Benefits of Mentoring
Mentoring benefits everyone involved - mentees, mentors and the organisations for which they work.
- Mentees are able to learn from someone who has travelled the path before them
- Mentors have an opportunity to invest themselves in someone who seeks what they can offer
- Councils can share and spread their acquired learning and know-how
Mentoring also helps the community by encouraging an environment where people motivate each other and work together to improve skills and knowledge
What is the Return on Investment (ROI) for mentoring?
A good way to assess the ROI for mentoring is to look at the impact on mentees, mentors and the whole Council. With mentees, 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.
Sample: Retention ROI
- Calculate the total cost to implement and run a mentoring program.
- Determine the current level of spending associated with your ROI target (for example, if you are looking at retention, you need to know the current cost to the company each time an employee leaves).
- Multiply the amount in “B” by the number of employees that leave the company each year.
- Subtract “A” (the original investment) from “C” (your turnover rate).
- Divide “D” by “A” and multiply by 100 to determine the ROI percentage.
Sample: Training ROI
- Calculate the total cost to implement and run a mentoring program.
- Determine the current level of spending associated with your ROI target (for example, if you are looking at training, you need to know the current cost to the company each time an employee is trained via the traditional classroom method, including travel costs).
- Multiply the amount in “B” by the number of employees trained in a particular class each year.
- Subtract “A” (the original investment) from “C” (your traditional training costs).
- Divide “D” by “A” and multiply by 100 to determine the ROI percentage.
Program Intake & Training Dates
Series 1 (2012)
- Program Orientation Day - Wednesday 7th March 2012 (1/2 day)
- Mid-Program Review Workshop - Wednesday 6th June 2012 (9.30am to 1.00pm)
- Final Program Debrief Workshop - Tuesday 16th October 2012 (4.30pm)
Series 2 (2012)
- Program Orientation Day - Wednesday 8th August 2012 (1/2 day)
- Mid-Program Review Workshop - Wednesday 4th December 2012 (9.30am to 1.00pm)
- Final Program Debrief Workshop - Wednesday 13th March 2013 (4.30pm)
