Final answer:
A mentorship program is the most likely to successfully support diversification of top management ranks by providing underrepresented groups with guidance and professional development opportunities, fostering growth and retention within a company's existing diverse workforce.
Step-by-step explanation:
To address the lack of diversification in top management ranks within a company that already has a diverse workforce, a mentorship program may be the most effective approach. This approach goes beyond the hiring and application process, ensuring that individuals from underrepresented groups have the opportunity to be competitive on their merit, by providing them guidance, support, and opportunities for professional development. Such programs can foster professional growth and retention, elevating qualified individuals to higher positions within the organization.
While options such as hiring quotas and targets have played a role in the past in creating a diverse workforce, they have also been met with criticism and legal challenges. Sensitivity and diversity training as well as sexual harassment training are beneficial for creating an inclusive work culture but do not directly contribute to upward mobility within an organization. Thus, mentorship programs stand out because they contribute to developing the leadership potential within the existing diverse employee base.
Furthermore, affirming the importance of professionalizing human resources functions may help reduce bias in promotion processes, ensuring that career advancement is based on merit, and contributes to a successful and equitable workplace.