Today’s labor force is experiencing a break-neck evolution. Much as the nation of today looks radically different from that of 1980, so too will the United States of 2050 look very different from that of today. Already, demographic predictions paint a picture of a very different workplace in the near future, as employees “gray,” female professionals outnumber their male counterparts and we transition into a “minority majority” nation. Today’s organizations are now coming face-to-face with an increasingly diverse workforce. This unprecedented and ground-breaking phenomenon has permanently changed the reality of the business world. Further fueling these rapid demographic shifts is increased globalization and connectivity. Together, these trends are the driving force behind the growing diversity and inclusion (D&I) movement. As organizations continue to expand beyond their borders, we can no longer ignore the business case for D&I.
As an industry, we must embrace a culture of D&I in order to find success in this new business reality. As we discussed in our latest edition of Compass, the topic of D&I has gone viral and vocal as the focus shifts away from not only gender inclusion but towards all facets and faces of diversity. The call to action is now. The broad-based inclusion of women and minorities across all industries and sectors is now a business imperative—and the insurance industry is no exception.
D&I is no longer simply “nice to have.” Today it is a pressing issue that must be a primary topic of conversation within the workplace. No organization can find success in today’s global world without a diverse and inclusive workplace. In fact, diversity has been shown to have an immense impact on organizational success—from increased innovative capacity to expanded recruitment opportunities.
Recognizing the importance of D&I in building organizational success, 97 percent of companies have already instated some sort of formal or informal diversity strategy. Unfortunately, despite the strides made in recent years, the insurance industry continues to fall short of embracing D&I in all of its forms. In order to keep pace with the growing changes, insurers must focus on implementing robust programs and policies that support and embrace diversity.
The vision of a diverse and inclusive workplace must become a reality. D&I must be the new business priority. It is vital to building a flourishing business strategy, capturing new clients and ultimately succeeding as an organization. Insurers must move beyond just accepting the diversity mandate and instead embrace it, live it, challenge others to join in, and be the forward-thinking and provocative voice in the room. As an industry, this is our opportunity to lead with conviction and collective courage.
For insights on the growing call for diversity and inclusion along with an update on the insurance industry's talent market, download Compass.