Diversity and inclusion is a complex beast, but one that many in the financial services industry is eager to tame.
In the past few months the diversity and inclusion spotlight has shone brightly on the wider insurance industry. In late September Lloyd’s ‘Dive in Festival’ elevated the conversation to a global level, with concurrent events held in 10 countries — all focused on enabling diversity and inclusion in the insurance industry.
It seems that hardly a day goes by where the concept of diversity and inclusion isn’t debated in mainstream media; regular opinion pieces explore targets, the concept of meritocracy, as well as the business case for a balanced workforce that mirrors the market we serve.
But what needs to be considered when translating this conversation, which is generally reserved for larger organisations, into something meaningful for the many smaller practices that make up our industry?
To enable diversity and inclusion at a local level, the concept of ‘productivity’ needs to be analysed. Traditionally a ‘productive’ employee was one that seen working long hours at their desk from Monday through Friday (sometimes even putting an additional hours on the weekend). However, developments in technology mean this no longer needs to be the case.
The digital revolution has now provided the means for employees to contribute to a business, regardless of how ‘present’ they are in the office. This is why Cloud-based solutions that support a mobile and collaborative workplace built on ‘always available data’ are not only flourishing, they are being touted as the must-have solution for small businesses wishing to be both agile and cost efficient. Indeed only last week Microsoft’s latest quarterly results beat analysts’ expectations, fuelled by confidence that the company’s Cloud business will only continue to grow.
But as technology provides us the infrastructure to empower workplace flexibility – a key driver of diversity and inclusion – are we still missing one vital ingredient? Do we need a shift in our own individual attitudes to make the now often quoted adage a reality; that work becomes “a thing you do, rather than a place you go”?
Data shows that while many organisations are investing in the technology and policies required to enable people to work in a more flexible manner, many of us still feel reluctant to utilise them fully in our professional lives. And this is not just an issue for women who have traditionally carried the burden when it comes to balancing a career with family life.
Earlier this year, joint research from Bain & Company and Chief Executive Women found that men felt discouraged from asking for workplace flexibility for fear they would be judged harshly by their peers and managers, jeopardising their long-term career prospects. The report also found that men were also twice as likely as women to have their request for flexible working arrangements rejected.
It goes without saying, diversity and inclusion is a complex beast, but one that many in the financial services industry is eager to tame. And it seems we have a long journey ahead.
Productivity boosters to promote Diversity and Inclusion in your business:
- Flexible technology: If your office technology ties people to their desks, speak to a provider of Cloud-based mobile solutions.
- Output focused: Set clear goals for your team members that are focused on outputs and not prescriptive in how they must be achieved. Sometimes stepping back empowers people to find better ways of doing things.
- Share tips and hacks: Encourage your team to openly share ideas for ways they have become more productive. You could even reward the best idea each month.
- Effective meetings: Challenge your team to conduct meetings that are efficient and action-oriented, allowing everyone’s voice to be heard.
- Explore your own potential biases when making business decisions: We all have biases that are shaped through our own life experiences. Explore your own, especially to see how they may be influencing your own business decisions.
- Model the behaviour: As a leader in your business, make it clear that your business values everyone’s contribution.