Workplace Diversity in Australia and the New Zealand Banking Group Limited - Case Study Example

Workplace Diversity in ANZ Bank Name: Institution: Workplace Diversity in ANZ Bank Established in 1835, the Australia and the New Zealand Banking Group Limited or ANZ is both a retail and commercial bank which mostly operates in Australia and New Zealand and in other 30 different countries. Despite the fact that the bank is the third largest in Australia based on the market capitalization, it is still the largest Bank in New Zealand. Based on reputation, ANZ has actually earned itself numerous recognitions like for instance during the year 2008, it was named as being the most sustainable banking institution in the whole world under the “Dow Jones Sustainability Index”. The ANZ Bank, apart from dominating in both the commercial and retail banking also specifically concentrates in consumer banking, finance and insurance, corporate banking, global wealth management, investment banking, private equity, mortgages, credit cards, private equity and investment management. A move at looking at workplace diversity in a banking or financial institution like the ANZ Bank is quite different as compared to other known corporations since almost each and every individual in the bank actually interacts or comes into contact with different workers or employees each and every day. Due to this fact, the issue of workplace diversity does not only rest with the top management of the organization but also with each and single member working in it which may include among others casual employees like security guards and cleaners. This being not only a modern trend but also concern to most of the multinational firms all over the world, this essay is aimed at looking at how workplace diversity is applied at the ANZ Bank Australia with an aim of better comprehending the numerous practices, strategies and issues which need to be enhanced so as to ensure that workplace diversity in the organization is applied effectively. This essay, in particular, puts into consideration the fact that most of the banking institution, the ANZ Bank included, normally deals with numerous or diverse people both externally and internally. The ANZ bank, having approximately 48,239 workers or employees by the year 2012 depicts that indeed, workplace diversity is significant issue for the banking institution not only in its external operations but also in its interaction and dealings in the Asia-Pacific Region. Given the fact that the Bank has its operations in almost thirty two countries, it is quite evident that it deals or interacts with individuals from different religions, ethnic background, races, age, sexual orientations, gender and other aspects of workplace diversity. According to Ozbilgin & Tatli (2011), it is asserted that the bank at all times must ensure that workplace diversity is embraced at all levels so as to bring all the people to a common unity. It is a common fact that almost all the contemporary or modern organizations in the world have embraced workplace diversity at all levels. This is because workplace diversity has now become a common trend in all multinational companies or corporations. A lot of evidence has been adduced regarding how such organizations look at workplace diversity. During the recent past, there has been much concentration that was aimed at fighting both gender inequality and fighting of racism among other issues. However, according to Ozbilgin & Tatli (2011), it was quite evident that such an approach was known to depict a negative vice and therefore it was changed to embrace of workplace diversity. As a result, most of the modern corporations in the contemporary world have put their focus on the inclusion of each and every member in the organization. The major challenge for banking institutions like ANZ lies in the fact that workplace diversity has to be applied not only for the employees but also for their clients as well. The Current State of Workplace Diversity at the ANZ Bank The role of management is quite a vital issue that should be considered in order for any workplace diversity approach to be successful in an organization. The organizations’ management should be held responsible for ensuring that the key or major workplace diversity elements are not only attained but are also given dire or proper consideration. Kirton & Greene (2010) indeed assert that organizations ought to put focus and emphasis on the development of a workforce that is diverse by ensuring that there is an application of not only an inclusive approach but also in empowering the relevant stakeholders. Some of the major elements associated with workforce diversity include among others behaviours and mindset, training and communication, education, measurement, flexibility, inclusion and diversity building mechanisms. So as to effectively comprehend they major elements of workforce diversity, it is prudent to discuss them based on what ANZ Banking Group institution is doing regarding them. Education and Communication Communication is an important factor in any organization especially when dealing with workforce diversity. It is how the employees in an organization communicate with not only each other but also with the clients that determine the effective adoption of diversity in such organizations. According