Why is diversity, equality and inclusion so important to the Bermuda reinsurance industry?

Many companies have diversity and inclusion as a core value, but making a vision a reality requires making leaders accountable, a panel of re/insurance executives agreed.

In attendance:

Kirsten Beasley, head of office, Willis Towers Watson

Deshay Caines, colleague engagement leader, Marsh McLennan Bermuda; head of education, ACRE

Tracey Gibbons, head of QBE Re, Bermuda

Lloyd Holder, chief information security officer, SiriusPoint Bermuda

Marlon Williams, senior underwriter, Hiscox Re & ILS; co-chair, ACRE

Jevon Williams, general counsel, Chubb Bermuda

Suzanne Williams-Charles, director of policy and regulation, Association of Bermuda Insurers and Reinsurers

Moderator: Bill Zuill, editor, Bermuda:Re+ILS

“You shouldn’t expect your workforce to look like a certain thing if your community doesn’t look that way.” Suzanne Williams-Charles

Suzanne Williams-Charles: Because of the composition and size of the Bermuda population we are unable to sustain the marketplace just from the Bermuda community. It has been that way for several years—the population can’t support the activity in the international business sector. To be able to attract the best talent to the Island, to keep our business centre alive, you need to have an environment that welcomes all people.

It is vitally important for us to create an environment where people feel comfortable coming to the Island, and when they get here they feel welcomed.

“It’s essential for them to be able to see themselves.” Jevon Williams

Jevon Williams: When I think about why it’s so important, I think about our youth and the population of Bermuda—those who are coming up behind us. It’s essential for them to be able to see themselves—those with similar backgrounds and from similar communities—represented within international business. As Suzanne said, it’s the largest economic pillar and driver for our jurisdiction. I’m specifically speaking of black Bermudian and female representation, two demographic profiles which are of utmost importance for me personally.

“It is only going to be exacerbated if we can’t change our mindset.” Tracey Gibbons

Tracey Gibbons: Our industry does not reflect the diversity of our population. We ignore that at our peril because it is perpetuating the economic divide, and that is not sustainable. We need to up our game, because this is going to be a huge problem for our society, we already see that. It is only going to be exacerbated if we can’t change our mindset.

Marlon Williams: With international business being the economic driver, some individuals are able to carve out a really good life for themselves and generate significant wealth, and you can see how that wealth is distributed in a place as small as Bermuda. We proceed on this path at our peril.

Our spending patterns are very different—where I will go on the weekend, and what local businesses get the proceeds of the gains I’ve earned in international business look very different from other people’s activities. We have a very important role to play, not just in who gets that wealth, but how that wealth is distributed Island-wide. We have to think about what’s sustainable, and what sustainability looks like in Bermuda.

Kirsten Beasley: One key theme I want to emphasise is the unique impact that Bermuda’s size has on this conversation. Because of our size (and the central importance of the insurance industry to our community) disparities of access within our industry impact the community in an amplified way. Many of us, who grew up in Bermuda, have experienced first-hand the subtle but pervasive effects of socio-economic differences, often without realising the full extent of these disparities.

And these disparities, as Tracey and Marlon so rightly point out, are not solely economic, they also affect access to education, housing, healthcare and job opportunities. This imbalance and lack of access create very real social, economic, medical—and every other measurement that you possibly can have—disparities within the community.

“An enhancement in our DEI profile in Bermuda is directly related to the enhancement of our entire society.” Lloyd Holder

Lloyd Holder: Diversity, equality and inclusion (DEI) is tied to the development of Bermuda. At a higher level, the DEI initiative seems to be an in-vogue thing to do and talk about in various sectors and around the world, but specifically as it relates to Bermuda, because of our lack of degrees of separation, and because of the fact that we have such a close-knit community, an enhancement in our DEI profile in Bermuda is directly related to the enhancement of our entire society. So it elevates the importance of the discussion.

Suzanne Williams-Charles: I wanted to jump on the point about the uniqueness of our jurisdiction and discuss another category of DEI, which is the guest worker and Bermudian. The disparity in the economic wealth of those working in international business versus those in other sectors in Bermuda and also that concept that Bermudians may not have a place in international business, has created a divide.

