Plenty of initiatives already underway
The fourth Dive In Festival for diversity and inclusion in insurance will reach more cities than ever in 2018.
Events this year will be spread across three days from 25 to 27 September in 26 countries, returning to locations such as London, Perth, Zurich and Bermuda, as well as new cities including Amman, Tokyo, San Antonio and Wellington.
In 2017, the festival attracted more than 7,000 people in 17 countries and 32 cities. This year marks the start of a two-year campaign, ‘Awareness into Action’. After three years of raising awareness of the business case for diversity and inclusion, the global movement now looks to harness the energy of previous years to encourage action across the sector.
In support of this, the annual theme is #time4inclusion. Last year, CEOs from across the industry singled out time as the biggest barrier to achieving inclusive cultures in their organisations. Dive In is helping insurance get fit for the future, highlighting the business case for diverse and inclusive workplaces, and providing practical ideas and inspiration for how to bring about positive change.
WHAT PEOPLE SAID…
“The Dive In Festival is a catalyst for the global insurance industry that inspires collaboration around the key issues of talent and innovation. Our fourth year is a good time to focus our combined efforts on translating the growing awareness into action – supporting our industry’s ability to thrive and stay globally competitive and relevant.”
Dominic Christian, chair of Inclusion@Lloyd’s and global chairman of Aon Benfield International
“This year’s festival builds on the accelerated progress on diversity and inclusion across the sector in the last three years. We’ve reported on a higher number of companies taking action in our annual research, Holding up the Mirror, at the senior exec level, throughout organisations and through cross-industry collaboration. To grow this momentum, Dive In 2018 will see more subject matter experts leading valuable and engaging discussions, equipping professionals across the sector with the tools to take action both individually and within their organisations.”
Pauline Miller, head of talent development and inclusion at Lloyd’s
THE GENDER PAY GAP
Across the insurance sector, there is a very wide variance in terms of the gender pay gap, and now government is suggesting all organisations with more than 50 employees should publish details of what they pay men and women. Across the insurance sector, there is a very wide variance in terms of the gender pay gap, and now government is suggesting all organisations with more than 50 employees should publish details of what they pay men and women.
The government’s Business Committee called for the net to be widened to include smaller firms, saying there was evidence of wider pay gaps among them.The report said recently published gender pay figures had “shone a spotlight” on the issue of a gender pay gap and helped women raise any disparities.
Key findings included:
- Gender pay gaps of more than 40% were not uncommon in some sectors
- Almost four in five (78%) organisations reported gender pay gaps in favour of men.Meanwhile, a new report from the CII suggests there are things both companies and individuals can do. Tali Shlomo, people engagement director, says: “Many companies already have programmes in place with specific accountability and measurement to achieve a stepchange in the causes of the gap. The CII will continue to identify and collate good practice for the benefit of the profession and for society as a whole.
“There are actions we can all take – whether we manage a team, an organisation or just our own career – to begin addressing the causes of the gap.”
WHAT BUSINESSES CAN DO:
1. Help break down the concept of male/ female roles by challenging the long list of candidates during the recruitment process;
2. Support agile working by focusing on output, not presentism, and trust your colleagues to deliver while managing their work with personal life responsibilities;
3. Encourage your female colleagues to actively contribute or participate in stretch projects and activities;
4. Sponsor your talented colleagues – invite them to high-profile meetings and networking events;
5. Consider who you typically allocate to – do men routinely get the bigger-stretch tasks? Keep asking yourself why. Allocate on potential.
1. Put your hand up to get involved in stretch work – don’t accept the ‘no’;
2. Ask for a mentor and be clear on your learning outcomes;
3. Ask to attend leadership training;
4. Ask for support in developing your career, for example with professional qualifications;
5. Attend events, meetings and networking opportunities.
ABUSE TOOLKIT FOR EMPLOYERS
According to the Office for National Statistics, in 2017 approximately six in every 100 adults were a victim of domestic abuse.
The Insurance Charities believes employers have a vital role to play in society’s response to domestic abuse. It says preventing and tackling domestic abuse is an integral part of the duty of care and legal responsibility that employers have in ensuring they provide a safe and effective work environment for their staff.
The Insurance Charities is supporting employers in the insurance sector to tackle domestic abuse by sponsoring a Domestic Abuse Toolkit, produced by Business in the Community and supported by Public Health England.
The toolkit is designed to sit within HR teams and with line managers, to aid those dealing with this sensitive and difficult issue, regardless of the size of company.
It will help employers identify the signs that abuse may be happening, such as personality changes, becoming withdrawn, spending a lot of time checking their phone, or arriving at work early and staying late – behaviour that is different and unusual to how they were previously.
THE AGE GAP
- The 2017 Insurance Census, published by Insurance POST with the CII, suggests there are fewer 18- to 24-year-olds working in the profession than the current national average of 12.4%, as given by the Office for National Statistics;
- The 2017 results have seen an 8.1% drop in the number of 16- to 24-year-olds employed in insurance, from 18.1% in 2015 to 10% in 2017;
- Just 1% of the insurance workforce is 65 or over, compared with the UK’s 3.8%;
- The average age of people employed by our profession has increased to 36.5 years of age.The CII has recently launched the Talented Generations report, encouraging all firms to take on a wide mix of ages.
- Ms Shlomo warns: “We need to be aware of the dangers of stereotyping different generations. Although there are some common themes and preferred ways of working relevant to each generation, employers need to ensure that they also listen to and consider the individual requirements and preferences of a particular employee.
- “Recognising the common needs and challenges of each generation enables employers to proactively put measures in place to support their talent and enable the recruitment and retention of our workforce.”
- She stresses: “The breadth and combination of skills that each generation brings to our place of work enables rich, insightful discussions, diverse thinking and learning. This is vital not just for a vibrant, creative workplace but also for a sustainable, successful profession.”
The report is available at www.cii.co.uk/53862
Novus, the young professionals’ group of the Insurance Institute of Cardiff, continues to go from strength to strength.
Increasing regulation, the GDPR and Brexit are all putting directors at higher risk of investigation than ever before. Sam Barrett explains why cover is essential.
Some 62% of those living in the UK can name at least one relative who has been in the military, past or present, so looking after the insurance needs of this group specifically would impact many lives. However, it seems the insurance sector has been slow to pick up the challenge.