MentorcliQ Study Finds U.S. Fortune 500 Companies with Mentoring Programs Out-Performed those without During Pandemic

MentorcliQ’s 2022 Mentoring Report shows that 84% of US Fortune 500 companies use mentoring programs to attract, develop and retain talent

Columbus, Ohio, April 12, 2022 /PRNewswire-PRWeb/ — Today MentorcliQ, the gold standard for employee mentoring software, reveals new insights from its 2022 Mentoring Report, an analysis of the impact of mentoring on US Fortune 500 companies. Almost 20 years ago, a report The study, published in Human Resource Development Quarterly, found that 70% of Fortune 500 companies use mentoring as part of their talent strategy. As organizations begin to evaluate their employee development strategies and use data as proof of success, up-to-date statistics are critical to understanding the true power of mentoring.

The new MentorcliQ study shows that a large majority (84%) of companies are now using mentoring programs, a 20% increase from the commonly cited “70%” statistic. For US Fortune 250 companies that number is now 90% and for US Fortune 100 companies it is 96% – while 100% of the top 50 US companies have mentoring programs.

“We built our approach on the proven value of mentoring for companies – and this study only further validates the impact of these programs,” he said Gracey Cantalupo, Chief Marketing Officer at MentorcliQ. “While many companies today have some form of mentoring program in place, the most effective programs are structured and designed to achieve strategic business goals, which is why a growing number of Fortune 500 companies are embracing formalized mentoring initiatives.”

Mentoring programs increase employee retention, a key factor in business profitability. A Deloitte study found that 81% of millennials stay with a company for five years or more if they have a mentor. Beyond customer retention, mentoring programs can have other bottom-line benefits, as MentorcliQ research shows that in 2020, companies with mentoring programs saw 15% better year-over-year profit changes than average, while companies without mentoring programs saw 83% better than average % Worse-than-average earnings changes have been seen by other companies on the US Fortune 500 list. Additionally, during the volatility of the COVID-19 pandemic in 2020, companies with mentoring programs performed 53% better than those without.

The report shows that 90% of US Fortune 500 companies with female CEOs have mentoring programs and have significantly outperformed profits during the COVID-19 pandemic.

“Women-owned companies are showing the adoption of these programs, which we know are a powerful asset for career advancement and company growth. We are encouraged by these results and know that the corporate world is finally realizing the power and promise of formal mentoring programs,” added Cantalupo.

For many companies, the global pandemic has highlighted the urgent need to reassess talent development and engagement. Every strategy companies choose starts with data, including insights into how industry leaders on the Fortune 500 create winning strategies.

To access the full report, visit https://www.mentorcliq.com.

About MentorcliQ
MentorcliQ is the gold standard for employee mentoring software. Our business platform and mobile app uses scientific matching and an award-winning approach to consistently deliver a 20x ROI to our global clients. MentorcliQ drives innovative talent strategies for global Fortune 1000 and DiversityInc Top 50 companies that build inclusive cultures and deliver 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 up to 75 percent, enabling our client to meet their global talent strategies . To learn more about how MentorcliQ can help your business achieve results, visit https://www.mentorcliq.com/

About the study
MentorcliQ provides mentoring services to nearly twice as many Fortune 500 companies as all other major mentoring software companies combined. This visibility allowed us to get a comprehensive first look at the number and type of mentoring programs currently running at US Fortune 500 companies. We combined this with an in-depth investigation of visible mentoring programs at all 2021 Fortune 500 companies, examining public statements and documentation, company website pages, corporate responsibility documents, and other areas where there is strong evidence of active Mentoring programs might exist. All other data insights were also obtained and combined from publicly available sources.

media contact

Aimée EichelbergerSuperior PR, (312) 952-1528, aimee@superior-pr.com

SOURCE MentorcliQ

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