What makes Google so successful? Aside from their advanced technological offering, they’re also well known for their culture and staff benefits, with large-scale employee mentorship programs to develop their staff. At the end of the day, the long-term success of a company boils down to the people it’s made up of.
With the recent reports of record low unemployment rates in both Hong Kong and Singapore, businesses are hard pressed to up their effort in attracting the best talent. However, the fight for talent doesn’t end there as it’s keeping the talent that counts. According to an article by Forbes and TLNT, it costs between 30- 50% of their annual salary to replace an entry-level employee, and the percentage goes up for mid-level and even more for senior and specialised positions.
What is the Secret to Attracting Key Talents?
At a time when the norm is to change jobs every two years, it’s hard to find talent who are willing to stay and commit to the growth of the company. This is especially true for millennials who are accustomed to current day technology, which has given rise to a fast moving environment. That said, this job hop culture does not have to be the norm within your company.
Good news is, the key to attracting talent is also the key to retaining them. What is it? Opportunity for individual growth, in the form of mentoring programs.
According to a study by Deloitte on millennials in the workplace, people with mentors were significantly more willing to stay. Of those who expressed an intention to stay with their organisation for more than five years, 68% were people with mentors, making them twice as likely to stay than those without.
Aside from attracting and retaining talent, there’s other added benefits to having a mentoring program or culture within the company. Below we’ve prepared an infographic on the key statistics regarding mentoring programs and its effects on the company.
Struggling to find the best talent to build your company? We can help!
At Links, we offer specialised recruitment services. Our solution covers major sectors including Banking and Finance, Sales and Marketing, HR and Administrative services, Temporary and Contracting solutions, and many more. Feel free to connect with one of our consultants for more information.
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