What are the Financial Benefits of Mentoring?
The benefits of mentoring can be shown as financial and non-financial costs. This answer is focused on the former. See the answer below for information on the latter. There are a number of ways to illustrate that there are many hidden costs already in the budget which are the current costs of NOT providing effective mentoring support to new or middle level employees. In fact, I always find that the cost of employee attrition is MORE than the cost of an effective induction and mentoring program because it can save the organization money which was an existing and hidden cost. When you show this “Return on Investment” (ROI) the program will be perceived as more “cost effective” and “worth it” than the approach of not supporting employees. Here are three clear examples of how mentoring for employee retention PAYS, and pays BIG TIME. 1. Sandia National Laboratories has concluded that they lose about $200,000 every time a new engineer leaves their lab. Obviously, they have established a ment
