AbstractAlthough the extant mentoring literature describes the post‐hire benefits of mentoring programs, less is known about how mentoring programs affect pre‐hire perceptions of organizations—perceptions that may have subsequent implications for the success of mentoring programs and other HRD practices. To explore this issue, we used a policy‐capturing design to examine the influence of formal mentoring program characteristics on organizational attraction. Results from a sample of 254 undergraduate participants indicated preferences for organizations offering mentorship programs that are voluntary, that give protégé input into the choice of mentor, that link protégés with individuals who hold higher rank (that is, supervisors), and that offer both career and psychosocial support. Furthermore, one of these relationships was moderated by participants' Need for Dominance. Implications for practice and research are discussed.