Mentorship program business proposal that gets results
You are a business or HR leader of a scaling company and employees have expressed interest in mentoring through the last survey. You are at the point where it`s time to develop a business case and get the go ahead to start a formal mentorship program.
You have all the metrics and cost benefit analysis that demonstrate why this career development activity will boost engagement. It will build a strong talent pipeline, improve retention, and support equity, diversity and inclusion goals.
This is no small task, and several factors need to be considered, including whether to invest in technology. You have researched a variety of cost-effective online software platforms, such as MentorCity.
Your employees want a mentor relationship or to be a mentor. Your leadership team understands the benefits. So, what could go wrong . . . better yet, what could go right!
Being able to show the return on investment for your proposed program is critical, as it will prove the true value of mentoring in the workplace and the long-term impacts.
There is almost no limit to the potential of an organization that recruits good people, raises them up as leaders and continually develops them.
– John C. Maxwell
State your case
Here are tips on what to cover in a business case so you can pitch your proposal to your decision makers and get that program started!
Identify the business need and key objectives.
Show alignment of the return on investment with your strategic business plan.
Provide context, background and supporting information.
Identify the financial and non-financial benefits.
Provide a robust estimate of entire project costs.
Describe the planned timelines, resources, procurement and governance.
Provide your leadership team with options to consider.
Be clear about any uncertainties.
Assess the risks, particularly if your company does not implement a program, the effects and the mitigation strategies.
Explain how you will communicate and measure the impact.
Are you ready to be bold and implement a mentor program?
Here are some final thoughts.
Organize your case
Depending on the size of your organization, your business case may not need to be so complex, but by putting in the extra effort and displaying a comprehensive plan, it will pay off. Consider using these important components.
Executive summary . . . Definition . . . Business requirements . . . Evaluation of options . . . Preferred option . . . Strategic logic . . . Benefits . . . Risks . . . Project stages and duration . . . Financial analysis . . . Estimate of team resources . . . Project authorization . . . Appendices
Approximately 84% of US Fortune 500 companies have formal mentorship programs.
MentorcliQ highlights what companies are doing about mentorship and provides a number of ways to measure mentor programs as well as the latest stats. Their review gives insights about why mentoring continues to be a growing trend.
Create a mentor culture
Everyone deserves to experience the value of mentorship, both as a mentor and mentee.
There is nothing more rewarding than giving back and helping people reach their full potential, whether it's in the workplace, in the community and around the world.
It's our passion to help new and scaling businesses create heart-centred cultures, and one way is to develop and implement successful mentorship programs.
Can`t wait to share more about how to Create a Mentor Culture!