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Here are the top news stories in talent & organization from this week.
Why women leave banking
“Women leave [banking] for many reasons, but young women look up and either see too few people like them in senior roles or, worse, too few opportunities,” argues Cate Luzio in this American Banker op-ed. A 20-year veteran of the industry, she believes that leaders in banking need a bottom-up and top-down approach to growing the pipeline. “You can’t miss the obvious absence of women across all levels in banking,” she writes. “If we don’t push for hiring more, we will never reach gender parity. We won’t see any change at the top unless we make progress throughout.” Instead of relying on spearfishing, Luzio believes banks should be grooming talent within the organization for bigger roles. When it comes to recruiting, she recommends looking outside the box and expanding the selection of schools and majors. In order to retain women, banks need to create an environment that allows them to envision a career path; one that they find inspiring. “When you get to a certain level, and you are confident in yourself and your work and know what you want, putting up with the undermining office politics and lack of support starts to feel like a toxic situation,” Luzio writes. “We are less likely to stick around because we have other things that matter to us. It shouldn’t have to be like that.”
Five ways to inspire workplace creativity
How can HR professionals inspire creativity in their workforces? Adam Grant, a professor at the University of Pennsylvania’s Wharton School, spoke at the Shift Conference where, according to HR Executive, he outlined five key ways to bring ideas to life: 1. Put your worst foot forward by pre-emptively pointing out flaws in your proposal to persuade others that you have given them due consideration. 2. Make the unfamiliar familiar by exposing an idea multiple times to help it gain traction. 3. Evaluate the agreeable givers (those most visible and vocal about helping make ideas happen) and disagreeable givers (those comfortable challenging the norms and presenting new ideas). 4. Recruit new allies by pitching a project to a team and seeing who can help move the ball forward. 5. Create a psychological safety net, where employees feel comfortable addressing ongoing workplace issues.
Getting millennials to stay in insurance
According to a new survey, most millennials working in insurance (87 percent) would recommend a career in the industry to their peers, while 70 percent plan to work in the field as long as possible. Yet, Insurance Business Magazine’s Alicja Grzadkowska warns against insurers resting on the laurels of their success with the younger generation. “Getting millennials to stay in insurance requires a finely-tuned strategy that realizes the skills they have to offer and lifts the lid on the opportunities that exist in the industry for those who put in the time,” she writes. Grzadkowska claims the industry still has some weaknesses to overcome when attracting and retaining millennials. “Most people who aren’t in insurance or don’t have family working in the industry don’t know about the variety of professions you can have within insurance and that the jobs are way more exciting than what’s shown on television or in movies,” she writes. Grzadkowska recommends that insurers refrain from putting all the focus on millennials in a workforce that is comprised of a mix of generations, and to keep communication pipelines open across employees of all ages.
Disability inclusion is good for business, our new research finds
Last week Accenture’s Chief Compliance Officer Chad Jerdee launched our new research, Getting to Equal: The Disability Inclusion Advantage, at a special event at the New York Stock Exchange. The study, conducted in partnership with Disability: IN and the American Association of People with Disabilities (AAPD), reveals that companies that embrace and improve their policies and practices for inclusion of disabilities in the workforce significantly outperform their peers. The 45 companies that we identified as standing out for their leadership in areas specific to disability employment and inclusion had, on average over the four-year research period, 28 percent higher revenue, double the net income and 30 percent higher economic profit margins than their peers. Our analysis also revealed that the GDP of the United States could get a boost of up to $25 billion if more persons with disabilities joined the labor force. “It should be a pretty huge ‘aha moment’ for Fortune 500 companies—and one that merits a lot of discussion at the top levels about how to redefine disability employment,” Denise Brodey noted in Forbes.
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