I’ve spent the last couple of years at the Association of Bermuda Insurers and Reinsurers (ABIR) trying to figure out how we convince the general public that there can be a place for them—it has been quite difficult. I suspect it’s because they don’t always see that being actually represented. Even though those comments are made, it’s important that we, to Tracey’s point, create an industry that looks like the community.

That means DEI looks different in every country, right? You shouldn’t expect your workforce to look like a certain thing if your community doesn’t look that way. That’s the progress that we need to make, because the disparity, or the sentiment that some of the public feel about the international business community, does not help us grow. And it’s a vital sector.

“The understanding of why DEI is vital is widespread among leaders, yet its effective integration into organisations remains elusive.” Deshay Caines

Deshay Caines: The insurance and reinsurance industry have established a significant presence in Bermuda for over three decades. However, the broader community of Bermuda often perceives it as an aspiration that may not be achievable within their lifetimes. Consequently, prioritising DEI becomes crucial for Bermuda. The representation we aim to achieve on the Island will play a pivotal role in reshaping the industry’s landscape over the next five to 15 years.

Continuing on the current trajectory without making DEI a central and driving force in Bermuda will only perpetuate the ongoing discussions and maintain the cycle that has persisted for more than three decades. The importance of DEI goes beyond necessity; it is fundamentally the right thing to do.

While we continually engage in conversations about the significance of diversity and inclusion, it appears that progress remains limited. The understanding of why DEI is vital is widespread among leaders, yet its effective integration into organisations remains elusive.

DEI has the potential to enhance our cultural understanding and profoundly impact our communities and corporate social responsibility initiatives. It signifies a departure from the traditional practices of the past decade. It encourages individuals to reconnect with meaningful charities from their upbringing, fostering greater diversity in the transition of people into the industry.

By extending DEI efforts to grassroots levels, such as involvement in football clubs and ballet studios, we enable young Bermudians to witness successful individuals within the industry, representing diverse backgrounds. This exposure not only encourages aspirations but also has the potential to reshape the entire landscape of Bermuda over the next five to 15 years.

How can a more diverse workforce and senior leadership help these businesses to be successful? 

“Voicing dissent in a professional setting, as a woman, still carries a significant personal cost.” Kirsten Beasley

Kirsten Beasley: I am concerned about our industry’s ability to harness the power of DEI and realise the potential benefits. The real business advantage of DEI lies in navigating and synthesising divergent viewpoints, to reach superior outcomes, something only possible in a diverse environment. Yet, it seems our industry struggles to fully capitalise on this. Embracing diversity’s power requires more than mere representation at the table; it demands valuing divergent opinions.

We need to reshape the notion of what a ‘team player’ is. When I first came into the industry, the term implied conformity, but a ‘team player’ in a diverse context brings an important asset—an alternative perspective that challenges conventional thinking.

Speaking from personal experience, voicing dissent in a professional setting, as a woman, still carries a significant personal cost—a burden that I suspect is even more substantial for people of colour in similar positions. The core of our business case rests on effectively embracing diversity, and I believe we are far from reaching that ideal.

Marlon Williams: We’re definitely not there yet. The case for diversity has been made—there are consistent studies on it. The business case has been proven in terms of having gender and racial diversity not just in the company, but at executive levels. The irony for me with respect to our industry is that we make a business based on recognising that diverse portfolios build resilience into our money-making. It’s foolhardy to put all our eggs in one basket. 

“It puzzles me why we don’t have the movement when we have data that shows that this will improve your business.” Suzanne Williams-Charles

What we’re trying to achieve—and we recognise it in reinsurance, insurance, banking, in the hedge fund world, all of investment—is built on this premise. And the same intelligent minds who recognise the benefits that diversity brings ignore it with respect to its selection of its people and how it builds a company. We’ll build something largely homogenous in a company and then have that homogenous group try to build something diversified financially. It’s an irony that sticks out to me in our space.

Suzanne Williams-Charles: There are not many other legitimate proposals you can take to a CEO that you could prove will make them money and they say “no, I don’t want to do it”. Many don’t say “no, I don’t want to do it” with their mouths—they say it with their actions or inaction. And maybe not because they don’t want to do it, but because it’s a highly sensitive area and change may not be easy.

