How does mentoring help companies increase retention?

How much does it cost to hire and train a newcomer? How do you ensure they are up to speed and perform enough to replace the ones who left?

The general answer is between 6 and 9 months' salary.

There are various sources, that give a good description of this cost. Employee's retention: The real cost of losing an employee (peoplekeep.com)

When your attrition is above 20%, your company loses money. A big deal of money.

How much is your attrition?

The longer your people stay, the more you earn.

It does sound obvious. How do you increase this famous retention rate?

This HBR article https://hbr.org/2008/01/why-mentoring-matters-in-a-hypercompetitive-world explains that Professional service firms are struggling to keep enough professionals to service existing clients, let alone get new ones!

Increasing salaries and putting a ping-pong table in the office are not the only solutions. Studies (source example: founderscircle.com) have shown that corporations that offer to mentor their employees have a lower turnover rate.

Stellar Mentoring helps you build a mentoring program to attract talents and keep them longer.

• For juniors, it is a way to learn both the job itself, as well as the codes, culture and ethics of the company. And how to keep someone who does not know or understand those rules?

• For the experienced ones, it is the best way to share those values and carry the vision of the company.

Having everyone engaged, through relations is the best way to increase retention. Ensuring that people are valued. Not only for their daily tasks but also for their value.