"It's about building a bench for your organization today and years into the future," says Carmen Decker of Kimco Realty when asked about the importance of mentoring. Decker is one of the speakers on the topic at the upcoming GlobeSt. Elite Women of Influence conference July 22 through July 23. Along with Decker, Sheri Thompson, SVP and FHA finance group head at Walker Dunlop; Suzanne Hollander, Esq, a professor at Florida International University; and Karen Tepera, managing director of client services at Greystar, will also speak on the panel.

"[Mentoring] provides your existing leaders for an opportunity to grow their experience base to include development of team members, which again helps to further prepare your organization for whatever the future brings," adds Decker, president of the western region at Kimco Realty.

Retention and recruitment are equally important benefits of building a mentoring program. Mentorship builds strong talent, but it can also help to nurture a professional's experience at a company and encourage continued growth. "Your superstars will always want to keep growing and learning," says Decker. "If your people know that you genuinely care about them and their careers, it helps to create a small sense of loyalty that is very difficult to come by in todays job climate."