Change is hard, but the point I see over and over again is it’s proven that this will improve your results. Why don’t we see the same movement as you would with another type of proposal, that had nothing to do with DEI but was going to give better results? It puzzles me why we don’t have the movement when we have data that shows that this will improve your business.

“How do you approach the other types of diversity—neurodiversity for example, which isn’t always apparent?” Tracey Gibbons

Tracey Gibbons: One of the problems is that there are senior people for whom the jury’s still out. They say “yes, you’re showing that companies with a more diverse board and more diverse executives are getting better financial results” but they do not accept the correlation. They are saying “you’re not providing a clear link on that”, which is an issue.

Any diversity that leads to challenging opinions, different perspectives or new ideas being put out there, has to be beneficial. Whether acted on or not, they’re planting a seed. I’ve been in senior management for a long time and if you go back 10 years, typically if you had a meeting of the executive or senior management, there’d be a discussion around a particular topic, and people would weigh in.

The CEO would then say “let me tell you what I think”. It could be something totally different, but then generally everyone around the table folds and says: “yes, you’re right”. So the discussion was all a waste of time.

I think that in certain companies that dynamic has changed. We had an off-site meeting at QBE Re last month, and half a day was spent on coaching, for the executives, to be willing and comfortable to challenge. What that requires is trust. Trust that you can challenge and it will not come back and bite you, that you’re comfortable challenging and more importantly, that the person who is being challenged is willing to accept that challenge in the good faith that it was made. There is a big problem with the way executives in our sector think they should behave and it takes courage to admit that you don’t have all the answers and to seek a differing view point.

More and more, companies ask for a diverse group of candidates for job openings. That’s part of taking DEI seriously. But the problem then is that in a lot of cases they still hire the white man, because the person interviewing is often a white man, and there’s a comfort level with somebody who looks like you, thinks like you and with whom you feel an affinity with. We need to ensure we have diverse interview panels as well as diverse panel of interviewees that is one way of getting over this hump.

In our organisation we’re gradually seeing more women in senior positions, and it then becomes self-perpetuating. We need to do what we’ve done for women for other types of diversity. At QBE Re we continue to look for a more equitable gender balance at all levels of the organisation but are also increasing our focus on racial diversity where we have not had such a marked impact.

We’ve done well with gender parity. We do have quotas, and I know they’re controversial, but the quotas have worked. More than 40 percent of our board and 38 percent of our leadership are women. The target for 2025 is 40 percent and I think we will make that, but how do you approach the other types of diversity—neurodiversity for example, which isn’t always apparent? How we recognise and embrace the value of neurodivergent skills in people is also extremely important and can be a real differentiator when we are building our teams—ensuring we have the right balance of skills that makes us fit for the future.

“Historically, black and brown people as well as women have always had to overprove their qualifications.” Deshay Caines

Deshay Caines: The genesis of diversity and inclusion came from a racial perspective. It also came from the perspective of racial discrimination, as well as gender discrimination against women. Historically, black and brown people as well as women have always had to overprove their qualifications—we’ve always had to be over-educated, and I’m talking about this from a person of colour perspective, as well as a female perspective. All the additional qualifications we must have—we are always two to five steps ahead of our peer groups, from a racial perspective.

We have all this data about how diverse organisations are more profitable, but because this started from a racial and gender perspective, we’re going to be in a constant state of having to prove repeatedly that I am good enough, I’m worthy, all these things, through education and exams in whatever industry that you are in, to be at the top of your game.

We’ll have that same mindset when it comes to leadership with proving why diversity is important, and how it makes your organisation better. Until we get to a point where we’re changing the mindset and the bias of the senior men and women, sometimes in leadership, that where we are is better, and the statistics that we have proved this, until they get it into their minds that we don’t need to prove over again that this is the case, we will constantly be in the state of having to say, look at the numbers, look at this, look at that, as opposed to just knowing that we already have the proof.

“If that same environment was open and available to everyone, then we will see the kind of diversity that I hope to see in my lifetime.” Marlon Williams

Tracey Gibbons: To a certain extent, and I don’t know about racially, but as women, we are our own worst enemies for that. When it comes to job openings, personally I would put myself forward only if I was 100 percent certain that I could do every element of that job. Whereas many men, if they could do 20 percent of the job, would think “I can ace that”. That’s what we’re up against.

