by Mackenzie Moore
If you’ve been paying attention to research on the latest human resources trends, you’ll know businesses are facing two major crises: competing for talent and developing innovative and effective leaders ready to face the unique challenges of the 21st century. Both of these trends were highlighted in Deloitte’s latest report on Human Capital Trends. By and large, businesses are having a hard time developing their managers, and this poses a problem for their ability to attract and retain talent. According to Gallup’s report on Designing Your Organization’s Employee Experience, “the manager-employee relationship is the most important relationship at every stage in the employee journey.”
A white paper by the Center for Creative Leadership highlights a critical gap in the talent development pipeline: 58% of first-time managers never receive formal management training or development prior to transitioning into their new role. Consequently, more than 40% of newly promoted managers fail in the first 18 months.
Numerous studies have linked mentoring managers with increased leadership potential, productivity and the success of their teams. The Association for Talent Development found that workplace mentorship of managers resulted in a significant boost in productivity of 88%, whereas training managers was associated with a 24% boost in productivity.
A meta-analysis on the effect of mentoring managers formally by Dr. Rajashi Ghosh and Dr. Thomas Reio Jr at Drexel University and Florida International University, respectively, found career and psychological mentoring were both correlated with:
- Increased workplace performance,
- Higher perceived career success,
- Higher job satisfaction,
- Increase in organizational commitment, and
- A decrease in intent to turnover.
The meta-analysis, published in the Journal of Vocational Behaviour in 2015, was performed on 13 published studies, 4 dissertations, and 1 unpublished study.
The research clearly shows that formal mentoring of managers is good for business. Managers that have been mentored are more committed to the organization, lead more satisfied and productive teams, and are more prepared to transition into the next level of leadership. But, companies and superiors in the organization are not investing in mentoring managers.
Heidrick & Struggles surveyed over 1,000 professionals in North America and found that only 27% of respondents report their company has a formal mentoring program and only 9% of respondents reported finding their mentor through a formal mentoring program. Investing in a formal mentoring program for managers of all levels is critical to building a productive and innovative workforce, succession planning and developing a leadership pipeline. PRO TIP: teach your managers to become mentors themselves, because over 79% of our younger workforce want their managers to be mentors as part of their management style, according to Deloitte’s Millennial Survey (2016).
Twomentor LLC stands ready to help you maximize the potential of your managers through mentorship. We will develop and manage a customized mentoring program based on your company’s objectives. Our proven initiatives foster high-quality mentoring relationships, promote productivity, and build a happier and more inclusive workplace. Reach out to our team today to learn more: SophiaD@Twomentor.com