Firstly, congratulations to FT Adviser for creating and hosting the Diversity in Finance Awards. Congratulations too, to all the winners.
The concept of diversity, equity and inclusion isn’t without its critics.
Sometimes the reasons for engagement may lack rigour – perhaps a sense of pressure to somehow conform, or because some expensive consultants have recommended it. It can certainly take time and effort and, sometimes, money.
From a Zurich perspective, we believe we have absolutely benefited by engaging strategically in DEI - an awareness of cultural differences and similarities can bring employees, customers and communities together.
It adds new insights to the way we work and ultimately how we interact with our customers and within our communities.
We want to draw from a wider talent pool, benefit from diversity of thought, build employee and customer satisfaction, and, importantly, grow our business.
The cultural aspect in particular is interesting - I’ve heard it suggested that diversity is being asked to the party; inclusion is being invited to dance or to choose the music.
Diversity, it’s argued, is about representation, and inclusion is about involvement.
There are limitations to the metaphor – being invited to dance or choose the music could still be seen as passive (and no-one wants to see me dance, or choose the music – more Jethro Tull anyone?).
Maybe being on the organising committee gets closer.
Societal good
There’s plenty of talk about ‘purpose’ these days, and an increasing focus on the societal good that companies do (or don’t do).
Pay, feeling valued and relationships with managers and colleagues all play a part but when asked in a study by Cornell University on ‘what made the grass greener’, 75 per cent said ‘more meaningful work.’
People want to work for companies that make a difference, and the insurance industry collectively has the opportunity to make that difference.
Companies who can authentically point to how they are building a sustainable future and workforce, through the support and benefits they provide to their employees, will have a head start attracting new talent.
Issues such as sustainability, diversity, equity and inclusion have often in the past been seen as a side issue, the responsibility of a small team somewhere. Today it’s a regular boardroom issue, part of who the company is.
Strategic sense of direction
There are big and small things that can make a difference. It’s important to have a strategic sense of vision and direction. For example, our inclusion council is chaired by our chief executive.
Our annual pay gap reports set out tangible next steps, but also make them visible to the broader public.
We listen to the voice of our employees formally and informally throughout the year and are informed by comprehensive inclusivity data and dashboards.
