In the midst of discussions among many industries, including insurance, about how to bolster diversity and inclusion, Manulife and John Hancock have announced that they are investing more than $3.5 million over the coming two years to promote diversity, equity, and inclusion, both in the workplace and the communities they serve.
According to a news release, the purpose of the investment is to expand the representation of diverse talent across all levels in the organization – a serious issue within the insurance industry more broadly – as well as create greater inclusion across the firm through training, and support organizations supporting Black, Indigenous and People of Colour (BIPOC) communities.
“We recognize that driving change means taking action, which is why we are making these important investments in building greater diversity on our team, and a deeper awareness of the role we can all play in being an ally and supporter of inclusion,” said Manulife President and CEO Roy Gori in the release. “Through candid discussions with our team, we’ve developed this plan based on their feedback, focusing on areas they see as the most critical levers to helping us create long-lasting change.”
More specifically, the investment that was unveiled today will aim to build representation of BIPOC professionals through graduate programs, leadership recruitment efforts, and accelerated mid-career development. This will involve the recruitment of talent from diverse post-secondary schools in North America, partnerships with Career Edge in Canada and the MLK Scholars Program in the US to recruit youth, and the introduction of an accelerated development program for high potential mid-career BIPOC leaders, as well as the implementation of diverse leadership hiring goals.
Another initiative under the umbrella of this investment will be the establishment of programs designed to educate and train current employees on related topics. This education will go beyond mandatory unconscious bias training and will include listening forums to encourage conversations, in turn building a greater understanding of inclusion and connection across the global team, allyship training, as well as targeted training for all managers about leading inclusively.
The third initiative will focus on supporting communities through donations and volunteerism that are focused on financial education and career mentorship. Organizations initially supported include the NAACP Legal Defence and Education Fund, Equal Justice Initiative, ICON Talent Partners, the Canadian Association of Urban Financial Professionals, and the Canadian Race Relations Foundation.
