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Finance Sector - Moving beyond compliance to increasing engagement & profit


Challenges

  • Siloed diversity programs for women, people with disabilities and Aboriginal & Torre Strait Islanders at different stages of maturity
  • The Diversity Council wasn’t working and the CEO was frustrated with slow pace of progress
  • Diversity was managed by HR and business “buy in” and D & I implementation was patchy
  • Women could work flexibly but it was career limiting and seen as “special treatment” for mothers
  • The internal talent pipeline to leadership was not diverse through a gender or cultural lens
  • Senior women were angry and frustrated by the organisation’s lack of female leadership progress

Opportunities

  • Organisation had an innovative engagement and culture program and an initial Diversity Census
  • Managers were well intentioned but didn’t know what to do to harness diversity
  • Significant investment had been made to recruit senior female leaders
  • Innovative adhoc policies such as all employees over 55 could work part time had been implemented but with limited success

Actions

  • Revamped the Diversity Council membership and secured budget for innovative pilot projects
  • Increased staff engagement through targeted communications strategy, staff networks and strategic staff and customer events
  • Identified and scaled successful local best practice diversity programs in the business
  • Applied a diversity lens to implement reverse mentoring and talent acceleration
  • Relaunched flexible work and careers for all staff
  • Identified, connected and increase staff access to existing diversity policies and programs
  • Implemented a in new overarching D & I strategy with targeted action plans and metrics

 Outcomes

  • Increased staff and customer engagement, retention and profit through increasing talent pool diversity, and increased women in business, disability, and LGBTI market share
  • Increased trust and inclusion for diverse staff with D & I becoming one of the top 20 lived values for all staff
  • Successful Indigenous employment outcomes from 10 to 100 staff with increased productivity
  • New leader and staff mindsets delivered increased capability rather than compliance
  • Increased leadership capability through increased diversity  in talent pipeline
  • Increased employer of choice brand by winning AHRI national award for best integrated Diversity & Inclusion Strategy.