diversity quality success

Transcription

1 diversity quality success Diversity: The Power of People respect commitment strength results

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3 commitment What Diversity Means to Prudential Financial At Prudential Financial, we re embracing a new world of opportunity in our workplace and marketplace, and we re determined to be the best. That means achieving competitive advantage through our employees, products, and relationships with our customers and communities. We know that a critical component of our success is our ability to value and leverage diversity that is, the power of people Prudential people. We also know that our work force must be as diverse as our products and our markets. Prudential Financial is diverse. Our businesses in the United States and throughout the world thrive in markets where a variety of cultural perspectives, needs and circumstances impact the design and delivery of our products and services. Our employees, who live in the United States and in more than 30 countries around the world, also represent a cultural mosaic. We bring to the table a wealth of talent and experience that is enriched by a multitude of differences including race, gender, age, sexual orientation, life circumstances, religion and ability. This diversity gives us unparalleled access to varied perspectives, creative approaches to work and innovative solutions to business needs. That is why we make diversity a priority. We build it into our business and human resources strategies and insist on leadership accountability for results. We expect our business strategies, that fully consider diverse consumers and communities, to drive our leadership in the global arena. We also expect that inclusive policies in our workplace will help Prudential Financial to attract, retain and develop talented individuals from a variety of backgrounds to contribute their abilities toward our success. We require that each leader in our company play a critical role in creating an environment where every employee has an opportunity to succeed and where diversity is respected and sought after in our business dealings. At Prudential Financial, we are proud that diversity is enhancing our ability to deliver world-class financial services to a worldwide market. We are putting the power of people to work. Arthur F. Ryan Chairman and Chief Executive Officer

4 diversity at Prudential a Measure of Success Prudential Financial s senior leadership team strongly believes that diversity positively and significantly impacts overall company achievement The Strength of Our Commitment Prudential Financial, one of the largest financial services companies in the world, has been firmly committed to equal employment and affirmative action for over 30 years. Over the years, we ve strengthened our commitment by devoting significant additional resources to help our work force better understand and maximize the value of diversity. We ve also revised and revitalized Prudential Financial s diversity initiatives to reflect changes in both the workplace and society at large. As part of that activity, we named a Chief Diversity Officer to lead our Equal Opportunity/Diversity organization. This team is responsible for partnering with our various business units to orchestrate affirmative action, equal opportunity, diversity and work/life strategies to support companywide initiatives. In 1999, the Chairman s senior leadership team took our commitment to a new level by forming Prudential s Diversity Council.

5 Working together, these two groups designed a diversity measurement and accountability process that further integrates the value of diversity into the company s relationships with its work force, markets and surrounding communities. Accountability Is Key This partnership has mapped out an annual strategic planning process for each of Prudential Financial s businesses. It includes key measures of diversity and links management compensation to progress on meeting annual and long-term objectives related to those measures. Prudential Financial s senior leadership team strongly believes that diversity has a significant, positive impact on overall company achievement. In support of that, management must play a primary role in diversity efforts, and feel the impact of their success. Chairman and CEO Arthur Ryan says, We can set objectives and measure results all we want, but if leadership isn t actively engaged in the process and modeling appropriate behavior, we won t get far. I believe our diversity objectives have to be treated just like everything else we do in the traditional business cycle, such as assessing sales results and return on equity. Results definitely matter. Although relating compensation to diversity is a powerful incentive, it s only one way that Prudential Financial is helping to ensure that providing equal opportunity and valuing differences are critical components of the way we measure success. I believe our diversity objectives have to be treated just like everything else we do in the traditional business cycle. Arthur Ryan Chairman and CEO

6 respect Business Resource Groups represent a cultural mosaic that promotes professional development while helping the company achieve its business objectives Business Resource Groups Make a Difference Prudential Financial encourages its employees to participate in Business Resource Groups (BRGs). These dynamic groups have a dual purpose they serve as networks for employees to promote professional development while helping the company to achieve its business objectives. With membership open to all employees, the groups address topics of interest to African- Americans, Asians and Pacific- Americans, gays, lesbians, bisexuals and transgenders, Hispanics and individuals with disabilities. The members of BRGs: Provide and participate in educational programs that foster understanding of differences and the development of leadership capabilities;

7 Through my Serve as advisors to management and community liaisons; Support hiring and retention efforts; Assist with marketing programs aimed at targeted communities; and Participate in philanthropic outreach activities. Prudential Financial partners with our BRGs to sponsor recognition and educational events that highlight the rich diversity in our work force, markets and communities. involvement with the Business Resource Groups, I have the great opportunity to work with and support a diverse group Company-wide Diversity Recognition Month events are championed by executive sponsors from our businesses in partnership with the BRGs and are open to all employees. These events offer many opportunities to learn about diversity through speakers, multimedia presentations, workshops, and other activities. Prudential s BRGs include: Abled and Disabled Associates Partnering Together (ADAPT) Asian Pacific American Association (APAA) Black Leadership Forum (BLF) Employee Association of Gays, Lesbians, Bisexuals, and Transgenders (EAGLES) Hispanic Heritage Network (HHN) of Prudential associates, as well as reach out to the community through a variety of activities and events. Randy Hunt President Asian Pacific American Association

