Nor was it the environmental impact that did the most damage to the company. 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. 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. Our Diversity and Inclusion Belief System, Our Diversity and Inclusion Journey Continues. 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. Businesses need to act now to address issues of diversity and inclusion, to achieve representation and to promote diversity of thought. Reflecting on 25 Years of Risk Strategies. Employers should widen their outreach. Rather than an HR outpost, employees view cultivating an inclusive culture as a responsibility for all. Equity: every gets the support they need. 2015-2022 PwC. The people that fulfill various responsibilities in your ERM program will need to change over time to optimize your outcomes. "Show attorneys why it is worth their time.". Previously in the A Year in the Life of the Strategic CRO series: Bringing risk appetite into strategy. An enhanced Diversity, Equity & Inclusion strategy reflects your purpose, culture, values and business strategy. This is a very good start. Establishing a work environment that embraces behaviors in support of diversity, equity and inclusion is crucial to giving all employees a sense of belonging. 2. external empirical studies. 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. Commit to exact diversity goals/targets. The Earth Science Week theme for 2019 is "Geoscience Is for Everyone.". found that women are much more likely to rely on third-party job websites. Diversity and Inclusion strategy Introduction (Kupu whakataki) About this document . Key diversity partners. His review of several studies showed connections between higher levels of testosterone and mispricing and over-optimism about future changes in asset values.. Diversity and inclusivity are the way forward for companies in the 21st century. Traditional ways of doing business are being questioned as rapid advances in technology enable truly global working. All your plans, including the DE&I plan, must align with your company's values. 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. by David Doughty, Chartered Director Chief Executive, Chair, Non-Executive Director, Entrepreneur and Business Mentor, To view or add a comment, sign in Companies that implement Diversity & Inclusion strategies not only have a positive impact on revenue, but also meet customer expectations and increase the chances of customers identifying with their product and buying it. Audit your recruitment system. Non-Discrimination and Anti-Harassment Policy. According to a recent report by the Boston Consulting Group, most companies have a diversity program of some kind but nearly 75% of employees in diverse groups aren't reaping the benefits. Strategies for Diversity, Equity, and Inclusion. Our Employee Handbook specifies the policies and practices of Risk Strategies. Underwriting pressure. Speak to community mentors and make sure they have ample opportunity to raise issues related to inclusion. Mallika Bender Not anymore. ", - Chair Diversity & Inclusion Risk Strategies. Managing risk is where financial services firms are at their best so dont let this major risk slip through the net. Many initiatives fall into the trap of being superficial, corporate box-ticking exercises that in reality do very little to address diversity in the workplace. 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. As Verna Myers points out in her Ted Talk, diversity is an invitation to a party, inclusion is being asked to dance. #inclusionpsychs In addition to leading Risk Strategies National Management Liability Practice, Donovan is the firms Diversity & Inclusion Council Chairperson. Millennials view workplace diversity as the . Program Objectives Emphasize the value of diversity. Research shows that having an effective D&I strategy improves both employee engagement and employee experience. Diversity and Inclusion in Communication. Perhaps they report on ethnic and gender pay-gaps in their annual reports. Companies whose employees arent motivated to respond in high enough percentage are disqualified. If you see having special needs students in your classroom as a growth opportunity and a positive, your students will too. The Importance of Diversity and Inclusion. Make communication easy and efficient. 06/14/2021. To demonstrate our evolution we from our old D&I Strategy. The D&I Strategy and Risk Reduction Strategy recognise that trusting and respectful relationships are integral to supporting communities, and this is not limited to geographical boundaries. Inclusion therefore must be a primary consideration during the talent attraction process right through to the interview and onboarding stages. Membership will rotate to ensure employee voices are heard across all regions and segments of the company, and to allow a continuous flow of innovative and diverse ideas. When a company is committed to diversity and inclusion, it shows. Instead, they must take a thoughtful and sincere approach, and adopt a meaningful I&D strategy. While diversity and inclusion has long been part of Risk Strategies core values, we realize that we need to do more. That is double the national average of 17%. This is perhaps because diversity and inclusion has historically been seen as HRs domain important, certainly, but not a board-level, strategically critical issue. Please see www.pwc.com/structure for further details. This should incorporate legal requirements but also surpass obligations. The next step is for senior management to recognise diversity and inclusion as a reputational risk, which should be built into business planning and managed with the same strategic focus and emphasis on monitoring thats afforded to other major business risks. Diversity and inclusion have long been part of Risk Strategies' core values. Diverse teams and work environments not only have a positive impact on employees individual well-being, but also on wider business objectives. Level 2. We are so proud to recognize our own Director of Inclusion and Diversity, Laurie Trousil as she is featured among a trio of voices chosen from member companies of the Minnesota Chapter of the US Green Building Council (USGBC). The conversation opened with Christine Manglano introducing Amadeus, a company founded on diversity over 30 years ago. Diversity & inclusion priorities will differ. 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). Our employee population is comprised of 61% female/39% male and women comprise 55% of our C-Suite positions. Level 2 organizations have a compliance-focused mindset. 