Yet three-quarters of managers say mentoring helps reduce brain drain: report
A majority of organisations in Canada do not have a mentorship program in place, heightening the risk of brain drain as older employees retire, according to a new report.
A survey by The Harris Poll on behalf of Express Employment Professionals found that 66% among over 500 respondents said their organisations do not have mentorship program.
The findings come despite 76% of hiring managers surveyed said these programs are essential in reducing brain drain.
Benefits of mentorships
In fact, even those who do not have mentorship programs acknowledge that such practices allow employers to upskill and reskill staff (54%), as well as attract prospective employees (31%).
Those who offer a mentorship program in the workplace also said they are a benefit to:
- Upskill and reskill employees (80%)
- Cultivate greater cnnection between employees (51%)
- Attract prospective employees (45%)
- Keep older workers engaged (38%)
- Reduce brain drain (37%)
Even 87% of jobseekers that surveyed said they find companies offering mentorship programs as "more attractive."
Reducing brain drain through mentoring
Bill Stoller, Express Employment International CEO, said a mentorship program is a practical way of transferring knowledge, refining skills, and fostering a culture of continuous improvement in the workplace.
But with the absence of mentorship programs across a majority of organisations, the risk of facing a knowledge gap in the future grows bigger as older employees retire without passing their knowledge.
In fact, data from Statistics Canada revealed that more than 4.4 million people in the workforce are already 55 years and over.
The Harris Poll survey also showed that 75% of respondents said they've had employees retire in the past two years.
"A mentorship program in companies is like a shortcut to success," Stoller said in a statement. "By connecting experienced individuals with those eager to learn, companies not only boost employee development but also build a stronger, more collaborative workforce."
