Certainly, diversity, equity and inclusion is critical as a people strategybut it is also an invaluable risk management strategy. 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. More than ever, making the most of your capital means solving a complex risk-and-return equation. Employers are increasingly recognising the importance of diversity in recruitment and retention. 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. 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. Diversity and Inclusion A Workplace Perspective By Noruwa Edopkolo. The responses are ranked and scored. Many use the word inclusion interchangeably with diversity, or even equality. Then draft a diversity and inclusion policy. Diversity and inclusion in the workplace should be a priority for every organization. Companies with more culturally and ethnically diverse teams were 33% more likely to see better-than-average profits. In this bottom level, no diversity and inclusion work has begun. We are committed to being active and visible in the communities we serve, materially supporting efforts striving to ensure that the goals of diversity and inclusion are understood and embraced by both employers and employees. More and more studies are confirming these financial benefits of gender and racial or ethnic diversity in boards and executive leadership teams. external empirical studies. According to FastCompany, 68% of employees say training and development is their companys most important policy. Remote-work makes this interactive: through podcasts, virtual book groups or online anti-bias training. Improve the management of diversity. 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. Heres how to launch a diversity and inclusion strategy that works. 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. Although you should work through the tasks in order, you will find the process can be circular. Learning and development efforts can then raise awareness of expected behaviors. D&I has evolved beyond a matter of ethics or fairness into a driving force of . #risk. 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. LinkedIn research. 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. L&D is powerful as employees want to learn! BPs failure with the Gulf oil-spill was not caused by financial factors. Teach to Different Learning Styles: Vary the learning styles you target. Casual settings can be helpful. Inclusion therefore must be a primary consideration during the talent attraction process right through to the interview and onboarding stages. 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. There are 6 steps of building a strategic diversity, equity and inclusion plan (DE&I). Post COVID-19, businesses are looking at the new normal for innovative and improved ways of engaging with their employees, customers, suppliers and investors. 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. 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. Establish organizational accountability for DEI by defining roles . To ensure that a D&I program is successful, leaders must incorporate diversity and inclusion into their communicationboth internally to . Risk Strategies is committed to creating and sustaining an inclusive, productive and rewarding culture. So, how are diversity and inclusion linked with strategic business risk? #NEDworks Like many organizations, Dynamic Risk is committed to providing a safe work environment. 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. Also in 2020, Risk Strategies hosted its first Womens Roundtable, as a commitment to further support women and diversity in the workplace. There is an increasing focus on cognitive diversity to avoid group-think, for example where board members are predominantly accountants. In Western cultures, women have typically been conditioned by society to associate less with the reward of money and may value other factors or outcomes of risk-taking higher than monetary reward. 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. Committed to diversity and inclusion, we support our communities through the RSC . 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. Key diversity partners. Reactive. Diversity is perceived differently by different generations. Diversity and Inclusion in Communication. Develop greater workplace productivity. 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. Make regular and gradual changes. Just like you should periodically review your risk management plan to determine whether changes should be made, you should also periodically reassess your team. 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. your company will risk the psychological safety of your valuable employees. An effective strategy should go back to basics and systematically establish diversity and inclusion as a cornerstone of company culture and policy. Evaluate job descriptions so groups of people are not eliminated from consideration . FutureLearn offers an Understanding Diversity and Inclusion course. There is a proven financial benefit to more diverse leadership teams. Salesforce is a great example of a company that integrates diversity and . After seeing the diversity numbers on paper (or on-screen) using those . 3. Among all the economic, political and regulatory factors influencing the practice of risk management, diversity and inclusion (D&I) is rapidly gaining momentum. Diversity And Inclusion. But there are still gaps that need to be addressed. Follow these objective four steps every time your HR team builds out a new plan. For many companies, there is a disconnect . A strategic plan shapes and guides what an organization is, who it serves, what it does, and why. 