One Secret Weapon for Retaining Diverse Talent

We've all heard about the Diversity in Tech conundrum many are encountering in Silicon Valley, but for corporations that are past pipeline issues, the question still remains: "How can we retain diverse talent?".

Deloitte names retention and engagement as the second biggest talent challenge for business leaders, following building global leadership. In this struggle, there's one secret weapon companies are forgetting they have in their back pocket. Employee Resource Groups.

An Employee Resource Group (ERG) should be seen as a resource not only to the company to promote overarching business goals and objectives; but also as a resource to employees, managers, and Human Resources, respectively. 

Having been to numerous farewell events over the past year, many friends and colleagues site their company's slow recognition and promotion as the #1 source of their exit. What can companies do about that? Aside from changing process, creating shorter lead times for talent development - they can start by leveraging their ERGs for internal gains.

ERGs should be seen as a channel to Leadership Development: When budgets are tight, training is dwindling, and companies aren't hiring outside consultants for in-person facilitation; corporations should begin to look to ERGs as a source to enrich home-grown talent. ERGs provide an avenue to offer no-cost lunch and learn events from subject matter experts directly from their own membership. This allows employees to share their expertise (showing Leadership), and provide free training (providing Employee Development). Win-win.

ERGs should be a source of Talent: When employees see a position taken from an outside candidate, they often wonder, "Why wasn't I selected for that position?" Management & Human Resources may not know the full potential of their employees if they are only viewing their day-to-day responsibilities. ERGs often enable employees to manage others through volunteer coordination, enhance skills through project management, and work on an integrated project team (did I hear "Stretch Assignment"?). This is an opportunity for managers to watch their employees thrive, develop, and offer feedback in an informal environment to foster career growth. Look for your next leader out of your ERG board & active membership. 

ERGs act as a conduit for Stay Interviews: Do you ever wonder if there was something you could have done to keep that employee who just walked? If the answer was, "No." ... that's why the employee left. If your answer was, "Yes, of course." ... know you can reach out to an ERG. Employee Resource Groups often have a mission to attract, develop, and retain diverse talent. They want to keep employees just as much as you do. Introducing employees to a diverse network of people, ensuring they feel welcome, and providing a local resource for cultural & professional affiliations means a lot. Growing a network, friends, even family can make the difference in staying or leaving.

Although affinity groups can't replace the value of compensation and benefits, a focus on those who are engaged the most can make a difference to retention efforts. Are companies using this platform to connect and retain their employee base as an easy check in the box to diversity retention?