But few boards consider diversity and inclusion to be a strategic business risk. 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. What policies will you enact to create an equitable environment, for example instating a gender-neutral bathroom for non-binary staff? Aim to facilitate discussion and raise consciousness in a fun and natural way. 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. Our Employee Handbook specifies the policies and practices of Risk Strategies. The studies showed that this link appears to hold true even for experienced financial traders, not just the average Joe. To see real progress, it is essential that this strategy is implemented across the organization, from selection to career development and progression. 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). Other initiatives, including communication and training. By understanding the complex challenges and disparities that impact your workplace and communities you can successfully navigate unprecedented changes in how you work, take care of your people and address societal social injustices. Financial institutions are increasingly focusing on incorporating D&I policies at all workforce levels. But they will probably regard diversity and inclusion as an HR issue, and not something that should appear on the strategic risk register. This should incorporate legal requirements but also surpass obligations. Attorneys can share their participation with a client after the fact, or even invite the client. found that women are much more likely to rely on third-party job websites. Putting our collective best foot forward to create meaningful solutions for clients. Also, arrange one-on-one sessions between employees and their community members to ensure they have a safe space to share their feedback. The Earth Science Week theme for 2019 is "Geoscience Is for Everyone.". Level 2 organizations have a compliance-focused mindset. 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. Thank you for supporting Earth Science Week! 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. Just like risk and opportunity, diversity is multi-dimensional and intersectional, so there are many ways for you to achieve diversity in your team, including by: What if I told you that your financial risk strategy is overly optimistic, that your risk appetite in practice is higher than on paper, that your strategy favors short-term and purely monetary gains over long-term or indirect gains? In this bottom level, no diversity and inclusion work has begun. Without an inclusive recruitment strategy, businesses risk missing out on the full benefits of workplace diversity and achieving an inclusive environment. #boardpsychs Diversity & inclusion priorities will differ. We look forward to using this framework in our training and courses for Chairs of Boards and NEDs as well as in the bespoke training we are offering to Businesses, Local authorities and the NHS. 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. Externalize communities within your organization - how can employee resource groups reach out to the groups they represent in the wider community? Diversity, equity and inclusion strategy. Level 2. Extent to which each person in an organization feels welcomed, respected, supported, and valued as a team member. Gethin Nadin. 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. But there are still gaps that need to be addressed. For each role, ensure that you are considering multiple candidates, including diverse candidates in your interview slate and diverse colleagues in your interviewing team. 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. Heres how to launch a D&I strategy that really works. This is perhaps because diversity and inclusion has historically been seen as HRs domain important, certainly, but not a board-level, strategically critical issue. Diversity, equity and inclusion cannot be "add minorities and stir.". Boardrooms need to better reflect those they serve and Chairs of boards need to embrace diversity of thought and ensure they are rising to the challenge. Diversity is about recognizing and embracing all people as individuals. In today's environment, organizations can no longer afford to treat inclusion and diversity (I&D) as a public relations or human resources issue. Establish organizational accountability for DEI by defining roles . Evaluate job descriptions so groups of people are not eliminated from consideration . Clients depend on us for specialized industry expertise. #inclusionpsychs 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. Strategy design with organizational goal. Treat your diversity and inclusion strategy as a data initiative. Not anymore. Data collection and analysis. Our employee population is comprised of 61% female/39% male and women comprise 55% of our C-Suite positions. Online courses and serious discussions arent the only ways to inform. ", - Chair Diversity & Inclusion Risk Strategies. We will continue to set the right example for ourselves both internally and externally in our industry and encourage all employees to be reminded that their everyday actions matter. Have you ever witnessed any of these biases in the workplace? Diverse and inclusive companies drive innovation. 8. Develop greater workplace productivity. Certainly, diversity, equity and inclusion is critical as a people strategybut it is also an invaluable risk management strategy. Although you should work through the tasks in order, you will find the process can be circular. The range of colours represent our diversity - everything that makes us different to each other. Follow these objective four steps every time your HR team builds out a new plan. Enhance human relations. Proud of our Past. Accelerate your strategy. As Verna Myers points out in her Ted Talk, diversity is an invitation to a party, inclusion is being asked to dance. Remember remote workers. 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. 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. This benchmarks areas for improvement so that your D&I strategy is based on data. This is a serious reputational risk, which will influence how stakeholders, including prospective and current employees, customers and regulators, view financial services firms. 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. An ethnically diverse workforce has the capacity to accelerate the development of new products and services, develop new business opportunities, expand market share and broaden an organizations client base. external empirical studies. Risk Strategies is committed to creating and sustaining an inclusive, productive and rewarding culture. Make sure your action plan pays attention to these key features. 2022 PeopleGoal, Inc. All rights reserved. This inevitably results in a higher risk of preventable ill-health. All accounts start with a 7-day free trial and can be cancelled at any time. So what is the diversity and inclusion reputation of financial services firms? Setting a clear path for your D&I strategy transforms abstract values into actionable steps. Copyright 2022 WTW. That is all about to change. This episode of Marsh's Risk in Context podcast features a conversation on DE&I initiatives with Patti Steis . Establishing a work environment that embraces behaviors in support of diversity, equity and inclusion is crucial to giving all employees a sense of belonging. Working every day to deliver a workplace where our employees are valued. 