By Bundit (Kenny) Jiamanukoonkit, CEO of Prudential Thailand
In a world rife with discord and divisive rhetoric, could Thailand emerge as an extraordinary oasis of acceptance and respect for individuality? With its cultural roots deeply intertwined with the teaching of Buddhism, Thailand has long been celebrated as a bastion of tolerance and acceptance.
However, even amidst the aura of harmonious coexistence, there exists an undercurrent of areas that beckon improvement. While gender disparities may have achieved national status and attention, an old adversary has resurfaced “Generational Differences”. The phrases echoing through the corridas (e.g. Thai parliament) such as “I took the hot bath before you” (meaning “I went through this before you”) subtly dismiss the ideas of the younger generation, casting a shadow over their perspective. In this tale of Thailand’s struggle for unity, let’s explore how the corporate world can find ways to ensure that diversity is part of everyday practices.
Enter a practice known as DEI – the acronym stands for diversity, equity, and inclusion – whose implementation has become paramount for forward-thinking companies in recent years. DEI is not new; in fact, it has been around in some form or other since the 1920s in the USA and started to take stronger hold globally when women entered the workforce in large numbers after World War II. The early efforts at what we now call a DEI strategy – such as bare bones workplace “do and don’t” lists – have been replaced in the current day by corporate-wide strategies and initiatives that go far beyond diversity to ensure that all employees feel they are equal and valued contributors to the success of their organisations.
And no business sector recognises DEI’s importance more than the insurance industry, which, having to provide financial security to a broad range of individual clients and businesses, has upped its attention on understanding the needs and viewpoints of a diverse employee and customer base. Insurers are revealing that dedicated efforts in the DEI space are rewarded by:
- The ability to acquire the best talent – a given when the focus expands to a larger talent pool
- Greater employee satisfaction, especially among women and minority groups, which in turn can lead to high employee retention levels
- Improved company decision-making and innovation, owing to a wider range of ideas, opinions and solutions
In Thailand, as elsewhere, insurance companies are also learning that the diligent implementation of a DEI strategy can equate to better customer relationships and retention numbers. Since insurers serve an increasingly heterogeneous customer base, closer alignment with that base can only strengthen the corporate brand.
But defining and building a DEI strategy is not a one-size-fits-all process. The defining stage involves analysing relevant data and sources of insight to deeply understand the challenges from the perspective of those most affected. That includes understanding the viewpoints of people of different ages, ethnicities, religions, sexual orientation and abilities.
Then, that exploratory work done, the company turns to the building and implementation of a range of strategies. This implementation stage is critical, because employees – especially those who DEI strategies are most meant to serve – sense when an employer is simply paying “lip service” to an initiative (such as doing the background work but then stalling on implementation). Failure to activate DEI strategies is the same as having no DEI strategy at all. Leadership must be prepared to institute sustained change in their organisations – something that a one-off DEI workshop or guest speaker event cannot accomplish alone.
Some examples of programs and approaches to consider, that many companies have included in a broader DEI strategy, include:
- Unconscious bias training – where employees are made aware of “snap judgements” they make – often based on race or gender – about other people’s talents or character
- Employee resource groups, which are voluntary, employee-led groups that aim to build a more diverse, inclusive workspace, and
- Diverse leadership development programs, where companies identify and mentor individuals from underrepresented groups
And the efforts of companies who embrace the key values of DEI do not go unnoticed. Just last year, Prudential Thailand won in the 'Diversity, Equity & Inclusion' category at the BCCT King Power Thailand International Business Awards (TIBA) 2022. Then in October 2022, Prudential Thailand followed this achievement with a 'Diversity, Equity & Inclusion Award' at the LinkedIn Talent Awards 2022.
Both awards came as our company was making a concentrated effort to promote DEI internally, using training, networking, and mentorship programs as key steps in building a more inclusive and equitable workplace culture. And increasingly now, we see that employees themselves may be starting to expect an effective DEI program at their workplaces. A 2021 Workforce Happiness Index found that 78% of workers want employers that value DEI. Therefore, DEI strategies and initiatives are more important than ever for organisations that want and need to stand out in increasingly competitive markets.
Despite these encouraging strides at Prudential Thailand and other insurance companies, hurdles still exist in realising the full benefits of a DEI strategy. Aspects of DEI that remain formidable include gender diversity among company executive teams, and systemic biases, which refer to company structural problems that place particular groups of people at a constant disadvantage. For example, a recent survey of 1,634 CEOs across the Asia Pacific region today found that 85% of them are men. This lack of diversity at the top is a barrier in creating a truly inclusive workplace culture.
Through challenging, we and other insurers are seeing that these hurdles are not insurmountable when we keep a persistent focus on all three values, diversity, equity and inclusion. At Prudential Thailand, over half of the work force is women, with a generational balance ranging from Boomers to Generation Z. The company has in recent years developed dedicated activities to foster and promote DEI, thereby signalling to employees and customers alike that our commitment to DEI is not a “sidebar” initiative, but one that will be sustained for the long term. Some of the workplace events include:
- A recently hosted discussion by Ms. Darabusp Pabhapote, CEO of Eastspring Thailand titled 'Women Leaders in Critical Roles' to commemorate 2023 International Women's Day
- A previously launched ‘Workplace for Everyone’ office concept that encourages creativity, collaboration and wellness with the intent of shaping the modern flexible workplace into a fun, healthy and inclusive work environment
Reaching outside of the corporate walls, our company has been working to embrace the diversity of our Thai customer base with the launch in 2022 of a brand campaign called 'Made for Every Family' to highlight the company's commitment to providing inclusive insurance.
The bottom line is that promoting DEI isn't just a box to tick or a trend to follow. By prioritising diversity, equity, and inclusion, Thai insurance firms can create a workplace culture where everyone feels valued, supported, and empowered to contribute their unique perspectives and experiences. This in turn can only help them understand and better serve their customers, as well as drive better business outcomes and have a positive impact on Thai society as a whole.
Just as important as the development of a DEI initiative is the willingness to share success stories and pitfalls that occur along the way. DEI represents a shift towards a more inclusive, collaborative workplace, but it is comparatively new, and we need to learn from each other. Diversity, equity and inclusion is a fundamental part of building a better future for everyone. And when we all share and learn from our successes in the DEI sphere, we hope to inspire and educate others in the industry.
At Prudential Thailand, we are committed to diversity, inclusion, and belonging. We are creating an inclusive work environment that drives a culture of collaboration and customer centricity that can positively impact society. Both awards from LinkedIn and BCCT KING POWER shows our company is moving in the right direction regarding inclusion, and this is reflected in all of our employees. They are the true forces that drive this initiative.