Hybrid working, anonymised CVs and an increased focus on social mobility are just some of the ways the health and protection sector is making inroads to creating a more diverse financial services industry.
While the pandemic created limitations in terms of work, increased time spent with loved ones has meant workers across the sector have been thinking differently about where – and how – they want to work.
This also created opportunities for insurers to think differently about how they can entice talent into their organisations.
Potential part time vacancies
In the year the pandemic took hold, Zurich was one such insurer that embraced a change in thinking.
Peter Hamilton, the firm’s head of market engagement, told Health & Protection that it was in 2020 that it started advertising all new vacancies as a potential part-time, job share or full-time opportunity, as well as flexible working.
Hamilton added that job adverts were also modified so they included gender-neutral language.
“This year we highlighted a 66% increase in applications,” Hamilton revealed.
“Demand for flexible working has surged since the onset of Covid-19 and in the 12 months following the first lockdown, 22% of external female hires were on a part-time basis, up from 10% pre-Covid, reinforcing the need for flexibility.”
Accommodating childcare and medical conditions
However it is not just parents who benefit from flexible working as Kathryn Knowles, co-managing director at Cura Financial Services, points out.
“We have a number of members of staff that work altered hours to support them with their childcare needs. We also offer the facility to work from home when needed and we are registered as a Disability Confident Employer,” Knowles said.
“Many of our team are women, quite a few have young families, a lot of them have medical conditions. We treat people how we would like to be treated if we worked for someone else.
“Being accommodating of people’s health and family needs is unfortunately not something that all firms do, and I think that a lot of people now want to know that they work for an employer that cares about them.”
Casting the net further
Consequently, when organisations in the sector are more accommodating of people’s individual needs, they have been able to cast their net further.
Gavin Withers, head of talent acquisition at Canada Life, revealed hybrid working arrangements have enabled the insurer to target demographics in new geographic locations further afield.
“The additional flexibility that this offers our colleagues and new joiners also appeals to a diverse range of people,” he said.
“Conscious inclusion training has been rolled out this year and is available to everyone in the organisation with specific emphasis around engaging people leaders and those who make hiring decisions for the organisation.”
Withers noted the insurer has also forged alliances with three new jobsites and media platforms that specially target LGBT+, mature, ethnic and career returner candidates.
“We have placed more emphasis in the assessment process on values and behaviours over technical skills to increase neurodiversity in hiring. We’ve also refreshed our diversity, equity and inclusion (DEI) strategy that spans hiring, development and progression and retention pillars,” he added.
Insurers across the spectrum are also making similar adaptions and changes. Aviva revealed it uses balanced candidate shortlists on ethnicity and gender.
Axa told Health & Protection it runs job adverts through a gender language decoder, colour checker for accessibility, a dedicated disability concierge and does not ask for degrees unless they are necessary for the role.
It also requests gender balanced shortlists for all executive roles and has launched inclusive recruitment training and toolkits for hiring managers.
Legal & General said it has started to use anonymised CVs and is combining this with diverse selection panels so people who make hiring decisions are not from a single homogenous group.
Hiring talent irrespective of background
But what of less visible diversity? Could insurers merely be building a workforce that represents different communities but are all from the same socioeconomic background.
Axa is one insurer that is alive to this issue as well with initiatives which support and educate its colleagues.
“As we continue our drive for diversity across areas such as gender, ethnicity, sexuality and disabilities, we have also placed a fresh focus on supporting a multi-generational workforce and neurodiversity,” an Axa spokesperson said.
“Irrespective of background, people should have access to opportunities, and we’re committed to changing the perception of financial services and improving access to careers in it. We’re on a journey and have so much more to do as a company and an industry.
“We’re running virtual work experience programmes which target young people from areas of the UK with low social mobility outcomes and launched a new Social Mobility Allies network. This is made up of over 80 colleagues who are committed to shaping and championing our work to boost social mobility,” it added.
Making new targets
But according to Ali Crossley, managing director of distribution at Legal & General, there is still work for the financial services sector, including the protection industry, to do in the area of diversity and inclusion.
“We are starting from a heavily white, male dominated sector whereas a start-up business would likely be more mindful of recruiting a diverse workforce,” Crossley continued.
“While the intention throughout the sector is largely good, we still need to do more. We must never stop focusing on the area of diversity and inclusion, it’s an ongoing process so once we reach targets, we then need to make new ones.”