Analysis Of Diversity Issues In Banking New Zealand

Regardless of how diversity is defined, it is an issue that is sweeping the nation. By the 21st century, racial and ethnic minorities will constitute 25% of the U.S. population, affecting the makeup of the U.S. labor force (7). By the year 2000, women will constitute 47% of the total workforce and the average age of the workforce is expected to increase from 36 in 1986 to age 39 (7). If the corporate society does not address the issue by learning how to manage diversity, they will fail.

The way in which an organization tackles diversity determines its negative or positive outcome. All the 5 companies agreed that diversity has contributed to their success. Some barriers were identified in managing diversity like the difficulties faced by women in managing the work and family, fear of discrimination, resistance to change, diversity is not seen as an organizational priority, resistance to change and unsupportive working environment for diverse employees. Diversity contributes to more productivity but if not properly managed could hinder success.

Making sure equality and diversity procedures are followed in a business environment will impacts on overall success of organisation. By recognising the strengths of differences between individuals company can get a great advantage in terms of employee motivation and clients satisfaction.

As diversity and inclusion gain more attention in the society, more research has been done on their impact to organizations. Not too long ago, organizations implemented diversity management initiatives, such as affirmative action and equal employment legislations, just to fulfill their legal requirements (Jayne and Dipboye, 2004). However, diversity and inclusion have since then become a business imperative.

There are many different laws set in place to provide equal fairness to the diverse workforce. Some of those laws are Title VII of the Civil Rights Act, the American 's with Disability Act, the Age Discrimination in Employment Act, and many state laws. Even with these laws, discrimination still occurs within the workplace. This paper will investigate a case of gender discrimination against Bank of America and what could have been done to prevent this from happening.

Diversity is what makes people different, not just culturally but in human differences. Having a multitude of differences in the workforce gives an organization the ability to use many ideas to reach a common goal. A person could say that a diverse group of people together in one room can accomplish greater achievements than a room filled with the same types of individuals. Managers understand the concept of diversity, and how important diversity is to the success of a company’s ability to implement programs that continue to develop a harmonious and diverse workplace. The recognition that diversity is a reality in the workforce has generated an enormous amount of activity over the years among leaders in business, government, and civil

This research paper addresses the importance of diversity training in the workplace. Having realized how pertinent workplace discrimination is globally, this paper will give a broad look into the various ways that diversity is displayed in the workplace. The diversity issues involving gender, sexuality, race, age, culture and religion will be explored,

Ron Wilkins thereby faced a challenge to tackle the animosity arsing among the racially diverse group of management to maintain the essence of diversity, which remained the main attraction point for bank services. Ron Wilkins had to formalize a strategy that

The first thing to acknowledge about diversity is that it can be difficult. In the U.S., where the dialogue of inclusion is relatively advanced, even the mention of the word “diversity” can lead to anxiety and conflict. Supreme Court justices disagree on the virtues of diversity and the means for achieving it. Corporations spend billions of dollars to attract and manage diversity both internally and externally, yet they still face discrimination lawsuits, and the leadership ranks of the business world remain predominantly white and male.

Managing diversity and equality effectively in the workplace is the core responsibility of any organization in the contemporary business world. Shen, Chanda, D’Netto and Monga (2009) conducted a survey whose results revealed the massive diversity within the British society in terms of ethnicity, nationality and religion. As a result, the Equality Act of 2010 was formulated and became law whose provisions focus on legal protection against discrimination based on gender re-assignment, marriage, civil partnership, age, disability, sexual orientation, religion, pregnancy and maternity, sex and beliefs (Monks, 2007). Therefore, managing diversity in the workplace is critical towards the achievement of equality and discrimination free working environment. Bhatia (2008) observed that the ability to understand, accept, value, acknowledge and celebrate differences among people with respect to race, sexual orientation, religion, age, ethnicity and mental ability within an organization is crucial in eliminating discrimination. Discrimination refers to the tendency of denying equal treatment to people believed to be members of the same social group (Ozbilgin, 2009). In other words, discrimination in the work place is related to denial of equal treatment in terms of promotion, compensation, career development, training and empowerment. Therefore, managing diversity in the work place is crucial towards the achievement of a discrimination free working environment and the

population. Companies need to focus on diversity and look for ways to become totally inclusive organizations because diversity has the potential of yielding greater productivity and competitive advantages (SHRM, 1995). Stephen G. Butler, co-chair of the Business-Higher Education Forum, believes that diversity is an invaluable competitive asset that America cannot afford to ignore (Robinson, 2002). Managing and valuing diversity is a key component of effective people management, which can improve workplace productivity (Black Enterprise, 2001).

IFRS 13 provides a principles-based framework for measuring fair value in IFRS. This is based on a number of key concepts including unit of account; exit price; valuation premise; highest and best use; principal market; market participant assumptions and the fair value hierarchy. Fair value is an important measurement on the basis of financial reporting. It provides information about what an entity might realize if it sold an asset or might pay to transfer a liability. In recent years, the use of fair value as a measurement basis for financial reporting has been expanded. Determining fair value often requires a variety of assumptions as well as significant judgment. Thus, investors desire timely and

As a result of these demographic changes as stated above, the ability of us as future business leaders to attract, recruit, and develop a qualified workforce from diverse populations will become critical for business survival. As managers, especially in today’s fast paced business environment we have little time to assess the impact of diversity efforts. Organizations are under pressure to improve the product and services they provide to customers, with greater accountability for achieving results, for reduced cycle time, and at a lower cost. So, as managers how do we manage diversity?

Managing diversity within organisation is about ‘recognising this range of differences in people and valuing people as individuals, respecting their differences and their differing needs. It is also about accommodating differences wherever possible so that an individual can play a full part in the working environment’ (Daniels and Macdonald, 2005)

Diversity in workforce “include, but are not limited to: age, ethnicity, ancestry, gender, physical abilities/qualities, race, sexual orientation, educational background, geographic location, income, marital status, military experience, religious beliefs, parental status, and work experience”(Thomas 1992). Diversity in the workforce is initially perceived as a response toward the increasing diversity of the consumers in the market (Agocs & Burr, 1996). From there, it has been observed that capitalizing on existing differences among the employees provide benefits to the organization. Diversity in workforce fosters and encourages