3 ways to prioritize gender diversity in the insurance industry
In a recent McKinsey & Company study, the insurance industry was listed as one of the top gender-diverse industries, particularly at the entry-level, where women account for two-thirds of these positions. However, gender diversity at the C-suite level is still lacking. This presents an opportunity for an industry-wide effort to cultivate, retain and advance women’s careers in insurance so we can boost gender diversity in leadership positions. Why? Aside from the many proven benefits to team morale and cohesion that accompany a properly representative executive panel, new studies indicate that companies with above-average diversity scores in leadership perform better and innovate faster.
And with the challenges the insurance industry is up against – climate change, inflation, and economic headwinds to name a few – it’s more critical than ever to assemble smart and innovative leadership teams to champion the way forward. How do we get there? By embracing a culture based in radical inclusion, we bring together individuals with diverse backgrounds, experiences, and skills that enable the creation of digital solutions that truly meet the needs of all customers.
1. Promote from within and recruit from new sources to diversify the hiring pipeline
Prioritize promoting from within and strategically sourcing diverse candidates for our hiring pipeline. If HR teams rely solely on one or two sources for new talent, they’ll likely continue to screen and select the same types of candidates. Additionally, without a program for proactive internal mobility, employees who don’t “fit the mold” of someone in leadership may be overlooked for opportunities to grow into leadership roles. For women, these conscious efforts can create an equitable playing field, allowing them to join a company that considers their long-term career goals and ambitions.
Companies that hire diverse candidates and prioritize long-term company and career goals both with new hires and existing employees will find while their diverse employee base grows, as does their retention. This approach results in a triple win: (1) employees thrive, (2) costly attrition is reduced, and (3) the business benefits from the innovation that is spurred by diverse thinking and experiences.
2. Implement company initiatives that shine light on difficult topics
To promote diversity and inclusion in the workplace, it’s crucial to shine light on difficult topics. We can achieve this through various initiatives such as hosting a women’s cohort, organizing a company book club, facilitating learning forums and engaging in community outreach efforts. By intentionally partnering with organizations that uplift non-dominant communities and dedicating time to make a positive impact and challenge the status quo, we can also foster a culture of openness and acceptance. This encourages employees to speak up and contribute their unique insights.
3. Create an environment where everyone’s voice is heard
Fostering a culture of inclusion and belonging demands work and participation at every level and department of the company. I am grateful that my role as VP of People & Culture allows me a seat of influence to bring awareness to important issues and create pathways for discussion. Even more so, I rely on the work and dedication of leaders and managers across the company to do the same. This is achieved through being approachable, maintaining confidentiality and actively listening to employees who seek advice. Inspiring confidence in the team and creating a safe environment for them to express their concerns and have a voice leads to a more diverse and innovative workplace, driving digital transformation as well as cultural transformation in the insurance industry.
When the insurance industry reaches a point where the most successful organizations have advanced diversity hiring and internal mobility programs and cultures where people aren’t afraid to speak up about difficult topics, it will be better prepared to overhaul strategies that don’t work for tomorrow and replace them with transformative new ones. I am delighted to be a part of a culture that values diversity and fosters inclusivity. Real progress and innovation will occur when more companies demonstrate the importance of gender diversity at the highest levels and create an inclusive environment that not just encourages but relies on the participation of all individuals.
