StepStone Sponsorship and Mentorship Programs

Challenge

The retention of diverse talent is a critical focus across the private markets industry.  Looking at the overall industry statistics there is a decline in traditionally underrepresented groups, such as women and ethnically/racially diverse individuals, from the mid-level to senior ranks within companies and organizations. Multiple studies have highlighted that a lack of sponsorship is one potential reason why underrepresented groups have not advanced to senior leadership positions at the same pace.

Actions

StepStone launched a formal Sponsorship Program to bolster and champion StepStone’s efforts to identify, engage and retain high performing, midlevel, female and ethnically/racially diverse professionals across the firm who we believe have the strong potential to become future senior leaders at StepStone. As part of this program, each participant undergoes a 360 review to help identify his/her areas of strength and areas for future growth. StepStone also pairs each participant with an internal, Partner-level sponsor and with an outside executive coach to develop an individual growth and development plan. Each program participant meets with his/her sponsor and executive coach regularly to build his/her individual development plan and help find assignments and opportunities to achieve his/her developmental goals. A key objective of this program is to prepare these individuals to become more effective leaders and managers.

In addition, StepStone’s global mentorship program pairs employees with a senior mentor to provide them with career guidance and advice. The Firm pays for quarterly lunches for mentors and mentees to meet and network with one another.

Outcomes

The Sponsorship and Mentorship Programs have helped to further develop a culture of sponsorship and inclusion across StepStone, and are a key component of our efforts to retain diverse talent. StepStone tracks its diversity metrics and has continued to see increases in the percentage of underrepresented groups within its senior leadership.

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