future of insurance industry - diversity, inclusion, human resources, management keynote for swiss...
DESCRIPTION
Impact of workplace diversity and inclusion on insurance underwriting, risk management, customer insight and loyalty, recruitment, retention and team motivation. Key human resource issues relating to gender and women in leadership, career paths, fighting discrimination and prejudice, ageism, retirement issues, sexism, racism, homophobia and ethnicity / language / cultural barriers. Patrick Dixon keynote lecture on diversity for Swiss Re and leaders of Swiss insurance industry.TRANSCRIPT
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Dr Patrick Dixon Chairman Global Change Ltd
Why Diversity Matters to Future of Insurance Industry
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Patrick Dixon is Chairman of Global Change Ltd, author of 15 books and has been ranked one of the 20 most influential
business thinkers alive today (Thinkers 50), conference keynote speaker on global trends, strategy, leadership.
This keynote on diversity and insurance industry (Swiss Re)
>500 videos of Keynoteshttp://www.youtube.com/pjvdixon
Over 4 million views
Dixon’s Futurist Website:http://www.globalchange.com
14 million unique visitors
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TRENDS STRATEGY
FORESIGHT INSIGHT
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do things you really believe inLife is Short
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Why I believe in insurance
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Insurance: Confusing Messages�Marke&ng: We are here to protect your family, to pay out generously and quickly if something happens to you, giving you peace of mind at a fair price. We believe in the value of what we do for you.
�Investor Rela&ons: Our mission is to make shareholders as much wealth as we can without breaking the law and landing up in prison. We raise life insurance premiums as high as we can get away with, and pay out as liBle as possible.
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Wild Cards: Risk Management
Low probability, high impact events
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WGP 1980-‐2013 (%,constant prices)
confidencereturning
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EU GDP 1980-‐2013 (%,constant prices)
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Vietnam GDP 1985-‐2011
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>40% WDP by 2015
� IMF - adjusted for Purchasing Power Parity
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22
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23
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• Click to edit Master text styles
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The future is about
EMOTION
Diversity = Predictability
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Passions Change
Demands for more sustainable, socially responsible and ethically managed business
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Understanding how people
FEEL
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31
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90% web customers lost in seconds
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Diversity in workplace leads to diversity in marketplace
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300 million move to cities in China and475 million to cities in Africa by 2025
Pollution of Air and Water
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Europe Dying 4 couples to produce singlegreat-grand child
Stop Ageing
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75% of all US and UK wealth owned by those over 65 - but many need to work
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Slow or no ageing is a reality in animalsImpact on average EU retirement age of 60 • Rockfish,
Turtles, some Whales
• No signs of getting old
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Understanding how people FEEL about
their workplace
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Corporate ValuesHelp Recruitment
• 82% would not work for company whose values they objected to
• 59% work for a company because they believe in it’s values
Values are about responsibility and care
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1 trillionpages a month
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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
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ReputaZon for hiring WHITE
Americans leading to lawsuits
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Coca Cola Diversity Awards
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Teams in top half of Engagement
� 86% more likely to have better customer metrics� 70% more likely to have low staff turnover� 70% more likely to be highly productive� 44% more likely to be profitable
� 10 million surveyed by Gallup
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Diversity gives more chances answers to complex problems
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Talent, skills, experience, language shortages
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Diversity Benefits
As with Sustainability, Diversity started as a social issue, and developed as a business case -‐
innovaZon, compeZZve advantage
Forbes study of 321 companies with more than $500 million in revenue, 85% agree that diversity is key to encouraging innovaHon.