Marlon Williams: It’s not just because that’s how women are, it’s because that’s what women have had to be to be considered for anything—you had to go above and beyond, juggling being a wife and motherhood and all that comes with it and expected to perform above and beyond, and still make the coffee in the morning. Some of those expectations in women, why they don’t feel like a man sticking his hand up despite only having 20 percent, are formed through experience.

He feels confident doing that. A man will feel comfortable doing that is because society has informed our view that the world will open up to him if he sticks his hand up and shows a bit of initiative, and he is walking into an environment that’s friendly and supportive of him and opens up experiences and opportunities to him. He’ll be nurtured and he’ll grow into something amazing. If that same environment was open and available to everyone, then we will see the kind of diversity that I hope to see in my lifetime—but it doesn’t come from nowhere.

“Diversity, together with the sponsorship and support of senior leadership, is vitally important.” Jevon Williams

Suzanne Williams-Charles: Unfortunately, the people who aren’t in the highest positions aren’t the ones who can drive things and make change. That’s why it’s great to discuss where we are as under-represented groups, whether it be women or people of colour, but it’s also great to have advocates who are a part of that discussion as well.

When we’re talking about hiring and progression, this concept of sponsorship can be very powerful. It’s unfortunate that this is the case but as a woman or a person of colour you sometimes need someone in a position of power to help you along in the organisation, or to advocate for you.

Over the last couple of years, I’ve changed the way I think about myself. I’ve changed the way I enter the room only because I’ve been put in situations where someone has believed that I can do these things. They said “you can go and speak on that panel, go and do this thing, you’ve got this”, when I would never have raised my hand to do those things. I would have looked at the topics and said “nope, not an expert on that, not an expert on that”. But I did them because I had somebody pushing me, supporting me, sponsoring me.

So those roles for people who would like to be advocates or allies to under-represented groups are very important. It’s not highlighted enough how important allies are to this particular initiative.

Jevon Williams: Diversity, together with the sponsorship and support of senior leadership, is vitally important and necessary for the success of businesses. Once an individual, at any professional level, receives that sponsorship and support, it then becomes their responsibility to turn around and pay that forward. Otherwise, the benefits of the guidance and championship gained in their experience becomes a unicorn moment—an exception, as opposed to the standard.

I want to note a datapoint from the 2022 Employment Survey that underpins some of what we discussed earlier: while the majority of Bermudians are black, only 31 and 11 percent of employees in international business represent black women and black men, respectively. That’s absurd if you think about it.

Relating that back to our current discussion, you must have knowledge and experience transfer to young professionals coming up after us, and not just within the school system. That’s what makes the work of the Association for Corporate Racial Equity (ACRE) so important. What Suzanne experienced in terms of assistance and support isn’t a rare occasion but becomes the expected standard.

My last point is a little academic, but it’s interesting how we’re continuously finding ourselves asking why diversity is important because it then appears as if we’re trying to validate it before getting the opportunity to assess it. It’s a presupposed notion, certainly among black Bermudians, how important it is because it’s personal—seeing themselves represented and having access to opportunities. But when you come to the table and have the discussion, there’s this defensive position where you have to step back and justify why it’s important.

“‘What I knew in my head’ and ‘what I knew in my heart’ are two different things.” Lloyd Holder

Lloyd Holder: That’s a valid observation and it is fundamental to why we’re having to challenge. This tension is the dissonance we can’t seem to avoid. There’s the academic notion and there’s the data that Marlon spoke to, and the fact that we’ve been trying to have this conversation for a few years.

I think that was part of the frustration Deshay was alluding to around why aren’t we making any progress? I see two separate things happening. “What I knew in my head” and “what I knew in my heart” are two different things.

The head conversation can easily be understood, but it hasn’t yet been able to resonate and move many hearts. That’s where the advocacy piece comes in, where the person in the room who helps Suzanne feel comfortable to try it and do new things comes in. To some degree, it’s a slower process—not that I want it to be, but it feels like a slower process to make a connection with the heart element, which allows a person not to feel threatened.

