Research from software firm MentorcliQ found that 98% of Fortune 500 companies now offer mentoring programs, up from 84% in 2022. The payoffs are clear. Fortune 500 companies with mentoring programs showed two times the median profits of those without one, according to MentorsliQ, and a study by employee onboarding firm Enboarder found that 94% of employees are
But maintaining an effective mentoring program can be tough without the right systems in place. Lack of planning, poorly matched mentors and mentees, inconsistent participation and outdated tracking methods are quick killers of what should be a great experience.
"Organizations only reach their full potential when their people do," says David Satterwhite, CEO of mentoring software company Chronus. "Mentoring is one of the best ways to attack both lack of developing people and lack of connection."
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Chronus helps employers avoid these pitfalls by offering over 13,000 automated development programs focused on solutions for retention, DEI, upskilling and engagement, which can be accessed on any browser and through their app. Its AI-powered matching system uses employees' personalized profiles and purpose assessments to increase the odds of a strong mentor-mentee connection. All participation metrics are tracked so companies can see what is working and where improvements can be made. The platform also offers mentor training programs, educational resources and live support.
"We're all doing lots of different things, and what doesn't get measured doesn't get done," says Satterwhite. "The power of a formal, deliberate program is amazing; by using software you've invested in, you've been intentional, and it also allows you to track it so that you can see what's going on from an HR perspective."
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The commitment of leadership to mentoring programs is also a primary part of what makes them successful, Satterwhite says. He cites examples of customers such as Coca-Cola, which has used Chronus programs to decrease burnout, isolation and stress, and Amazon, which has incorporated programs on leadership development and affinity groups that led to an 8% increase in employee advancement. The platform, which recently got Impact Level 4-certified by the Department of Defense — indicating its high level of data security — is also used by the U.S. government.
"These are companies that are looking at this from a high level," Satterwhite says. "It's always more powerful when it starts with leadership, because it gives people permission to put budget, time and resources toward it."
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Satterwhite emphasizes that employers should offer other opportunities for connection in addition to mentorship, such as employee resource groups, or ERGs, to help coworkers discover shared interests and build relationships. This year, Chronus started offering ERG software, giving companies a way to manage, engage and measure these bonding networks as well. Connection should not be viewed as a benefit, but as an ingrained company value, he says.
"The impacts of these programs are super clear," Satterwhite says. "This is a staggering opportunity to increase productivity and it also increases satisfaction across all of us."
