The company is the world’s largest specialist insurance and reinsurance marketplace. For over 330 years, people, businesses, and communities have relied on the company’s market to protect what matters most. It set forth in July of 2020 to conduct research to better understand the experiences of the ethnically and racially diverse population within the market and responded to their research with a report and a program to accelerate the future of the company’s minority talent.
Challenge
The research report included 923 insurance professionals. Of these, 55% were female, 44% were from a Black, Asian, or minority ethnic background, and most had worked in the insurance industry for 8–15 years.
Some of the most notable results from the report are as follows:
- 70% of Black respondents believed they experienced barriers in the promotion process, which was significantly higher than their white counterparts at 45%.
- 41% of Black and minority ethnic groups were more likely to believe their visible diversity worked against them during the promotion process than their white counterparts at only 8%.
- 39% of Black respondents felt undervalued at work. Black and minority ethnic respondents were twice as likely to feel undervalued at work than their white counterparts.
Five initial actions were identified from the results of the report, one of which was to invest in positive programs to attract, retain, and develop Black and minority ethnic talent.
Solution
GP Strategies created a program as part of this company’s mission to create an environment where people from all backgrounds can achieve their full potential and be the best versions of themselves.
This program includes three primary modules, 1:1 coaching, action learning, pre- and post-program surveys, post-session evaluations, DISC profile consulting, two sponsor events, and more. The program is a true blended learning experience, with the majority of modules occurring live and others virtually.
The overall objective of the program is to attract, retain, and develop ethnic minority talent and create change on three different levels:
- The individual level: to provide the knowledge, skills, and behavior needed for ethnic minority talent to accelerate their career progression.
- The stakeholder level: to identify and create key allies to support that career progression.
- The systemic level: to remove barriers within the systems and structures (both formal and informal) within the organization to make inclusion the lived experience of all employees.
Currently—as it is always evolving—the program includes 14 sessions across eight to nine months. By participating in the program, learners:
- Gain key personal development skills related to areas of self-reflection, managing careers, and authentic leadership.
- Understand and discuss with their peers some of the challenges they face as future leaders.
- Create networks with other ethnic minority talent from across the market.
- Gain access to senior sponsors from their own organization.
- Manage themselves and their careers effectively and confidently in a white-dominated industry.
- Experience an increased understanding of personal preferences and how they bring their authentic selves to work through psychometrics.
- Participate in a personal coaching session to discuss their own individual challenges.
- Use action learning to coach other learners on relevant problems being experienced and skills that can be used post-program.
The goal of the program is to empower the minority colleagues, to offer them an opportunity to build and grow a network of like-minded people, and to arm them with the skill sets and tools they need to take that next step in their careers. In a survey of some of the first cohorts for the program, 100% of respondents reported that the program did just that.
Results
The program has provided several measurable benefits for the leadership development of the organization’s ethnic and minority talent. Of the 10 respondents in the most recent post-program survey, seven participants received a promotion, accepted a critical job assignment or strategic job opportunity, or experienced a role stretch that included more responsibilities.
Furthermore, 100% of participants agreed to the following statements, indicating the program is successful in achieving its goals:
- The content of this program will be useful and relevant in my work.
- I gained knowledge from the program that I can apply to my career.
- Overall, I found this program beneficial.
- I found it easy to participate in the program.
In the pre-program survey, only 27% of participants agreed to the statement “I have the tools/skills to overcome obstacles in my career.” Post-survey, 100% of participants agreed with the statement, indicating a 270% increase in confidence.
Pre-program, only 54% of participants agreed that “I would currently describe my leadership/work style as being ‘authentic to my true self,’” and post-program, 91% agreed with that statement, indicating a nearly 70% increase in feelings of authenticity.
Further, from the pre-program survey, only 45% of respondents reported that they “feel I am able to use my influencing skills to positively interact with others in the workplace.” Post-program survey indicated 91% now feel confident in influencing others, which is a massive 102% increase.
Additionally, and perhaps most importantly, the number of ethnically diverse leaders in the market increased from 5% to 9% between 2022 and 2023, and ethnic diversity and representation has increased 2% overall since 2022.
