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What is the return of Investment (ROI) for mentoring?

A good way to assess the ROI for mentoring is to look at the impact on the improvement the mentoring service provides. The return can be calculated through the development of their skills and knowledge and how this directly impacts on their productivity. With mentors, the ROI can be calculated through the sharing of knowledge and expertise. With the organisation, the ROI can be calculated through retention, attracting talent, saving on training and development cost, and creating a competitive work environment.

Here is a sample method for calculating the ROI of a mentoring program in two areas: Retention and Training.


Benefits of Mentoring

  1. Mentoring benefits everyone involved - decision  makers, individuals of  the organisations for which they work for

  2. Individual who are mentored are able to learn from someone who has traveled the path before the

  3. Mentors have an opportunity to invest themselves in someone who seeks what they can offer

  4. The Mentor can share and spread their acquired learning and know-how

  5. Mentoring also helps the community by encouraging an environment where people motivate each other and work together to improve skills and knowledge


What is Mentoring?

Mentoring is helping you to shape your individual belief and values in a positive way, often long term career relationship from someone who has 'done it before'. Do you want to move your career forward? Would you like to develop your leadership skills as well as help others learn, grow, and improve their skills? Or would you like to find someone who can help you do these things?  You can… through a mentoring partnership. Mentoring is a relationship between two people with the goal of professional and personal development. The “mentor” is usually an experienced individual who shares knowledge, experience, and advice with a less experienced person, or “mentee.”  
Mentoring can be tailored to your needs. While training is often best suited for gaining knowledge and skills, mentoring can also help you develop personal qualities and competencies.Career Consultants or Career Counselors mostly work with people in transition between jobs, rather than helping you develop your skills when in a particular role. And, again, your relationship will often be a commercial one.

A trusted mentor can help you do the following:

Move your career forward? Would you like to develop your leadership skills as well as help others learn, grow, and improve their skills? Or would you like to find someone who can help you do these things?  You can… through a mentoring partnership
Mentoring is a relationship between two people with the goal of professional and personal development. The “mentor” is usually an experienced individual who shares knowledge, experience, and advice with a less experienced person, or “mentee.”

Mentoring can be tailored to your needs. While training is often best suited for gaining knowledge and skills, mentoring can also help you develop personal qualities and competencies.Career Consultants or Career Counselor mostly work with people in transition between jobs, rather than helping you develop your skills when in a particular role. And, again, your relationship will often be a commercial one. A trusted mentor can help you do the following:

•    Gain valuable advice – Mentors can offer valuable insight into what it takes to get ahead. They can be your guide and “sounding board” for ideas, helping you decide on the best course of action in difficult situations. You may learn shortcuts that help you work more effectively and avoid “reinventing the wheel.”

•    Develop your knowledge and skills – They can help you identify the skills and expertise you need to succeed. They may teach you what you need to know, or advise you on where to go for the information you need. Help you learn what the 20/80 principle is.

•    Improve your communication skills – Just like your mentor, you may also learn to communicate more effectively, which can further help you at work and become more effective. Become a leader, a decision maker and delegator.

•    Learn new perspectives – Again, you can learn new ways of thinking from your mentor, just as your mentor can learn from you.

 

I own and operate a small Sydney Based Public Relations consultancy specialising in work for the hospitality industry. When I met Robert Knapp I was concerned about my business, it was moving slowly with no great purpose, there were few goals and objectives.

Robert worked with me for 6 month and during that period I concentrated on new business, created effective business strategy and substantially increased my work network contacts. Within 6 months I had increased the company billings by 25%

---Deirdre O’lougohlan,  O’Loughlan Publicity Pty Ltd