Assignment on Workforce Diversity of Standard Chartered Bank

The workforce diversity has become an essential business concern. In the so-called information age, the greatest assets of most companies are now on two feet (or a set of wheels). Undeniably, there is a talent war raging. No company can afford to unnecessarily restrict its ability to attract and retain the very best employees available.

Generally speaking, the term “Workforce Diversity” refers to policies and practices that seek to include people within a workforce who are considered to be, in some way, different from those in the prevailing constituency.

Report Summary

Workforce diversity is a global phenomenon which ensures equal job opportunities and facilities for minor group irrespective of gender, age, ethnicity and skin color. Global banking giant Standard Chartered Bank also believes in workforce diversity to ensure success in diversified world market. To ensure workforce diversity the bank has initiated several steps like- equal payment and promotion for women, observing International Women Day highly, guesthouse for women, branch for women, arrange women council, set up women forum, encourage workforce balance and healthcare for disable employee.

In the report we are trying to assess their diversified workforce by describing- workforce diversity of Standard Chartered Bank, Steps to ensure workforce diversity, gender diversity, employee diversity, customer diversity, cultural diversity, health and safety diversity, advantages of workforce diversity in Standard Chartered Bank, how HRM affect workforce diversity in Standard Chartered Bank, emerging problem to diversity and at last a rich conclusion.

Introduction

‘Workforce Diversity’ is not a catchword-watchword; it’s a buzzword in the modern corporate world. The term workforce diversity demonstrates that the modern era of corporate world is not only vested on the male or only on the white but also it’s a place where male-female, white-black, native-ethnic and sound-disable have equal access. As a proud participant of modern corporate world, the world’s leading Banking Corporation “Standard Chartered Bank” has ensured its diversity in workforce. Starting its voyage as a banking corporation in 1853, at present Standard chartered has 73,800 employees representing 125 nationalities in over 70 territories by its outstanding 1400 branches. Here women employees make up 46% of total workforce and 20% female representation at senior management level. Not only Standard Chartered emphasizes on female employees but also on ethnic and disabled employees regardless of race, nationality and skin color.

Workforce Diversity                                                              

As we enter the 21^st century, workforce diversity has become an essential business concern. In the so-called information age, the greatest assets of most companies are now on two feet (or a set of wheels). Undeniably, there is a talent war raging. No company can afford to unnecessarily restrict its ability to attract and retain the very best employees available.

Generally speaking, the term “Workforce Diversity” refers to policies and practices that seek to include people within a workforce who are considered to be, in some way, different from those in the prevailing constituency.

The workforce today

The workforce is changing. During the next 10 years, employees will be retiring in record numbers. The baby boomer generation compromises approximately 45% of the workforce. Many are in management positions and are preparing to retire. Added to this, a new generation has recently entered the workforce, with its own unique characteristics. By looking at the needs of the different generations in the workplace, Modern Corporation can develop strategies to better prepare their workforce. The following tips can aid in this process:

• Develop mentoring programs.
• Create flexible work schedules.
• Use a strengths-based approach to promotions.
• Focus on high potential employees.
• Provide opportunities for ongoing education.
• Design a program to preserve the knowledge of the key employees.

Diversity of Standard Chartered Bank:

Standard Chartered as a global bank has a large diverse workforce, whose are serving in the variety of markets. The bank focuses on three standards of diversity (Hutchful Florence, Area Head of Human Resources, SCB West Africa). These are:

• Nationality or Ethnicity
• Disability and
• Gender

Nationality or Ethnicity

Diversity has given Standard Chartered Bank distinctive advantage over its competitors and improved its ability to attract talented people from very diverse backgrounds, thereby creating a more diverse and inclusive working environment. The bank is one of the top international banks with around 73,800 employees across 70 countries and territories. Applicants know that they have equal opportunities in the bank regardless of their nationality and employees also feel their differences are respected and valued, not just tolerated.

The table demonstrates a statistics of diversified employees and nationalities:

(Source: www.standardchartered.com/sustainability/great-place-to-work/data-targets/en/index/)

Gender Diversity

Gender equality helps strengthen communities and further economic development. Women make up 46% of its total workforce and the number of women in senior management roles has increased. To increase female representation amongst senior management the bank focuses on creating a pipeline of high-potential female employees at middle management. In 2008, the bank developed a mentoring program for their middle management talent, with a specific focus on women.

