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Using Mentoring Technology To Measure And Maximize ROI
What’s Mentoring Return-on-Investment (ROI)? How do you maximize it? You may be thinking: my company struggles to define, collect data, and estimate ROI much less maximize ROI. How could I possibly manage my resources to maximize ROI? First, let’s define it: Mentoring ROI = Value Earned ($) in Employee Development / Retention (Cost of Mentoring Technology) + (Cost of Program Administration) Here are a few examples of some ROI objectives when it comes to mentoring: • Gain greater leverage (higher production as a result of higher employee engagement) • Improve retention (reduce turnover costs) • Create more human capital capacity (usually measured by promotion rates) For the purpose of this article, we’ll use retention as our example. As you know, everything in life is a matter of allocating scarce resources: capital, hours in the day, physical resources, etc. You can think of the availability of mentors as a scarce resource. Most people who have managed employee based mentoring programs will tell you: a critical limiting factor for program impact is mentor availability. Mentors are your gold. Now the question is, how do you want to allocate or manage that gold? Let’s identify a few things you’ll need to calculate mentoring ROI.
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