In both business and personal life, we should all be seeking to develop our skills, continually learn new things, and challenge ourselves regularly. Naturally taking a degree of devotion, and life can often get in the way of our self-improvement efforts.

Having a mentor – that is, somebody who can help guide, advise and teach you through a problem or towards a goal – is one way to stay on track.

Mentoring has the power to accelerate our self-development, career progression, and overall confidence. It’s therefore pretty surprising that only 37% of professionals have one, particularly as so many successful people praise and recommend mentorship.

What are the benefits of mentoring?

The benefits of mentoring go way beyond the mentee’s personal development, positively affecting the mentors themselves, as well as the organizations they work for. Benefits are vast, from supporting inclusion through exposure to new perspectives to an increased chance of promotion for both parties.

This article will explore the entire host of benefits for mentors, mentees, and businesses and some more detailed benefits with links to studies that support them.

Benefits of mentoring for Mentees:

Of course, mentees gain a lot from being mentored, but it’s not just career development. Further benefits for mentees include: 

  • Increased self-confidence
  • Increased self-awareness
  • Develop strong communication skills
  • Growing a personal network within the business
  • Exposure to new and different perspectives
  • Learn to self-reflect
  • Improve goal-setting
  • Learn from other’s experiences
  • Learn to ask good questions
  • Being supported by someone
  • Being advocated for
  • Increased chance of promotion
  • Increased job satisfaction

Benefits of mentoring for personal development

  • Increased confidence: Whether it’s the ability to share ideas comfortably in meetings or stand up for yourself in a challenging situation, people with mentors benefit from higher confidence in themselves. Mentors also experience increased self-confidence, as their mentee’s success reaffirms their abilities, resulting in a confidence boost.
  • Higher self-awareness: Working out your goals with someone you look up to requires serious self-analysis around strengths, weaknesses, and values. As a result, those who have mentoring are more self-aware than those who don’t – and self-awareness is highly beneficial for career development.

Self-awareness is a popular topic in psychology. But, it also has applications in the field of career planning and guidance. It can help you improve your decision-making and a range of other skills that help you choose a suitable career.

What is self-awareness?

The knowledge you acquire relating to the different facets of your personality, including your strengths, weaknesses, beliefs, interests, motivation, and emotions. It is the process that helps you to get to know yourself better and identify your career needs.

Usually a process that takes time and should be constant throughout your lifetime. It requires a careful analysis of oneself and can’t be achieved by reading a book or blog post. Quite the contrary, if you want to become more self-aware, you will have to be willing to get down and do some hard work.

Why do you need it?

Why bother becoming more self-aware? That’s easy. It has many benefits! When talking about careers, it is the first step someone needs to take towards beginning their journey of exploration. Self-awareness requires taking the time to get to know yourself honestly, and this means discovering what you like, what you don’t like, identifying your strengths and weaknesses, what you are good at, and what you need to work on.

From this perspective, it allows you to find your natural talent and passion, directing you to your personal and professional growth. It also helps you stay true to yourself, embracing and practicing your moral values. Additionally, It is essential because it shows you the path to your true potential.

Getting to know yourself = Developing yourself

With self-awareness comes self-improvement. But, it would help if you were genuinely interested in improving yourself. This way, you are more likely to take actions that can challenge you and help you develop your skills. Moreover, It opens the door to new possibilities, experiences, and growth.

  • Exposure to new ways of thinking: The mentoring process exposes new ideas and revelatory modes of thinking or problem solving for both mentee and mentor, resulting in long-lasting effects on both people in the partnership, encouraging innovation.
  • Giving and receiving feedback: Feedback is something we should all want to improve but probably don’t ask for enough. Similarly, managers everywhere struggle with delivering feedback honestly and effectively. Mentoring helps people develop their relationships with feedback in a productive way.

Benefits of mentoring for career development

  • Promotions: Those who receive mentoring get promoted five times more often than people who do not have mentors.
  • Job satisfaction: Reaching your goals makes you feel fulfilled and successful. With mentors often helping mentees achieve their career goals, job satisfaction naturally increases. Similarly, those who mentor consider their job more meaningful and experience higher job satisfaction and fulfillment than those who don’t.
  • Personal network: Those with mentors benefit from growing their private network outside of their colleagues. A mentor can introduce you to a whole range of inspirational and vital people that may have an impact on your career later down the line.

Benefits of mentoring for mental health

  • Supporting isolation: People struggling with mental health issues often feel isolated and experience severe anxiety about their future and abilities. Mentalhealth.org.uk lists mentoring as supporting mental health issues in the workplace for both the mentor and mentee.
  • Self-confidence: Increased confidence can positively impact mental health, particularly as mentees feel supported in their decisions and career paths. Mentors also experience improved self-esteem and confidence from helping others achieve their goals, improving mental health.
  • Lower levels of anxiety: Harvard Business Review conducted a study researching the positive effects of mentoring and found that people who served as mentors experienced lower anxiety levels and described their job as more meaningful than those who did not mentor.

Benefits of mentoring for business

  • Positive company culture: A successful mentoring program fosters a culture of learning, nurturing, and growth. Filtering through the entire organization and create teams of people who feel satisfied and happy at work.
  • Diversity in leadership: Mentoring considerably helps minority representation at the management level, with many organizations using mentoring to increase gender and ethnic diversity in leadership roles.
  • Knowledge sharing: Mentoring is an effective and low-cost way for senior employees to pass on knowledge of the industry and organization to younger staff.
  • Employee engagement and retention: Mentees and mentors feel more satisfied and fulfilled at work than other employees. Mentoring positively affects employee engagement and retention.
  • Recruitment: Mentoring programs are an attractive work perk for many people, particularly millennials, who have come to expect mentoring and development opportunities from companies.

There you have it! The powerful benefits of mentoring effect everyone involved, and so if you don’t have a mentor yet, speak to your company about programs they can put in place Or find a program like Medical Billing Opportunity to guide you. 

 

Keeping ahead of COVID-19

We are here to help in these uncertain times! The rapidly evolving Coronavirus continues to impact people and businesses around the world. However, the federal government has determined that medical billing companies are essential businesses which means there has never been a better time to get started with MBO. If you are interested in starting your own medical billing company, please call (844) 463-3245.