Diversity and inclusion are vital to the growth, productivity, and financial strength of a company.
There have been several studies that show diverse workforces are connected to higher revenue. One study found that organizations where women are given senior management roles have a 10 percent increase in cash flow returns on investment. A different study done by McKinsey found that organizations that are more racial and ethical diverse are 35 percent more likely to see higher revenues. Other data discovered showed that companies with a lack of diversity were 29 percent less likely to see above-average profits.
According to Gartner, productivity has also been shown to increase in diverse organizations by about 12 percent. In contrast, companies with lower diversity are 29 percent more likely to underperform in their industry when it comes to profits.
Hiring for diversity is one step in creating a more inclusive workplace, but without nurturing employees and giving them growth opportunities, it will become tokenization, not diversity. Helping employees feel they belong improves their engagement as well as their productivity. Mentoring provides an opportunity for employee engagement and can be a beneficial experience for both the mentee and the mentor.
Whether your organization wants to increase revenues, productivity, or simply create a more equal and inclusive workspace, having a workplace mentoring program is essential. Mentorship allows employees to interact, learn from each other, and grow from the experience.
For minorities in the workplace, having a mentor is vital for many reasons, including:
One of the best aspects of a workplace mentoring program is the control it offers employers. You can design mentorships that help you meet specific business goals, such as increasing diversity. In a formal mentoring program, you can match up employees who are from the same background or pair employees from different backgrounds for a unique learning experience. Each of these scenarios can help employees feel more involved in the workplace. Mentoring also cultivates skill development and leadership skills such as communication, which can be key to securing promotions and advancements.
A recent study reported that when workplace mentoring programs are made available, 74 percent of minorities participate. Of those involved in the study, 32 percent of minorities saw a mentoring relationship as “extremely important” compared with just 27 percent of overall respondents. The organization that conducted the study suggested that organizations that truly aim to help minorities succeed in their workplaces need to formalize a mentoring program.
At Together, we are committed to helping you build a successful mentoring program at your workplace. When it comes to promoting diversity and inclusion through mentorship, we’ve created a step-by-step approach. Click here to learn more about developing an inclusive workplace.