Why mentoring is key for business success in 2023

The last three years haven’t been the best. We’ve had more than our fair share of natural disasters, and of course, COVID-19. All these events have triggered the need for emergency preparedness and the importance of taking the right action under both difficult and challenging circumstances.

This is why, in 2023, many businesses are readying themselves to embrace mentoring, as it can help to provide guidance, as well as support, for everyone from business managers and business owners to office and retail managers, managing directors, and even individual staff members.

Why is mentoring important within a business?

This new year could be a tough one for many businesses, not just because of the unpredictable conditions brought about by the pandemic and other natural disasters, but also due to the rising cost of living and sagging global economy.

Mentoring, when done through the right partner or agency, can have powerful benefits – including saving money, investing better in existing human resources, empowering employees to work harder, smarter, more productively and make better decisions, and helping everyone adapt to change when the need arises. In fact, this last one is very important, as people’s first instinct is to resist change whenever faced with difficult or challenging circumstances.

Consider these mentoring statistics for a moment which will help you better understand the magnitude of benefits they bring to an organisation:

• 87% of mentors and mentees said that their relationships while working together made them feel empowered and also helped them to develop a better sense of confidence within themselves.
• 97% of individuals working with a mentor feel that they are highly impactful and valuable to their organisation.
• Mentees are five times more likely to be promoted than those who don’t have a mentor.
• 50% of young professionals said that a workplace mentorship programme will make them more likely to stay with the same company.
• 43% of professionals said that having access to a mentoring programme is a major factor for staying with the same company, while a massive 94% said that they would stay with the same company a lot longer if they had opportunities to develop and grow within that company and their careers.
• 71% of Fortune 500 companies have an active mentoring programme.
• 70% of small businesses which receive mentoring survive an extra 5 years or more – that’s twice the rate of those which do not have any mentoring programme in place.

You will find countless other statistics and well-researched studies online that prove how much mentoring can help develop a business by developing its key personnel and training its senior leadership to become mentors themselves.

Bottom line: mentor up!

Amid the ongoing economic crisis and uncertain business landscape around the world, the UK must embrace mentoring in 2023 – 2022 actually saw the biggest National Mentoring Day ever recorded in UK history -more than 170,000 organisations supported the initiative, and this included the UK government too.

A government report launched on National Mentoring Day stated that 76% of UK businesses said mentoring had been one of the keys to business growth; 60% said it helped them boost their business strategy, and 66% said that investing in a mentoring programme improved their chances of survival.

One constructive way businesses can enter 2023 with more confidence and cost-efficiency is by renting flexible workspace with zero deposits or up-front costs. Headspace Group offers a variety of locations and options on both fully equipped offices and meeting rooms – so you can make the most of your budget!

 

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