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Why Diversity Matters to Future of
Insurance Industry
Dr Patrick Dixon Chairman Global Change Ltd
Tuesday, 3 September 13
Talent, skills, experience, language, culture
Tuesday, 3 September 13
The future is about
EMOTION
Diversity = Predictability
Tuesday, 3 September 13
Tuesday, 3 September 13
Diversity	
  in	
  workplace	
  
leads	
  to	
  diversity	
  in	
  
marketplace
Tuesday, 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...
Corporate Values
Help Recruitment
•82%	
  would	
  not	
  work	
  for	
  company	
  whose	
  
values	
  they	
  objected	
...
Coca	
  Cola	
  Diversity	
  Awards
Tuesday, 3 September 13
1	
  trillion
pages	
  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......
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	
  ...
Diversity	
  linked	
  to	
  higher	
  sales,	
  market	
  
share	
  and	
  profits,	
  talent	
  recruitment
Tuesday, 3 Se...
Diverse	
  teams	
  can	
  mean	
  less	
  loyalty,	
  lower	
  
mo>va>on,	
  higher	
  sick	
  leave,	
  conflict,	
  mis-...
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...
Women	
  outperform	
  men
and	
  then	
  disappear
•Only	
  3.2%	
  of	
  the	
  Presidents	
  or	
  Chairs	
  of	
  
the...
Toxic	
  Testosterone	
  Culture
Tuesday, 3 September 13
•Young	
  children
•Dependent	
  parents
•Double	
  careers
•Double	
  shiN	
  pa.erns
•Divorce	
  /	
  separa>on
Complex	...
•12%	
  of	
  mothers	
  want	
  to	
  work	
  full	
  Mme
•31%	
  do	
  not	
  want	
  to	
  work	
  outside	
  home
•28%...
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...
Different in Emerging Nations
Tuesday, 3 September 13
Lessons	
  from	
  
GENDER	
  can	
  
apply	
  to	
  RACE	
  
Tuesday, 3 September 13
Reproduce	
  own	
  image
Tend	
  to	
  recruit	
  people	
  with	
  familiar	
  name,	
  voice,	
  accent,	
  personality...
“People	
  of	
  Colour”-­‐	
  US
By 2050, no ethnic majority in US
By 2050 new immigrants and their children = 83% of gro...
US	
  Race	
  Discrimina>on
Unemployment	
  rate	
  for	
  White	
  graduates	
  is	
  half	
  that	
  of	
  Black	
  grad...
EU	
  race	
  discrimina>on
Rise	
  of	
  xenophobia	
  across	
  EU
Hos>le	
  reac>ons	
  to	
  Italy’s	
  first	
  black	...
Ethnic	
  Issues	
  in	
  UK	
  Workplace
12%	
  of	
  working	
  age	
  are	
  ethnic	
  minori>es
20%	
  unemployment	
 ...
UK	
  Race	
  Discrimina>on
Only 1% of principals of colleges in Britain are from ethnic
minorities -16% of students
Tuesd...
UK	
  Race	
  Discrimina>on
Many job applicants change their name or
appearance to try to overcome prejudices
better chanc...
Benefit	
  of	
  Quotas	
  ?
Black	
  Asian	
  and	
  Minority	
  Ethnic	
  People	
  in	
  UK
1	
  in	
  4	
  at	
  school...
Unconscious	
  racial	
  bias
in	
  White	
  Men
Alcoa, Bank of America, Intel, Exelon, Marsh & McLennan Companies,
PepsiC...
AGEISM	
  is	
  the	
  
next	
  biggest	
  
challenge	
  
Tuesday, 3 September 13
Jim	
  Clements	
  is	
  100	
  years	
  old
Tuesday, 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 “m...
SEXUALITY
less	
  visible	
  but	
  high	
  impact	
  
40%	
  of	
  gay	
  and	
  lesbian	
  employees	
  say	
  they
	
  ...
IMPROVE
DIVERSITY	
  
Tuesday, 3 September 13
White	
  men	
  ocen	
  lead	
  “Diversity”
	
  projects	
  in	
  large	
  US	
  corpora>ons
BUT	
  white	
  men	
  oNen	
...
Develop	
  hiring	
  strategy	
  to	
  make	
  workforce	
  
look	
  like	
  community	
  you	
  operate	
  in
Recruit	
  ...
Use	
  community	
  organisa>ons	
  in	
  hiring	
  to	
  encourage	
  diversity
Tuesday, 3 September 13
Start	
  at	
  the	
  Top
Modelling	
  right	
  aftudes
Absolute	
  commitment	
  to	
  diversity
Clear	
  targets	
  -­‐	...
•Individuals
•Families
•Teams
•Communi0es
•Wide	
  World
Diversity	
  Makes	
  Life	
  Bejer
Bejer	
  underwri>ng,	
  mana...
Why Diversity Matters to Future of
Insurance Industry
Dr Patrick Dixon Chairman Global Change Ltd
Tuesday, 3 September 13
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Why diversity matters to future of insurance industry - motivation, leadership, talent development, insight, foresight, emerging market growth, customer relationships, effective marketing

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Keynote speech on future of the insurance industry looking at trends in diversity, equality of opportunity, workplace discrimination, talent development, team leadership, effective change management, better underwriting, more accurate customer insight, faster growth of insurance in emerging markets. Keynote by Dr Patrick Dixon, Futurist conference speaker.

