Date post: | 09-May-2015 |
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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
Tuesday, 3 September 13
Diversity in workplace leads to diversity in
marketplaceTuesday, 3 September 13
Business Case for Diversity
Tuesday, 3 September 13
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
Tuesday, 3 September 13
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
Tuesday, 3 September 13
Coca Cola Diversity Awards
Tuesday, 3 September 13
1 trillionpages a month
Tuesday, 3 September 13
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
Tuesday, 3 September 13
Reputa>on for hiring WHITE Americans leading to lawsuits
Tuesday, 3 September 13
85% of leaders of largest US corpora>ons say diversity is key to innova>on
Forbes study
Tuesday, 3 September 13
Diversity linked to higher sales, market share and profits, talent recruitment
Tuesday, 3 September 13
Diverse teams can mean less loyalty, lower mo>va>on, higher sick leave, conflict, mis-‐
communica>on, slower decisions
Tuesday, 3 September 13
Expect many mergers and acquisitions even though
Tuesday, 3 September 13
Tuesday, 3 September 13
What have we learned from
tackling GENDER issues?
Tuesday, 3 September 13
Tuesday, 3 September 13
Only 30% Wal-‐Mart management are women
Tuesday, 3 September 13
Women Outperform Men
•Most sales to women•60% US graduates•40% primary earners•Most women leave corpora>ons early•Solve talent shortage
UrbanTribal
Tuesday, 3 September 13
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
Tuesday, 3 September 13
Toxic Testosterone Culture
Tuesday, 3 September 13
•Young children•Dependent parents•Double careers•Double shiN pa.erns•Divorce / separa>on
Complex Homes
Tuesday, 3 September 13
•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
Tuesday, 3 September 13
Life-‐Life Balance Flexibility
Tuesday, 3 September 13
Balance is usually about People
Tuesday, 3 September 13
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
Tuesday, 3 September 13
Different in Emerging Nations
Tuesday, 3 September 13
Lessons from GENDER can apply to RACE
Tuesday, 3 September 13
Reproduce own imageTend to recruit people with familiar name, voice, accent, personality, culture, appearance
Tuesday, 3 September 13
“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
Tuesday, 3 September 13
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
Tuesday, 3 September 13
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
Tuesday, 3 September 13
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
Tuesday, 3 September 13
UK Race Discrimina>onOnly 1% of principals of colleges in Britain are from ethnic
minorities -16% of students
Tuesday, 3 September 13
UK Race Discrimina>onMany job applicants change their name or appearance to try to overcome prejudices
better chance of job interview / offer
Tuesday, 3 September 13
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
Tuesday, 3 September 13
AGEISM is the next biggest challenge
Tuesday, 3 September 13
Jim Clements is 100 years oldTuesday, 3 September 13
Tuesday, 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?
Tuesday, 3 September 13
SEXUALITYless visible but high impact
40% of gay and lesbian employees say they face harrassment and discrimina>on at work
Tuesday, 3 September 13
IMPROVEDIVERSITY
Tuesday, 3 September 13
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
Tuesday, 3 September 13
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
Tuesday, 3 September 13
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
Tuesday, 3 September 13
•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