Finance Sector - Moving beyond compliance to increasing engagement & profit
Challenges
- Siloed diversity programs for women, people with disabilities and Aboriginal & Torre Strait Islanders at different stages of maturity
- The Diversity Council wasn’t working and the CEO was frustrated with slow pace of progress
- Diversity was managed by HR and business “buy in” and D & I implementation was patchy
- Women could work flexibly but it was career limiting and seen as “special treatment” for mothers
- The internal talent pipeline to leadership was not diverse through a gender or cultural lens
- Senior women were angry and frustrated by the organisation’s lack of female leadership progress
Opportunities
- Organisation had an innovative engagement and culture program and an initial Diversity Census
- Managers were well intentioned but didn’t know what to do to harness diversity
- Significant investment had been made to recruit senior female leaders
- Innovative adhoc policies such as all employees over 55 could work part time had been implemented but with limited success
Actions
- Revamped the Diversity Council membership and secured budget for innovative pilot projects
- Increased staff engagement through targeted communications strategy, staff networks and strategic staff and customer events
- Identified and scaled successful local best practice diversity programs in the business
- Applied a diversity lens to implement reverse mentoring and talent acceleration
- Relaunched flexible work and careers for all staff
- Identified, connected and increase staff access to existing diversity policies and programs
- Implemented a in new overarching D & I strategy with targeted action plans and metrics
Outcomes
- Increased staff and customer engagement, retention and profit through increasing talent pool diversity, and increased women in business, disability, and LGBTI market share
- Increased trust and inclusion for diverse staff with D & I becoming one of the top 20 lived values for all staff
- Successful Indigenous employment outcomes from 10 to 100 staff with increased productivity
- New leader and staff mindsets delivered increased capability rather than compliance
- Increased leadership capability through increased diversity in talent pipeline
- Increased employer of choice brand by winning AHRI national award for best integrated Diversity & Inclusion Strategy.