Mentorship programs in the last year have seen steady growth for Fair360’s Top 50 companies, even as they have declined for all companies that participated in the survey. In 2023, 98% of Top 50 companies utilized a formal mentorship program. This is an increase of 2% from 2022. By contrast, formal mentorship has decreased for all surveyed companies from 74% in 2022 to 70% in 2023.
Expanding formal and informal mentorship can provide greater access to professional resources that aid employees’ career trajectories. When implemented with workplace fairness in mind, these programs can benefit women and minorities. Both groups have historically lacked equal access to mentorship and stand to benefit the most from greater accessibility.
In reality, the effect of mentorship programs on opportunities for underrepresented groups is more complicated. This is due in part to the nature of representation in mentorship programs.
