Diversity and inclusivity are the way forward for companies in the 21st century. In our ongoing A Year in the Life of the Strategic CRO series, risk experts from our Insurance Consulting and Technology team, Willis Re and other parts of Willis Towers Watson cover how how a strategically focused CRO can drive corporate strategy through the enterprise risk management planning process and throughout the year. Having a poor reputation risks putting off customers and potential employees. Most boards are aware these days that environmental and reputational risks are likely to be as important as traditional financial risks, if not more so. Values are more concrete when linked to everyday actions. How data and technology can be used to restructure costs in insurance claims, MiFID II Product Governance: making sense of uncertainty, Opening up on diversity: Getting to grips with the reputational risks, Strategy the extent to which diversity and inclusion policies and strategies are referenced and data published, HR processes the recruitment and progression policies for under-represented groups, and. As Verna Myers points out in her Ted Talk, diversity is an invitation to a party, inclusion is being asked to dance. Diversity and Inclusion refer to the set of strategies, policies, and missions adopted by a company to create and encourage an inclusive workplace that attracts a diverse pool of talent from various cultural backgrounds. Our 2022 Skills, Retention and Attraction Survey confirmed that 57 percent of UK businesses regard equality, diversity and inclusion (EDI) as a strategic priority when recruiting new staff.. Research on EDI and its impact on business performance has certainly proliferated in . That is all about to change. Whether you have initiatives already up and running or are just planning how you can guide your company in this way, having a strategy is key. When it comes to creating a supportive culture, communication is essential. Our Diversity and Inclusion (D&I) journey is an evolution. Diversity and Inclusion in Communication. Considerations of equality, diversity and inclusion in the workplace are at the forefront of many company agendas today. Salesforce published a study in 2017 on the impact of Diversity, " The Impact of Equality and Values Driven Business . Awareness: The extent to which an organization and . An insurance industry leader in global Financial Lines with over 20 years of experience, Donovan has held D&I leadership positions at a number of firms, including Chair of D&I Beazley USA, Member of Global Executive D&I for Beazley, Mentor for Woman of Willis and the Founder of Autumn Network. Accountability. Have you ever witnessed any of these biases in the workplace? Without an inclusive recruitment strategy, businesses risk missing out on the full benefits of workplace diversity and achieving an inclusive environment. This is perhaps because diversity and inclusion has historically been seen as HRs domain important, certainly, but not a board-level, strategically critical issue. Examine intersectionality to see how your own cultural identity influences your own perspective, biases, fears, and comfort levels. It is about empowering people by celebrating what makes them different from others, whether that be in terms of gender, ethnicity, age, disability, religion, sexual orientation or education. An inclusive environment boosts employee mental health, engagement and creativity. Remember remote workers. Diversity and inclusion should form a key part of risk management activity, to ensure that all employees are treated fairly and this is a priority within business continuity. your company will risk the psychological safety of your valuable employees. . Equality, Diversity and Inclusion Strategy, 2021-2024. Follow these objective four steps every time your HR team builds out a new plan. The way a company attracts new talent is crucial to D&I efforts. The diversity report is the foundation and marker for improving diversity and setting inclusion strategy goals. This gives you the bonus effect of identifying diverse candidates who also have a different industry perspective, which may help your organization to identify new risks and opportunities or prioritize your current portfolio of risks differently. We are committed to diversity and inclusion in the Risk Strategies family. In short, everyone stands to benefit when we embrace the value of diversity of ideas, ways of working, backgrounds and life experiences. The model measures an organization's diversity, equity and inclusion maturity across five strategic dimensions: Risk management: The quality and depth of an organization's infrastructure, capabilities, and behaviors necessary to identify and mitigate diversity, equity and inclusion risks. In 2021, we committed to reviewing our diversity, equity and inclusion (DEI) strategy for the three years from 2022/23. Women, who typically have lower levels of testosterone than men, may not be as susceptible to the winner effect, and may anchor more toward long-term trends. We hope you will read on for strategies for inclusion and diversity in the workplace. Companies should consider creating a formal mentoring program, but also allow employees to find mentors externally. Diverse teams and work environments not only have a positive impact on employees individual well-being, but also on wider business objectives. Heres how to launch a D&I strategy that really works. At Accenture, pay equity means that our people receive pay that is fair and consistent when considering similarity of work, location and tenure at career level. It was the reputational harm caused by the mishandling of the oil-spill that proved to be the biggest problem. August 28, 2019, About our A Year in the Life of the Strategic CRO series. Employ these tactics to diversify your team just like youve diversified your risk portfolio and youll ensure the long-term success of your risk management strategy. Millennials view workplace diversity as the . English, Spanish. At Risk Strategies, diversity and inclusion have long been part of our roots and core values focused on collaboration, inclusion, and diversity of perspectives. This could be one explanation for bubbles in the financial markets. We are proud to be a diverse workforce. Research shows that having an effective D&I strategy improves both employee engagement and employee experience. The landmark events of 2020 surrounding systemic racism and racial equality have led many companies and their boards to consider their practices related to diversity, equity, and inclusion (DEI). 