Investing in Yourself: How mentorship can recharge careers and finances
Investing in Yourself: How mentorship can recharge careers and finances
Programs exchange expertise and growth opportunities in addition to professional development
Investing in Yourself: How mentorship can recharge careers and finances
Programs exchange expertise and growth opportunities in addition to professional development


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·As Americans are staying put in their jobs and U.S. tariffs could have a ripple effect on companies’ growth, mentorship can allow workers to share experiences, grow their influence and soft skills —and flex their financial potential.
Two in five workers say they have a workplace mentor, and those with one are twice as likely to be engaged at work.1 America’s biggest names have been investing in this tactic: Nearly all (98%) of the companies in the Fortune 500 provide mentoring programs to their employees.2
What is mentoring?
Mentoring involves experienced people offering guidance, support, and advice to individuals of all ages, frequently in a workplace setting. Though some may think being a mentor relies on age or company tenure, knowledge sharing has become more of the focus.3
Becoming a mentor could help long-time employees share valuable insights at a time when workforce demographics are changing. By 2033, Baby Boomers are expected to account for just 6% of the workforce and Gen X will represent 22% (down from 15% and 31%, respectively, in 2023).4 Participating in mentoring programs can also be an element of phased retirement.
Mentorship is a two-way street, with both the mentor and mentee needing to be open to sharing — and seeing the benefits. Academic research has seen that providing advice can be good for the advice-giver,5 and Empower found that 37% of retirees returning to the workforce are seeking a sense of purpose.
Outside of a formal arrangement, people seeking mentors can reach out themselves. Trade association discussion forums, school alumni directories, and social media connections can be good places to find people with interesting backgrounds and relevant experience.
Even if it’s unclear if someone is open to being a mentor, proactively contacting people via email or social media can be better than living with the fear of missing out: Nearly three in five Americans (57%) say social media helps them feel more optimistic about their financial futures, according to Empower research on FOMO.
Mentorship and networking
Mentoring can expand professional reach by building relationships, which can be priceless. An Empower study found that 55% of people believe success comes down to who you know.
Having a mentor at the same employer could unlock insights into firsthand co-worker experiences and help navigate a complex org chart, perhaps sparking ideas of which divisions or positions could be of future interest.
Read more: Investing in Yourself: Think like a CEO
Internal mobility — the process of moving employees within the same company to boost career growth and development opportunities — can benefit both workers and employers.6 Bringing aboard a new external hire can cost a company anywhere from $7,500 to $28,000 — accounting for recruiting fees, background checks, and training costs.7
Another benefit of retaining employees is having a strong bench of managers and leaders that have accumulated years of company-specific institutional knowledge. Employers that lean into internal mobility have seen 79% more leadership promotions on a per-employee basis, compared to those with lower mobility rates.8
Growing professionally in one place can boost workers’ spirits: Two in five people define work satisfaction as being rewarded for company loyalty and longevity, according to Empower research.
Mentors can open their influence outside of one-on-one conversations by writing personal testimonials, which could be posted on a mentee’s portfolio website or social media profile. Having a written LinkedIn recommendation from a mentor can help illustrate soft skills and give direct examples of problem solving.9
How mentors can impact money
The professional development that comes from mentorship can also help increase earning potential, and Empower research reveals that 43% of Americans are figuring out how to make more money this year.
Pulling from decades of data, youth participants (now Gen Zers) in Big Brothers Big Sisters of America’s mentorship program saw a 15% earnings boost later in life, from ages 20 and 25.10
Read more: The net worth of your network: How connections lead to money
For people currently employed, doubling down on a current role and its growth opportunities could be a smart money move. Since February 2025, job stayers have eked out slightly more wage growth than those who’ve chosen to switch jobs.11
Tighter compensation budgets across the U.S. can increase the need to stay visible and proactive. For 2025, companies gave out merit increases of 3.2% on average, which don’t account for promotions or cost-of-living adjustments.12
Hearing from a mentor who has had more experience in a current industry — or an industry that would require a career switch — can help mentees calibrate their expectations on what’s needed to stand out, such as what enterprise software programs to master.
Job seekers with mentors could also capitalize on prime seeking time: In April, hiring across the U.S. rose to its highest level in nearly a year.13 The hiring level measured with government data can include full-time, part-time, and seasonal employees who were hired during the time period, along with people who were re-hired into their roles.14
Americans also have a desire to pay it forward: Empower research found that half of people have actively helped others get a job (53% overall, 61% Millennials).
Mentors can tap their network for opportunities that people may not have heard about or that aren’t up on public job postings. Getting an authentic connection to a company could ease the search: Around one in five jobs posted in 2024 was deemed a “ghost job,” in which a position was published — though without an intent to hire.15
Leveling up with mentorship
People across career levels and goals can see the benefits of mentorship, whether it’s sharing expertise as a coach or building professional prowess as a mentee. Taking the leap to develop a mentoring partnership could be a push toward financial happiness.
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1 Gallup, “Mentors and Sponsors Make the Difference,” April 2023.
2 MentorCliq, “2024 Mentoring Impact Report: 98% of Fortune 500 Companies Have Mentoring,” accessed June 2025.
3 American Psychological Association, “Introduction to Mentoring: A Guide for Mentors and Mentees,” accessed May 2025.
4 EY, “How will your decisions today shape the future for generations to come?” January 2025.
5 University of Pennsylvania Almanac, “Advice Giving Is Good for the Giver,” September 2019.
6 Inc., “5 Reasons Internal Mobility Will Dominate Hiring in 2025,” December 2024.
7 BambooHR, “From Recruitment to Onboarding, What's the True Cost of Hiring Employees?” June 2023.
8 Inc., “5 Reasons Internal Mobility Will Dominate Hiring in 2025,” December 2024.
9 CNBC, “This ‘underutilized’ LinkedIn feature can boost your hire-ability, says recruiter: ‘It can go a long way,’” April 2025.
10 Big Brothers Big Sisters of America, “Big Brothers Big Sisters of America Launches Groundbreaking Research on the Long-term Impacts of Mentorship,” January 2025.
11 Federal Reserve Bank of Atlanta, “Wage Growth Tracker,” accessed May 2025.
12 HR Dive, “2025 raises fell short of employers’ recent projections, Mercer finds,” May 2025.
13 Bloomberg, “US Job Openings Unexpectedly Rose in April and Hiring Picked Up,” June 2025.
14 U.S. Bureau of Labor Statistics, “JOLTS Frequently Asked Questions,” accessed June 2025.
15 Wall Street Journal, “Fake Job Postings Are Becoming a Real Problem,” January 2025.
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