.5 times of an employee’s salary and takes more than 6 months to replace and retrain. Many organizations are turning to mentoring to help combat the Great Resignation and the results are inspiring: multinational health care services provider Cardinal Health is seeing $5.2 million in retention savings annually and a 50 percent decrease in employee turnover, due to their mentoring program.
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As many organizations are heading into fall planning season for 2022, it’s essential to think about long term talent retention plans and MentorcliQ is sharing the best ways that companies can combat turnover through the Great Resignation and beyond:
1) Recognize That It’s Not 2020 Anymore: At the start of the pandemic, companies tried all kinds of solutions to keep their employees “engaged.” Zoom happy hours, home office decor stipends, virtual team house tours – the creativity was innovative. And, it worked… for a while. But as the saying goes, that was then, and this is now. These solutions have become table stakes at best and obsolete at worst. If you’re looking to take the Great Resignation head on, you need long-term, solid plans, not 2020’s band-aids. Mentoring is a modern way to help remote and hybrid employees stay connected and engaged.
2) Keep Career Paths Moving Forward: One of the top reasons employees leave is because they feel stagnant in their roles. Over the past year, many organizations have put promotions and raises on the back burner, but to feel engaged in their work, employees must see a clear career path set forward for them, and feel like their managers, coworkers and the organization will help them thrive in their career. Mentoring is an excellent way to support and engage employees throughout their entire career path at an organization; over 70 percent of Fortune 500 companies use mentoring to increase employee engagement.
3) Make Diversity, Equity & Inclusion Front and Center: Many organizations have been loud and proud about the causes they’ve championed over the past year, but employees now expect companies to level up and create a sense of community at work. Organizations that fail to create a sense of community leave employees feeling like they are in an organization where they don’t really belong. Creating inclusive mentoring programs is key to attracting, engaging and retaining talent and making progress towards DEI goals. MentorcliQ partners with more DiversityInc Top 50 companies than any other mentoring software vendor and their clients have won the most Brandon Hall Awards for their DEI Mentoring Strategies.
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