2021 was a year of success and an important year in Risk Strategies history as we advanced our mission in so many ways. - John Mina, CEO. Diversity and Inclusion strategy Introduction (Kupu whakataki) About this document . Diversity and inclusion (D&I) are important to us because each of our Team Members is delightfully unique in their background, experience, mindset, and capabilities. 3. Human resources professionals play a key role in implementing inclusive practices and promoting diversity and inclusion in the workplace. Many groups who are traditionally under represented in senior management, including women, people with disabilities and people from ethnic minorities suffer as a result. When a company is committed to diversity and inclusion, it shows. Risk in Context Podcast: The Road to Diversity, Equity, and Inclusion. I recently wrote on this topic for HR Zone; discussing how employers can create more inclusive wellbeing schemes that account for, and embrace, diversity. After seeing the diversity numbers on paper (or on-screen) using those . The Earth Science Week theme for 2019 is "Geoscience Is for Everyone.". The Risk Strategies family is committed to setting the right example in our industry, internally and externally, and mindful that everyday actions matter. This course will help learners understand how to: Differentiate the terms diversity, inclusion, and equity. At BlackRock, diversity, equity and inclusion is more than a strategy, it is a mindset embedded at the heart of everything we do - attracting and retaining talent, serving our clients through investment stewardship and financial products, and engaging communities outside of BlackRock to create positive change. Any action taken is primarily to comply with any relevant laws and social pressures. These five core areas will help you use this people data to create positive change. To be competitive organizations need to hire the best of the best, and that is achieved by diversifying hiring processes. Creating an inclusive workplace, must become a priority for business across the globe. Shirley Wardell and I will be posting my conceptual framework on Six Stages of Understanding and Dealing with Racism shortly. Reporting, business planning, and decision-making approaches that have a diversity and inclusion lens built-in to ensure UNICEF UK makes fair and informed business decisions and delivers inclusive and impactful programmes. But an exception is the risks associated with diversity and inclusion, which havent generally been recognised sufficiently and have been under-managed. Managing risk is where financial services firms are at their best so dont let this major risk slip through the net. external empirical studies. The Importance of Diversity and Inclusion. Online courses and serious discussions arent the only ways to inform. As we move forward, embracing our collective diversity, our differences weave together, through the practice of inclusion. Diversity and inclusion is a business strategy which is driven by HR managers of a company. A diversity report helps organizations create goals and targets to improve their diversity and inclusion strategy. According to FastCompany, 68% of employees say training and development is their companys most important policy. An effective working parent programme not only focuses on the . Risk Strategies believes words alone are not enough to ensure the success of diversity and inclusion in our work places. These are just some of the community efforts Risk Strategies has supported. According to research by CISION, women and ethnic minority employees consider mentoring more valuable to their careers than their white male counterparts. Make sure your action plan pays attention to these key features. Fran Wahrman, vice president/diversity, equity, and inclusion manager at Huntington National Bank, discussed how her company developed a social equity guide for colleagues and formed eight . In this edition of our A Year in the Life of the Strategic CRO series, Mallika tells of the benefits of a diverse risk management team as well as some of the drivers of those benefits. This is a serious reputational risk, which will influence how stakeholders (including prospective and current employees, customers and regulators) view financial services firms. If you see having special needs students in your classroom as a growth opportunity and a positive, your students will too. Diversity and inclusion have long been part of Risk Strategies core values. Diversity and inclusion are rapidly becoming the new normal. All rights reserved. Directors and their boards need to identify, mitigate and monitor the risks of not acting swiftly enough to ensure that they and their workforces put an end to the mono-cultural, group-think way of operating. A well-developed diversity and inclusion strategy linked to business objectives assists organisations in achieving stakeholder engagement, prioritising . Committed to diversity and inclusion, we support our communities through the RSC . It should implement regular training at all levels. More than ever, making the most of your capital means solving a complex risk-and-return equation. Salesforce is a great example of a company that integrates diversity and . The existence of a mono-cultural, group-thinking, exclusive board of directors is an indication that the risk is not being taken seriously: in all probability such a board does not have the skills, experience or even the inclination to address the issues. For instance, 33% of high-growth organizations have established key performance metrics