8 success High-performing companies are those that value and develop individuals from a variety of backgrounds Our Goal: Recruit, Develop and Retain At Prudential Financial, we know that our work force is the key to our future growth and success. So, it s critical that our employees work effectively with each other and with our customers. We also know that highperforming companies are those that value and develop individuals from a variety of backgrounds. Sharon Taylor, Senior Vice President, Corporate Human Resources, says, Prudential is committed to diversity and all the benefits it brings for our work force, customers, shareholders and the communities where we live and work. We cannot separate our commitment to diversity from our aspirations for business success, because the two are so closely linked.

9 Prudential Financial aggressively seeks talented people with diverse skills, experiences and perspectives and offers them career opportunities through a number of recruitment and development initiatives. These efforts, combined with our inclusive and competitive benefit and work/life programs, are aimed at creating a workplace that encourages individuals to make full use of their skills and talents. Prudential s initiatives include: A strong presence at colleges and universities, which, historically, graduate a diverse group of students. Intern programs like INROADS, where our national sponsorship places talented minority youth in our businesses and prepares them for corporate and community leadership. Our partnership with the Jackie Robinson Foundation (JRF) provides summer internship opportunities for candidates. Serving as an advocate for young people with the greatest need, JRF provides more than financial support. Candidates become active members in the Foundation s unique education and leadership development program, which is an extensive mentoring program that includes attendance at workshops, assignment for a peer and a professional mentor, and placement into summer internships and permanent employment. Partnerships with professional organizations such as the National Society of Hispanic MBAs, Hispanic CPAs, the National Association of Black MBAs, the Black Data Processor s Association, Women in Technology International, the National Association of Black Accountants, and Minority Interchange. A comprehensive professional development curriculum that s designed to equip employees at all levels with the knowledge and skills they need to meet customer needs, maximize their performance and grow their talent. The Learning Organization offers all employees dynamic, state-of-theart training on technical, managerial and leadership subjects. Diversity-affirming educational topics are integrated throughout the curriculum. This allows employees to continue learning about the value of diversity as their careers progress and to understand the various ways it can be applied. Specific classes are also offered on diversity, affirmative action and sexual harassment prevention, ethical and responsible behavior, and flexible work options.

10 work/life Work/Life Programs Help Bring Balance Personal priorities may change as people move through different stages in their lives. Some may be more involved with child care while others may be more concerned about elder care. Some may benefit from speaking to counselors to help them through a particularly difficult situation while others may need to change their work schedules to help them better manage their lives. Whatever these priorities may be, Prudential Financial offers a variety of Work/Life programs that are designed to help employees maximize their effectiveness at home, at work and in their communities. These programs support Prudential s commitment to a work/life philosophy that provides flexibility and choice and allows employees to take greater control of their personal and career responsibilities. Our Work/Life programs include: Prudential LifeSolutions one source for work/life resource and referral services and employee assistance needs Alternative work arrangements (job sharing, part-time employment, flextime, telecommuting, compressed workweeks) Child care, lactation and other parenting resources Elder care resources Adoption support services College loan services Leaves of absence Health and wellness services Prudential Financial has set its sights on being an employer of choice. Work/Life programs help support this goal by: Improving employee satisfaction, commitment, engagement, and retention Opening employment options to more individuals, including, longdistance commuters and those with disabilities Reducing stress Improving productivity

11 quality Our grant programs underscore the company s determination to help build more productive and successful cities and citizens Making an Impact on Our Communities Prudential Financial is an enthusiastic and steadfast supporter of the many diverse communities where we live and do business. We demonstrate our support through the activities of Prudential s Community Resources Division and by sponsoring various initiatives such as our Business Diversity Outreach, the Minority Banking Program, and the Supplier Diversity Program. Prudential Community Resources Community Resources invests finances, business expertise and associates volunteer skills in programs that increase human potential and individual self-sufficiency through education, job skills, economic revitalization and basic community health. Its strategic focus guides Prudential Financial s giving and community investments to meet the needs of diverse urban communities in the following four areas: Education Initiative Supports quality education by funding initiatives that strengthen public education through efforts such as school reform, teacher development, literacy enhancement and other school- and non-school-based education projects that increase the potential and self-sufficiency of children. Economic Initiative Supports a broad array of initiatives that foster economic opportunities for the underserved, including efforts that help enhance job skills, support job creation and promote minority entrepreneurship. Also, neighborhood development activities revitalize neighborhoods and provide affordable housing.

