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Diversity Audit Prep Document for Sun Life Financial

Autor:   •  August 19, 2016  •  Business Plan  •  787 Words (4 Pages)  •  1,043 Views

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Background

Founded in 1865, Sun Life Financial is a Canadian-based financial services and insurance company that helps people protect what they love about their lives.  With over 2,600 employees in their U.S. headquarters in Wellesley, Massachusetts, Sun Life continues to grow their group benefits business and recently acquired Assurant last fall in 2015.  

Within the U.S. business, Sun Life’s product portfolio is broad and competitive in its group market segments.  The products include group and life disability, dental and vision, voluntary, stop loss, and partnership business. Besides having a strong focus on being a benefits leader in the U.S., Sun Life’s goal is to also lead in international high net worth solutions.

In 2015, Sun Life built a Healthy Business strategy with five priorities to manage and drive business, clarify efforts, and guide strategic decisions.  The first is achieving Healthy Growth, which is acquiring new customers and retaining the right customers for a health business model.  As Sun Life looks to improve business performance, it is also looking at Healthy Results to achieve competitive financial and non-financial results.  By providing a Healthy Service, this means delivering on the commitments to employers, brokers, members, and each other.  There’s a strong tie between Sun Life’s business results and ensuring Healthy Members, which are the customers, that financial protection is an important part of their health living.  Lastly, a big focus is on supporting a Healthy Culture since Sun Life’s employees form the fabric of the company through their thoughts, actions, and work performance.  

Evaluation Criteria

        Based on Sun Life’s goals and business strategy, there are several criteria to evaluate in addressing potential diversity issues in the workforce.  Below is a list of criteria in no particular order:

  • Recruitment and selection:  Is the company’s recruiting efforts inclusive of diverse candidates, and what strategies are implemented to ensure this success?
  • Application forms:  Are the diversity information of the applicants accurately captured, and are there questions provided to cover any concerns for applicants who require certain accommodations?
  • Interview process:  Are the questions fair and legal to all interviewees, regardless of age, ethnicity, religion, gender, etc.?
  • Advertisements and social media:  Are the advertisements encouraging to potential diverse candidates to apply for opportunities, and are there representations of a work environment that offers flexibility and work-life balance?
  • Organizational culture:  Are employees treated with respect and given the opportunity to contribute to the company despite their backgrounds?
  • Inclusion networks:  Are the groups developing their members to be successful leaders while emphasizing the added benefits and positive impact of having a diverse workforce in the company?
  • Training and development:  Are there diversity training opportunities for all employees and what courses are required?  
  • Retention and progression: Is there a clear and transparent system of growth within the company?  

Benefits of Diversity Audit Project

        For a growing organization which has a global presence in many parts of the world, it is a beneficial for Sun Life to have a diversity audit completed.  Since there are different customers that use the products and services, it would help expand the business if Sun Life has a diverse workforce who can communicate and share the benefits of choosing to collaborate with the company.  With the research in the diversity audit project, the focus would be on emphasizing and improving the workforce and to allow for more partnership with diverse employees and the businesses.

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