Building a Mentorship Program Can Give Your Business a Competitive Edge

Creating a mentorship program can help small businesses enhance their employees’ skills and give the company a competitive edge, a new white paper suggests.

According to the report, published by the University of Phoenix College of Doctoral Studies, structured mentoring programs can help companies of all sizes address worker autonomy, minimize employee burnout, and retain talent — all of which help small businesses grow and thrive.

Employees want to grow their skills 

The recently published white paper analyzed data from more than 5,000 U.S. workers and 500 employers and identified several trends, including that:

• Workers are facing a “crisis of autonomy” and record-high burnout.
• Career control may reduce burnout and promote workforce resilience.
• Skilling employees can solve these problems, and training can close skills gaps and improve worker autonomy.
• Many employers prefer to hire externally rather than upskilling their existing talent — even though it can cost more and increase turnover.

Workers given upskilling or reskilling opportunities feel more adaptable in their careers. Further, over the next five years, companies will need to empower their employees via artificial intelligence-driven upskilling; otherwise, they “risk losing talent, productivity, and competitive advantage,” the report said.

The paper suggests that AI adoption boosts worker autonomy, resilience, and adaptability, and AI tools and training can improve worker engagement and the company’s competitive edge. And mentorship can address many of these issues.

Why mentorship may be a solution 

Numerous studies have shown the value of mentorship. The University of Phoenix report suggests that employees seek out these programs. Many feel they can’t advance in their current company unless it offers mentorship. Yet, most workers say their employers don’t provide these opportunities.

“Career optimism depends on employer actions, such as promoting mentorship in the workplace,” the white paper said.

The U.S. Small Business Administration (SBA) has promoted the benefits of mentoring to boost business development and sustainability for entrepreneurs.

The University of Phoenix’s report suggests that successful mentoring programs include regular meetings between mentors and mentees, frequent check-ins, open communication (including mentors answering questions quickly), and collaboration and knowledge-sharing.

How companies can set up a mentorship program

The new white paper outlines a framework for small businesses to start a mentorship program and suggests they take three steps.

1. Identify barriers to mentorship.

The report found that employers don’t invest in mentorship for several reasons, primarily due to a lack of time and money. Many companies are also unclear on how to identify and close skills gaps; others prefer hiring people who already have the desired skills.

2. Start small.

Developing a mentorship program may seem overwhelming for small businesses. Start by offering small mentorship opportunities within a specific project, giving feedback along the way.

Or tap into available resources, such as the SBA’s SCORE program, industry associations, or local chambers of commerce or university entrepreneurship centers. These organizations may have existing mentorship programs that can serve your employees or help your business develop its own program.

3. Integrate AI.

The white paper suggests that small businesses integrate AI tools to “enhance and personalize mentoring.” The technology can match mentors and mentees, identify employee skills gaps, answer questions, and track progress, according to the Society for Human Resource Management. AI chatbots can also be trained with a mentor’s expertise, and mentees can access the information whenever they need help.

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