Benefits of having a formal mentoring program (which can be implemented informally as well) are overwhelming. They range from knowledge management, transfer and retention; ideas exchange to development of employees and future leaders. Having said that, the most important ingredient for mentoring to be successful is willingness of both parties to participate. You can’t and shouldn’t force it, but rather allow for it to become a more natural, voluntary and symbiotic relationship.
Furthermore, while mentoring programs and opportunities should be in existence and should be clearly communicated across organizations it should be up to individuals to express interest and begin participating. Organizational mentors would serve as a counselors and advisers to younger, less experienced, yet ambitious employees. This mentoring arrangement would generally focus on larger, more strategic ideas, concepts and concerns (unlike coaching which is more functional, task related). Additionally, this would at times be a two way relationship as I can envision several areas where younger employees could share their knowledge as well for the benefit of mentors.