40+ Mentoring Statistics, Facts & Trends [2024]

January 9, 2024 0 Comments

Ever thought about the role of mentorship in success stories?

Want to know if mentoring programs are really helpful? Is the hype worth it?

As 35% of millennials are more likely to quit because of a lack of career advancement and learning, it’s time to include mentorship programs in our workplaces to make them stay. 

We found that employees with mentoring have a 50% higher retention rate than those not provided mentorship.

Want to explore more?!

Top Mentoring Statistics: Editor’s Pick

63% of female employees never had a formal mentor
  1. 84% of Fortune 500 companies have mentoring programs. [1]
  2. 69% of women prefer a mentor of the same gender, while 82% of men go for male mentors. [11]
  3. 70% of women chose to be a mentor because they wanted to support other women. [12]
  4. Employees with mentoring have a 50% higher retention rate than those not provided mentorship. [6]
  5. 89% of employees with mentors believe that their work is valued by employers. [5]
  6. 100% of the top 50 US Fortune 500 companies have mentoring programs. [1]

Mentoring Statistics Based on Demographics

It has been observed that companies with diverse leadership teams are 33% more profitable. [10]

Wondering if there are different mentoring statistics for men and women?

Are some people getting an edge due to category?

Mentoring Statistics Based on Race and Ethnicity

  • 71% of executives prefer a mentor of the same race or gender. [8]
  • Out of all those employees who have a mentor, 67% of whites are satisfied with their career advancement, compared to 56% of people of color. [8]
  • 65% of employees consider DEI a critical element following the BLM movement. [6]
  • 80% of workers admit that inclusivity, sponsorship, allyship, participation, and skill-building are key drivers for DEI mentoring programs. [6]
  • According to DiversityInc’s data, their top 50 companies have reverse mentoring programs. [7]

Mentoring Statistics Based on Gender

71% of executives prefer a mentor of the same race or gender
  • It is interesting to note that, 69% of women prefer a mentor of the same gender, while 82% of men go for male mentors. [11]
  • 78% of women in senior positions are recorded to have served as formal mentors at least once in their careers. [12]
  • 63% of women never had a formal mentor. [12]
  • 1 in 10 women do not want to mentor because it may interfere with their family time. [12]
  • 67% of women believe that mentoring is crucial for their career development. [12]
  • Only 54% of women confirmed that they have been proposed to be a mentor in their entire career. [12]
  • 70% of women chose to be a mentor because they wanted to support other women. [12]
  • If organizations have a formal mentoring program, women are 10% more likely to accept proposals to be mentors. [12]

Mentoring Statistics Based on Age Group

  • 35% of millennials are more likely to quit because of a lack of career advancement and a lack of learning and upskilling. [13]
  • While 76% of Gen Z see learning as a critical element for career growth. [14]
  • 68% of millennials who stay at their organization for 5 or more years have a mentor. [15]
  • 82% of Gen Z want supervisors to help them set goals. [16]
  • 73% of employees are motivated to do a better job if they feel they have a mentor who cares about them. [17]
  • 85% of employees aged between 18-24 who are satisfied with their job have a mentor. [12]
job satisfaction based on age group

How Mentoring Affects Employee Engagement and Retention?

Wondering how mentoring transforms careers?

94% of employees admitted that mentorship programs and opportunities to learn and grow make them stay at a company longer. [2]

According to a Survey Monkey study, 89% of employees with mentors believe that their work is valued by employers. [5]

65% of people were looking for a new job in 2021. [3]

US businesses lose around 1 trillion dollars annually due to employee turnover as the cost to replace an employee makes up to 2x the employee’s salary. [4]

90% of workers with a mentor to guide and listen to their issues confirmed that they are happy in their job. [5]

Employees with mentoring have a 50% higher retention rate than those not provided mentorship. [6]

93% of mentees believe their mentoring relationship was useful. [6]

Mentorship Statistics from Fortune 500 Companies

84% of Fortune 500 companies have mentoring programs. [1]

92% of all US Fortune 500 companies have mentoring programs placed. [1]

100% of the top 50 US Fortune 500 companies have mentoring programs. [1]

The average profits of companies with mentoring programs are 3x more than those not mentoring programs. [1]

Fortune 500 companies without mentoring suffered a decrease of 33% in the number of employees in the last two years. [1]

Looking at the success of mentoring programs, 64% of Fortune 500 companies plan on improving their mentoring programs. [1]

How Mentorship Affects Career Development and Upskilling?

Did you know lack of career development and upskilling is a major reason for people quitting their jobs?

In fact, 66% of workers are willing to stay at a job if they get a chance to upskill. [7]

Most employees confirmed that they prefer 1-to-1 employees or 1-to-many mentorship programs over online digital courses. [7]

81% of people admitted that their mentor is in the same industry as them.

57% of employees said that mentorship programs helped in expanding their skill sets. [8]

41% said it helped them learn about the customer base. [8]

The employees who serve as mentors are 6x more likely to get promotions or advancement in their careers. [8]

criteria considered when choosing to accept a mentorship

FAQs

Describe mentoring in the workplace.

Mentoring in the workplace is seniors or experienced employees or leaders supporting and teaching new employees about a particular domain.

This partnership between colleagues can be both formal and informal. While informal mentoring develops a supportive environment between teams, there are chances of biases. So, informal mentoring is trusted by a majority of people.

What are the benefits of business mentoring?

Mentoring is beneficial for the organizations, mentees, and mentors. It helps mentees in improving their performance and boosts their self-confidence and job satisfaction. 

Mentors get a chance to contribute to the chain of learning, improving their communication skills and chances of promotion.

There are various benefits of mentoring to the organization including improving employee engagement, employee satisfaction, and retention. 

What are the latest mentoring statistics?

97% of people who have a mentor confirmed it was available. Only 37% of professionals have gone through mentoring worldwide. 

What is worth mentoring in the global market?

The global mentoring market is worth $291.5 million as of 2021.

Wrap Up

Mentoring has helped employees grow and upskill at their jobs. Though 97% of people who have a mentor confirmed it was available, only 37% of professionals have gone through mentoring worldwide. 

Mentoring helps mentors improve their skills and get promoted. Organizations with mentorship programs have high retention rates and comparatively high employee engagement

However digital mentoring programs are increasing, and employees prefer 1-to-1 mentoring or 1-to-team mentoring over online courses.

Sources

  1. Forbes. Improve Workplace Culture With A Strong Mentoring Program
  2. LinkedIn. 2023 workplace learning report
  3. PwC. 65% of workers are looking for a new job, and the numbers could get higher
  4. Gallup. This Fixable Problem Costs U.S. Businesses $1 Trillion
  5. CNBC. Nine in 10 workers who have a career mentor say they are happy in their jobs
  6. MentorcliQ. Mentoring ROI: How Mentoring ROI Works + Free ROI Calculator
  7. Bcg. Decoding Global Reskilling and Career Paths
  8. Coqual. The sponsor divided
  9. DiversityInc. Reverse Mentoring: Top Benefits to Facilitating Workplace Bonds
  10. McKinsey. Delivering through diversity
  11. Olivet Nazarene University. Research statistics on professional mentor
  12. DDI. The sponsor divided
  13. Deloitte. Cracking the code: How CIOs are redefining mentorship to advance diversity and inclusion
  14. Forbes. Why Skill And Career Advancement Are The Way To Gen-Z’s Heart
  15. Deloitte. The 2016 Deloitte Millennial Survey Winning over the next generation of leaders
  16. Springtide Ressearch Institute. Over 70% of Gen Z told us work/life balance is important
  17. SHRM. Generation Z Seeks Guidance in the Workplace