Question

Explain the benefits of mentoring within a company. Answer in 250-300 words.,

Answer 1

A relationship between two people involving learning and development, and which depends on human qualities including authenticity, commitment, trust, honesty, and integrity, is termed as mentoring. Mentoring may also need skills like listening, communicating, support and challenge among others, and often shares knowledge (including technical and institutional knowledge and information), and insights w.r.t. the profession, task/endeavor, organization or profession. Today businesses can use both online and offline channels for mentoring. Mentoring also has flexibility in other ways. For instance, there can be both formal as well as informal mentor-mentee relationships, while reverse mentoring is when a younger employee mentor an older one. Mentoring may also provide different benefits to the different stakeholders of a business. For a mentee the benefits of mentoring include:

a. Career advancement and more opportunities.
b. Improved productivity and performance.
c. More skills and knowledge.
d. Better well-being and confidence.

Benefits of mentoring for mentors include:

a. Better performance.
b. Leadership development.
c. Honing of skills and knowledge while mentors may also acquire new knowledge.
d. More satisfaction, self-awareness, and loyalty.

Benefits of mentoring for a business organization are:

a. Improved learning and performance.
b. Higher mediatization, better morale, and deeper and friendlier relationships.
c. Better communication.
d. Retention of staff and lower turnover rates.

Because mentoring benefits all stakeholders, it is good for society as well. Mentoring may also be a driving factor for change and innovation and is enabled by processes and methods like matching, training, voluntarism, evaluation, monitoring, and on-going support among others.

While mentoring may not provide 100% results at all times, and its success may depend on the meeting of certain conditions, it is still a valuable process that may provide for benefits and improvements, to varying degrees and extent. The better the one-on-one relationship is between the mentor and the mentee, the better the outcomes can be expected. The mentor should also have good proficiency in areas in which mentoring is being provided and should have an understanding of how the business actually works.