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. Externalize communities within your organization - how can employee resource groups reach out to the groups they represent in the wider community? The Risk Strategies family is committed to setting the right example in our industry, internally and externally, and mindful that everyday actions matter. Bias is often viewed as a fixed state, however studies show that our biases are more malleable than we might think. We are innovators and problem solvers. English, Spanish. Have you ever witnessed any of these biases in the workplace? To view or add a comment, sign in, David Doughty thank you for posting this and sharing your article. Creating a more diverse workplace requires commitment and a plan. 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. Examine intersectionality to see how your own cultural identity influences your own perspective, biases, fears, and comfort levels. Great communication requires an accepting, open-minded environment. Gethin Nadin. We conduct an annual pay equity review, and our last review was conducted in November 2021. Continuing to come together, to respect each other, and to value each other. His review of several studies showed connections between higher levels of testosterone and mispricing and over-optimism about future changes in asset values.. 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. In October 2021, our Executive Committee approved an evidence-based approach to the strategy review involving four core elements: internal data analysis. These are just some of the community efforts Risk Strategies has supported. 4 ways to build create a diverse ERM team. Risk in Context Podcast: The Road to Diversity, Equity, and Inclusion. This creates a space for under represented groups to engage in informal and honest communication about their experiences. In our efforts to reduce and challenge systemic racism, we are making the following commitments: Appointed a dedicated Executive sponsor on Race and Ethnicity to ensure it remains a key focus . Consider different styles for opening up discussions. Strategy. Testosterone, Cortisol and Financial Risk-Taking, CRO elevator speeches for strategy meetings, Changing risk culture and the dynamic CRO. Diverse teams and work environments not only have a positive impact on employees individual well-being, but also on wider business objectives. 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. A Catalyst study of Fortune 500 companies showed that companies with a higher representation of women on their boards of directors outperformed their peers 53% in return on equity and 42% in return on sales. Excited about our future. Rather than an HR outpost, employees view cultivating an inclusive culture as a responsibility for all. As we discussed recently there is a real urgency for Businesses and Chairs of boards to address these issues. 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. Level 2. #boardpsychs Why not start creating equitable practices today? PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Our team has expertise across all leading industries, deep risk management and insurance experience, and we are passionate about your success. Program Objectives Emphasize the value of diversity. # blackhistorymonth # diversity # BeHEARD Strategy design with organizational goal. Level 2 organizations have a compliance-focused mindset. Those responsible for enterprise risk management (ERM) know that diversification is a key tenet of managing any portfolio of risks. But an exception is the risks associated with diversity and inclusion, which havent generally been recognised sufficiently and have been under-managed. This strategy must ensure that all employees work within an inclusive environment throughout their life-cycle: from recruitment to promotion to exit. Treat your diversity and inclusion strategy as a data initiative. There is a growing view that a lack of diversity and inclusion in the workforce is a major strategic business risk. This is perhaps because diversity and inclusion has historically been seen as HRs domain important, certainly, but not a board-level, strategically critical issue. 6. Not anymore. Shirley Wardell and I will be posting my conceptual framework on Six Stages of Understanding and Dealing with Racism shortly. Equality, Diversity and Inclusion Strategy, 2021-2024. Without an inclusive recruitment strategy, businesses risk missing out on the full benefits of workplace diversity and achieving an inclusive environment. "Show attorneys why it is worth their time.". Integrate diversity and inclusion principles and content into your marketing communication strategy, both internally and externally. 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. Diversity and inclusion is a business strategy which is driven by HR managers of a company. This episode of Marsh's Risk in Context podcast features a conversation on DE&I initiatives with Patti Steis . Our Diversity and Inclusion (D&I) journey is an evolution. Organizations simply having a D&I program is not enough to foster an inclusive workplace; there should also be leadership buy-in and continuous reinforcement of D&I. Diversity and a culture of inclusion are not a part of the organization's goals. Your policy will codify the behaviors you expect from all employees. The Council is comprised of employees that will act on behalf of the company to manage diversity and inclusion initiatives. Attorneys can share their participation with a client after the fact, or even invite the client. In April 2017, mandatory gender pay reporting comes into force in the UK. Values are more concrete when linked to everyday actions. Working every day to deliver a workplace where our employees are valued. #inclusiveboards End of main navigation menu. 06/14/2021. Diversity and inclusion are rapidly becoming the new normal. I recently wrote on this topic for HR Zone; discussing how employers can create more inclusive wellbeing schemes that account for, and embrace, diversity. This reflects peoples desire to work for an organization whose values align with their own. 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