Columbus, OH – May 17, 2023 – MentorcliQ, the leading employee mentoring platform for enterprise businesses and Fortune 500 companies, reports on new insights from its 2023 Mentoring Impact Report, an analysis of the impact of mentoring for U.S. Fortune 500 companies. The 2023 report shows that 92% of Fortune 500 companies offered mentoring programs, up from 84% that was reported in 2022 in the inaugural Mentoring Impact Report. This 8% increase in the number of Fortune 500 companies offering visible mentoring programs occurred during the height of challenging circumstances for organizations worldwide.
The 2023 version of the Mentoring Impact Report provides a fresh look into how companies fared during the Great Resignation (and before the mass tech layoffs of 2022) that became a hallmark of the waning pandemic years. On average, Fortune 500 companies with mentoring programs increased their headcounts by nearly 4%, compared to an average decrease in headcount of 33% for companies without mentoring.
“The data tells an important story: The value mentoring has for Fortune 500 companies, as part of a wider employee engagement and retention playbook, allowed them to retain far more employees overall compared to peers with no such programs in place,” said Gracey Cantalupo, Chief Marketing Officer at MentorcliQ. Companies without solid employee engagement strategies in place throughout the height of the Great Resignation found themselves shedding employees far faster than they could replace them.
The personal connections that form within mentoring relationships have an impact on organizations’ bottom line.
- 100% of U.S. Fortune 50 companies have mentoring programs.
- YoY profits increased by an average of 110% for companies with mentoring programs.
- Fortune 500 companies that had both mentoring programs and female CEOs were 42% more profitable than average.
“Mentoring has increasingly grown in importance, especially following the pandemic,” said Cantalupo. “When everyone started working from home, organizations sought ways to keep people connected, engaged, and productive. So they turned to mentoring. Fast forward to today, with the rise of trends such as The Great Resignation and Quiet Quitting, companies need more ways to retain employees. Yet again, they are turning to mentoring, and for good reason. It is a timeless development process that has proven to have enormous impacts again and again.”
Offering social learning engagements like mentoring will be particularly important in the years to come, especially as Gen Z fully enters the workforce. Springtide found that 83% of Gen Z workers want the kind of learning and growth relationships that exist through mentorship, yet only 38% of them report having a mentor.
With a looming recession and an uptick in layoffs, companies are struggling with employee retention. Decreased engagement and productivity levels are also rising rapidly as employees feel overburdened and worried about their own economic futures. By adding strategies that help people form valuable and long-lasting relationships focused on personal and career development, organizations provide their workers with a much-needed light in the wilderness.
“Our updated study continues an approach we established in 2021, which leverages our unique visibility as the top mentoring software provider among Fortune 500 companies,” Cantalupo explained. “The size and variation of mentoring programs within these companies means taking their pulse annually is an important practice. Our latest study reflects this powerfully as we found notable resilience to employee engagement trends among companies that truly value social learning strategies such as mentoring.”
To access the full report, visit https://www.mentorcliq.com/blog/mentoring-impact-report.
About the Report
MentorcliQ provides mentoring services to enterprises globally. This visibility allows for unique insight into the number and type of mentoring programs currently running in U.S. Fortune 500 companies. We combined this with deep-level investigation into visible mentoring programs at all 2022 Fortune 500 companies by examining public statements and documentation, company website pages, corporate responsibility documents, and other areas where viable evidence of active mentoring programs may exist. All other data insights were also obtained and combined from publicly available sources.
MentorcliQ is the gold standard in employee mentoring software. Our enterprise platform and mobile app leverage scientific matching and an award-winning approach to consistently deliver 20X ROI to our global clients. MentorcliQ powers innovative talent strategies for global Fortune 1000 and DiversityInc Top 50 organizations that are building inclusive cultures and delivering unmatched employee engagement, development, and retention through mentoring. With a proven track record of delivering high-quality program experiences, MentorcliQ’s results-driven approach combines cutting-edge technology with mentoring best-practice expertise to improve employee engagement and increase employee retention by as much as 75 percent, allowing our client to fulfill their global talent strategies. To learn more about how MentorcliQ can help deliver results to your organization, visit https://www.mentorcliq.com/