why diversity matters to future of insurance industry - motivation, leadership, talent development,...

Why Diversity Matters to Future of Insurance Industry

Dr Patrick Dixon Chairman Global Change LtdTuesday, 3 September 13

Talent, skills, experience, language, culture

Tuesday, 3 September 13

The future is about

EMOTION

Diversity = PredictabilityTuesday, 3 September 13

Diversity in workplace leads to diversity in

marketplaceTuesday, 3 September 13

Business Case for Diversity


Teams in top half of Engagement

� 86% more likely be.er customer metrics� 70% more likely to have low staff turnover� 70% more likely to be highly produc>ve� 44% more likely to be profitable

� 10 million surveyed by Gallup


Corporate ValuesHelp Recruitment

•82% would not work for company whose values they objected to•59% work for a company because they believe in it’s values


Coca Cola Diversity Awards


1 trillionpages a month


Online HR Challenges•xxxxx is like working for that two-faced, back-stabbing "so-called" friend you wish you had neve... Read More

•Just to give an overall perspective. I am trying hard not to EVER buy a product from this company a... Read More

•I am quite disappointed in the culture and diversity at xxxxx. The culture is similar to a popu... Read More


http://www.vault.com/companies/singlesurvey.jsp?product_id=730&type=workplace&response_id=37370&response_list=95893,125554,87792,18487,58731,80271,31370,53011,14197,56171,133730,14838,441,100851,37370&gs=






Reputa>on for hiring WHITE Americans leading to lawsuits


85% of leaders of largest US corpora>ons say diversity is key to innova>on

Forbes study


Diversity linked to higher sales, market share and profits, talent recruitment


Diverse teams can mean less loyalty, lower mo>va>on, higher sick leave, conflict, mis-‐

communica>on, slower decisions


Expect many mergers and acquisitions even though


What have we learned from

tackling GENDER issues?


Only 30% Wal-‐Mart management are women


Women Outperform Men

•Most sales to women•60% US graduates•40% primary earners•Most women leave corpora>ons early•Solve talent shortage

UrbanTribal


Women outperform menand then disappear

•Only 3.2% of the Presidents or Chairs of the largest publically-‐listed companies in EU are women•Only 13.7% of their board members are women Board members with highest % women– 42% higher sales– 66% higher ROI


Toxic Testosterone Culture


•Young children•Dependent parents•Double careers•Double shiN pa.erns•Divorce / separa>on

Complex Homes


•12% of mothers want to work full Mme•31% do not want to work outside home•28% men full Mme jobs want part Mme•Most fathers want more Mme with children

•2009 UK Survey

Parents and Work Flexibility


Life-‐Life Balance Flexibility


Balance is usually about People


Bonusable objective = % Part-Time

•Hours – part-‐Mme, job-‐sharing, flexible start and finish Mmes, shorter•Leave – unpaid leave for study, bereavement, parental care, voluntary•Loca>on – working from home, opportunity to transfer to different area


Different in Emerging Nations


Lessons from GENDER can apply to RACE


Reproduce own imageTend to recruit people with familiar name, voice, accent, personality, culture, appearance


“People of Colour”-‐ USBy 2050, no ethnic majority in US

By 2050 new immigrants and their children = 83% of growth in workforce

People of colour own 22% of U.S. businesses

Women of colour own 1.9 million firms, $165 billion pa revenue and 1.2m staff

People of color only represent about 15% of corporate boards among the senior management of Fortune 500 companies


US Race Discrimina>onUnemployment rate for White graduates is half that of Black graduates

95% of gap is due to higher probability of losing workDiscrimina>on on ancestry, color, hair texture, facial features, name,

accent or manner of speech, hair style (e.g. locks or a goatee). Couch and Fairlie


EU race discrimina>onRise of xenophobia across EU

Hos>le reac>ons to Italy’s first black cabinet minister etcItaly, Slovakia, Hungary NB discrimina>on against Roma people


Ethnic Issues in UK Workplace12% of working age are ethnic minori>es20% unemployment rate in Black workers7.6% unemployment rate in White workers20% unemployment rate in white youths44% unemployment rate in black youths

1 in 6 UK-‐domiciled students are from ethnic groups1 in 15 ethnic graduates are in management


UK Race Discrimina>onOnly 1% of principals of colleges in Britain are from ethnic

minorities -16% of students


UK Race Discrimina>onMany job applicants change their name or appearance to try to overcome prejudices

better chance of job interview / offer


Benefit of Quotas ?Black Asian and Minority Ethnic People in UK

1 in 4 at school -‐ 1 in 8 in workforce -‐ 1 in 16 on FTSE100 boardsTuesday, 3 September 13

Unconscious racial biasin White Men

Alcoa, Bank of America, Intel, Exelon, Marsh & McLennan Companies, PepsiCo, Wal-Mart and PWC etc

45% percent of white men gave boss a positive rating21% percent of women and people of color agreed

Own story


AGEISM is the next biggest challenge


Jim Clements is 100 years oldTuesday, 3 September 13

Beyond Re>rement

� What is your corporate position on retirement age?� Laws vary - challenge to take a position� What is “morally right” and fair?� Does it change when 40% of youth are out of work?


SEXUALITYless visible but high impact

40% of gay and lesbian employees say they face harrassment and discrimina>on at work


IMPROVEDIVERSITY


White men ocen lead “Diversity” projects in large US corpora>ons

BUT white men oNen blind to prejudices -‐ according to their non-‐white team members


Develop hiring strategy to make workforce look like community you operate in

Recruit people who like diverse teams

Help new hires to feel that they belong

Create internal role models / championsTuesday, 3 September 13

Use community organisa>ons in hiring to encourage diversity


Start at the TopModelling right aftudes

Absolute commitment to diversityClear targets -‐ threat of quotas!

Equal candidates -‐ chose under-‐represented gender / race etcPublished sta>s>cs on workforce at different levels

Aggressive steps to achieveRecrui>ng -‐ mentoring -‐ encouraging

Ajacking ins>tu>onal prejudice and barriersAgents for change in wider society


•Individuals•Families•Teams•Communi0es•Wide World

Diversity Makes Life Bejer

Bejer underwri>ng, management, marke>ng, mo>va>onTuesday, 3 September 13

Why Diversity Matters to Future of Insurance Industry

Dr Patrick Dixon Chairman Global Change LtdTuesday, 3 September 13

why diversity matters to future of insurance industry - motivation, leadership, talent development,...

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