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1. Workforce diversity in banks and financial institutions

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Contents
Executive Summary..........................................................................................................................3
Introduction......................................................................................................................................4
1. Context and Industry Information ...........................................................................................4
2. Nature of the problem...............................................................................................................5
3. Review ofevidence.....................................................................................................................5
4. Findings and Implications .........................................................................................................7
5. Conclusion and Recommendations ............................................................................................9
References..........................................................................................................................................9

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Executive Summary
This report is about to study the problem revealed by Head of HR in Major Bank, that there is no focus on
workforce diversity in banks and financial institutions. The high-speed expansion in the Banking and
financial industry has constituted a number of challenges namely workforce diversity which is an
unexceptional incident that involves both pessimistic and optimistic influences on worker performance
relying on the way satisfactorily is organized. It has an impact on the bank sectors, financial Institutions,
and even the overall economy. This report described the influences of human resources distinctiveness on
staff execution in the Banking and Financial context. The consultant targeted on a large number of
employees who are currently working in banking sector involved an observation of the behavior at work,
an interview with the different gender, and a research of the current literature and other evidence. The
research provided that the Bank utilized strategies namely unprejudiced recruitment, assistance to minority
groups, multiplicity coaching and indistinguishable employment possibilities. Rather than a staff’s
qualification differences and execution capacity, it seemed to have no employment diversity changeable
that decided their reimbursement. Employment diversity was evidenced to impact staff execution at
diversified stagesreflecting on both employers and staffof the Bank. The diverse observation and interview
expressed a remarkable stage in alliance between non-managerial staff execution and the efficiency
standards in the bank sector which classified by woman or male, generation and qualification. Workplace
distinctiveness is a human issue, concentrated on the differences and similarities that employee bring to an
organization. This report aims to offer recommendations for improving workforce diversity in Major Bank
focused on a inclusive and censorious preview of contemporaneous proof obtainable in this research.

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Introduction
The analysis paperis in purpose of responding to the challenges facing the manpower differences in banking
and financial sector based on found evidences. In particular, it is concentrated on the recommendations for
addressing this issue, the benefits and risks involved for Major Bank.
Report aims and scopes
The study embedded the almost banking branches and subsidies in Australia particularly, Major bank, N-
bank, and Q-Bank and some financial institutions in the restriction of Y-region. The report dealwith section
of human resource management distinctiveness, impacts of diversity on worker execution and the way
employment diversity can be controlled in order to optimize the optimistic results and limit the opposed
consequences in Major Bank. The respondents were the executives and staffs working in banking sector.
There were much opposition due to a number of interviewees to engage in this analysis and various
interviewees unsuccessfully to hand in the survey forms for the consultant in particular period aswell. Some
specimen participants, particularly employers, seemed to be busy with the meeting and working schedule
for engaging to all the objects in the survey forms. All these were taken into reflection and alternative
evaluations produced.
1. Context and Industry Information
The World economy development was estimated by more than 3% during the time of 2014 to 2016, while
the Australian domestic economic growth raised from 2.4% in 2014 to 3.3% in 2016 in a generalcrisis over
the world, produced healthy conditions for the stable developmental of banks and other commerce (IMF,
2016). The decrease in banking interest rates from 2.5% to 1.5% indicated the flexible liquidity is flexible
in the market, attracting more potential buyers and giving investors more options about products and
services to increase competition and business efficiency (RBA,2016). In spite of the obstacle environment
of the global financial crisis, the banking industry remained steady. The banking and financial sector is
challenged with many synchronous problems, for example, employment distinctiveness because of the fast
evolutions and the recruitment of expatriates from different regions in the world. This require for an urgent
investigation for visible resolutions in operating diversity in workforce to achieve outstanding results in
Major Bank.
The sponsor for this report is Major bank, which has been in the banking industry for nearly 30 years. Over
time, they have expanded their services to include banking products, exchange rates, credits, etc. The
company is one of the four biggest banks in this industry.

