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The Secret Sauce: Using Diversity for a Sustainable Competitive Advantage.

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Presentation on theme: "The Secret Sauce: Using Diversity for a Sustainable Competitive Advantage."— Presentation transcript:

1 The Secret Sauce: Using Diversity for a Sustainable Competitive Advantage

2 The Secret Sauce MODERATOR: Corbette Doyle, CPCU, ARM, Lecturer in Leadership, Policy and Organizations, Vanderbilt University PANELISTS: Michael Hyter, President & Chief Executive Officer, Novations Group, Inc. Tyronne Stoudemire, Global Director D&I Talent Acquisition, Hewitt Associates Claudia Wolf, CPA, CFE, Partner & Mid-West WIN Leader, Deloitte Financial Advisory Services

3 Agenda Leadership Talent Innovation Interactive Q&A

4 Leadership: Diversity and Inclusion INCLUSION DEFINED DIVERSITY DEFINED The presence of differences that make each person unique, that can be used to differentiate groups and people from one another. The full engagement and development of all associates.

5 Leadership: Inclusion is What Matters enables organizations to leverage the full range of diversity and get the best return on their investment in human capital. INCLUSION Diversity alone does not guarantee a competitive advantage…

6 Leadership: Five Key Elements 1.Take personal responsibility for the initiative 2.Assess needs and formulate a specific plan 3.Set clear expectations and a system of accountability 4.Create measures to assess progress 5.Provide sufficient resources and an appropriate infrastructure

7 Talent: The Business Case for a Women’s Initiative #1 Women are a growth segment of the labor market In 2007, Women comprised: 57% of college degree recipients 48% of workforce 51% of projected labor force growth by 2014 Source: W. Michael Cox & Richard Alms, “Scientists Are Made, Not Born” New York Times, 28 Feb, 2005; US Department of Education; US Department of Labor Dentistry M.B.A Medical Law Pharmacy Veterinary % Professional Degrees Awarded To Women

8 Talent: The Compelling Business Case (continued) #2 Women have more options now than ever  More than 50% of all managerial and professional positions in U.S. businesses are held by women #3 Clients are demanding that the composition of the marketplace mirror their own  85% of the Fortune 500 companies have women on their boards of directors  91% of our partners and senior managers have “pitched” to women clients in the last two years  More than 40% of the 10.4 million privately held American companies are women-owned

9 Professional & Leadership Development 1 Marketplace Eminence 2 Vibrant Pockets of Community 3 Innovation 4 Talent: Four Threads of Focus

10 Innovation: Women as Buyers

11 Innovation: Mass Career Customization Pace Options relating to the rate of career progression Workload Choices relating to the quantity of work output Location/Schedule Options for when and where work is performed Role Choices in position and responsibilities The Four Dimensions—and Interrelationships of—MCC

12 …Creating a Career Sine Wave of Sorts Career Years: 0-3 Phase: Post MBA Career Years: 4-7 Phase: Changed industries Career Years: 8-14 Phase: Personal Needs Career Years: 15+ Phase: Mid-Career

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14 Emerging Workforce Global Predictions – The Next 5 Years YearEvent % of all new hires in the U.S. will be women and minorities by 2008 (U.S. Dept of Labor) 2008The off shoring of jobs will have grown 30 to 40% (McKinsey) % of American workers will be eligible for retirement (Conference Board) 2010Only 20% of the UK population will be white, male, able-bodied, and under 45 (The Times) 2010India will need 160,000 workers with good foreign language skills but only 40,000 will be produced (Work and Family News Brief) 2010US will have a shortage of 10 million workers (US Bureau of Labor Statistics) 2010The US mobile workforce will have grown 40% since 2006 (Business Week) % of the world's labor force will be in Asia with China representing a quarter of the world's labor force (ILO) % of C-Level executives will retire (Korn/Ferry International) 2012Workers over age 55 will have grown from 14% of workforce to 19% (US Bureau of Labor Statistics)

15 Diversity is the mix Inclusion is making the mix work

16 Investors Clients Investors CommunitiesAssociates We Can Increase Stakeholder Value Through D&I Innovation: Belief Making the World a Better Place to Work

17 Foundational Model - The Business Case for Diversity and Inclusion Who Does the Work Business Business Case Impact on products and services Talent Business Case Impact on talent (engagement, retention, advancement, etc.) Operations Business Case Impact on internal systems and processes What We Sell How We Run the Business

18 From:To: Tolerance and sensitivity Cross-cultural competence The Changing Paradigm

19 Innovation: Cross-Cultural Competence Defined The ability to discern and take into account one’s own and others’ world views to be able to seize opportunities, make decisions, and resolve conflicts in ways that optimize cultural differences for better, longer lasting, and more creative solutions.

20 Innovation: The Path to Cross- Cultural Competence It’s All About Me - An understanding of ourselves and how our own worldview shapes our beliefs and behaviors It’s All About Them - An understanding of the worldviews of others and what has shaped their beliefs and behaviors It’s All About Us - An understanding of how to work efficiently across differences to enhance the work we do

21 Measuring Cross-Cultural Competence Developmental Model for Intercultural Sensitivity Denial Is not even aware cultural differences exists Defense “My culture is the ‘true’ culture.” Acceptance “Cultural differences exist, are important, and should be respected and valued.” Adaptation “I proactively use my knowledge about cultural differences to improve relationships with people who are culturally different.” Integration “I integrate other cultural views into my own.” Minimization “Differences between cultures are inconsequential.” Ethnocentric Stages Ethno-relative Stages By Dr. Milton Bennett

22 The New Mass Affluent SOURCE: Nielsen “Affluence in America: May 2008,” Selig Center for Economic Growth 2007 Despite the downturn, the number of mass affluent households grew 23% over the last decade Multicultural markets account for more than 1/5 of total buying power African American and Latino buying power is larger than the GNP of all but 9 countries in the world Increase in: Buying Power U.S. Population Latino Asian Native American Black White 0% 100% 200% 300% 400% 500% 495% 475% 293% 257% 187% 131% 115% 55% 35% 19%

23 What Makes Us Different: Cultural Dimensions Financial goal focus Planning horizon Risk tolerance Involvement Individualist Short term Internal Doing Collectivist Long term External Being

24 Self-Motivated African American Professionals: What Moves Me? Being in the “Know” Networking Music Faith 13

25 What Moves Me? Faith and Music 60% listen to Urban radio (484 index) 28% listen to Jazz (640 index) 19% regularly enjoy going dancing (183 index) 13% listen to all news radio (236 index) 33% believe that it is very important to hold onto faith 85% consider themselves religious

26 Questions & Answers

27 Many thanks to … Corbette Doyle Michael Hyter Tyronne Stoudemire Claudia Wolf


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