The “pandemic epiphanies” created in 2020 gave rise to a multitude of “great” trends that were (for many companies) not so great: The Great Resignation, The Great Attrition, The Great Reshuffle — and many more. These trends were influenced by drastically decreased levels of employee engagement that led to an employee retention crisis in 2021.
Unsurprisingly, many executive leadership teams, especially those on the 2022 Fortune 500 list, took an all-hands-on-deck approach to solve these issues. Their actions likely reflected how effectively they survived 2021 and helped guide where our insights took us in this 2023 Mentoring Impact Report.
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Objectives of the 2023 Mentoring Impact Report
Whether workers are loudly joining The Great Resignation or silently “quiet quitting,” business leaders are still scrambling to find effective solutions to reverse course. Human capital remains the key to capitalization, especially at scale.
Employers fully recognize the strong connection between employee job satisfaction and profitability. This is why the most successful organizations, particularly those within the Fortune 500, appear to have zeroed in on mentoring as an integral pillar within their people engagement playbooks. Most companies on the list that weren’t using mentoring now are, while those that already had it expanded their approach.
When we launched our inaugural Mentoring Impact Report in 2022, our goal was to try to put to rest old yet often cited data on the mentoring landscape at Fortune 500 companies.
As we enter into our second year of this report, we find that not only did more Fortune 500 companies adopt mentoring programs — by a large margin, no less — but those companies with mentoring programs are also seeing the benefit it has on their employee engagement, retention, and profit goals.
As much as we would like, no panacea will solve every employee engagement problem. However, after two years of collecting and analyzing data among Fortune 500 companies, it’s clear that the companies doing the best have made mentoring a key part of their employee engagement strategies.
Key Takeaways on the Fortune 500 Mentoring Landscape
- The number of Fortune 500 companies visibly offering mentoring programs continues to increase each year.
- The Top 50 of the Fortune 500 all use mentoring as an engagement and retention strategy.
- Median profits for Fortune 500 companies with mentoring programs far exceed that of companies that don’t use mentoring strategies.
- Companies with mentoring programs were far more resilient to quitting and disengagement trends, including The Great Resignation.
Snapshots of the 2023 Mentoring Impact Report
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