I believe feeling threatened is the bigger reason why people don’t run to agreed initiatives. They think “I feel threatened that I’m not going to have an opportunity for my future, I’m not going to have the opportunity to exceed my expectations in my career and build something for my kids”.

I’m not saying I don’t think there are other things we can do to move or to push things along. But I am stating my view on why we’re not having as much traction or movement as we want to.

Marlon Williams: There is a scarcity mindset. We have to acknowledge that it’s a luxury to be able to live your professional life, and never have to engage with this subject. As a white man in this industry you never have to engage with this subject. It doesn’t affect you personally or professionally, there’s no personal or professional downside to not engaging. In fact, it’ll probably help your career even more if you never get entangled with some of these more prickly conversations. You will find that a lot of people don’t engage with it because they simply don’t have to.

Is the real issue that theer is no momentum for change?

“The areas in which the industry has made progress are asymmetrical and lopsided.” Marlon Williams

Marlon Williams: The industry is in a funny place right now, with respect to diversity, because to Deshay’s point, black people have been fighting for inclusion for a very long time. And this movement of DEI comes out of a racial struggle that’s been going on since slavery. So it’s a continuing conversation for us. It’s not different, for the most part. But when we say diversity in a corporate setting, it is an umbrella term which could mean a variety of different things.

I agree that there are lots of forms of diversity but the industry has pivoted to others forms of diversity that are more familiar. It has pivoted to those forms of diversity that are less prickly and easier to swallow. It does what it’s comfortable with.

What ends up happening is, as a black person, when someone says “can we acknowledge that the industry has made progress?” we can acknowledge that yes, the industry has made progress. But we can’t do it without acknowledging that the areas in which the industry has made progress are asymmetrical and lopsided. As a black person, while you have to acknowledge that there has been progress, because there has, it’s still not enough—it depends on what bucket of diversity we’re talking about.

Talking about racial diversity, the industry hasn’t done a whole lot. When you look at the statistic that 31 percent of the industry is made up of black women, and how many of those black women are in executive roles, I think the number is 3 percent. Most of the total is skewed towards the lower ranks.

When you contemplate that black Bermudian women make up the largest percentage of all degree-holders in Bermuda, the question is, is that justifiable? It’s not. We have had conversations within ACRE around the CEOs probing this issue and some of the conversations revolve around “what schools did they go to?” and “what degrees do they hold?”.

The reality is that we see people who are leaders of industry today, in our space, who are not degree-holders at all or who have degrees that are not relevant at all for the job they’re performing.

This is not to disparage any of that—I think the industry should be accepting of all of these things, but to hold that as a barrier and a standard to say “you have to go to a university”, and “what university did you go to?” and then “what degree did you study?”, it all feels pretty weird and a double standard. We’re grappling with that and need to have more conversation around it.

“A company seeking top talent in Bermuda chose a recruiter who evidently lacked basic knowledge about our Island and its people.”  Kirsten Beasley

Tracey Gibbons: Can I challenge you on something, around diversity? You said “they don’t have a relevant degree” but I would much rather hire somebody who studied chemistry or history than somebody who did insurance or accounting, because again they bring diversity of thought to the table.

Marlon Williams: I agree with that. You’re looking for a variety of skillsets. Someone who has a mathematics degree will be useful for actuarial science. But whether it’s underwriting or broking, or things that are a bit more subjective, there’s scope there for hiring managers to make a different choice based on what’s in front of us. It doesn’t have to be keyed on a degree—so I agree with you.

I know you’re conscious to make decisions because you’re looking at building a portfolio that’s rooted in diversity. If other hiring managers did that, we’d see a more diverse space. But I think people do what they’re comfortable with, ultimately, unless they’re minded to challenge themselves and do something different.

Kirsten Beasley: I want to home in on an issue that I think is particular to Bermuda: the complete lack of progress around “small island bias”. I’ve seen a proliferation of recruiters on our shores, that don’t have a deep understanding of Bermuda’s landscape and talent pool. What chance does a Bermudian have of being in the running for upper echelon roles, often managed by recruitment firms, if the people tasked with sourcing candidates don’t have a network in Bermuda and don’t understand the environment?

