Yes! It is definetely a good initiative. In our organization too, we initiated this process of mentoring. The management  identified a few senior employees as potential mentors and put them through a two days training program on mentoring.  Normally, in our organization, we assign mentors to the management trainees who are selected through campuses. The mentors assigned to these trainees are not from the same department but are  from some other departments. HR organizes the introduction program for mentors and proteges. The proteges too are made to attend the day long program on mentoring and are explained as to why they need to have mentors.

The proteges are advised to meet their respective mentors at least once a week for about half an hour. The HR department then reviews the progress on a monthly basis. This mentoring program officially lasts for one year but at the same time we make it a point to emphasize the fact to the proteges especially that mentoring is life long process and once a mentor always a mentor. Having mentoring in place certainly has its advantages as these mentors pass on their experience and wisdom to their younger colleuages which ultimately translates into their performance.

Regards