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. Setting goals. All rights reserved. Human resources professionals play a key role in implementing inclusive practices and promoting diversity and inclusion in the workplace. # blackhistorymonth # diversity # BeHEARD In keeping with this commitment, all employees are responsible for ensuring that the workplace is free from harassment and discrimination based on any protected characteristics and retaliation. That is double the national average of 17%. A strategic plan shapes and guides what an organization is, who it serves, what it does, and why. Have a Positive Attitude: As the teacher, your positive attitude about inclusion sets the tone for the rest of the class. Strategy. It was the reputational harm caused by the mishandling of the oil-spill that proved to be the biggest problem. Committed to diversity and inclusion, we support our communities through the RSC . 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. English, Spanish. 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. 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. #risk. Make regular and gradual changes. Make communication easy and efficient. Risk Strategies is monitoring developments to help you navigate this changed world. His review of several studies showed connections between higher levels of testosterone and mispricing and over-optimism about future changes in asset values.. I recently wrote on this topic for HR Zone; discussing how employers can create more inclusive wellbeing schemes that account for, and embrace, diversity. An effective diversity and inclusion strategy will help your organization attract top talent and drive innovative results. An effective working parent programme not only focuses on the . A manager town-hall democratizes communication, as managers make themselves vulnerable to difficult questions. It should implement regular training at all levels. We are committed to setting the right example in our industry, internally and externally, and mindful that our everyday. 6. Many use the word inclusion interchangeably with diversity, or even equality. Being a diverse and inclusive employer requires commitment. Many use the word inclusion interchangeably with diversity, or even equality. Financial services, which is one of the most important sectors for the UK economy, has a gender pay-gap of about 34%. Traditional ways of doing business are being questioned as rapid advances in technology enable truly global working. 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. Diversity is an invitation to a party, inclusion is being asked to dance. Employers are increasingly recognising the importance of diversity in recruitment and retention. For us, that includes providing a work experience where people can be themselves and . Secondly, conduct a diversity and inclusion survey. This reflects peoples desire to work for an organization whose values align with their own. According to FastCompany, 68% of employees say training and development is their companys most important policy. Employers should widen their outreach. To demonstrate our evolution we from our old D&I Strategy. Learning and development efforts can then raise awareness of expected behaviors. Creating timeline. Equality: everyone benefits from the same support. The people that fulfill various responsibilities in your ERM program will need to change over time to optimize your outcomes. L&D is powerful as employees want to learn! Your policy will codify the behaviors you expect from all employees. your company will risk the psychological safety of your valuable employees. Find out how to implement processes in place to develop an inclusive culture. 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 [] If your team in charge of financial risk-taking decisions is primarily men, this could be the case. More and more studies are confirming these financial benefits of gender and racial or ethnic diversity in boards and executive leadership teams. The Company recognizes that employees are valued and that open communication with employees within an atmosphere of mutual trust is of prime importance. Equity: every gets the support they need. This guide provides nine essential tasks to help navigate the diversity and inclusion strategic planning process. The Company strictly prohibits and does not tolerate unlawful retaliation against any employee. Grovo offers free unconscious bias training with engaging videos and quizzes. Your ability to manage risk is key to your thriving in an uncertain world. Instead, leadership can create a foundation of trust by opening themselves up to challenge and criticism. An effective strategy should go back to basics and systematically establish diversity and inclusion as a cornerstone of company culture and policy. There is an increasing focus on cognitive diversity to avoid group-think, for example where board members are predominantly accountants. We are proud to be a diverse workforce. We are more likely to trust people of a similar age, appearance and background to ourselves, and in business that translates favouring some people over others when hiring and promoting. Values are more concrete when linked to everyday actions. Consider different styles for opening up discussions. 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. In short, everyone stands to benefit when we embrace the value of diversity of ideas, ways of working, backgrounds and life experiences. When creating and reviewing a diversity, equity and inclusion (DEI) strategy, HR leaders should address the following three components: Commitment. Testosterone, Cortisol and Financial Risk-Taking, CRO elevator speeches for strategy meetings, Changing risk culture and the dynamic CRO. Commit to exact diversity goals/targets. | Or perhaps you insure manufacturing risks and might be able to find diversity among manufacturing executives to fill your risk management leadership team. 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. 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. As we move forward, embracing our collective diversity, our differences weave together, through the practice of inclusion. The Councils purpose is to ensure that we take steps to advance our dialogue and actions around diversity and inclusion. 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. It also plays a powerful role in shaping the views of stakeholders: shareholders, employees, suppliers and, probably most important of all, customers. Risk in Context Podcast: The Road to Diversity, Equity, and Inclusion. Engage this love of learning by making D&I efforts an ongoing learning experience. Companies' efforts around diversity, equity, and inclusion (DE&I) are improving and accelerating. We are honored to have been recognized the past three years by Business Insurance as a Best Place to Work in Insurance. The Company is committed to providing a productive and safe work environment free from unlawful harassment (including sexual harassment) and discrimination based on actual or perceived protected characteristics and retaliation. There are 6 steps of building a strategic diversity, equity and inclusion plan (DE&I). 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. By This comes with a reflective process for identifying where individuals and organisations are and how to move to the next developmental stage. Examine intersectionality to see how your own cultural identity influences your own perspective, biases, fears, and comfort levels. 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). If employee responses are tepid or negative, the company doesnt make the list. 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. The good news is that 85% of CEOs are keen to promote diversity and inclusion within their organisation. Teach to Different Learning Styles: Vary the learning styles you target. 1. 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. 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