for diversity in talent retention, compared with only 17% of negative-growth organizations. Building a robust inclusion and diversity strategy informed by data, and including it in your risk and wider business management will enable your organisation to actively shape perceptions and gain a competitive advantage. The Company complies with the Americans with Disabilities Act (ADA), as amended by the ADA Amendments Act (ADAAA), and all applicable state and local fair employment practices and laws, and is committed to providing equal employment opportunities to qualified individuals with disabilities. What policies will you enact to create an equitable environment, for example instating a gender-neutral bathroom for non-binary staff? Find answers to questions submitted anonymously by TEAM Risk Management Strategies employees. Diverse and inclusive companies drive innovation. When creating and reviewing a diversity, equity and inclusion (DEI) strategy, HR leaders should address the following three components: Commitment. Have questions about Diversity And Inclusion at TEAM Risk Management Strategies? Traditional ways of doing business are being questioned as rapid advances in technology enable truly global working. We are innovators and problem solvers. Testosterone, Cortisol and Financial Risk-Taking, CRO elevator speeches for strategy meetings, Changing risk culture and the dynamic CRO. Create an account and start building on the PeopleGoal platform. There are four main areas: Strategy The main risks to the development of a successful company strategy, where there is a lack of diversity and inclusion in the board and senior management team, is . Create a tangible, stakeholder-informed DEI strategy. Make sure your messaging supports your beliefs and is shared across all audiences including prospects, clients, vendors and stakeholders. When designing a wellbeing strategy, HR teams should bear in mind that BAME and LGBT+ employees may have different needs, so a 'one-size-fits-all' approach may not work. The Council is comprised of employees that will act on behalf of the company to manage diversity and inclusion initiatives. This reflects peoples desire to work for an organization whose values align with their own. Strategies for Diversity, Equity, and Inclusion. Each year, Business Insurance magazine anonymously surveys the workforce of companies seeking to be named one of the Best Places to Work in Insurance. They may well have ethnic and gender diversity targets for their workforce. Equality: everyone benefits from the same support. Providing customized insurance placement and risk management advice, RSC Insurance Brokerage, Inc. is a leading national brokerage built for the challenges of todays hyper-connected, fast-changing world of global business. For four consecutive years Risk Strategies has made the cut and been named one of the Best Places to Work in Insurance by Business Insurance Magazine. In Testosterone, Cortisol and Financial Risk-Taking, Joe Herbert of the University of Cambridges Department of Clinical Neurosciences examined how hormone levels in men and women impacted their risk-related decisions. Setting a clear path for your D&I strategy transforms abstract values into actionable steps. Aim to facilitate discussion and raise consciousness in a fun and natural way. Improve the management of diversity. In October 2021, our Executive Committee approved an evidence-based approach to the strategy review involving four core elements: internal data analysis. Inclusion and Diversity|Insurance Consulting and Technology, Manager, Willis Towers Watsons Insurance Consulting and Technology practice, Benefits Administration and Outsourcing Solutions, Executive Compensation and Board Advisory, Financial, Executive and Professional Risks (FINEX). If employee responses are tepid or negative, the company doesnt make the list. But there are still gaps that need to be addressed. We are firmly committed to our future, and will continue our diversity and inclusion journey to ensure our employees and actions are representative of the world we live in. We also conducted an employee survey to gather feedback and thoughts on priorities as well as initiatives the company could undertake to strengthen our commitment to D&I. Another important barrier to progressing D&I in the workplace is a lack of integration into wider business management. Equality, Diversity, and Inclusion . Firms can also expect increasingly challenging questions from investors, damaging headlines, and the attention of regulators and governments keen to promote diversity as a way of challenging groupthink. As we discussed recently there is a real urgency for Businesses and Chairs of boards to address these issues. From determining how work gets done and how its valued to improving the health and financial wellbeing of your workforce, we add perspective. There is plenty of evidence to suggest that a lack of cognitive diversity in the boardroom has been a contributory factor in the dramatic corporate failures that we have seen, such as Wirecard and Carillion, and indeed the financial crisis of 2007/8. Externalize communities within your organization - how can employee resource groups reach out to the groups they represent in the wider community? In April 2017, mandatory gender pay reporting comes into force in the UK. At Risk Strategies, we believe that each of us individually and our team collectively, has the responsibility to create and sustain an inclusive, productive and rewarding culture that is committed to: Together, Risk Strategies Employees will: Acknowledge, promote and celebrate the talents and backgrounds that each of us brings to the table, and stand firm in our commitment to foster an environment where every employee is supported and encouraged to become the best version of themselves each day. promoting diversity and inclusion in the workplace, National Disability Employment Awareness month, Understanding Diversity and Inclusion course. These diversity and inclusion questions will help you evaluate your company culture and identify key