MentorcliQ’s 2022 Mentoring Report shows that 84% of US Fortune 500 companies use mentoring programs to attract, develop and retain talent
COLUMBUS, Ohio (PRWEB) April 12, 2022
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. When companies evaluate their people development strategies and use data as proof of success, 20-year-old statistics become a poor basis for assessing the value of mentoring.
This new 2022 report advances that story, showing that a large majority (84%) of Fortune 500 companies are now utilizing mentoring programs, a significant increase from the commonly cited “70%” statistic. Additionally, the report segments the Fortune 500 list, noting that the higher companies are on the list, the more likely they are to have a mentoring program:
90% of Fortune 250 companies in the US have mentoring programs
- 96% of Fortune 100 companies in the US have mentoring programs
- 100% of Fortune 50 companies in the US have mentoring programs
Mentoring programs increase employee retention, a key factor in business profitability. Several studies highlight the bonding effect of mentoring, including a Deloitte study It found that 81% of millennials stay with a company for five years or more if they have a mentor. Beyond customer retention, mentoring programs 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 43% better profit changes % Worse earnings change than other recorded companies in the US Fortune 500 list. Additionally, during the volatility of the COVID-19 pandemic in 2020, companies with mentoring programs saw earnings outperform by 53% compared to companies without.
“We built our approach on the proven value of mentoring for organizations – and this study only further validates the impact of these programs,” 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.”
The report shows that 90% of US Fortune 500 companies with female CEOs (41) have mentorship 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 successful strategies.
To access the full report, visit https://www.mentorcliq.com/blog/mentoring-stats.
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 report
MentorcliQ offers mentoring services to companies worldwide. This visibility provides a unique insight into 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.
For the original version on PRWeb visit: https://www.prweb.com/releases/mentorcliq_study_finds_us_fortune_500_companies_with_mentoring_programs_out_perform_those_without_during_pandemic/prweb18615161.htm