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. In 2021, we committed to reviewing our diversity, equity and inclusion (DEI) strategy for the three years from 2022/23. This guide provides nine essential tasks to help navigate the diversity and inclusion strategic planning process. Communities are looking to put an end to discrimination and to create environments with equal opportunities, regardless of gender, race, ethnicity or other characteristics. This is a serious reputational risk, which will influence how stakeholders (including prospective and current employees, customers and regulators) view financial services firms. Learning and Development emboldens your D&I approach. But few boards consider diversity and inclusion to be a strategic business risk. Mark National Disability Employment Awareness month through a virtual Lunch and Learn. It was the reputational harm caused by the mishandling of the oil-spill that proved to be the biggest problem. We are committed to setting the right example in our industry, internally and externally, and mindful that our everyday. This strategy must ensure that all employees work within an inclusive environment throughout their life-cycle: from recruitment to promotion to exit. Our CEO, CHRO and senior leaders are committed to doing more to support diversity and inclusion, and foster change through the power of our employees and support of a D&I Council, Womens Roundtables, and ongoing employee dialogue in Town Halls. Level up your diversity and inclusion strategy. To be competitive organizations need to hire the best of the best, and that is achieved by diversifying hiring processes. Financial services is all about understanding and taking risks within a firms appetite. This is a problem, of course, way beyond the insurance industry. These are just some of the community efforts Risk Strategies has supported. 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. Strategy. The way a company attracts new talent is crucial to D&I efforts. The following excerpts outline our corporate commitments to diversity, equality & inclusion: The Company is an equal opportunity employer and does not discriminate against employees or job applicants on the basis of race, color, sex, age, gender identity, sexual orientation, marital status, creed, national origin, disability, military, veteran, family, or domestic violence victim status, reproductive health decisions, predisposing genetic characteristics or information or any other status or condition protected by applicable local, state or federal laws, except where a bona fide occupational qualification applies. An entity's diversity and inclusion strategy defines the organisation's vision for diversity and inclusion, articulates business drivers, and set key priorities with specific action points. From determining how work gets done and how its valued to improving the health and financial wellbeing of your workforce, we add perspective. These five core areas will help you use this people data to create positive change. The survey goes in depth, seeking candid assessments and insights, from the employees perspective, on the companys culture and climate. This is a serious reputational risk, which will influence how stakeholders (including prospective and current employees, customers and regulators) view financial services firms. "What we have noticed in recent requests for proposals (RFPs) is that diversity, equity and inclusion (DE&I) have become a critical factor when choosing vendors," said Grant Thornton Global Services Industry Leader Sean Denham. L&D is powerful as employees want to learn! For example, an insurance company looking for diverse ERM professionals may have luck finding more candidates with ERM experience from the banking industry or other financial sectors. Make sure your action plan pays attention to these key features. In order to establish a high performing culture of inclusion in the workplace it is essential that company leaders implement a specific D&I strategy that addresses structural issues within the organization. It is critical that we affect change together and in the summer 2020, we announced a D&I Council. Diversity is about recognizing and embracing all people as individuals. For financial services, though, its about to become even more critical. Weve recently completed a study of 39 firms in the UK to assess this in four areas: The results show that banks generally perform much better on diversity and inclusion than their counterparts in insurance and asset and wealth management. Gethin Nadin. Diversity and inclusion is a business strategy which is driven by HR managers of a company. For each role, ensure that you are considering multiple candidates, including diverse candidates in your interview slate and diverse colleagues in your interviewing team. 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. But they will probably regard diversity and inclusion as an HR issue, and not something that should appear on the strategic risk register. If your team in charge of financial risk-taking decisions is primarily men, this could be the case. There is an increasing focus on cognitive diversity to avoid group-think, for example where board members are predominantly accountants. Our latest report shows not only that the business case remains robust but also that the relationship between diversity on executive teams and the likelihood of financial outperformance has strengthened over time. Diversity, equity and inclusion strategy. 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 . Also, arrange one-on-one sessions between employees and their community members to ensure they have a safe space to share their feedback. I recently wrote on this topic for HR Zone; discussing how employers can create more inclusive wellbeing schemes that account for, and embrace, diversity. More than 80% of CEOs whose organizations have a diversity and inclusion strategy believe it has enhanced business performance. August 28, 2019, About our A Year in the Life of the Strategic CRO series. All accounts start with a 7-day free trial and can be cancelled at any time. Financial services, which is one of the most important sectors for the UK economy, has a gender pay-gap of about 34%. By Not tolerating harassment, racism or discrimination of any kind. Your policy will codify the behaviors you expect from all employees. Setting a clear path for your D&I strategy transforms abstract values into actionable steps. 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. 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. Our Diversity and Inclusion (D&I) journey is an evolution. Diversity And Inclusion. Excited about our future. | A strategic plan shapes and guides what an organization is, who it serves, what it does, and why. 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. 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. Our commitment to diversity means advancing our culture of inclusion and taking action to support underrepresented groups.

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