How to Reduce Your Training Expenses with Mentoring

How to reduce TRAINING EXPENSES

with

Mentoring

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Judy CornerMentoring Subject Matter ExpertInsala


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1. Costs of training versus mentoring

2. Mentoring and training• Features• Benefits

3. When to use mentoring to reduce training costs

4. Methodology of a blended approach• Case Study: Limited training budget

Agenda


Blended

Training

Mentoring

0 500 1000 1500 2000 2500 3000 3500 4000 4500 5000

Training Can Be More Costly Than Mentoring


Supplement select training courses with mentoring to reduce overall training expenses.

End Goal


Benefits of training:• Wide availability • Certifications available• Track record of success• Pre- and post-assessments• Structured & consistent• If created in-house, program

can be duplicated for minimum expense

Benefits of mentoring:• Cost-effective if internal• 70/20/10: Reinforced learning• Learning in shorter segments• Learning is specific to needs and

culture of organization• Mentee learns from an

experienced partner

What are the features & benefits?

• Short term• Often in groups• Organization-driven• Learning-focused• Knowledge dissemination

Training• Long term• One-on one• Mentee-driven• Relationship-oriented• Career and personal development

Mentoring


What Is Right For You?

When to use a blended approach…• To accelerate reinforcement of training content• To support tacit knowledge becoming actively practiced• To encourage confidence and fill in knowledge gaps• Keep mentors apprised of current training content

When to use mentoring…• Flexibility, “on their own time”• Deeper return on investment• Holistic, individual

development• Competency development

and reinforcement: 70/20/10

When to use training…

• Need structure / consistency• Quick return on investment• Changes in job role• Skill / expertise development• Team-based classroom learning


Review training catalogue1• Determine if mentoring is able to achieve

learning goals and objectives. • Mentoring may be suitable if the skill to be

developed– Requires feedback on a continual basis– Learning takes place over an extended period of

time.– Active practice of learned skill or behavior is

required.

Methodology of a Blended Approach


Develop mentoring program2• Determine what type of mentoring program is

most appropriate.• Integrate your LMS with your mentoring

software.• Ensure participants are committed and

understand their roles in the partnership.• Agree on structure, process, and learning goals

for the partnerships.



Launch mentoring program3• Create an internal marketing program outlining the

program & its benefits.• Qualify mentors.• Provide mentor/mentee training. • Implement a mentoring technology tool.• Use an assessment at the end of training to make the

mentee’s mentoring learning plan goals more specific• Match based upon targeted competencies.• Set goals for a specific timeline – i.e., every quarter,

etc.



Measure results4• Assess the mentee again after the partnership

to measure the learning that took place.• Assess the mentor for their perspective.• Examine the impact of removing all or a

portion of the training courses– Has learning increased?– Have costs reduced?– Are participants and stakeholders satisfied?



POLL #3In the future, will you consider using mentoring to support your training needs?


Case Study: Limited Training Budget

Over two years, employee population increases, but training budget remains the same.

RESULTS• Crucial funding freed up• Efficient and cost-effective use of training budget• Increased hours of professional development activities • No increase of training costs

Training + Mentoring


How Can Insala Help You? PIE*M 1. PLAN how your organization can roll out mentoring as an effective

talent development initiative, using the Hi-Impact Mentoring® Readiness Workshop

2. IMPLEMENT a successful mentoring program using our mentoring solutions and training

3. EVALUATE what a structured mentoring program can achieve for your organization

4. MANAGE maximum program ROI and demonstrate results through technology solutions that optimize results


Final Thoughts

Mentoring can be used to supplement or replace training

Mentoring, like training, should be formalized, measured, and tied to

business objectives

Make your mentoring program successful by defining and clarifying

purpose and roles, providing training, and attaining sponsorship


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How to Reduce Your Training Expenses with Mentoring

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