to Tiong and Anantharaman (2011), in order for any workforce diversity policies or strategies to become successful, then communication in each and every direction must actually be given full consideration. How managers in an organization communicate with their juniors is very important under all circumstances. As a result, the managers in any given organization should be the first people that should be trained about diversity. By the managers in firms leading by examples, the employees in such organizations will be capable of also following suit and thus resulting in an effective adoption of the numerous policies and strategies of workforce diversity. As at now, the ANZ Bank has placed focus on the implementation of diversity processes and policies. It is prudent to note the fact that indeed, ANZ has been on record for being responsible in the educating of not only its employees but also its line managers in order to ensure that there is consistent and correct balance of both organizational demands and employees’ priorities. The bank has therefore recognized the fact that training is one of the best methods that can be used to effectively ensure that diversity is applied in the organization since it is capable of giving insight to employees and their managers on the importance of diversity and how it can be applied. The effective training of managers in an organization ensures that the training, selection and recruitment processes in such firms are smoothly conducted. The major objective of the ANZ Bank is to ensure that there are the effective inclusion and application into its processes. The ANZ Bank well understands that having its operations based in almost over 32 nations, its workers must not only be selected and trained but they must also be fully introduced to embrace diversity right from the process of recruitment. Reinig & Tilt (2012) say that this is because the banking institution well comprehends that it will aid it be in a better position of rearing a new breed of employees who effectively understand how different kinds of individuals from various diversities can be better handled without any form of prejudice or discrimination. Employees’ Behaviour and Mindset In the diversity, behaviour and mindset are vital and critical issues. This is because how employees in a given organization behave depicts a lot about the diversity strategies and policies in such a company. As a result, it is prudent for organizations to first of all ascertain how to help their workers change or alter their mindset and behaviour. Tiong & Anantharaman (2011) assert that indeed, the customers’ mindset and behaviour is also of significant importance to the employees. This is because in most industries especially in the banking industry, clients normally come with various behaviours and mindsets each and every day and therefore it is prudent for employees in such organizations to ensure that such clients are given the best services at all relevant costs. Financial institutions like the ANZ Group Banking should, therefore, come up with policies aimed at sharpening the mindsets and behaviours. The process of changing the mindset and behaviour of employees starts right from recruitment. More important of all, the daily activities in the firm also establish a specific mindset to the workers and therefore easily determining how to deal with any emerging issues associated with diversity. It is therefore of paramount importance that the strategies; policies and programs ought to be initiated and occasionally be reviewed in order to check or ascertain their compatibility with the mindsets and behaviours of people. Based on available evidence, it can be ascertained that the ANZ Group Bank based in Australia has embarked on the process of reviewing its processes, policies and programs which are aimed at addressing the unconscious bias found among them. The concerted program of the organization is capable of altering or changing the behaviour and mindset of the employees in the banking institution. The aim of the concerted program is to address issues related with biases in the organization’s practices, processes, policies and systems in general. Reinig & Tilt (2012) stress that the program is also targeted at the identification of the leadership pathways, talent programs, reward criteria and promotion procedures and recruitment processes. According to the revelation obtained from the process, it was indicated that the ANZ Group Bank acknowledged the fact that there was a need to review its past processes and policies. This is a sure approach of ensuring that diversity is fully applied in this financial institution. Harorimana (2012) acknowledges the fact that the ANZ Bank considers the enhancement of its diversity from the company’s relevance of its practices, policies, processes and systems. This is quite essential since such policies are responsible for ascertaining the company’s daily operations in the organization hence the behaviour and mindset of the stakeholders. Measurement and Flexibility After the enforcement of effective and complex policies in the organization with the contemporary issues at hand, success and availability can only be ascertained only through the results or measurements. According to Heron & Charlesworth (2012), policies and strategies can appear to be