A recent interaction with a recruiter illuminated this issue starkly. At the end of our conversation, he asked, “How did you find yourself in Bermuda?” I responded, “I’m Bermudian”. His surprise was palpable and he then commended me for obtaining my education and entering the industry, as if I were an anomaly for a Bermudian. “Good for you, for getting your education and finding your way into the industry,” he said.

This encounter presented a choice for me, and I opted to “fill in some of his gaps” about Bermuda and our people, highlighting that Bermudians, in fact, are typically highly educated, often holding tertiary degrees. This experience left me reflecting on the deeper implications. As his comment clearly demonstrated, a company seeking top talent in Bermuda chose a recruiter who evidently lacked basic knowledge about our Island and its people. When I think of progress, one of the bigger barriers we have to deal with in Bermuda—on top of the racial, LGBTQ+, and gender biases—is small island bias.

This bias pervades many aspects of life here. If such a statement can be made to a Bermudian in 2023, despite all the available data and evidence about the level of education in Bermuda, it baldly signifies how far we are from making real progress in overcoming this particular form of bias.

“Bermuda stands out as the destination of choice for individuals seeking valuable experience and opportunities.” Deshay Caines

Deshay Caines: From the viewpoint of expat guest workers coming to Bermuda, it represents a highly significant opportunity. Working in Bermuda is often considered the pinnacle of one’s career, offering remarkable prospects. As a Bermudian working within this industry, there is recognition that a well-rounded career often requires international experience beyond Bermuda’s shores. However, on a broader global scale within the insurance industry, Bermuda stands out as the destination of choice for individuals seeking valuable experience and opportunities.

Suzanne Williams-Charles: That has changed over time. I can remember at the beginning of my career, people still thought that in order to understand reinsurance, you had to leave Bermuda and work somewhere else.

Tracey Gibbons: It is all about building the diversity of thought. To enable different viewpoints and broaden staff experiences, we send Bermudian staff overseas, and other offices send their staff to Bermuda.

I’d like to pick up on something Jevon mentioned about the survey. When you’re talking about progress, I don’t think we’re able to measure that accurately.

One of the problems with the survey was that we observed we’re getting a fair share of women entering our industry, and they seem to make it up to middle management, and then it will fall apart there. Is that the new pipeline? We don’t know, because we don’t know how long those women have been in those positions.

Have they reached a bottleneck? Or are they our next level of executives? A couple of things are clear from that survey: we’re failing black men because we’re not getting them into the industry. We need to do more, whether that’s by outreach or talking to people.

The other thing that’s clear is we need to work with our black female population who are making it out of entry level into middle management, and develop those people so they can be the next level of executives.

“You can speak up, you can speak that person’s name in the room, you could talk about the good work they do.” Suzanne Williams-Charles

Suzanne Williams-Charles: This is where sponsorship comes in because I know they are there and ready to take these roles. They’re just not available to them, and that’s where you need somebody to pull you up, who has the ability to do so.

That goes back to if as a person in a position of power and influence you ask somebody “what can I do?”—you can speak up, you can speak that person’s name in the room, you could talk about the good work they do, so that people understand and they are viable candidates for these promotions.

Tracey Gibbons: We see women who have been in that same position for 10 years and are very capable. If that’s not a one-off and we are seeing it as a pattern, then that clearly shows some discrimination in the promotion prospects.

Marlon Williams: Yes, data is very important, and our industry lags behind on the collection of these kinds of data. Quantitative data needs improvement to ensure it does not have blind spots in it. But I am of the view that the qualitative data should not be discounted. ACRE has been fortunate enough to be hosted by the Association of Bermuda International Companies and we’ve had close roundtable discussions where it’s a safe space to say whatever you think. Those conversations have been very fruitful.

We found ourselves in a Catch-22 situation in the early days of our formation, because we had a lot of qualitative data from people’s lived experiences. Those experiences are very similar across racial groups, gender groups, and across companies. It was pretty powerful to be able to present that. And what was said was “oh, well, the stories are great, but we need the quantitative data”.

So we partnered up with the Department of Statistics and in the exercise of pulling together all this data, we got as granular as we could, without revealing certain individuals in the data, because the numbers were so sparse that we knew who these three individuals were in senior management because there weren’t enough numbers there to ensure anonymity.

