Talent comes in a variety of forms, from diverse ethnicities to wide-ranging career backgrounds. However, there is one talent pool that has been shockingly underutilized and underemployed — persons with disabilities.

On the bright side, three Connecticut insurance companies—The Hartford, Travelers and AXA XL—were recently recognized for their investment in diversity, but across the board there is vast evidence or corporations missing a profitable opportunity.

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An untapped market

Approximately 29 percent of working age Americans (age 16 to 64) with disabilities participated in the workforce as of July 2018, says "Getting to Equal: The Disability Inclusion Advantage," a report from Accenture. For comparison, 75 percent of Americans without disabilities were in the workforce at that time.

With 15.1 million people of working age living with a disability in the U.S., employers are missing out on a talent pool of approximately 10.7 million individuals.

Hiring talent with disabilities comes with a range of benefits, including "increased innovation, improved productivity and a better work environment," says the report.

Additionally, organizations designated by the Disability Equality Index (DEI) as Disability Inclusion Champions from a study of 140 U.S. companies experienced, on average, 28-percent greater revenue, double the net income and a 30-percent increase in profit margins over a four-year period. The DEI study identified 45 companies as 'Champions' for excelling in key areas specific to disability employment and inclusion.

Not only will companies benefit from disability inclusion, the U.S economy can expect a boost to the tune of $25 billion if more people with disabilities enter the workforce, thus becoming more active consumers.

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Why are companies holding back?

Trepidation around cost is the biggest factor holding many companies back from investing in talent with disabilities. However, in a study from Job Accommodation Network, 59% of surveyed employers said it cost nothing to make necessary accommodations for an employee with a disability. Thirty-six percent of study participants experienced a one-time cost when making accommodations, with the median reported cost being $500.

JAN's study also revealed that 75% of employers reported the accommodations were either very effective or extremely effective for employees with disabilities.

"CEOs and investors need to know the strong qualitative and quantitative business case for robust disability inclusion programs," says Accenture's report. "If we make companies aware of the potential gains, share success stories and demonstrate how to build these programs, we can quickly get more persons with disabilities into the workforce, where they can thrive."

There's evidence of how companies are thriving from their investment in disability inclusion. Disability: IN recently released its 2019 list of Best Places to Work for Disability Inclusion, which  uses the DEI to measure a company's disability inclusion practices and policies related to culture, leadership, accessibility, employment, community engagement and supplier diversity.

This year's list recognized organizations from all industries including P&C insurance companies such as Travelers, The Hartford and AXA XL.

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How companies can build inclusive workplaces

Using in-depth knowledge from interviews with DEI's leaders, Accenture provides four key actions employers can take to build more inclusive workplaces:

  • Employ: Beyond inclusive hiring practices, employers should establish workplace practices that encourage and progress persons with disabilities.
  • Enable: It's critical to have leadership engaged and committed to providing an inclusive workplace. Providing tools, technology and/or a formal accommodations program to employees with disabilities is important. "Consider cultivating greater awareness through formal training programs for those without disabilities to learn about the tools and accommodations available for better integration across teams," the report suggests.
  • Engage: Generating awareness-building throughout an organization will foster an inclusive culture. Employers can build that awareness through recruitment efforts, disability education programs, grassroots-led efforts and events.
  • Empower: Mentoring and coaching is critical for any employee when progressing through a career. Companies should ensure personals with disabilities have access to mentoring, coaching initiatives and skill programs, while also being aware that persons with disabilities should occupy roles at all levels, including leadership.

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Heather Turner is digital managing editor of NU PropertyCasualty360.