A Catalyst study sponsored by Nationwide Insurance underscores the importance of formal mentoring programs in corporate America

05 February - A recent study titled, Making Mentoring Work, conducted by Catalyst underscores the importance of mentoring in the workplace and connects employee engagement and retention to successful mentoring programs.

“This study tells us that formal mentoring programs can reduce turnover, enhance a company’s recruitment efforts, increase the overall performance of a company and create an overall improved work environment, especially for women and people of color,” said Candice Barnhardt, vice president, Nationwide Insurance.

The study showcases how smart companies conceptualize, track, and leverage mentoring relationships. The study, sponsored by Nationwide, indicates that most organizations are not taking full advantage of mentoring for career development or taking adequate steps to ensure strategic metrics and accountability measures are in place. Additionally, the data indicates that diverse groups have reduced access to mentors when compared to their colleagues. Nationwide is a member company of Catalyst, a research organization that works with businesses and the professions to build inclusive workplaces and expand opportunities for women and business, and supports its work to advance women.

“Using formal mentoring programs to help employees gain key business skills, expose them to others in the organization, or help prepare them for expanded job responsibilities can improve employees’ satisfaction and the organization’s bench strength,” said Julie S. Nugent, director of research, Catalyst and co-author of Making Mentoring Work.

Making Mentoring Work offers insights gathered from years of Catalyst work and expertise in this area to help organizations maximize their mentoring efforts. It includes information on building robust formal mentoring programs from the ground up as well as on ways to leverage existing formal mentoring programs. It also offers questions to guide organizational thinking around formal mentoring efforts.

Report highlights include:

• A brief research overview demonstrating the importance of formal mentoring, mentoring relationships and how they are best maximized.
• Insights on formal mentoring for career development, designing effective accountability mechanisms, and robust ways to measure and track formal mentoring, including return on investment (ROI).
• Self-assessments that allow organizations to gauge the effectiveness of their formal mentoring programs and provide further guidance to them in their mentoring efforts.
• In-depth Diversity & Inclusion practices showcasing innovative mentoring programs.

Nationwide's Office of Diversity and Inclusion provided financial support for the research and the creation of resources member companies can use to create, expand and measure formal mentoring programs in their organizations.

The tools include:

• Business Case Framework
• Formal Mentoring ROI Spreadsheet Tool
• Sample Mentor and Mentee Career Development Action Plan
• Sample Mentoring Scorecard

“We hope the tools and information created as a result of this research will help companies, including Nationwide, expand its efforts to create successful mentoring programs that support associates in the workplace,” said Barnhardt.

About Catalyst
Founded in 1962, Catalyst is the leading nonprofit membership organization working
globally with businesses and the professions to build inclusive workplaces and expand opportunities for women and business. With offices in the United States, Canada, and Europe, and more than 400 preeminent corporations as members, Catalyst is the trusted resource for research, information, and advice about women at work. Catalyst annually honors exemplary organizational initiatives that promote women’s advancement with the Catalyst Award.

About Nationwide
Nationwide, based in Columbus, Ohio, is one of the largest and strongest diversified insurance and financial services organizations in the U.S. and is rated A+ by A.M. Best. The company provides a full range of personalized insurance and financial services, including auto insurance, motorcycle, boat, homeowners, life insurance, farm, commercial insurance, administrative services, annuities, mortgages, mutual funds, pensions, long-term savings plans and health and productivity services. For more information, visit http://www.nationwide.com.

Nationwide, the Nationwide Framemark and On Your Side are service marks of Nationwide Mutual Insurance Company.

Contacts:
Gayle Saunders 614.249.3687
Nationwide Insurance

saundee4@nationwide.com

Serena Fong 646.388.7757
Catalyst
sfong@catalyst.org