QBE aims to shift the dial with new Inclusion of Diversity targets
PRESS RELEASE
QBE has announced the launch of its next generation of Inclusion of Diversity targets following positive results around its 2025 Women in Leadership targets, with women now representing over 40 per cent of the insurer’s executive leadership and board.
The new targets build on QBE’s existing momentum around increasing representation and now centre around creating and maintaining an equal sense of belonging across four diversity demographics: Gender, Race/ethnicity, Disability status, and LGBTIQ+ identification.
The new belonging targets signal that it’s not just about being represented or counted, but about feeling included, which in turn leads to employees feeling valued and respected no matter how they identify.
Aside from being the right thing to do, employees who feel like they belong are more likely to stay with QBE, be more engaged in their work, and be the ultimate advocates for QBE as an employer of choice.
This is backed by research1 that indicates a high sense of belonging is linked to a 56 per cent increase in job performance and a 50 per cent drop in employee turnover. These employees are also more likely to climb the career ladder, which aligns with QBE’s People strategy of succession planning, ensuring QBE talent is nurtured and supported to develop long-term careers with the insurer.
To ensure accountability, the new targets will be measured annually using data from employee experience surveys with results published within QBE’s annual Sustainability Report.
QBE’s Group Chief People Officer, Amanda Hughes said: “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.
“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.
“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.”
Each global division of QBE will be empowered to drive the new belonging targets through regionally aligned Inclusion of Diversity action plans which include the profiling of diverse role models, strategic partnerships, networks and polices designed to engage employees and drive accountability around an inclusive culture.
Some of QBE’s global Inclusion of Diversity initiatives and partners include:
- Flex@QBE – global program empowering employees to choose flexible working arrangements
- Employee networks such as QBE Pride
- Gender-neutral flexible paid parental leave policy (Australia, New Zealand, UK)2
- UNICEF Family Friendly Workplace (Australia)
- Career Trackers Indigenous Internship program (Australia)
- Stonewall (UK)
- Reconciliation Australia (Australia)
- Diversity Council Australia and Pride in Diversity (Australia)
- Pink Elephants Bereavement Support program (Australia)
- Australian Network on Disability (Australia)
- CEO Action for Diversity & Inclusion (US)
- Champions of Change Coalition (Australia)
- HESTA’s 40:40 Vision (Australia)
- NAAIA (National African American Insurance Association) (US)
- UNCF (United Negro College Fund) (US)
1 https://hbr.org/2019/12/the-value-of-belonging-at-work
2 https://www.qbe.com/au/media-centre/press-releases/qbe-encourages-all-parents-to-share-the