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2. Nature of the problem
Accomplishing diversity in the workplace hasbeen considered as the problem of every business. In purpose
of existing, organization needs to have ability to control and employ its diversified working environment
effectively. It is assumed that regulating diversity in the company become essential areas of the entire
cultural organization (Anderson, 2012). Variety administration practices intensify efficiency, effectiveness,
and persistent competitiveness. Institutions that generate and attain a various working place will appealand
maintain standard workers and enhance customer loyalty (Cox, 1994). The concentration on dissimilarities
in personal features conducting to divergence has constituted the challenge of attaining integration in
distinctiveness and tackling that miscellany to boost staff execution. Failure to organize variety with regard
to race, gender, education, skill, racial integration, religious merging usually results in dissimilarities in
promotions, benefits, training, compensation, job fulfillment and other kinds of imbalance (Tilly, 1998).
Due to the high-speed extension of the domestic and international banking industry, it was presented a rise
in the diversification occurring in staffs and employers in the bank. These staffs and executives generate
diversified beliefs, assumptions, behavior and which only is prosperously drained to the benefit of the bank,
in case there is a productive workplace diversity administration procedure. Despite the fact that the bank
has completed exceedingly satisfactorily in focusing to variety in the way they manage their consumers, it
is not obvious whether this system to diversification has been enfolded inner. The bank appears to have
insufficient of diversification through its core values such as Behavior, Integrity, Creativity, innovation,
Prestige and customer service commitment, and productive corporate management, which contribute from
a standard which conception of work force diversification is overseas. Skaggs (2004) featured the desire
for resolutions to the challenges constituted by workforce diversity. However, he had no consideration to
the way workforce diversity administration could impact job execution. Diverse investigators exploring
diversification in the work place have constantly discovered that institutions that stress collectivism in the
workplace view more advantages of workforce diversity than companies that focus on independence
(Dwyer,2003). Jayne (2004) adventured that a variety of diversification systems namely concentration on
teamwork encourages healthier relationships within a division and able to upgrade specification within the
division or institution that changes on the far side of surface stage dissimilarities. This research still had no
consider to the way teamwork as a diversity system could influence the execution of personal staffs. This
business report aims at filling up comprehension gaps recognized in existing researches by setting up the
impacts of human resource diversity focus on staff execution in the banking sector in Australia.
3. Review of evidence

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Review of the Literature
Conceptual Approach
Workforce diversity concerns about the methods that human deviate from that is able to influence a duty or
relationship within an institution namely generation, gender, ethnicity, education, faith, and intellectual
achievement. It is the examination of these dissimilarities in a secure,optimistic, and fostering condition.
It is about apprehending each other and leaving on the far side of simple sufferance to enfolding and
acknowledging the wealthy measurements of diversity concluded within each human within the institution
(Hiller, 2003). Schneider (1999) explained distinctiveness was the existence of dissimilarities through
subscribers of a community nowadays, the manpower is more diversified with regards to gender, ethnic
origin, religion, nationality an embraces people who are distinct and distribute various beliefs, desires,
needs, principles and work behaviors as Rosen (1991) presented.
Greenberg (2004) explained workforce diversity mentions to the diversification of distinctness between
employee in a company involving race, woman or men, ethnicity, generation, characteristics,
professionalism, education, innovation and more. It is undeniable that most academics coincide on the
description of workplace diversity. Ellis and Sonnen field (1993) contended that there was a connection
between an affirmative diversity environment, job fulfillment, and engagement to the company. Healthy
workplace differences practices in the region of workplace are supposed to strengthen worker and
institutional execution (Hall, 1993). Diversification promotes the value of diversified staff approaches and
distinct types of participation particularly when institutional members progressively indicate the various
tradition basis of the company. This contributes a way in which enterprises can comprehend, and hence
meet, their consumer desires.
Methodological Approach
In reaching the influences of manpower diversification perspectives as self-determining inconsistent and
workers’ job execution as reliable variable, the researcher used a number of methods. The most common
utilized method to collect evidence wasinterview (Ellis, 1993) which is compatible with one of the methods
used by the consultant. However, the main trouble with this method is the insufficiency of a standardized
implement which would otherwise accelerate the direct resemblance of data collected. Many other
approaches such as: empirical review (Rosen, 1991), and literature review (Hall, 1993) were also used to
prove for the evidence. Although there are at least two studies in every category which employed the same
research approach, their findings are not additive because of differences in their scope and context which
limit the comparability and generalizability of findings. Moreover, the researcher has explored that in

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addition to the absence of a standardized instrument, the paucity of studies using the descriptive survey
research design and data analysis makes it difficult to assess the causality, validity and reliability of the
available evidence.
Observation
Based on observation, it is able for researcher to collect evidence which contributed to the impacts of
diversified recruitment strategies on staff execution located that diversification can enhance execution and
employing from various level of age and religion provides the enterprise a greater talent group. The main
strength of this method is that the assessment of risks is considered an essential element in identifying the
workforce diversity in terms of professionalism, generation, religion. However,the outcomes of this method
may not be easily replicated as it was undertaken by one consultant observing a single team. To address
this limitation, the profile was developed using both observation and interview findings and reviewed by a
senior consultant specializing in Major Bank.
Interview
The data was gathered from the executives,supervisors, to the lower level covering self-conducted surveys.
The surveys and interview paradigm were picked since the consultant proposed that all the interviewees are
well educated and hence, are competent of answering to the objects individually. The implement was
utilized to gather fundamental statistical truths on workplace diversification administration in the bank and
financial institute and how it impacts staffs’ job execution. The surveys comprised of six areas. Part 1
referred to items on demographic figure while Part 2 to 6 contained items regarding diversification and its
administration of the bank. The consultant pursued the authorization of the Head of Human Resource in the
Bank, Major Bank, N, and Q branches had the survey inspected for removal before procedure to these
specimen samples. It was accompanied by a view of the specimen divisions by the consultant to brighten
with their heads. Then, the consultant reached the targeted residents under research and introduced the
surveys to the top managers, supervisors and staff for generating a start with Major Bank, N and Q banks.
The information and evidence were gathered by self-conduct. Some interviewees completed the survey
there and then for instant accumulation while other busy interviewees completed them later and the
researcher accumulated them within three days.
4. Findings and Implications
One of the enquiries inspected by the consultant referred to the procedures utilized by the organization to
handle workplace diversification. The research disclosed that the bank and financial institutions had
schedules namely equity recruitment, assist to minor teams, diversified training and balance staffoccasions.

