PayPal Has It Right
This employee retention speaker and employee retention author, recently read a December 28, 2017 article in the WSJ titles “Employee Mentorship Gets Reboot.” The article is about how PayPal has taken a look at their mentorship program and, in particular, how they have looked at how they pair up the participants with mentors. In the past, they were using some algorithm that worked its “magic” and picked the person. This employee retention trainer has expressed his opinion on the use of algorithms to predict when an employee is thinking of leaving. He thinks it is a p_ _ _ poor substitute for getting to know your people so that you can pick up on the cues that will indicate if an employee is thinking about quitting. So, when I read about PayPal, holding a meeting where potential mentors and mentees can meet each other, learn about each other and then have the mentee pick I had to applaud PayPal.
Everyone talks about the depersonalization of the workplace. PayPal is actually doing something to reverse or at least slow that trend. What better way to match people up in a mentor program? The connection that is essential to ensure that the chemistry is well between the parties is a must if you want to have open, honest and sometimes very difficult conversations between a mentor and a mentee. This is what makes the mentoring relation so special. Otherwise, it is just another corporate program that looks good on paper but doesn’t produce the desired results.
In the article, they discussed how a study by the search firm Heidrick and Struggles determined that 75% of the people in the study saw mentorship as “very valuable” or “extremely valuable” in their career. With a number like this, imagine the edge it would give an organization to have a mentorship program when it comes to employee retention. It should be a key component in any employee retention strategies. Besides, what better way to grow a pool of talent for your organization that can produce bottom-line results. After all, mentorship is a training and development tool so people can perform better for the organization in addition to the mentee growing professionally.
Regardless of whether of not you use an algorithm, personal meetings or a combination of them all to match mentors and mentees, you need a mentorship program if you want to keep top young talent and grow that talent to create a competitive edge. This employee retention speaker would recommend you take your lead from PayPal and not forget the personal connection. PayPal has it right!