How Women-Focused Mentorship Programs Can Improve Innovation in the Workplace
According to research which was highlighted in The Economist, women have contributed significantly to the growth of the global GDP, even more so than new technology or the contributions of China and India. This is just one of many studies which have pointed out the changing role of women in the modern economy, how they boost the creation of revenue. Realizing the importance of women, forward-thinking companies have taken measures to bridge the gender gap in the workforce, hiring more women in all levels of employment.
However, there is a long road ahead. To see real growth, it is not enough to merely hire women. It is essential that companies provide them with the resources and opportunities necessary to go forward in their careers and obtain leadership positions. In other words, mentoring women in companies are essential. Today, even though women make up a considerable portion of the workforce in many countries, they are gravely under-represented when it comes to leadership positions. In fact, among the Fortune 500 companies, there are only 22 women CEOs, that is less than 5 percent of CEO positions.
Often, this gender under-representation is the result of a lack of an active, systemized mentorship program in companies. Women do not have other women advisors and mentors to guide them, to whom they can turn to for both professional as well as personal development. Having a trusted and reliable mentor in the early days of one’s career can mold you into not just a better professional, but a more confident and overall better person, and this is exactly what women in the workforce today lack.
If your company is looking to advance, to grow, and stay relevant in the fast-paced economy of today where competition is increasing by the day, it is time you consider designing a mentoring program for women to help you get where you want to be. When you focus on mentoring women in your company and provide them access to opportunities and resources they wouldn’t have otherwise, you will see growth and development.
Here are some facts to help support the idea that designing a mentoring program for women employees is one of the smartest decisions that your company can make today:
· Gender diverse companies are likely to have higher bottom lines
Studies have shown that companies who have higher gender diversity have a 15 percent chance of experiencing increased financial returns compared to the industry average. This was established by research conducted by McKinsey & Company. Considering this, it’s no wonder that companies are increasing their number of women employees.
· Companies with women on the board earn higher returns
It has also been found that companies which have more women on the board of directors are likely to experience higher gains on sales by 16 percent than those companies with very little women on the board. This stresses the importance of providing women with the right mentoring program so that they can access the resources required to climb the career ladder and reach higher leadership positions.
· A team with more women has a higher collective intelligence
Additionally, research has shown that when a team has a high number of women as members, the collective intelligence of the team increases. This means that the more women you have in your company, the more intelligent and innovative your company as a whole will become.
Mentorship programs offer tons of benefits both for the company and the participants, so much so that a whopping 71 percent of all Fortune 500 companies have an ongoing formal mentoring program. Couple this with what mentoring women can do and your company is likely to see unprecedented growth.