Top-tier companies in competitive industries are adopting any and every method available to make sure that their company is ahead of the curve. Today, the need to gain the upper hand over your competitors is more crucial than ever. As more and more options are available to consumers, pressure increases for you to excel as a company.

One of the most beneficial among these methods is designing a mentoring program, especially one that is focused on mentoring women. In fact, vast and well-known companies such as Wyndham Hotels and Resorts, A.T Kearney, and Texas Instruments all understand just how valuable women employees are and have taken significant measures, including mentoring women, to ensure they are well-represented and receive all the opportunities they require to rise in their careers.

Why have these companies and thousands more across the globe provided so much of their time and resources in designing a mentoring program for women? The answer is simple – they understand that mentoring women employees are an investment that will bring in huge returns. Below, we take a look at what these returns are and how a company can benefit from them:

  • Innovation increases when companies focus on mentoring women

Studies have found that when the number of women in a group increases, the collective intelligence of the group increases. This means that women bring in more innovation to your company. This means smarter decision-making, better problem-solving and overall improved innovation. Designing a mentoring program for women provides them the opportunity to become the best version of themselves, while also giving them the platform to exercise their talents and became a fully-engaged employee.

  • Your bottom line will increase when you focus on mentoring women

According to the findings of a study conducted by the Boston Consulting Group (BCG), diversity in leadership can help improve the bottom line for companies. Companies which have a diverse leadership team have a 19 percent higher revenue as a result of increased innovation. This speaks volumes on the importance of having a diverse and inclusive team in decision-making positions.

  • You can create a culture of diversity and inclusion in your company

This is derived from the previous point. When companies understand that diversity and inclusion are not just metrics of business, but rather, a culture that can be business-changing if they embrace them wholeheartedly, they will put in more effort to make sure diversity and inclusion are the core of their workplace culture and business model. One of the first steps and most effective ways to implement diversity and inclusion is by designing a mentoring program for women.

  • You can make your onboarding process much more efficient

Another great benefit of mentoring women for companies is that it makes the onboarding process when you hire a new female employee, much easier and more efficient. Onboarding, for any company, can be a complicated and expensive affair, which is why so many companies work so hard on retaining their existing employees. However, it is inevitable after all, especially if you are working to diversify your talent pool. With a mentoring program for women, women employees will find it easier to adapt to the new workplace, rules, values, and culture. They feel welcome and at ease because they have an experienced mentor assigned to them to help them navigate their way.

  • Mentoring women can help you tackle various workplace issues

Last but not least, designing a mentoring program focused on women can help address common problems in your workplace. These issues, such as difficulty for women to navigate male-dominated work environments, lack of diversity and inclusion, lack of equal opportunities and resources for men and women employees, are handled professionally by mentoring programs.