SECO EP Vietnam: Master Mentors Program

23 August 2016 | The Swiss government-funded Entrepreneurship Program (SECOEP) supports ecosystem organization in developing mentoring program through master mentors capacity building.

10 comments

  1. Management Mentors suggests some statistics:

    Stat #1: ERE Media reports the following: “For entry-level employees, it costs between 30-50 percent of their annual salary to replace them. For mid-level employees, it costs upwards of 150 percent of their annual salary to replace them. For high-level or highly specialized employees, you’re looking at 400 percent of their annual salary.”

    How to use this information: Determine how many employees you lose on average per year and the cost of this turnover. Implement a mentoring program (or improve an existing program). With a successful mentoring program, turnover should decrease (as well as the associated costs). Depending how much the turnover and costs decrease will shed light on your mentoring program’s value.

    Stat #2: The Inquisium blog states this interesting statistic: “Customer retention rates are 18 percentage points higher on average when employees are highly engaged.”

    How to use this information: If you’re dealing with customer retention issues, you probably never considered how a mentoring program could help. After all, mentoring has to do with employees, not customers. But when you offer mentoring, you’re demonstrating that you care about your employees’ long-term success. This helps instill loyalty and increase their level of engagement. As the stat above suggests, engaged employees help combat customer attrition. Before starting your next mentoring program, note your customer attrition rates and see if the rate improves once your organization has a solid year of mentoring under its belt.

    Stat # 3: Gallup shares this interesting insight: “Gallup’s data suggest that companies’ highest performing individuals have three things going for them: (1) they have tenures of a decade or more in their organizations; (2) they are engaged in their work; and (3) they are in roles where the expectations of the job align well their innate talents. Each variable affects outcomes on its own, but the highest performance comes from the combination. But here’s the unfortunate fact: In the typical company among the hundreds we’ve studied, this combination exists in just 5% of individual contributors.”

    How to use this information: Employee engagement is a long-term strategy. While you need to make sure you’re engaging newer employees (as the first stat above demonstrates), you also need to be mindful of your veteran employees as well. Again, mentoring can help. Note how many people you would classify as your highest performers, based on Gallup’s criteria. Then, after a year or two of running a successful mentoring program, re-evaluate the numbers (with the idea being that the number should increase). You could even assign a money number to your highest-performing employees to measure it against the cost of your mentoring program.

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  2. There are a few key factors that are integral to collecting accurate information:

    * You must have a high level of intellectual curiosity.

    * You must be fearless about getting on the phone, in the car, or on a plane to pursue this information.

    * You must have an ability to listen and get people to talk.

    * You must be open-minded and unbiased, and never presuppose a solution (inquiry, not advocacy).

    * You must have the ability to explain what the essence of your proposed offering might look like while also being flexible.

    * You must have time and patience to devote to this important step.

    Source: Disciplined Entrepreneurship

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