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Transcript of "Why diversity matters to future of insurance industry - motivation, leadership, talent development, insight, foresight, emerging market growth, customer relationships, effective marketing"

  1. 1. Why Diversity Matters to Future of Insurance Industry Dr Patrick Dixon Chairman Global Change Ltd Tuesday, 3 September 13
  2. 2. Talent, skills, experience, language, culture Tuesday, 3 September 13
  3. 3. The future is about EMOTION Diversity = Predictability Tuesday, 3 September 13
  4. 4. Tuesday, 3 September 13
  5. 5. Diversity  in  workplace   leads  to  diversity  in   marketplace Tuesday, 3 September 13
  6. 6. Business Case for Diversity Tuesday, 3 September 13
  7. 7. 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
  8. 8. Corporate Values Help 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
  9. 9. Coca  Cola  Diversity  Awards Tuesday, 3 September 13
  10. 10. 1  trillion pages  a  month Tuesday, 3 September 13
  11. 11. 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
  12. 12. Reputa>on  for  hiring  WHITE   Americans  leading  to  lawsuits Tuesday, 3 September 13
  13. 13. 85%  of  leaders  of  largest  US  corpora>ons   say  diversity  is  key  to  innova>on Forbes  study Tuesday, 3 September 13
  14. 14. Diversity  linked  to  higher  sales,  market   share  and  profits,  talent  recruitment Tuesday, 3 September 13
  15. 15. Diverse  teams  can  mean  less  loyalty,  lower   mo>va>on,  higher  sick  leave,  conflict,  mis-­‐ communica>on,  slower  decisions Tuesday, 3 September 13
  16. 16. Expect many mergers and acquisitions even though Tuesday, 3 September 13
  17. 17. Tuesday, 3 September 13
  18. 18. What  have  we   learned  from   tackling  GENDER   issues? Tuesday, 3 September 13
  19. 19. Tuesday, 3 September 13
  20. 20. Only  30%  Wal-­‐Mart  management  are  women Tuesday, 3 September 13
  21. 21. 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
  22. 22. Women  outperform  men and  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
  23. 23. Toxic  Testosterone  Culture Tuesday, 3 September 13
  24. 24. •Young  children •Dependent  parents •Double  careers •Double  shiN  pa.erns •Divorce  /  separa>on Complex  Homes Tuesday, 3 September 13
  25. 25. •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
  26. 26. Life-­‐Life  Balance  Flexibility Tuesday, 3 September 13
  27. 27. Balance  is  usually  about  People Tuesday, 3 September 13
  28. 28. 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
  29. 29. Different in Emerging Nations Tuesday, 3 September 13
  30. 30. Lessons  from   GENDER  can   apply  to  RACE   Tuesday, 3 September 13
  31. 31. Reproduce  own  image Tend  to  recruit  people  with  familiar  name,  voice,  accent,  personality,  culture,  appearance Tuesday, 3 September 13
  32. 32. “People  of  Colour”-­‐  US By 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
  33. 33. US  Race  Discrimina>on Unemployment  rate  for  White  graduates  is  half  that  of  Black  graduates 95%  of  gap  is  due  to  higher  probability  of  losing  work Discrimina>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
  34. 34. EU  race  discrimina>on Rise  of  xenophobia  across  EU Hos>le  reac>ons  to  Italy’s  first  black  cabinet  minister  etc Italy,  Slovakia,  Hungary  NB  discrimina>on  against  Roma  people Tuesday, 3 September 13
  35. 35. Ethnic  Issues  in  UK  Workplace 12%  of  working  age  are  ethnic  minori>es 20%  unemployment  rate  in  Black  workers 7.6%  unemployment  rate  in  White  workers 20%  unemployment  rate  in  white  youths 44%  unemployment  rate  in  black  youths 1  in  6  UK-­‐domiciled  students  are  from  ethnic  groups 1  in  15  ethnic  graduates  are  in  management Tuesday, 3 September 13
  36. 36. UK  Race  Discrimina>on Only 1% of principals of colleges in Britain are from ethnic minorities -16% of students Tuesday, 3 September 13
  37. 37. UK  Race  Discrimina>on Many job applicants change their name or appearance to try to overcome prejudices better chance of job interview / offer Tuesday, 3 September 13
  38. 38. 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  boards Tuesday, 3 September 13
  39. 39. Unconscious  racial  bias in  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 rating 21% percent of women and people of color agreed Own story Tuesday, 3 September 13
  40. 40. AGEISM  is  the   next  biggest   challenge   Tuesday, 3 September 13
  41. 41. Jim  Clements  is  100  years  old Tuesday, 3 September 13
  42. 42. Tuesday, 3 September 13
  43. 43. 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
  44. 44. SEXUALITY less  visible  but  high  impact   40%  of  gay  and  lesbian  employees  say  they  face  harrassment  and  discrimina>on  at  work Tuesday, 3 September 13
  45. 45. IMPROVE DIVERSITY   Tuesday, 3 September 13
  46. 46. 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
  47. 47. 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  /  champions Tuesday, 3 September 13
  48. 48. Use  community  organisa>ons  in  hiring  to  encourage  diversity Tuesday, 3 September 13
  49. 49. Start  at  the  Top Modelling  right  aftudes Absolute  commitment  to  diversity Clear  targets  -­‐  threat  of  quotas! Equal  candidates  -­‐  chose  under-­‐represented  gender  /  race  etc Published  sta>s>cs  on  workforce  at  different  levels Aggressive  steps  to  achieve Recrui>ng  -­‐  mentoring  -­‐  encouraging Ajacking  ins>tu>onal  prejudice  and  barriers Agents  for  change  in  wider  society Tuesday, 3 September 13
  50. 50. •Individuals •Families •Teams •Communi0es •Wide  World Diversity  Makes  Life  Bejer Bejer  underwri>ng,  management,  marke>ng,  mo>va>on Tuesday, 3 September 13
  51. 51. Why Diversity Matters to Future of Insurance Industry Dr Patrick Dixon Chairman Global Change Ltd Tuesday, 3 September 13
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