Could the data be better? Absolutely. But do we have enough data right now to be able to move things forward? For sure. I think that the people who are inclined to do so, many of whom are on this call, are doing it, regardless of the imperfect data. The industry has enough to do something different. It’s a willingness to do something different in this space that’s lacking. Sometimes that happens at the CEO level, sometimes through the hiring managers, but what I do think will make a difference in our space is embedding accountability around some of those things we’d want to see with respect to diversity in our industry and we have accountability for every other metric.

Can you present one idea or thing that could make the process of making the industry more diverse happen more quickly?

“Am I hiring this woman because I think we get along well, or am I hiring this woman because I think she’s truly the best person for the job?” Suzanne Williams-Charles

Suzanne Williams-Charles: What is key to our moving forward is acknowledgement of unconscious bias. That does a lot to limit where the industry and people can go as individuals. What we’ve talked about a lot in conversations that I’ve had, personally and professionally, is trying to acknowledge this unconscious bias. In the past when hiring, I had to stop and say, “am I hiring this woman because I think we get along well, or am I hiring this woman because I think she’s truly the best person for the job?”. People have to make a deliberate effort to acknowledge it.

We were talking within our ABIR DEI committee about sharing best practices. Some companies have done a lot of work in this area from a hiring perspective, where they’ve done research and made specific changes in the way they hire, to at least make people think about it.

One of the things we’re going to try to do over the next year is share that around the membership. It may not make a ton of difference, but if one person during the hiring process asks before they press the button and make an offer whether they considered these things in the process, then maybe somebody might go back and say “let me look at that other candidate a little more closely”.

“It would be helpful in a local context to incentivise senior leaders within organisations to adopt or be proactive about allyship.”  Lloyd Holder

Lloyd Holder: One thought I had was to include in the board’s quarterly reports something specifically focused around DEI. A lot of the companies are publicly traded so they’re trying to make a global impact. If DEI is part of a major discussion within that report, it starts giving board members an added incentive to consistently try and initiate the change they want to see at the senior management level.

Separately, I thought it would be helpful in a local context to incentivise senior leaders within organisations to adopt or be proactive about allyship. Let me say more directly: can you name three black Bermudians in the industry you would like to meet, or whom you can make contact with, not just to say “I met Jane and John for coffee”, but establishing a relationship with them because that’s how we truly move the needle.

“Certain companies will stand out as employers of choice because young people want to work in diverse companies.” Tracey Gibbons

Tracey Gibbons: We’re all fairly senior on this call and we have already highlighted that we can make a difference by holding companies accountable. So one solution is challenging hiring practices, making sure there’s a diverse group of candidates, but also a diverse interviewing panel too.

To Suzanne’s point, if they then still choose the white man, challenge it and say, “have we looked at all the angles?”. Is that because the white man has a similar background to you and makes you feel more comfortable, or is it something about the black man or black woman or the white woman that led you not to choose them?

When you push it through, certain companies will stand out as employers of choice because young people want to work in diverse companies. Once you start becoming an employer of choice, people will say, “I aspire to work at that company because I’ve seen what they’ve done”.

The other point I will make is that we talked about diversity in all its forms. Suzanne talked about people being made to feel welcome here. The Bermuda government has a long way to go with the LBGTQ+ community with its stance on same-sex marriage. It’s one element of diversity. But our friends in this community, Bermudians included, are leaving the Island because of that. That is something the government can change.

“With respect to diversity, companies need to have a vision about what that’s going to look like.” Marlon Williams

Marlon Williams: I’ve four points. First, companies need to be specific about how they are defining diversity. People wanted boards to be more diverse—what that meant was women in general, and how it played out was white women specifically were elevated to board positions. Fifty percent men and 50 percent women checks the diversity box, but no people of colour were on it. That’s a dynamic that exists. So the question is, is it diverse? It isn’t not diverse. But as a person of colour, you look at that and you think, could we have done a better job? Yes. Should we do a better job? Absolutely.

The second point would be that companies need to have a vision for what the company looks like, feels like and functions like. It needs to have that crystallised in its culture. All of us are business leaders and before we set out to do anything, and put policies in place, it all starts with a vision of what it is we’re hoping to accomplish. With respect to diversity, companies need to have a vision about what that’s going to look like.

