Functionally speaking, mentoring has hit a saturation point among profit leaders in the US. But, notably, visibly offering mentoring is not the same as offering effective mentoring. Still, the data tells the story quite clearly: Mentoring is now a must-have solution at US Fortune 500 companies, which speaks to its verifiable impact on company culture, employee development, and employee retention.
As in previous reports, our 2024 Mentoring Impact Report also parses this data in different ways. We examine not only the difference in outcomes for companies with and without mentoring, but for the first time, provide additional insights into the alignment of mentoring within the Global Fortune 500, Fair360’s Top Companies for Diversity, and the relationship between ERGs and mentoring programs.
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Objectives of the 2024 Mentoring Impact Report
As The Great Resignation waned and employees began to stay in place, many employers thought they’d seen the end of negative employee trends. They were wrong. The “Quiet Quitting” phenomenon that took over headlines in 2022 has far outlasted the quitting trends. Now, employers are struggling to figure out how to effectively boost productivity, upskill employees, and ensure everyone feels included in the process.
Employees simultaneously recognize that the employer-employee dynamic has shifted, but that’s not why their productivity has decline. Instead, many are feeling left behind in their career development, burdened by a lack of connection with their colleagues, and burned out by the amount of work on their plate that never seems to decrease, even as inflation has eaten at their salary increases from the past few years.
In 2022, MentorcliQ began conducting original research on the mentoring landscape within the US Fortune 500. Our hope was to answer two very important questions for business
leaders:
- To what extent has mentoring visibly expanded within the US Fortune 500 since the last time such research was conducted in 2004?
- In what way does mentoring impact US Fortune 500 companies that provide such programs to their employees?
In our initial report, we found that mentoring grew from the 70% number cited by earlier research to 84%. That marked a 20% percent increase in the decade and a half since the original research was published by Christine Hegstad and Rose Mary Wentling in Human Resource Development Quarterly.
In our recent deep dive, we’re pleasantly surprised and excited to announce that mentoring has hit a significant milestone. 98% of US Fortune 500 companies now visibly provide mentoring programs to their employees in some capacity.
Key Takeaways on the Fortune 500 Mentoring Landscape
- The number of US Fortune 500 companies offering visible mentoring programs has reached 98%.
- The largest YoY increase in mentoring came not from companies new to the US Fortune 500 but those who remained on the list from the previous year.
- Median profits for US Fortune 500 companies with mentoring programs were twice that of those without mentoring.
- Every US Fortune 500 company led by women and BIPOC CEOs has mentoring programs.
- Every company recognized by Fair360 for its successful approach to DEI has both ERGs and mentoring programs.
Snapshots of the 2024 Mentoring Impact Report
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