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This was acceptable but there were a number of other distinctiveness management systems that can be
applied to the bank like production of consciousness and social communities. The survey form that handled
with the influence of workforce diversity on inner balance in compensation disclosed that rather than a
worker’s level of education and skills, there was no other workforce diversity changeable that identified a
staff’s compensation. The reimbursement policy thus was recognized as equitable and just by the staffs.
Another enquiry that was inscribed by the investigator examined the area to which workforce
distinctiveness influences staff job execution. Workplace diversification was explored to impact on staff
performance at differing levels referring both supervisors and non-managerial staffs of the bank. The
supervisors recorded a more considerable effect while to the lower level employees the effect was slighter,
being in arrears to their incomprehension of workplace diversity and its linked strategies of the institutional
organization. The survey that was examined by the investigator dealing with the strengths and weaknesses
of employee diversification systems in the Bank was centre in the recommendations to banking and
financial institutions. Most of the banker’s staffs (75%) viewed the toughness of employment
diversification management strategies as advancement of esteem and a comprehensive culture within the
firm while another 50% referred to shortage of lucidity on the approaches which had previously led to their
unconsciousness on that extend. They also introduced that the policy disregards practical knowledge and
accomplishment which was equally useful to the bank.
The ending survey concerning how employment diversification can be handled to enhance staff execution
to strengthen competitive advantage for the bank and financial institutions obtained a healthy suggestion
basis. Most interviewees recommended further operation of the equity recruiting ashaving some propensity
towards particular religions. Others attached consciousness creation, employee trainings, tackling the
dissimilarities positioning, respecting and rewarding high quality execution and supplying of balanced
chance. The diverse assessments of hypotheses expressed a remarkable stage of alliance between staff
execution and the mean efficiency levels of banking employment when classified by gender, generation
and qualification. This might have been the result of the rising tendency of employment distinctiveness
among qualification, gender and age as labor that was under the age of 30 (a more effective age shaped
55.5% of banker staffs. Another promoting element might have been the 79.1% masculine predomination
in bank industry and diversified qualification listing from college to master levels. Based on the evidences,
it is concluded that most firm enfolds administration of employment diversity prefers more innovative
decision making, fulfilling workplace environment, and more effective products cause all staffsare entailed
and become motivated to donate in a significant way. This produces an understanding basis attributable to
comprehension sharing and upgraded accomplishment. Cultural distinctiveness control which appeared
more responsive to the Bank carried out the crucial role. It motivates superior staff retention, greater

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efficiency, swells self-esteem, an extended market share and advanced customer service. In view of the
truth that an organization that differentiates directly or indirectly reduces the possibilities of accessible
genius, underuses the staffs, or mislays the financial interests of maintaining them, enterprises have no
alternative rather than instituting and conducting employment distinctiveness in their institutions. The
prevail challenges in diversification control should perform as a stimulus to the hunt for higher quality
polices other than performing as a stammering chunk to institutions and Head of Human Resource in adapt
to the tendency of a more diversified workforce.
5. Conclusion and Recommendations
In conclusion, this report has found strong evidence confirming that workforce diversity are primarily
responsible for designing a healthy Human resource management in banking sector in a purpose of
promoting labor workforce with balance recruitment, age, gender and religion. It provides the way almost
banks and financial institutions deal with this issue included both advantages and dangers and method for
Major bank can operate more effectively in this area. Within these findings, it is focused on the necessary
of Major Bank to alter and promote dynamic strategies to enhance its advantages in labor diversity and
reduce its risks claims.
The Bank should conduct further study in the same extend in diverse firms to examine on employment
strategies specially, regarding to diversification and positive activity towards the minority classes such as
physically disabled. The same researches should also be performed on the other contemporaneous
inclinations in HRM to produce practical and contextual resolutions to these up to date challenges in
employment policies.
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Personality.
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