Creating a vibrant and inclusive culture is now a critical component of a company’s ESG objectives.
In its inaugural ESG report, the recently rebranded Marsh McLennan outlined the steps it is taking to monitor talent profiles and how they are evolving across the organisation, as well as measures it has implemented to take a stand against all forms of racism.
The broking group revealed it maintains a close pulse on its workforce by examining talent flows holistically, which involves building an understanding of how people have historically moved in, up, around and out of the organisation.
The company uses various tools to do this, including Internal Labor Market maps and methodology, an innovation of the workforce sciences team at its Mercer subsidiary.
This data helps provide the broking group with a “common enterprise-wide lens” for workforce management from which opportunities can be further explored.
Through this study, Marsh McLennan has identified that more than half of its global enterprise workforce are women, driven by its two largest businesses, Marsh and Mercer.
Nearly 25 percent of its US people identify as non-white, with the highest percentage of leaders of colour being in the group’s global functions and Oliver Wyman units.
The company also undertakes statistical modelling of the root-cause drivers of key talent flows – this analysis has shown that average attrition for women and US non-whites has been at or above global norms.
The broking group then conducts modelling to account for factors that may have driven this trend, such as specific career levels, departments, locations and role types, to more effectively design solutions to address the challenge.
Over the past year the group has also implemented concrete actions to address racism, bigotry and discrimination in all of their forms.
In June 2020, the company formed a Race Advisory Council to advise its executive committee and ensure diverse perspectives are considered in decision-making.
The council consists of 14 colleagues who will serve on a rotating basis, representing each of Marsh McLennan’s businesses and a diverse range of work and life experiences.
The first action of the Race Advisory Council was to consider and approve the recommendation to adopt Juneteenth (19 June) as a company holiday in the US starting in 2021.
Having held a series of sessions to listen, learn and understand from black colleagues between July and September last year, the group’s talent development team has now designed a programme, which launched early this year, to facilitate the development of black colleagues to senior levels within Marsh McLennan.
“We believe that inclusion means more than acceptance – it means belonging,” the company said. “It’s a promise of full participation in the life and work of our company, and a voice in its future.”