areas of improvement to address in your organization. Certainly, diversity, equity and inclusion is critical as a people strategybut it is also an invaluable risk management strategy. For some, the events present an opportunity to reevaluate and enhance current practices; for others, they may prompt the exploration and implementation of actions and practices [] More and more studies are confirming these financial benefits of gender and racial or ethnic diversity in boards and executive leadership teams. There is still a tendency in the United States to see it as the responsibility of solely the HR department or a specialist team, when in fact it is also the responsibility of senior management. Commit to exact diversity goals/targets. This makes diversity and inclusion a business issue rather than an HR issue a business risk that demands to be actively measured, monitored and managed. One of the main goals of the program is to offer high-quality learning activities that stimulate experiential learning and mobilize conceptual thinking in the geosciences. Mentors can help diverse talent to create actionable development plans, and inspire self-reflection about what employees seek from their career. Working every day to deliver a workplace where our employees are valued. Fostering collective accountability and ownership of diversity and inclusion outcomes in every team and at every level of the firm (including partners, fee-earners and business services teams) Establishing a set of goals, targets and objectives and tracking our progress against these. For financial services, though, its about to become even more critical. Have a Positive Attitude: As the teacher, your positive attitude about inclusion sets the tone for the rest of the class. Creating a more diverse workplace requires commitment and a plan. This creates a space for under represented groups to engage in informal and honest communication about their experiences. And 23% of these high-growth organizations have established ways to measure diversity in their hiring, while only 15% of negative-growth organizations have done so. Risk Strategies is committed to creating and sustaining an inclusive, productive and rewarding culture. It also plays a powerful role in shaping the views of stakeholders: shareholders, employees, suppliers and, probably most important of all, customers. #risk. Additionally, a 2018 analysis by McKinsey painted an even clearer picture: Companies in the top 25 th percentile for gender diversity on their executive teams were 21% more likely to experience above-average profits. InTestosterone, Cortisol and Financial Risk-Taking, Joe Herbert of the University of Cambridges Department of Clinical Neurosciences examined how hormone levels in men and women impacted their risk-related decisions. LinkedIn research. Companies' efforts around diversity, equity, and inclusion (DE&I) are improving and accelerating. Diversity is perceived differently by different generations. Great communication requires an accepting, open-minded environment. This is an initiative employed by innovative organisations who recognise that the transition to parenthood is a critical, high-risk period, which often creates professional stress and disruption, derailing professional lives and burdening business with attrition and sick leave. An effective strategy should go back to basics and systematically establish diversity and inclusion as a cornerstone of company culture and policy. 4 ways to build create a diverse ERM team. Challenging Systemic Racism. Inclusion is the culture in which all people feel included, are given equal opportunity to contribute to business success, and feel comfortable expressing their true selves.Creating an inclusive culture ensures that all employees feel valued, regardless of who they are and where they come from. The Risk Strategies family is committed to setting the right example in our industry, internally and externally, and mindful that everyday actions matter. So what is the diversity and inclusion reputation of financial services firms? Failure to act was risky and could have revenue and brand impacts in both the short term and long term. Audit your recruitment system. Be sure to align with the Civil Rights Act of 1964, and other employment legislation listed here. The partnership includes making recommendations and working closely with the Executive Committee to further D&I efforts, including identifying needs, reporting on progress of initiatives across the firm, and helping to institutionalize human capital practices that support and accelerate D&I goals. The Company strictly prohibits and does not tolerate unlawful retaliation against any employee. Reflecting on 25 Years of Risk Strategies. 2015-2022 PwC. Your ability to manage risk is key to your thriving in an uncertain world. Consider the measures risk professionals take, based on the roles they play in risk mitigation: As an industry we are striving for diversification throughout every aspect of our business portfolios, so it stands to reason that we benefit from diversity within our risk management teams as well. For us, that includes providing a work experience where people can be themselves and . This makes diversity and inclusion a business issue rather than an HR issue - a business risk that demands to be actively measured, monitored and managed. This inevitably results in a higher risk of preventable ill-health. Setting goals. Risk Strategies is monitoring developments to help you navigate this changed world. So with D&O and EPL insurers becoming increasingly aware of the rising risk of diversity and inclusion lawsuits, agents and brokers can expect underwriters to include an . Establish organizational accountability for DEI by defining roles . There is a proven financial benefit to more diverse leadership teams. Heres how to launch a diversity and inclusion strategy that works. Also in 2020, Risk Strategies hosted its first Womens Roundtable, as a commitment to further support women and diversity in the workplace.
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