Mentorship is a powerful relationship that can profoundly impact the lives of mentees and mentors, as well organizational operations and returning on investment (ROI). There are many benefits to mentoring both for professionals as well as businesses.
Data-driven decision makers, of course, want to know the numbers. The statistics below are proof that mentorship and mentorship programs can help catapult careers and scale businesses.
Mentoring for personal career growth statistics
The primary purpose of mentorship is to benefit the growth and development of the mentee. Because mentorships are so flexible, and every mentee has different goals, there are many ways to measure the success of the mentor-mentee relationship. But, statistics show that even though the vast majority of employees feel mentorship is important, most don’t have them! Here’s what the numbers say:
And yet, surprisingly:
Only 37% of professionals have mentors (Source)
While mentorship programs are available at the majority of organizations today, not all employees take advantage of them. Yet, participation is beneficial for not only mentees, but mentors and organizations as a whole.
Growing interest in mentorship among Millennials and Gen Z
While the majority of workers of all ages want mentorship, generational differences in work preferences and aspirations indicate that millennials and Gen Z find mentorship even more essential to their growth than older generations. Not only are millennials more likely to want mentors than the average worker, they’re also more likely to have them. Let’s dig into the data.
75% of the workforce will be made of up millennials by 2025 (Source)
79% of millennials think mentorship is critical to their growth (Source)
61% of millennials have a mentor (Source)
91% of millennials feel their mentors are interested in their personal development (Source)
94% of millennials believe their mentors provide good advice (Source)
93% of millennials feel learning and development is essential for their careers (Source) as do 83% of Gen Z (Source)
73% of Gen Z prefer one-on-one instruction (Source)
61% of millennial employees believe learning is the key to success in their career. (Source)
53% of millennials said they wish they had more professional development training in a new job (Source)
51% of millennials say they would like to learn new skills to perform a new work function. (Source)
Millennial and Gen Z employees all crave guidance from their supervisors and mentors in the workplace, as well as additional learning and development opportunities in order to advance their careers. Perhaps this is because generations preceding them entered and rose in the workforce when mentorship programs became increasingly popular in corporate settings.
Now, with more evidence that mentorships are essential to personal growth, employees expect to take advantage of them in order to learn new skills, gain expert advice, and increase their networks.
Raises and Promotions
Mentorship programs can benefit a business’s bottom line, but mentorships can also directly fill the pockets of participants. Studies show mentors and mentees are more likely to receive raises and promotions.
1 in 4 participants in organizational mentorship programs received a change in salary grade, compared to 1 in 20 of employees who did not (Source)
Mentees are 5x more likely to receive a salary increase compared to those without mentors (Source)
Mentees get promoted 5x more than those without mentors (Source)
Mentors are 6x more likely to be promoted than those who don’t mentor (Source)
Mentoring can benefit individuals in countless ways. Because individual mentorships and mentorship programs are highly personalized, how goals are tracked throughout mentorships personally and organizationally will vary.
However, the data above is clear. People want mentorships to advance their careers, though unfortunately most people don’t have access to mentors who can help guide, advise, and educate them. Employees of younger generations desire mentorship as part of their overall professional development even more so than their older workplace colleagues. And, mentorship directly benefits the pockets of both mentors and mentees, as well as increases chances of receiving promotions.
Mentorship for organizations statistics
Businesses are always looking towards industry-wide best practices in order to optimize. Considering the vast majority of Fortune 500 companies strengthen their workforce and improve their businesses through mentorship programs, it’s surprising that every workplace hasn’t implemented them. Yet, even among all companies, structured mentorship programs and mentorship platforms are increasingly becoming the norm. Here are the numbers.
100% of Fortune 50 companies have mentorship programs (Source)
96% of U.S. Fortune 100 companies have mentoring programs (Source)
90% of U.S. Fortune 250 companies have mentoring programs (Source)
84% of U.S. Fortune 500 companies have mentoring programs (Source)
Up to 71% of all organizations implement mentoring programs (Source)
76% of organizations implementing mentorship programs are using mentoring software to connect, skill share, and expand networks (Source)
For organizations, mentorship helps develop employees, cultivate new leaders, and meet or exceed financial goals. With the advent of mentorship software, building organizational mentorship programs to optimize the experience is more popular and easier than ever.
Mentoring for executives and leaders statistics
Learning never stops, especially for leaders. Mentorship is key in driving success with CEOs and the organizations they lead.
75% of executives say their mentors contributed to their success (Source)
84% of CEOs said their mentors helped them avoid costly mistakes (Source)
84% of CEOs said mentorship shortened the learning curve to master their roles (Source)
69% of CEOs said they make better decisions because of their mentors (Source)
When leaders cultivate emerging leaders, the effects are enormous. Not only do executives benefit from the guidance they receive from their network. They tap into the extensive personal and organizational networks of their mentors, amplifying opportunities to scale.
