Millennials say that having a mentor is one of the key factors in selecting a place to work and remaining with it. According to Deloitte, millennials who intend to stay with their organization for more than 5 years are twice as likely to have a mentor (68%) than not (32%).

Today, an increasing number of companies are incorporating mentorship programs into their work schemes--a development that has great benefits for both mentees and mentors at the company alike--and they are putting a special emphasis on mentoring millennials.

Read on for some reasons why your company needs to prioritize mentoring--for every employee--and how it will change your work experience for the better.

1. Younger employees feel more prepared

Having someone to look up to can change a newcomer's life. A mentor can give an inexperienced hire exposure and new ways of thinking. He or she can also provide the mentee with sage words of advice and guide the mentee's professional development at a crucial point in the career. Most important, perhaps, a mentor can provide a new worker with greater visibility in the company as a whole.

2. Mentors feel fulfilled

On the other end of the mentorship equation, there are a number of benefits for mentors as well. Those who take on a mentee will experience recognition as a leader in a certain field, in addition to taking advantage of an opportunity of leadership. Working with a mentee also encourages mentors to see things from a novel, fresh perspective. The interaction between the tried and true and the new creates an opportunity for those who have been at the company a long time to reflect on their practiced habits.

3. Company growth occurs

When a company invests in mentorship, it is investing in the progression of the brightest new hires--and that includes millennials. In addition to promoting the welcome of less-experienced employees, mentorship aids in preventing the best and most-experienced performers from growing bored with their mundane routines. Instead, mentorship aims to keep these higher-ups engaged--and subsequently more motivated to continue producing high quality work for the company.

The pairing of an employee with a mentor also instills a healthy, collaborative culture in the company, a feat that ameliorates overall staff morale and performance. No matter which way you look at it, mentorship is ideal for improving internal relations of a company, as well as the group's overall performance as a whole.