“When people are financially invested, they want a return. When people are emotionally invested, they want to contribute.”
– Simon Sinek
To fully achieve diversity, equity and inclusion, we must invest in mentoring for diverse talent as 62% of women of color say the lack of an influential mentor holds them back. In general, women are 24% less likely than me to get advice from senior leaders. Mentoring programs make companies’ managerial echelons significantly more diverse: On average they boost the representation of black, Hispanic, and Asian-American women, and Hispanic and Asian-American men, by 9% to 24%. Sources: HBR, Why Diversity Programs Fail and LeanIn.org – Women in the Workplace.
Given our strategic initiatives and business goals, now is the time to devote our focus to leadership development with the lens of diversity, equity and inclusion. One key component of our DE&I strategy over the next three month will be the establishment of a mentoring program. To fully leverage the talent within our organization and to attract new talent, mentoring must become a part of our culture. This mentoring culture can develop only if mentoring is clearly aligned with our organization’s vision and mission, and the business strategy and goals. In addition, our mentoring program goals will link directly to our overall employee development strategy and goals.
We recognizes the value of our high potential employees as a key competitive advantage during this volatile time in the economy across the world.
To support the critical need for development diverse leadership in rapidly changing conditions, talent assessments can be used as the first round of criteria for participant selection. As we continue to evolve our strategy, mentoring is seen as a key component to the overall leadership development approach. In particular, mentoring will serve as a catalyst in accelerating skills and competencies across the organization.
Given our current state, the following are the business drivers and goals for our mentoring program:
Retention. Organizations can lose key talent during times of rapid change. We will identify the key individuals and departments that are critical to our growth strategy. Providing a mentoring experience will indicate to our key employees that we are committed to their professional success and personal wellbeing.
Diverse Talent Development. Mentoring will provide key skills and understanding needed to support diverse talent promotion into higher levels of leadership.
For our organization overall:
For our selected employees/identified mentees:
For our identified senior leaders who will be selected as mentors:
Measuring the mentoring outcomes will provide insight as to the effectiveness of this strategy against our diversity and inclusion goals, and will dictate the frequency and scope of future program rollouts.
Measurable Outcome 1:
Internally we will track turnover rate against a control group for a period of 12 months, 24 months, and 36 months.
Measurable Outcome 2:
Menttium will solicit Engagement Feedback seeking increased satisfaction with our organization.
Measurable Outcome 3:
Internally we will track promotion – Track promotion rates for cohort for a period of two years against control group.
Measurable Outcome 4:
Menttium will solicit feedback on the following competency improvements:
Measurable Outcome 5:
Menttium will solicit feedback on the following improvements:
Lack of organizational resources due to pressures and demands in these volatile and uncertain times.
Ongoing meeting with senior champion(s) will be conducted to ensure support and buy-in, Menttium’s team will bear the burden of supporting the participants to ensure success removing additional time and resource obstacles internally.
Lack of support by participants’ managers
Communication to participants’ managers is an integral component of the overall communication. Managers will also be involved in nomination process to ensure alignment.
We will partner with Menttium to establish program launch periods and ongoing tracking of program participants. Menttium’s external mentor model is turnkey and their internal model is highly customizable to meet our unique needs.
We will be able to deploy a formal program within 90 days and begin the communication process within the next three weeks.