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Diversity linked to higher sales, market share and profits
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Diverse teams can mean less loyalty, lower moZvaZon, higher sick leave,
conflict, mis-‐communicaZon
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Expect many mergers and acquisitions even
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Diversity BenefitsBe^er range of skills, backgrounds, experience
Be^er understanding of customers and local or global markets
Be^er talent pool to draw from
Be^er team morale / corporate pride
Be^er corporate image
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Cost of Workplace DiscriminaZon
$64bn a year in US according to Centre for American Progress -‐ partly due to turnover of 2 million people a year because of discriminaZon
Fedex paid $3m to se^le cases in 15 states of race and gender bias in recruitment
40% of gay and lesbian employees say they face harrassment and discriminaZon at work
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Diversity Challenges
Worse internal communicaZonWorse sense of belongingWorse staff turnover
Worse ability to make rapid decisions
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Reproduce own imageTend to recruit people with familiar name, voice, accent, personality, culture, appearance
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GENDER
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Female Crisis
• Most sales to women• 60% US graduates• 40% primary earners• Most women leave corporations early
• Solve talent shortage
UrbanTribal
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Women outperform menand then disappear
• High School, College, and workplace
• Lead <3% of Fortune 1000 companies
• Are 10% EU boards• More board members
– 42% higher sales– 66% higher ROI
• DBSI
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Toxic Testosterone Culture
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• Young children• Dependent parents• Double careers• Double shift patterns• Divorce / separation
Complex Homes
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• 12% of mothers want to work full time• 31% do not want to work outside home• 28% men full time jobs want part time• Most fathers want more time with children
• 2009 UK Survey
Parents and Work
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Life-Life Balance
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Balance is usually about People
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Better Flexibility
• Hours –part-time, job-sharing, flexible start and finish times or shorter working weeks
• Leave – extra unpaid leave for study, bereavement, parental care, voluntary
• Location – working from home, opportunity to transfer to a different area
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RACE
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Different in Emerging Nations
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“People of Colour”-‐ USBy 2050, no ethnic majority in US
By 2050 new immigrants and their children will account for 83% of growth in workforce
People of colour own 22% of U.S. businesses
Women of colour own 1.9 million firms, with $165 billion in revenue annually and 1.2m staff
People of color and women only represent about 15% and 18% of corporate boards among the senior management of Fortune 500 companies
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US Race DiscriminaZonThe average unemployment rate for Blacks is double that for Whites
Unemployment rate for White graduates = 8.4% but 19% for Black graduates
95% of the unemployment rate gap is due to higher probability of losing work
DiscriminaHon on ancestry, color, hair texture, facial features, name, accent or manner of speech, hair style (e.g. locks or a goatee). Couch and Fairlie
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EU race discriminaZonRise of xenophobia across EU
HosZle reacZons to Italy’s first black cabinet minister etcItaly, Slovakia, Hungary NB discrominaZon against Roma people
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Ethnic Issues in UK Workplace12% of working age are ethnic minoriHes20% unemployment rate in Black workers7.6% unemployment rate in White workers20% unemployment rate in white youths44% unemployment rate in black youths
1 in 6 UK-‐domiciled students ethnic groups1 in 15 ethnic graduates are in management
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UK Race DiscriminaZonMany job applicants change their name or appearance to try to overcome prejudices
better chance of job interview / offer
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UK Race DiscriminaZonOnly 1% of principals of colleges in Britain are
from ethnic minorities -16% of students
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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
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Diversity Blindness in White Men700 managers at companies rated their managers for encouraging diversity in Alcoa, Bank of America, Intel, Exelon, Marsh & McLennan Companies, PepsiCo, Wal-Mart and PWC etc
45% percent of white men gave boss a positive rating21% percent of women and people of color agreed
Wide gaps in the perception of white men's abilities to coach and improve the performance of diverse employees; build strong, diverse teams; promote diverse talent on merit; and include diverse voices in decision making.
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AGE
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Jim Clements is 100 years old
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Beyond ReZrement
� What is your corporate position on retirement age?� Laws vary - challenge to take a position� Same with pollution standards between nations� What is “moral high ground” ?� Does it change when 40% of youth are out of work?
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IMPROVEDIVERSITY
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Steps to Diversity:
Develop hiring strategy to make workforce look like community you operate in
Keeping new hires may be harder than recruitment -‐ helping them to belong
Affinity groups etc
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Steps to Diversity:Use community organisaZons in hiring
Be culturally sensiZve in descibing company
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White men “drive Diversity”White men run diversity programs at big US employers such as Coca Cola, PWC and Southern Co.'s Georgia Power unit.
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Benefit of Quotas eg Women ?
• 50% of countries have some kind of electoral quotas for women in Parliament
• only 23.2% of MPs in the EU are women.• 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
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Start at the Top
Modelling right altudesAbsolute commitment to diversityClear targets -‐ concrete aspiraZons
Aggressive steps to achieveRecruiZng -‐ mentoring -‐ encouraging
A^acking insZtuZonal prejudice and barriersAgents for change in wider society
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•Individuals•Family•Corporation•Community•Wide World
Making Life Better
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Dr Patrick Dixon Chairman Global Change Ltd
Why Diversity Matters to Future of Insurance Industry
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