Mentoring for small businesses statistics
Small business owners wear so many hats in order to realize their dreams. Mentorship can help make those dreams a reality, yet many small business owners lack mentors, according to the numbers.
92% of small business owners feel that mentors directly accelerated their growth and helped the survival of their business. (Source)
63% of business owners do not have professional guidance when starting their businesses. (Source)
89% of small business owners without mentors wish they had one (Source)
Building a small business is one of the most rewarding professional experiences, though it’s also one of the most challenging. Unfortunately, many small businesses fail within the first few years of operation. But, with a robust network of mentors, particularly through a personal board of advisors, entrepreneurs can maximize the success of their businesses.
Mentoring for ROI statistics
Every organization wants to increase ROI. Because mentorship impacts so many elements of workplace culture, skill building, knowledge transfer, success plans, leadership development, and more, virtually all benefits of mentorship programs impact an organization’s ROI. Here’s the latest data about how mentorship has increased productivity and ROI for organizations and businesses.
70% of businesses increased productivity through mentoring (Source)
55% of businesses report that mentoring had a positive impact on profits (Source)
Companies with mentorship programs profit 18% more than average since 2020 (Source)
Companies without mentorship programs profit 45% less than average since 2020 (Source)
Since mentorship directly benefits the financial well-being of mentors, mentees, and organizations, it’s easy to see why companies should deploy them to increase profits.
Mentoring statistics for employee retention statistics
Building a positive workplace culture through mentorship has effects that will ripple throughout the organization, and throughout employees lives and careers. Overall, organizations with mentorship programs have higher employee satisfaction and higher retention rates. Here are statistics about employee turnover, retention, and how mentorship can build better businesses.
91% of people who have a mentor are satisfied with their jobs, with 57% saying they are “very satisfied.” (Source)
In one study, retention rates for mentees (72%) and mentors (69%) was higher than for employees who did not participate in mentoring programs (49%). (Source)
Millennial employee turnover costs the U.S. economy $30.5 billion annually (Source)
44% of millennials would be more engaged with they work if their managers met regularly with them (Source)
More than 40% of workers without mentors have considered leaving their current roles within the last three months (Source)
94% of workers said learning and development opportunities through their employees would encourage them to stay in their jobs longer. (Source)
71% of people with a mentor say their company offers good advancement opportunities, while only 47% of those without a mentor said the same (Source)
87% of mentors and mentees enrolled in organizational mentorship programs feel empowered by their relationships (Source)
One of the most significant ways that mentorship can increase ROI organizationally is through employee retention, particularly among Millennial and Gen Z workers.
Mentoring for diversity, equity, and inclusion statistics
Businesses thrive when employees of diverse backgrounds and lived experiences come together to reach common goals and discover new possibilities. But, fostering diversity, equity, and inclusion (DEI) in the workplace takes concerted effort from both employers and employees. Mentorship programs can help companies meet their DEI goals and empower employees to unlock their fullest potential, according to the latest statistics.
73% of U.S. employers have diversity and inclusion programs in the workplace (Source)
The majority of mentorship programs do not adequately serve employees from marginalized communities. (Source)
60% of white respondents in one survey said they have access to someone who listens compared to 51% of Hispanic or Latino respondents, and 41% of Black or African American respondents (Source)
71% of executives mentor employees who are of their same gender or race (Source)
76% of CEOs are white in the U.S. (Source)
7.9% of CEOs are Hispanic or Latinx, 7.8% are Asian, and 3.8% are Black or African American in the U.S. (Source)
6% of Fortune 500 companies have a woman as CEO (Source)
Women occupy only 23.3% of the world’s board seats according to Deloitte’s Global Boardroom Program’s Women in the boardroom: A global perspective (Source)
Mentoring programs increased minority representation in management from 9% to 24% (Source)
Mentorship programs raised retention rates for minorities and women increased from 15% to 38% (Source)
Organizations with mentoring programs have 20% higher representation of diverse individuals in leadership roles than those without mentoring programs (Source)
Fortune 500 companies with both mentorship programs and women CEOs emerged from the economic downturn of 2020 better than those without, even compared to Fortune 500 companies with mentorship programs but without women CEOs (Source)
The cost of not mentoring women and providing them with adequate workplace support costs the UK an estimated £23 billion annually (Source)
Organizations with more than 30% senior leadership roles occupied by women are more likely to nurture ambition, and in those businesses 27% of senior leaders actively mentor others and 17% actively seek to mentor others (Source)
Women are more likely to have mentors than men (Source)
Only 63% of women have not had formal mentors (Source)
The benefits of mentorship for women and employees from historically marginalized communities are clear. Mentorship can positively influence lives, businesses, and communities, particularly when mentorships bridge barriers between mentors and mentees with different backgrounds.
Upnotch is a global community of leaders and aspiring leaders. Join today and download the app for Android, iOS, or contact us to find out how Upnotch can provide solutions for your organization.
Get Started with Mentorship
Sign up for Upnotch today - it's free with no costs or membership fees.