AXA is focusing on women for two reasons, and they are connected. One is that women bring exceptional leadership skills to the company, and especially to a company that offers global products and services to woman in need of financial security.
BY Sherry Bloom
Most businesses today rely on technology as their foundation for serving customers, from product development to final delivery and customer service. AXA is a leading company offering retirement plans, life insurance, and a host of other financial and insurance services. The company is also a leader in Diversity and Inclusion, having established a governing diversity Council of senior leaders that overseas nine Employee Resource Groups, several of which are focused on women.
As the tech industry tries to increase its representation of women, companies like AXA and senior leaders like Sharon Ritchey inspire women and demonstrate how businesses can proactively become more engaging and inclusive. From a culture that promotes careers to support for women-focused external events, AXA offers insights into what it takes to encourage the right talent.
Leading from the Top
Nothing is more inspiring to women than women who make it to the top. They know that many of them had to break glass ceilings and did so through sheer talent. Sharon Ritchey is one of those women. She is the Chief Customer Officer, in charge of Marketing, Digital, Service and Operational Excellence of AXA Equitable Life Insurance Company.
She started with AXA in November 2013, brining 14 years of experience with Hartford Financial Services and four years at GE Capital. Sharon is one of the successful women in business who has paved the way for younger women interested in pursuing careers in technology and hoping to reach senior management levels. Sharon has grown her experience and knowledge in tune with the changing business environment. She has responsibility for operations, technology, digital and data analytics, and service centers across all lines of business. In addition, she leads the development of new digital capabilities to improve the customer experience. AXA has a strong culture of diversity and inclusion, and one area of focus is on women as customers and women as critical talent for success. The company develops customized solutions for wealth and financial planning for women, recognizing that they have different perspectives and needs than men. To AXA, their products are not just products.
They are a means for women to find financial security over a lifetime, especially important when realizing AXA is a global insurance brand and provides services in many countries where women are at particular risk of poverty in their lifetime. “We co-sponsored global researchcalled ‘SheforShield: Insure Women to Better Protect All,” says Sharon, “The research addresses the growing need of women for insurance, in particular in emerging markets.
The critical aspect of this organization is that it looks beyond selling insurance to women. It is focused on understanding women’s needs in emerging markets and providing products that offer financial stability.” However, full inclusiveness of women is not just an emerging market issue. Fifty percent (50) percent of AXA’s U.S. employees are women, yet, like most companies, senior levels do not have a representative percentage of women. “I believe that having the voice of more women at the table is important for a couple of reasons,” says Sharon, “There is a moral obligation for equal involvement of men and women. Also, more equitable and well-rounded decisions are made by having women at the table.” industry research indicates that 73 percent of financial decisions over the next 20 years will be made by society, so the company needs to mirror society. Inclusion of women is also seen as critical to innovation and the ability to give good advice to women customers. It is the only way the company can create the right products, talk to women clients in the right way.
“One of the reasons we don’t believe women are best served in our market for protection by life insurance and annuity is because women learn differently,” explains Sharon,”Women understand financial needs differently and yet we have traditionally talked to men and women in the same way through our communication and product development.” With the addition of perspective like those of Sharon, AXA understands, listening to the perspective of women leads to moreinnovative and relevant products.
Globally, AXA promotes the involvement of women. There are quarterly global conference calls to talk about issues, share best practices, and discuss cultural differences to better understand what is acceptable and not acceptable. Per Sharon, “Our CEO is a global sponsor for the LGBT program. What he is finding is that there are global cultural norms around LGBT. There are certain countries where it is still criminal.
WE have to understand what we can and cannot do and then decide how we can best influence the practices.” That is a challenge for U.S. businesses where D&I is accepted, even if there are still areas where improvement is needed. Sponsorship versus mentorship is one of the ways corporations like AXA are overcoming unconscious bias. Awareness of unconscious bias is important, but AXA has found that the more formal aspect of sponsorship that targets women is more likely to develop women senior leaders.
Sharon explains, “Both mentorship and sponsorship programs are important but the distinction is that sponsors are advocates for leadership.” Mentors train and advise, but advocates ensure women understand the opportunities that they may not be aware of, how to build networks, and introduces the woman to people she may have difficulty meeting. “A sponsor is more active than a mentor,” explains Sharon. AXA does not just focus on women. There are ERGs for each diverse group, including LGBT, people with disabilities, and veterans. The company realizes that everything concerning diversity is fast changing and has an agile organization that is ready to adapt.
There are advisors who keep their finger on the pulse of the communities AXA serves and on global diversity and inclusion issues. D&L for global companies is complicated because of laws, regulations, cultures, and the perspective of people. AXA does collect metrics but does not see statistics as the end all. “We believe in the engagement of people,” says Sharon. “Our Employee Index measures our abilities, and two of the most important categories are Corporate Responsibility and Trust and Achievement.” Employee engagement is what drives D&I, and a lot of companies could learn from AXA.