Making the Most of The Diversity Advantage

In an effort to maximize the competitive advantages a diverse workforce provides, and better serve our increasingly diverse markets, John Hancock's The Diversity Advantage, is designed to build an enterprise-wide infrastructure for coordinating and leveraging the many diversity-related efforts that already exist, while championing new ones.

This initiative is based on a foundation of programs and efforts throughout the organization, ranging from John Hancock Financial Network's multilingual recruitment and marketing material, to Community Relations' JH Scholars and Boston Marathon Kenya Project, as well as our commitment to Supplier Diversity and John Hancock Realty Advisors' efforts in financing 17,313 units in of affordable housing in the Boston area and other parts of the country.

"John Hancock has always been committed to diversity," says Diana Scott, Senior Vice President, U.S. Human Resources. "The Diversity Advantage enables us to harness the incredible energy and commitment that our various business units and administrative groups devote to this issue. Through this coordinated effort, we share best practices, focus our resources across the organization, and make sure we position the company to make the most of the opportunity presented by the growing diversity of our population."

'It's generational, it's gender, and it's cultural'

"Today's landscape - in the markets we serve, the workforce from which we draw our talent, and the distributors and other companies we partner with - is changing in so many ways," says Scott. "It's generational, it's gender, and it's cultural. In order to remain competitive, it is crucial that we understand and respond to these dynamics, and make the issue of diversity a business imperative."

As Scott points out, the demographics of the U.S. population are indeed shifting dramatically:

  • Today's workforce mirrors the generational demographics of the broader U.S. population, which includes roughly 31 million Traditionalists (born prior to 1946), 74 million Baby Boomers (1946-64), 66 million Gen Xers (1965-80), and 86 million Millenials (1981-2000).
    Source: U.S. Census Bureau
  • 70% of new entrants into the workforce are women and minorities.
    Source: Hewitt Associates, LLC, March 2008
  • By 2020, 37% of the working-age population of the U.S. will identify themselves as African American, Hispanic American, Native American, Asian Pacific American, or Asian Indian America, more than doubling from 18% in 1980.
    Source: Source: U.S. Census Bureau
  • Women represent 57% of all college students.
    Source: American Council on Education
  • Since 1997, women-owned businesses have grown at a rate one-and-a-half times that of other businesses.
    Source: The American Express Open State of Women-owned Businesses Report, A Summary of Important Trends, 1997-2011

John Hancock's The Diversity Advantage is led by a steering committee and several subcommittees composed of employees from throughout the company. The steering committees and its subcommittees are charged with fostering new programs and integrating the impressive array of diversity-related initiatives in place to better serve our changing markets, including:

  • Multilingual marketing, educational, sales, advertising and investor material.
  • An established supplier-diversity program, through which the company actively seeks and promotes the use of qualified minority-owned and woman-owned business enterprises in all areas of the company's business. Click here to learn more about our supplier diversity initiative »
  • Active involvement by a number of employees in a range of organizations that meet the community's diverse needs as well as the Company's long-standing partnerships with organizations dedicated to promoting professional opportunities for all.
  • Specially designed community-outreach programs like Financial Wizards, Promise of America Essay Competitions, Boston Scholars and Summer of Opportunity help develop our future workforce. As 86% of Boston Public School students are students of color and with the company funding 500 summer jobs this year, John Hancock serves as the corporate leader in summer jobs. These outreach programs are strategically designed to build the pipeline of diverse talent from which John Hancock recruits its workforce. Click here to learn more about our community partnerships »
  • With a robust affordable housing investment area, the company has a gross equity commitment of $700 million in these properties. And as a result of this significant investment John Hancock helps provide a high quality and safe place to live for a substantial number of low income individuals and families of all ethnic backgrounds.

"The Diversity Advantage committee looks to coordinate and promote these initiatives, while actively identifying and developing new ones," explains Scott.

John Hancock is already recognized as a leader in championing the value of diversity, and opening opportunities for all. The company has won awards from the National Society of Hispanic MBAs, the Boston AIDS Action Committee, the Advertising Club of Boston, Urban League, and Women's Institute for Housing, the Minority Corporate Counsel Association, the Boston Idea Group, and Black & White Boston Coming Together, for the company's efforts to promote diversity.

Supplier Diversity

John Hancock is committed to builing a world-class, diverse supplier base.

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