Appealing to a dynamic and diverse workforce will be central to the long-term success of the industry, says Matthew Connell of the Chartered Insurance Institute.
In the race to attract the best and the brightest, smart organisations in all sectors, including insurance and financial services, are embracing diversity and inclusion. Striving for a diverse workplace is not only the right thing to do morally, but a sound business decision.
In January 2018 management consultancy McKinsey published a report which reinforced the link between diversity and company financial performance. The report revealed that companies with higher representations of women and ethnic minorities in senior leadership positions generally performed better than companies with less diversity in their management teams.
Last year, the Chartered Insurance Institute (CII) voluntarily released its gender pay gap figures, and this year we revealed our ethnicity pay gap figures. Whether the government chooses to legislate in favour of mandating the ethnicity pay gap or not, as an organisation that falls beneath the government’s minimum size for reporting the CII would not be required to report its figures.
Matthew Connell, Chartered Insurance Institute, Insurance, McKinsey, Gender Equality, Ethnicity equality