If you're exploring mentoring software then you've probably already started wondering what the real costs will be and whether you can afford it in the first place.
And then there's the unknown of how many people will use the platform and how much it will cost to scale up when your mentoring programme grows. It can make it difficult to budget.
Luckily, there's a simple solution.
A fixed price mentoring platform that grows with you, and without any nasty extra costs that hit your budget just when your mentoring programme starts to take off.
"The platform is based on a site licence instead of cost per user, which for a large network like ours was essential."
NHS Clinical Entrepreneur Programme
Below we'll cover a few aspects of mentoring software prices, preventing mounting costs as your programme grows and the hidden cost of not using a good mentoring platform.
Keep reading or use the jump links to get to the section you want.
Fixed price mentoring software | Hidden costs of not using a mentoring platform | Help retain staff using mentoring software | What our software prices include | Find out if our mentoring platform is right for you
Fixed price mentoring software
At PLD our mentoring software has a fixed price, regardless of how your organisation's mentoring programme grows.
This has offers several advantages:
Simplicity: A fixed pricing model simplifies the purchasing decision. There's no need to calculate costs based on the number of users or features, making the process straightforward and less confusing.
Competitive prices: Rather than a complex variable pricing model, our fixed price model gives you transparent and fair pricing that doesn't suddenly become unaffordable as your programme grows.
A variable priced platform can also present an overhead of having to manage the move onto a new platform to save costs as you scale. If not managed well, this can potentially cause huge disruption to your programme as you manage a changeover.
Predictability: Knowing exactly what you will pay helps you to budget more effectively and avoid unexpected expenses as your mentoring programme grows.
Attractive to growing or large mentoring programmes: If you have a large mentoring programme, you can scale the use of the software without worrying about increased costs, making it easier to integrate the software across the entire organisation as you grow.
Long-running mentoring programmes: At PLD, our clients tend to feel more valued knowing that they won't be penalised for growing their mentoring programmes. Over the years, this has led to high customer satisfaction and retention, and indeed, many new clients are referred to us.
Ease of Scaling: A fixed price model removes barriers to scaling mentoring across your organisation. You can add more users and expand your programme across the organisation without having to renegotiate pricing or worry about cost increases.
The platform was sold and deployed as a site licence rather than on a per-user cost basis which gave me the flexibility to purchase the platform and not have to worry about additional licence costs - which is really helpful when managing my budget especially as I was unsure of take-up in the first year.
Steven Singer
Talent Development Manager
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The hidden costs of not using a mentoring platform
If you're wondering how you can justify spending money on a mentoring platform, remember:
There are many hidden costs of running a mentoring platform manually.
Here are specific areas where using a mentoring platform can save you costs:
Administrative Overheads: A mentoring platform automates many administrative tasks such as scheduling, matching, and tracking. This reduces the need for additional administrative staff or the amount of time current staff spend on these tasks, potentially saving thousands in salaries and benefits.
Staff Time: Automating mentoring processes frees up staff time. If staff typically spend ten hours a week on mentoring coordination at an average hourly wage of £20, using a platform could save around £10,000 annually.
"The platform provides a cost-effective external one-stop shop web-based platform to assist with career development, guidance and support as well as mentoring for our members and affiliates. It manages itself, so it enables optimum outputs with our limited resources as a Not-for-Profit organisation, as it is a promotional tool used to demonstrate our value proposition.
PLD provide support, guidance and updates, which means this initiative runs itself in most instances."
Inefficiency: Manual processes often lead to errors and delays. A platform reduces these inefficiencies, leading to smoother operations and potentially saving costs associated with correcting mistakes or dealing with delays. For instance, reducing error-related costs by 20% could save significant sums annually, depending on the scale of the programme. You only have to think of the staff time saved and you can see how this can escalate.
Data Tracking and Reporting: A platform offers built-in analytics and reporting tools, saving the costs of manually compiling data. If an organisation spends £5,000 annually on data analysis and reporting, a platform can significantly reduce or eliminate this expense.
Scalability: As the programme grows, the cost savings increase. For example, without a platform, adding more participants might require hiring additional staff. A platform supports growth without proportional increases in staffing costs, potentially saving tens of thousands as the programme scales – even for a few hours a week of admin.
Communication problems: Centralised communication tools within a platform ensure efficient and effective communication, reducing misunderstandings and missed connections. This improves mentoring engagement, improves outcomes and saves costs related to poor programme performance, which can be hard to quantify but significant. Costs saved can include working time spent on missed meetings and rescheduling. These quickly add up, as seen above.
Inconsistent Experiences: A structured platform ensures consistency in the mentoring experience, improving satisfaction and retention rates. Retaining employees can save on recruitment and training costs, which can be substantial (often estimated at 6-9 months' salary per employee).
Security and Confidentiality: Our mentoring platform offers secure data management, reducing the risk of data breaches. The cost savings here include avoiding potential fines, legal fees, and reputational damage, which can amount to thousands or even millions in severe cases.
Opportunity Costs: The time saved by automating mentoring processes can be redirected to other strategic initiatives. If staff can focus on revenue-generating activities instead, the organisation can see significant financial gains over time.
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Retaining staff using mentoring software!
One of the big opportunity costs that is often not considered when looking at mentoring software prices is that of losing staff if they're not happy with their work environment. Mentoring can help retain staff and reduce hiring costs.
Employee Retention: Effective mentoring programmes can significantly improve employee satisfaction and retention. Happy and engaged employees are less likely to leave, reducing turnover rates. The cost of replacing an employee can be substantial, often estimated at 6-9 months' salary. For example, if an employee earning £40,000 per year leaves, the cost to replace them could be between £20,000 and £30,000. Retaining staff will also help reduce staff training costs, as you won't have to put new employees through training that existing staff have already had. A strong mentoring programme can mitigate these costs by fostering a supportive work environment.
Reduced Recruitment Costs: High turnover necessitates constant recruitment efforts. Recruiting new employees involves advertising job openings, conducting interviews, and onboarding new hires. These processes are time-consuming and costly. By retaining more employees through effective mentoring, companies can reduce these recruitment costs. If a company typically spends £5,000 on recruitment for each new hire, reducing turnover can lead to significant savings.
Improved Employee Performance: Mentoring helps employees develop their skills and grow professionally, leading to improved performance and productivity. Higher productivity translates to better business outcomes and can be a significant cost saving. For instance, if mentoring improves productivity by even 5%, the financial impact on the company's bottom line can be substantial.
Enhanced Company Culture: A mentoring programme contributes to a positive company culture, making the organisation a more attractive place to work. This can help retain top talent and reduce the costs associated with a negative work environment, such as low morale and decreased productivity.
Talent Development and Succession Planning: Mentoring prepares employees for leadership roles, ensuring a pipeline of qualified candidates ready to step into critical positions, which aids companies in succession planning. This reduces the need for external hiring, which can be more expensive and time-consuming. Promoting from within also tends to be more cost-effective and can save thousands in hiring expenses.
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What our software prices include
Our software prices include the following:
Implementation Fee: This covers the branding of the platform, configuring profiles and reports, project management, and admin user training.
Annual Licence Fee: This includes unlimited users, support and maintenance, product features and upgrades, a dedicated account manager, and programme reviews.
You'll come for our competitive pricing...
And stay for our customer service!
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Is our Mentor Mentee Matching Software Right For Your Organisation?
That's easy to find out...
There's a free, 3 minute quiz that will help you decide whether mentoring software is the right fit for your organisation.
And, once you've taken the quiz, you can simply book a demo or get in touch if you want to see the mentoring platform in action, first hand and discuss prices with us.
