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Energy Bar Association Diversity – It ’ s Good for the Energy Business

Learn why diversity is crucial for the energy sector. Embrace inclusion to drive engagement, innovation, and company growth.

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Energy Bar Association Diversity – It ’ s Good for the Energy Business

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  1. Energy Bar AssociationDiversity – It’s Good for the Energy Business May 7, 2018 Thomas S. O’Neill Integrity, Service, Expertise and Solutions CONFIDENTIAL ATTORNEY/CLIENT PRIVILEGE

  2. The World is Changing and We Need to Change with It U.S. demographics are quickly changing. • By 2055, the U.S. will not have a single racial or ethnic majority. • Millennials are the most racially diverse generation in American history (40% are non-white). By 2020 millennials will be 34% of the US workforce. • The number of adults who have never been married is at an all time high • Mothers were the sole or primary breadwinner for 40% of all households with children in 2011. Source: http://www.pewresearch.org/fact-tank/2016/03/31/10-demographic-trends-that-are-shaping-the-u-s-and-the-world/ The legal profession has been slow to change. • The percentage of female equity partners only rose from 16% to 19% between 2007 and 2017 • Women are hired as associates in nearly equal numbers as men, but make up only 19% of equity and 30% of non-equity partners • People of color make up 6% of equity partners • Openly LGBTQ peoples make up 2% of equity partners Source: http://www.nawl.org/p/cm/ld/fid=1163 CONFIDENTIAL ATTORNEY/CLIENT PRIVILEGE

  3. Energy Companies Need Diverse Teams to Face Challenges Harvard Business Review: “In recent years a body of research has revealed another, more nuanced benefit of workplace diversity: nonhomogeneous teams are simply smarter. Working with people who are different from you may challenge your brain to overcome its stale ways of thinking and sharpen its performance” Source https://hbr.org/2016/11/why-diverse-teams-are-smarter

  4. Inclusive Environments Drive Engagement and Innovation Deloitte LLP’s research shows that “83 percent of millennials are actively engaged when they believe their organization fosters an inclusive culture, compared to only 60 percent of millennials who are actively engaged when their organization does not foster an inclusive culture” and just “10% of millennials believe their organization fosters innovation when the culture is not inclusive.” Source: https://www2.deloitte.com/content/dam/Deloitte/us/Documents/about-deloitte/us-inclus-millennial-influence-120215.pdf Exelon’s internal studies show a statistically significant correlation between inclusiveness of the culture and employee engagement, retention and employee perceptions of how innovative the company is.

  5. Our Shareholders Expect Us To Deliver Value and Diversity and Inclusion is Key Thompson Reuters reviewed the performance of over 5000 companies and reached this conclusion: “Our data confirms that companies making real investments into diversity continue to show stronger returns.” Black Rock’s view as an institutional investor: “We also will continue to emphasize the importance of a diverse board. Boards with a diverse mix of genders, ethnicities, career experiences, and ways of thinking have, as a result, a more diverse and aware mindset. They are less likely to succumb to groupthink or miss new threats to a company’s business model. And they are better able to identify opportunities that promote long-term growth.” Source: https://blogs.thomsonreuters.com/answerson/business-case-for-diversity/ https://www.blackrock.com/corporate/investor-relations/larry-fink-ceo-letter

  6. True inclusion is not easy, so expect challenges “Diversity creates discomfort: Diverse teams work smarter and innovate better because of the inherent discomfort and friction diversity creates. Differences make us question our own biases and others’, rely on objective facts, and process decisions more rigorously.” Source: https://work.qz.com/1240213/focusing-on-the-business-case-for-diversity-is-a-red-flag/

  7. Building inclusive workplaces is good for all of us.

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