good on paper but, however, their practicability has a high significance or impact on the success of the organization. As a result, there ought to be a good platform of measuring the ability of such strategies or policies in order to yield positive results in the organization. This can be successfully achieved through surveys that can be done by either the company itself or by other independent bodies or firms which have the ability on concentrating on the survey and research tasks. The ANZ Bank should also look at the flexibility of such strategies and policies to ensure that they are effective. This is because how effective such policies are will have an impact on the company’s daily operations thus making it possible for the balancing of both the negative and positive outcomes. Stockport and others (2012) say that there is dire need for each and every organization to both encourage and support a working environment which is flexible and which makes it easier for all the employees in an organization to embrace and enhance a better organizational lifecycle. The ANZ Bank has a management board, corporate social sustainability and a diversity committee as structures that are tasked with dealing with diversity. It is through the diversity committee that it can be revealed how the organization has made tremendous efforts of embracing diversity by ascertaining what should be prioritized and the issues which could affect the diversity. In a survey carried out by about 40,000 employees belonging to different cultural backgrounds, a vital measurement mechanism was provided which helped the organization to ascertain the diversity of its workforce. Indeed, the company indicated that this exercise was capable of helping it to properly ascertain, assess and comprehend the engagement of employees at various levels and the impacts of possessing an all inclusive diverse workforce. According to Tiong & Anantharaman (2011), the ANZ Bank is striving towards the creation and comprehension of diversity in a comprehensive way. The Inclusion of Sexual Orientation and Gender Identity The major diversity problems that the ANZ bank is struggling to cope with is the gender identity and sexual orientation. Efforts have been made since the time immemorial to ensure that there are gender fairness and equality remains the major diversity of pillars along with the cultural inclusion and integration. The stereotypes regarding the role played by the women in organizations in the contemporary society still pose a great challenge to most of the firms. The prevalence of the glass ceiling as a barrier to the attainment of women in some specific positions or ranks in organizations has still continued to exist despite the fact that there are various efforts aimed at breaking it. In most of the situations, the success and the recognitions of the companies or organizations on diversity have always pegged much pressure on the efforts of gender equality. According to Stockport and others (2012), gender representation is, therefore, a vital aspect that needs to be given consideration especially when discussing the diversity at the ANZ banking group. It should be noted that indeed, the ANZ banking group has managed to scoop its 8th recognition as being the “Employer of Choice” for the women and also in the Workplace Equality Agency (EOWA). In addition to that, the United Nations Women Committee (UNWC) is also known to have recognized the branch in New Zealand as being an excellent company based on the equal opportunities and non-discrimination consideration. In conclusion, it can genuinely be ascertained that diversity is a major current issue that has both an external and internal impact on the operations of every organization. It has also been realized that the way in which organizations handle diversity greatly affects its success in markets. From the analysis, it can be deduced that by embracing diversity, the ANZ Banking Group efforts are appraisable. References Harorimana, D 2012, ‘Impact of CRM Systems on Organizational Performance: A case study of ANZ Bank’, (Unpublished Works), The University of the South Pacific. Heron, A & Charlesworth, S 2012, ‘Working time and managing care under Labor: whose flexibility?’ Australian Bulletin of Labour, vol. 38, no. 3, pp. 214. Kirton, G & Greene, A.M 2010, The dynamics of managing diversity, Routledge, London. Nayak, R & Venkatraman, S 2011, ‘Does the business size matter on corporate sustainable performance? The Australian business case’, World Review of Entrepreneurship, management and Sustainable Development, vol. 7, no. 3, pp. 281-301. Özbilgin, M & Tatli, A 2011, ‘Mapping out the field of equality and diversity: rise of individualism and voluntarism’, Human Relations, vol. 64, no. 9, pp. 1229-1253. Reinig, CJ & Tilt, CA 2012, ‘Corporate social responsibility issues in media releases: a stakeholder analysis of Australian banks’, Issues in Social and Environmental Accounting, vol. 2, no.2, pp. 176-197. Stockport, G, J, Godley, M, Guagliado, D, Leung, O, Mercer, B, Varma, G & Wong, S 2012, ‘ANZ Bank: Building a Strategy for Asia’, South Asian Journal of Business and Management Cases, vol. 1, no. 1, pp. 31-41. Tiong, P & Anantharaman, R 2011, ‘An examination of the sustainability disclosures of ANZ, NAB and Westpac’, JASSA, vol. 3, no. 1, pp. 12. Read More