3RD ANNUAL INSURANCE DIVERSITY SUMMIT: Diversity is a Source of - PowerPoint PPT Presentation

3RD ANNUAL INSURANCE DIVERSITY SUMMIT: Diversity is a Source of Competitive Advantage. Dr. Jake Beniflah Executive Director December 8, 2014 Center for Multicultural Science 1 (c) 2013 The Center for Multicultural Science

WHY IS DIVERSITY IMPORTANT 1 - The business world has become more global. 2 - Homogeneous hierarchy has given away to diverse teams.* 3 - Businesses spend billions in managing diversity. * E. Mannix and M. Neale (2006), What Differences Make a Difference? Psychology in the Public Interest (c) 2013 The Center for Multicultural Science 2

U.S. IS A MULTICULTURAL NATION Point at which the “Minority” Becomes Majority - Nationally Whites Hispanics Blacks Asians 80 60 40% 40 33% 15% 20 13% 0 2000 2020 2040 2060 2080 2100 Census, 2010 (c) 2013 The Center for Multicultural Science 3

63% OF CALIFORNIA IS MULTICULTURAL http://quickfacts.census.gov/qfd/states/06000.html (c) 2013 The Center for Multicultural Science 4

DEMOGRAPHIC “TIPPING POINT” HAS ARRIVED IN MANY CALIFORNIA CITIES Census, 2010 (c) 2013 The Center for Multicultural Science 5

MULTICULTURAL POPULATION RESPONSIBLE FOR $600B+ IN PURCHASING POWER IN CA Asian Hispanic Black AI Growth Rate 207% 186% 47% 234% 2010 2000 vs 2010 196,121 261,345 68786 15,753 $18b $629 billion $230b $304b $77b 2013 230,179 304,302 76749 18,396 2018 $295b $385b $90b $23b 294,593 385,098 90368 23,283 0 200,000 400,000 600,000 800,000 Selig Center, 2013 (c) 2013 The Center for Multicultural Science 6

DIVERSITY FRAMEWORK Alignment (#1) Demography Organization Diversity as a Strategy (#2) Process Structure People Value $ (c) 2013 The Center for Multicultural Science 7

SUPPLIER DIVERSITY “We are strengthened by working with a diverse supplier base, which can help us better understand and address our consumers' needs. And we know when our suppliers succeed, we succeed. ” John Bryant, President & CEO The Kellogg Company National Minority Diversity Council Annual Report 2011 (c) 2013 The Center for Multicultural Science 8

GOVERNING BOARD DIVERSITY Cognitive Diversity = Perceive, think and act di ff erently Problem solving ability is improved Identity diversity must be linked to cognitive diversity Source: “Page, Scott E., “The Difference” (c) 2013 The Center for Multicultura l Science 9

ADAPTIVE ORGANIZATIONS Organizations that are successful in leveraging the diversity of their people are better able to adapt to changes in the external environment. Kotter, John. (1995) “Leading Change: Why Transformations Fail (c) 2013 The Center for Multicultural Science 10

TAKE AWAY #1: “ I skate to where the puck is going to be, not where it has been. ” Wayne Gretzky (c) 2013 The Center for Multicultural Science 11

TAKE AWAY #2: TAKE AWAY #2: Think Di ff erently. Embrace intra-organizational diversity to drive performance at every level. (c) 2013 The Center for Multicultural Science 12

TAKE AWAY #2: TAKE AWAY #3: Courage is Leadership (c) 2013 The Center for Multicultural Science 13 13

THANK YOU TAKE AWAY #4: Leverage Organizational Diversity. It’s a Business Imperative in the 21st century. (c) 2013 The Center for Multicultural Science 14 14

THANKYOU Dr. Jake Beniflah Executive Director Center for Multicultural Science jake@Multicultural-Science.org 15 (c) 2013 The Center for Multicultural Science