In this week’s ‘Weekly Wave,’ mentorship programs are common in large companies, multiple states move towards equity, and the city of Boston offers free college.
Company-sponsored mentorship programs are quite common, according to a recent survey. This week, we’ll examine their prevalence and what makes them effective for companies.
Read more about this in the Deep Dive Section below.
In the News
A Mentor for Your Problems: A survey of 338 HR professionals around the world (with a majority located in the US) reveals some interesting information about company-sponsored mentorship programs. (HR Research Institute)
- 47% of survey participants have mentorship programs which are open to all employees.
- 69% of large companies, 51% of small, and 41% of midsize have such programs.
- 93% say their program involves one on one mentorship.
Pay Transparency and Equity: Several states, including California, Washington, and New York have enacted pay transparency and equity laws. (XPert HR)
- Several others, including Connecticut, Hawaii, Massachusetts, New Jersey, Pennsylvania, Vermont, Virginia, and West Virginia are considering taking such measures.
Hybrid Work Takes the Lead: More people now work hybrid than fully remote. (Quartz)
- In addition, 61% of US workers have jobs that either cannot or are not done remotely.
Disney Layoffs: Another major company is laying off 7,000 employees. (CNN)
Other News
The city of Boston has implemented a tuition-free community college program to all of its residents. (WBUR)
Average Wall Street bonuses recently decreased by 26%. (CNN)
Opinion:
Losing Faith: A majority now believes that a 4 year degree is not worth the cost and we should not be surprised. (John Warner – Inside Higher Education)
A Deeper Dive: Mentorship Program Satisfaction
According to the same HR Research Institute Survey referenced above, 55% of survey respondents said they are either satisfied or very satisfied with their current mentoring program. In cases where folks are dissatisfied, one popular reason is a perceived lack of structure.
Among the most important factors that drive success within company-sponsored mentorships are the following:
- 65% – Willingness for participants to spend time nurturing the relationship.
- 56% – The Quality of the match between mentor and mentee.
- 46% – Full commitment from participants.
- 42% – Training mentors in effective mentoring skills.
Hope for Inexperienced Workers
Contrary to concerns expressed by critics, only 14% of Millennial and Generation Z workers believe that remote work has made opportunities for mentorship harder to find, according to a survey by Deloitte. Many young people have begun their careers in a remote work landscape. There have been some troubling warning signs, but this is an encouraging data point.
Hopefully mentorship programs will help make remote work more personal and viable for young folks who are just getting started in their careers.
What I’m Reading
The Overeducated American – Richard B. Freeman
In the early 1970s there was a decrease in college enrollment. This book goes extremely deep into the data of this time period and makes projections on future possibilities. Its general message is that when there are too many college-educated Americans in the workforce, it will diminish the value of a college degree.
Thus far, the value of a college degree has remained significant both in perception and reality, although with about 37.9% of Americans holding at least a bachelor’s degree, there are real signs that its value is diminishing. (US Census Bureau)
Books like these are a reminder that we can never truly know what the future holds, even if we think we do.
Articles of the Week
Which company-sponsored benefits do people think are most important? (Women who Money)
Did you know that the average room has 2,000 items in it. (Nourishing Minimalism)
Cold showers are buzz worthy right now. Proponents say they can increase dopamine significantly while lowering cortisol. (Better Humans – Medium)
As inflation increases, so does the threshold at which additional income creates more happiness. (CBS News)
Quote of the Week
“Knowledge is power only if most people don’t have it.”
– Richard B. Freeman in “The overeducated American”
From Deep Dive Careers: An Enriching Life Requires Responsible Thinking, Not Extremism
Have you noticed how most people already have their mind made up about political topics and politicians before, during, and after the point where new information emerges? In my experience, much of the time, the people who have the strongest opinions typically don’t even know much about the topics.
Why do people with the strongest opinions tend to lack knowledge and a nuanced understanding of the issues? You don’t have to be a political extremist on the outside to indulge in extremist thinking on the inside.
Extremist thinking carries consequences for your life that are far worse than potentially saying something ignorant or voting for the wrong candidate. This sort of thinking can stifle your career and personal growth.
Other Fun Stuff
Paradise got paved: Parking lots are everywhere. (Big Think)
Outsmarted by a 5th Grader: A textbook publisher thanked a 5th grader for pointing out that their label on sedimentary and igneous rocks was mixed up. The publisher offered their sincerest thanks. (The Guardian)
Hopefully this 5th grader uses this on future college applications.
The World’s Busiest Airport: Is in Atlanta. Yeah, Atlanta. Yay. (Quartz)
Dad Joke of the Week
Q: How do you know flowers are friendly?
Dada says:
A: They always have new buds.
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