Australian insurer QBE has announced the launch of its next generation Inclusion of Diversity targets that follow the positive results around its 2025 Women in Leadership targets. To date, women represent over 40% of the insurer’s executive leadership and board.
Building around QBE’s existing momentum within the space are new targets that centre around creating an equal sense of belonging across four diversity demographics: gender, race/ethnicity, disability status, and LGBTIQ+ identification.
These new Inclusion of Diversity targets are reminders that it’s not just about being represented or counted, but about feeling included as well. This in turn leads to employees feeling valued and respected no matter how they identify. With this, employees who feel like they belong are more likely to stay with QBE, be more engaged with their work, and be the ultimate advocates for QBE as an employer of choice.
Research from the Harvard Business Review backing the subject indicated that a high sense of belonging is linked to a 56% increase in job performance and a 50% drop in employee turnover. Those employees are also more likely to climb the career ladder, aligning with QBE’s People strategy of succession planning and ensuring talent is nurtured and supported to develop long-term careers with the insurer.
The new targets will be measured annually using data from employee experience surveys with results published within QBE’s annual Sustainability Report to ensure full accountability.
“We’re proud to announce our new Inclusion of Diversity targets as we constantly work towards building a global workforce that not only fosters a sense of belonging at QBE but helps us to be representative of the communities in which we operate,” QBE Group chief people officer Amanda Hughes said.
“We know a sense of belonging is not only a key building block of inclusion, but it has been identified as a key driver of retention and employee advocacy, which aligns with our strategy to be an employer of choice in a competitive talent marketplace,” Hughes said. “We recognise that our people underpin our success and by prioritising inclusion we can build and empower a sustainable and diverse pipeline of leaders to carry our business through into the future.”
QBE’s global divisions will be empowered to drive the new belonging targets through regionally aligned Inclusion of Diversity action plans. These include the profiling of diverse role models, strategic partnerships, networks and policies designed to engage employees and drive accountability around an inclusive culture.
QBE’s list of global Inclusion of Diversity initiatives and partners include:
QBE also recently revealed the company’s full year financials for the fiscal year of 2022, as the insurer reported an increase in net profit after income tax, from US$750 million in FY21 to FY22’s US$770 million.
What are your thoughts on this story? Please feel free to share your comments below.
