Three things to do to reduce turnover of diversity employees

I recently read a study by the Robert Toigo Foundation, a foundation that encourages minority students to pursue careers in finance, which identified some of the key ways to retain minority professionals in finance firms. The study found a distinct but common pattern of events that ultimately led to the voluntary departure of professionals of color from finance firms and recommended ways to help retain qualified minority finance professionals. Many of the methods suggested by the study can be applied to many different industries and businesses. New approaches and new ways of thinking are necessary in order for firms to retain minority professionals and create working environments where minority professionals can advance and contribute to the growth of the business.

Here are some of the ways that the Toigo Foundation study suggested as to how firms can proactively work to create a minority friendly working environment and reduce diversity professional turnover:

• Get minority and diversity employees involved immediately. Involving minority and other diversity employees in important projects and asking them for their input and opinions on certain important decisions shows that the company appreciates and understands their value as individuals, not just as a means to help the company increase its minority market share. Proportionately and publicly recognizing the contributions of minority employees along with white mainstream employees is also an effective way to help minority employees understand that they are on equal footing with all other employees.

• Mentor diversity employees from day one. To ensure the success of all employees, not just diversity employees, companies need to have a formal, structured mentoring program in place. Mentors should be accountable for their performance in mentoring the minority employee, and the mentoring program itself should be periodically reviewed to make improvements and ensure continued success.

• Provide clear and consistent feedback. It does no good to the professional development of a minority employee if the feedback his managers, supervisors, and mentors provide is unclear or general. Mentors, managers and supervisors should provide consistent formal and informal feedback at the same level and clarity that they provide feedback to their white counterparts. In many instances, diversity professionals are treated differently and left out of informal circles at work where critical knowledge is exchanged, putting many critical professional development opportunities well out of their reach.

Putting these three suggestions into practice will not only help companies recruit and retain more diversity employees, but it will also help them develop professionally and advance through the company.