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

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3RD ANNUAL INSURANCE DIVERSITY SUMMIT:

Diversity is a Source of Competitive Advantage.

Dr. Jake Beniflah

Executive Director December 8, 2014 Center for Multicultural Science

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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

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U.S. IS A MULTICULTURAL NATION

Point at which the “Minority” Becomes Majority - Nationally

20 40 60 80 Whites Hispanics Blacks Asians 2000 2020 2040 2060 2080 2100

40% 33% 15% 13%

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63% OF CALIFORNIA IS MULTICULTURAL

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DEMOGRAPHIC “TIPPING POINT” HAS ARRIVED IN MANY CALIFORNIA CITIES

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SLIDE 6 23,283 18,396 15,753 90368 76749 68786 385,098 304,302 261,345 294,593 230,179 196,121

MULTICULTURAL POPULATION RESPONSIBLE FOR $600B+ IN PURCHASING POWER IN CA

Asian Hispanic Black AI

Growth Rate 207% 186% 47% 234%

2010

2000 vs 2010

2013

$230b $304b $77b $18b $629 billion

2018

$295b $385b $90b $23b

200,000 400,000 600,000 800,000

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DIVERSITY FRAMEWORK

Demography Alignment (#1) Organization Diversity as a Strategy (#2) Structure People Process Value $

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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

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GOVERNING BOARD DIVERSITY

Cognitive Diversity = Perceive, think and act differently Problem solving ability is improved Identity diversity must be linked to cognitive diversity

Source: “Page, Scott E., “The Difference”

l Science

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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

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TAKE AWAY #1:

“I skate to where the puck is going to be, not where it has been.”

Wayne Gretzky

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TAKE AWAY #2: TAKE AWAY #2:

Think Differently. Embrace intra-organizational diversity to drive performance at every level.

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TAKE AWAY #2: TAKE AWAY #3:

Courage is Leadership

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THANK YOU

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TAKE AWAY #4:

Leverage Organizational Diversity. It’s a Business Imperative in the 21st century.

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THANKYOU

Dr. Jake Beniflah

Executive Director Center for Multicultural Science jake@Multicultural-Science.org

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