A correct mentorship is a mentee driven and coach assisted. However how can you make sure both parties remain in an effective mentorship and that the program is a rewarding financial investment?
After investing the time effort and loan into beginning a mentoring program, you're going to wish to see how it's doing. Are the coaches and mentees satisfying their objectives? Are they getting along? Are the objectives realistic? All of these concerns and more can be answered with these suggestions to measure the success of a mentorship.
It comes down to three main points of measurement:
SMART (Specific, Measurable, Achievable, Realistic, and Time-bound) goals need to be decided on early.
Consistent feedback showed the program administrator through studies and interviews.
The metrics you will base the success of your collaboration around. Are the above goals being accomplished? There are different methods to gather this information and determine your ROI.
To measure the success of the program, there are a number of initial actions that can be taken. Everything starts with what you desire from the program:
Plainly specify the expectations for the program so you understand what to determine and what to track. For example: If the criteria are leadership advancement, you would base the surveys and interviews on what does it cost? Leadership establishes the talent they foster throughout the course of the mentorship.
The mentee has to produce some learning objectives to set a company list of expectations of exactly what they want to get out of the relationship. On the other hand, the mentor has to produce an action plan, which is how the objectives will be accomplished. They should review this document regularly to update it so the program admin can measure the success.
The program administrator has to sign in and ensure the coaches action strategy is being updated. Keep an eye on SMART objectives reached and routinely connect for feedback from the mentor and mentee. The question that needs to be responded to is "Does the collaboration attain the overall objectives outlined in the beginning of the program?"
Surveys need to be frequently sent. There are 2 categories; quantitative, and qualitative. Qualitative examples would resemble studies and 1 on 1 meeting. This is focused on how individuals feel about the program. The quantitative outcomes concentrate on the ROI of the program. Are you seeing greater measured productivity from those in the program? Are their retention rates greater when compared to the basic population? Do they spend less time on assignments, due to a much better understanding of business procedures? These are a few of the concerns you would ask when examining the efficiency of your program.
When you enter into the program with a set of goals to be reached, you simply need to keep an eye on and stay up to date with the individuals. Study them to see exactly what they are obtaining from the program. From there, the ROI of the program can be identified. If all is running how it should be, you ought to see some great outcomes.