12 Prevention and Wellness Supports initiatives that promote community well-being and enhance the quality of life. These efforts strengthen families through a variety of projects including those that fund youth development and employment programs and support HIV/AIDS prevention projects. Cultural and Civic Infrastructure Supports arts institutions and capacity-building efforts that help ensure that children, youth and families grow up in communities that nurture their positive development. Ultimately, these efforts will ensure that every community has access to quality arts and an effective non-profit sector. The work of Community Resources is a partnership of four units: The Prudential Foundation, the Social Investment Program, Local Initiatives, and Business Diversity Outreach. The Prudential Foundation provides support to innovative programs that address the needs of society. The Foundation annually provides approximately $25 million in grants, not including matching employee gifts and contributions to other employee-directed funds. The Social Investment Program makes investments that do not qualify under mainstream lending, such as mortgages and other loans, in the areas of affordable housing job creation and education with a special emphasis on supporting charter schools and the preservation of existing affordable housing. The program has exceeded $1 billion in cumulative investments historically. Each year it invests approximately $60 million in socially responsible projects and organizations that are unable to obtain financing from traditional capital sources. Local Initiatives strengthens Prudential Financial s business objectives by helping employees build strong relationships with the communities where they live and work. Diverse employee and neighborhood projects are supported under the branded initiative, Prudential CARES, through wellorganized employee volunteerism and community involvement efforts. Some of these include: Global Volunteer Day, Team Volunteer Incentive Grants, Personal Volunteer Day, Matching Gifts, Retirees Offering Community Service, and our Board Placement Program. Working in the community, I directly experienced Prudential s commitment. Through grants, volunteer activities and social investments, Prudential demonstrates its leadership by being a true change agent. Rene Deida Program Officer The Prudential Foundation

13 strength Business Diversity Outreach Prudential Financial s Horizon Initiative helps to build strong relationships between the company and diverse organizations and community groups. Through a variety of event sponsorship and participation activities, these groups gain greater access to the resources Prudential Financial offers to help protect and prosper their memberships families, businesses and cities. At the same time, our businesses gain more direct access to diverse markets and communities. With an annual investment of several million dollars and with approximately 100 events on Business Diversity Outreach s yearly calendar, Prudential Financial partners with a broad spectrum of organizations representing several targeted markets. The following organizations and events are just a sampling of partnerships facilitated through the work of Business Diversity Outreach: American Latino Media Arts (ALMA) Awards Asian American Federation Gay & Lesbian Alliance Against Defamation (GLAAD) IDAMAR Business Retreat for Women of Color NAACP Image Awards National Association of Black Accountants (NABA) National Hispanic Foundation of the Arts U.S. Hispanic Chamber of Commerce Women s Business Enterprise Network

14 results Prudential is committed to using a diverse supplier base and employs strategic sourcing processes to maximize opportunities for minority and women-owned suppliers. Erin Noonan Director, Strategic Sourcing Minority Banking Program Successful businesses lead to successful individuals, families and communities. Prudential Financial participates in mutually beneficial partnerships with minority institutions through our Minority Banking Program. The program consists of two parts: a three-year renewable revolving credit line and a certificate of deposit purchase. Over 50 banks participate in the program. We invite banks of minority status, as defined by the Federal Reserve, to participate in the credit line facility. Fees are paid to banks based on their individual participation in the facility. Additionally, participation in the program provides for the placement of a $100,000 certificate of deposit with each institution. Supplier Diversity Program Prudential Financial believes that diversity is good for our business and for those who do business with us. Because of that, we are committed to increasing our supplier relationships with minority and women-owned businesses. Interested certified minority and women-owned business enterprises (M/WBEs) are invited to register with us via our Web site. Further, we believe that advocacy is key to developing world-class diversity strategies. Prudential Financial is proud to be a corporate member of both the National Minority Supplier Development Council and the Women s Business Enterprise National Council. Our Supplier Diversity Manager also serves as the Director of Diversity Affairs for the National Association of Purchasing Management NJ.

15 rewards Diversity has other Prudential Financial is honored that others have recently recognized our commitment. For example: Ranks on Fortune magazine s America s 50 Best Companies for Minorities list Fortune Magazine Ranks on DiversityInc.com s Top 50 Companies for Diversity list DiversityInc.com Named to Executive Female magazine s Top 30 Companies for Executive Women list Named to Working Mother magazine s Top 100 Best Companies for Working Mothers list and inducted to its Hall of Fame for 15+ years Executive Female Magazine Working Mother Magazine Named to Hispanic magazine s Top 100 Companies providing the most opportunities to Hispanics list Hispanic Magazine Named to LATINA Style s Top 50 Companies for Hispanic Working Women list Latina Style Magazine Ranked on the Human Rights Campaign s Top 100 List of Gay-Friendly Companies list Human Rights Campaign Ranked on Careers and the DisAbled magazine s Top 50 List Careers and the DisAbled Magazine

16 2003 The Prudential Insurance Company of America, 751 Broad Street, Newark, NJ Prudential Financial and the Rock logo are registered service marks of The Prudential Insurance Company of America, Newark, NJ and its affiliates. HREO-D2527