Tracey raised a point earlier—it is deemed to be controversial in our space—around quotas. I’m actually a fan of the idea. When you look at Wall Street, there are some very senior black people, and not just black people, women, and all other peoples of colour, but they wouldn’t have been there without those quotas in place.

The last point I’ll make is that what I’ve seen in Bermuda that works well is where the CEO has a vision, and the HR manager is empowered to execute that vision and hold hiring managers accountable. That has worked very well.

We get WhatsApp messages or phone calls from an HR manager who says she is looking for a dynamic black Bermudian at such and such a level to do X, and we source that talent. We absorb some of that talent from the network that’s been built. We give them coaching and they go in and have those one-on-one conversations. The needle is moving on some of those areas. There hasn’t been no progress, but progress is slow.

I am at a position where slow progress is better than no progress. And we will continue pushing this so we can see more progress made.

“It is essential to enhance talent cultivation efforts and hold hiring managers accountable for diversity metrics.” Deshay Caines

Deshay Caines: Across the industry, individuals often join organisations and advance to a certain level, typically at the middle management or within their current position. However, many of these professionals do not stay with the same organisation for the long term, opting instead for lateral career moves. One of the primary challenges faced by organisations is the need to significantly improve their efforts in nurturing diverse talent. This involves not only cultivating such talent but also ensuring that the organisational culture is genuinely welcoming to individuals from diverse backgrounds.

Often, organisations embark on hiring initiatives with the intention of bringing in more diverse candidates or career-shifters. However, many of these individuals find themselves unsupported and not adequately developed within these environments. Consequently, they may end up feeling isolated, being “the only” representative of their demographic group.

To address this issue, it is essential to enhance talent cultivation efforts and hold hiring managers accountable for diversity metrics. While organsations routinely evaluate various metrics in end-of-year appraisals, the DEI perspective is frequently overlooked. It is crucial to incorporate DEI metrics into the assessment process to ensure that diversity and inclusion efforts are truly effective and sustainable.

“A dynamic that’s unique here in Bermuda is that we have access to our senior leadership in a way that many other jurisdictions do not.”  Jevon Williams

Jevon Williams: Accountability. Yes, I agree we should hold our senior leaders accountable. However, I believe everyone is accountable and we each have a part to play. Some of the changes we had in 2022, that groundswell was mostly driven by the employee base, those below senior level. There is a way for the larger employee base to hold senior executives in Bermuda accountable. A dynamic that’s unique here in Bermuda is that we have access to our senior leadership in a way that many other jurisdictions do not.

Our last career-shifter who transitioned into a role as a senior claims professional bumped into our president in the frozen food section at the grocery store and proceeded to have a conversation with him. A month later that interaction led to a new job. That’s unique to Bermuda.

“It’s crucial that any initiatives within Bermuda are implemented with a deep understanding of our unique history, social context, and dynamics.”  Kirsten Beasley

Kirsten Beasley: I always strive to find a balance between fostering substantive systemic change through policy and organisational change, which is complex and frustratingly long-term, and making DEI a part of my individual daily approach, which is where I find fulfilment and purpose. At a systemic level, I agree with all that has been said—I do think quotas help create accountability, through measurability, and as controversial as they are, I think they are effective in drawing focused attention to our goals.

I also want to echo Deshay’s emphasis on localisation—it’s crucial that any initiatives within Bermuda are implemented with a deep understanding of our unique history, social context, and dynamics. Overlooking these aspects could lead to unintended negative consequences. Therefore, incorporating feedback from diverse Bermudian voices, who deeply understand these dynamics and our ecosystem, is essential for successful implementation.

At an individual level, I do a number of things which help keep me grounded and informed about the real stressors within the industry. I try to meet with as many career-changers as possible. These interactions aid their transition into the industry and refine my perspective on how the industry is perceived externally. I believe it’s important for leaders to maintain this connection to our community, facilitate networking, and improve accessibility to our industry.

Lastly, I urge companies hiring in Bermuda to partner with recruiters that have a strong local network. Several recruiters have a presence and regular operations here, with a deep understanding of the Bermudian talent landscape. Their insights are invaluable, especially as more organisations establish themselves in Bermuda, aiming to hire local talent and build sustainable, resilient companies.

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