With more than $16 billion on the line, businesses have recognized that Diversity, Equity and Inclusion (DEI) strategies must be an integral part of business objectives.
A recent study from the Kapor Center showed that the annual estimated cost to tech employers for turnover due to toxic work environments, including workplace culture and microaggressions, totals over $16 billion per year. While there isn’t one function or department these toxic environments stem from, there are ample opportunities to develop holistic strategies to create work environments that foster inclusivity and belonging. These strategies, including DEI initiatives, can help to improve culture and reduce turnover in underrepresented groups.
This data is a clear indicator that businesses must adopt new strategies and technology to improve diversity in the workplace or risk losing exceptional talent that can cost millions, if not billions of dollars, in losses over time.
Mentorship technology can help businesses to develop a strong strategy, quickly scaling DEI efforts, improving retention, saving valuable time, and enhancing overall corporate culture.
The Benefits of Mentorship Technology
Many businesses struggle with a lack of diversity that makes it difficult for DEI teams to achieve their goals. As creating more diverse workspaces where all employees feel heard, seen, and respected is the primary goal of DEI teams, empowering current underrepresented groups while identifying future diverse talent can be a powerful solution.
The practice of mentoring has almost always been part of business culture. However, technology is now the enabler to allow organizations to scale this practice, resulting in a larger impact and ROI. Mentorship technology, whether internal or external, can help to build diverse talent pipelines with little effort, opening up new channels of communication and connection for current and future employees.
Benefits of mentorship technology include:
1. Retention of Top Talent
Employee Resource Groups (ERGs) are a great way to bring like-minded colleagues together, but can’t be the only option. Online forums, Slack channels, and specific technology geared towards employee-based connections can help to empower employees to have a voice, share ideas and hone leadership and interpersonal skills.
Mentorship technology can increase employee retention, where employees develop a sense of belonging by connecting them to opportunities within your organization. Making mentorship more accessible can also act as an incentive for employees who are looking to make a more significant impact within the organization.
2. Access to Diverse Talent Pipelines
At baseline, current recruitment technology sometimes makes assumptions about candidates. Emerging underrepresented talent may have limited access to this technology, or may not have a network to learn on to provide further guidance on developing the confidence to pursue their career interests.
While internal mentorship programs can create communities and assist in advancing underrepresented talent, the practice of mentorship outside of an organization expands this scope significantly, providing access to new talent, complementing current hiring processes with access to a diverse talent pool.
3. Advanced Communication
Both community members and mentors stand to gain more when they are matched based on common interests. Mentors have more to offer underrepresented talent within the same field or looking for a role in the same company. They have the insight and firsthand experience that they can share with others.
Mentorship technology can identify mentors’ interests, fields, and positions to match them with talent who have similar interests. In a digital format like Mentor Spaces, this might look like a space or forum on a specific topic where community members are invited to post questions at their leisure, and mentors can answer questions, address concerns, and offer advice. Alternatively, this can be in the form of roundtable discussions (at Mentor Spaces we call them Sessions), where we encourage participation in live sessions of topical discussions with a panel of mentors.
4. New Opportunities for Underrepresented Talent
Many young professionals are stuck in limbo. They may be qualified, but they have not been taught the tips and tricks that will enable them to enter and move up through the workforce successfully. They don’t have mentors who can help them on their way to achieving their dreams.
Mentorship technology creates a platform that young professionals can leverage to help them attain their goals. Whether they are looking for interview help or wondering how to ask for a promotion, mentors have the expertise to answer these questions. Without mentorship, many young underrepresented professionals don’t get those opportunities to advance.
Mentorship Technology as a DEI Solution
Mentorship solutions like Mentor Spaces are designed to help businesses bolster their DEI efforts. Mentor Spaces is a comprehensive tool for DEI teams to leverage, as it serves to bring underrepresented young professionals and established businesses together, opening up new and diverse talent pipelines for organizations.
We help organizations access diverse talent pipelines through virtual group mentorship. If your organization is looking to improve your DEI strategies, then Mentor Spaces is the place to start.
Want to learn more? Get in touch today!