FOREWORD: ISC GROUP
Equity must come before we can champion equality
Companies should have a multifaceted DE&I strategy, taking subsections of minority groups and rolling out specific solutions for these people to achieve true equality, says Lara Pedley, managing director, global at ISC Group.
As the post-pandemic business world recovers, there is a massive importance on people. Whether it’s employees, clients or bosses, we are always trying to understand how people tick and what is important to them. People want to feel safe and valued, while being respected and free to express themselves.
At ISC Group we impart our industry expertise and help the insurance industry uncover the importance of diversity, equality and inclusion (DE&I) and how this can create better retention, leading to diversification of leadership teams and increased profitability.
I’ve always pushed the idea that in order to achieve equality, companies must first understand that we aren’t all starting from the same position—therefore, it is vital to achieve equity in order to embark upon the task of equality.
Equality is when an individual or group is given the same opportunities and resources, whereas equity recognises that each person has different circumstances and is allocated the exact resources required to reach an equal outcome to the wider group. Due to the history of how the insurance sector was created, women and minority groups have been subject to barriers in their careers which has stunted their career development and as a result they have less representation at senior leadership level. We’ve noticed a growth in women entering the insurance sector and wanting to progress in the industry, but their numbers still decline leading up to more senior roles.
“Solutions to the barriers, and the unconscious biases that create them, are not a ’one size fits all’ approach.”
Lara Pedley, ISC Group
Inclusion is so important, first in raising awareness of the barriers that women and minority groups face, but second, because it is vital when implementing initiatives to address the gaps and why an organisation should prioritise some over others in the short term. Solutions to the barriers, and the unconscious biases that create them, are not a “one size fits all” approach. Therefore companies should have a multifaceted DE&I strategy, taking subsections of minority groups and rolling out specific solutions for these people.
The majority of businesses are now trying to address the diversity in their leadership teams to ensure the organisational culture, and the products it creates, reflect society. Many would think championing equality would support this goal, but equity is needed before we can champion equality. This is why ISC Group focuses specifically on women in insurance, providing the sector and organisations with the additional resources required to develop and accelerate the careers of women.
Although it is generally assumed that women leave their roles at a certain age or a certain level due to personal events such as maternity leave, research now shows that the majority leave due to a lack of career opportunities. This can be because of a lack of openings or, more often, because the career path isn’t obvious due to a lack of role models.
“Developing your soft skillset before embarking on a leadership career is essential for success.”
At ISC Group we ensure women feel as though they can apply for more senior positions (relevant to them) and are given the tools to develop their soft skillset to ensure they have all of the means required to achieve the leadership role and stay there.
The soft skills are important because they help with longevity and success of one’s career in a leadership role. When in a position of power, individuals, in this case women, can be highly criticised. The impact of this can feel heightened when in a minority group in a leadership role. Therefore, developing your soft skillset before embarking on a leadership career is essential for success.
At ISC Group, we focus on having male allies within the industry to help champion women in their careers. Whether it’s in the boardroom or surrounding conversations around promotion and career elevation, it is always powerful to have an ally in your corner.
However, I would argue that it is key for women to help women. Creating a culture that celebrates and welcomes the intersectionality within gender will help any organisation to retain their talent, putting them ahead and driving profitability in the future.
Image: Shutterstock / Master1305
