The past year has shown that, sadly, there is still much work to be done in the nation's corporate sector to eliminate systemic racism and achieve full equity. Although the insurance industry is committed to making meaningful progress in diversity & inclusion, a recent report from McKinsey & Company found that not only are Black workers under-represented in higher-paying jobs, but they're also clustered in lower-paying industries.
Moreover, McKinsey noted that at current rates of progress, it would take 95 years for Black employees to reach talent parity (equaling 12% representation) across all levels in the private sector.
The report goes on to say, "If promotion, attrition, and external hiring rates were best-in-class at each level across the participating companies, it would take about 25 years for managerial jobs (managers, senior managers, VPs, SVPs, and executives) to reach 12% Black representation overall."
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Richard Binder
Richard Binder, based in New York, is part of the social media team at ALM. He is also a 2014 recipient of the ASPBE Award for Excellence in the Humorous/Fun Department.
