Benefits of Coaching and Mentoring

Digital Marketing - Study Notes:

Coaching and mentoring offer many benefits, both to the individual and to the organization as a whole.

First, they improve an individual's personal communication skills. Poor internal communications can cost a company a great deal of money and time. Coaching and mentoring can address this issue and improve personal communication skills. Increased productivity is an added benefit, along with a reduction in internal and external conflict.

Second, they help organizations identify high-potential individuals. Through the coaching process, high-potential individuals can be identified for inclusion in future mentoring programs.

Also, coaching and mentoring help identify skills gaps. Skills shortfalls within the organization can also be identified initially through coaching and then mentoring.

Fourth, they improve the overall culture of a company. A program of coaching in the short-term can be combined with mentoring in the long-term. This can improve the overall culture of a company and demonstrate a clear path to career advancement.

Coaching and mentoring also create and deepen personal connections. A unique connection is created between the coach and coachee, or the mentor and mentee within the organization. Personal connections are deepened, feedback is constant, and employee engagement is improved.

Another benefit is that they help to increase profitability. Research by Gallup Workplace shows that engaged individuals will deliver 21% higher profitability. A program of coaching and mentoring for employees then becomes a value-added exercise to increase your organization’s profitability. A reduction in absenteeism by up to 41% can be linked to employee engagement and improved productivity.

Mentoring and coaching help to improve working relationships. Interpersonal and inter-departmental relationships are improved with coaching and mentoring across the entire organization. These channels improve working relationships and speed up accurate reporting and recognition feedback.

And they help to retain employees. There is an expectation in the workforce of most organizations that everyone should be able to access corporate coaching and mentoring. This in turn leads to employee retention and the likelihood of personal investment within the company.

Finally, coaching and mentoring help to attract potential job candidates. With a formal coaching and mentoring program, your organization is better able to attract potential job candidates.

In short, mentoring works!  Some famous people have benefited and continue to benefit from the mentoring process. Christian Dior mentored Yves St. Laurent. Dolly Parton mentored Miley Cyrus. Jay Z mentored Rihanna. Steve Jobs mentored Mark Zuckerberg. And Warren Buffett mentored Bill Gates.