Employees with disabilities

In 2008 Standard Chartered Bank put a renewed focus on attracting and supporting prospective employees with disabilities. Over the last 12 months, the Group trained and hired a number of blind employees in Pakistan, employed its first visually challenged employees in Indonesia. In India, the bank partnered with a non-government organization (NGO) to improve job prospects for people with disabilities. In China, the bank has also increased its focus on recruiting individuals with disabilities.

The table represents the group employees’ statistics of Standard Chartered Bank:

Group Employees Statistics

 (Source: www.standardbank.co.za/…/i/employees)

Why gender diversity is important to Standard Chartered Bank?

Standard Chartered Bank’s main footprint is in Asia, the Middle East and Africa, and in most of these regions women have not been able to get to a position where their full potential can be realized. Obviously that has an impact on the entire society and social environment. One of its roles as a responsible player in these markets is to create that development within the wider communities in which they operate. And the bank thinks that getting gender diversity right in those markets is economically quite powerful.

Diversity issues in the workplace regarding Standard Chartered Bank

Employees in a diverse workplace co-operate others who are not the same. When diversity is present in the workplace, issues arise are:

Equal pay: Men and Women having the same educations and job skills are paid equally in Standard Chartered Bank.

Affirmative action: The bank does not recruit from protected groups or promote based on sole criterion but based on analyzing demographics and qualifications.

Sexual harassment: The bank is an equal opportunity employer and has initiatives in reducing sexual harassment.

Religious and political beliefs: Employees of the bank have different religious and political beliefs but can’t enforce onto others.

Negative attitudes: The bank treats all employees positively regardless of age, sex, and race.

Initiatives for ensuring workforce diversity

Standard Chartered Bank is committed to creating an engaging, inclusive work environment – a place where people can make a difference both as individuals and as part of a team. “Standard Chartered Bank wants to be an exemplar employer of Diversity across our markets in all over the world” (Bindra, Jaspal, Chairman, Group Diversity & Inclusion council, Standard Chartered Bank).

For ensuring workforce diversity they have taken some initiatives, these are as follows:

Day care centers: They have launched their first day care center in October 2007 in Mumbai named “Colours of Joy”.

Flexi Hours: Their initial focus will be on two flexible working arrangements- flexi time and part-time working, for ensuring employees balancing with their work and personal commitments.

Differently Abled Hiring: To make the working environment ‘inclusive’ for all – creating feasible workplace solutions and barrier free environment, early this year, the bank launched a differently abled hiring drive.

Women Guest Houses: Keeping in mind the needs and challenges of the women staffs, a Woman’s Guest House was started in May, 2008 in Mumbai.

All Women’s Branch: In May 2007, they have launched the first all-women’s branch in Kolkata aimed at providing greater financial independence to its women customers.

Some other initiatives at Standard Chartered Bank:

• Formed a women’s council.
• Set up the women’s Forum in May 2007.
• Arranging International Career Development program.
• Encouraging work-life balance.

Standard Chartered Bank believes in embracing the different interests, needs and strengths of their people and enabling them to fulfill their potential.

How workforce diversity of Standard Chartered Bank affect HRM?

Organizations that celebrate workforce diversity are getting higher profit. That’s why the bank maintains workforce diversity. In order to ensure diversity in workplace, the HRM department of the bank tends to hire, promote, retain, provide diversity training for employees and encourages diversity. The HRM department ensures flexible working place and leadership training for potential female members. Culturally some women are not comfortable in speaking to male tellers. That’s why the HRM department of the bank has arranged various types of seminars such as Training Women Strategy. This arrangement helps to increase their comfort levels. To increase diversity in a generally male dominated industry, the HRM department developed several initiatives for women in its workplace. For example: netball training and informal education on critical life skills, financial literacy, health and hygiene and communication. Standard Chartered Bank recognizes and deals with different values, needs, interests and expectations of employees. With the help of HRM department, employees must avoid any practice that can be interpreted as being sexist, racist or offensive any particular group. The above all scenarios demonstrate that to assist diverse people, the HRM of the bank has taken steps regarding to diversity.

Conclusion

‘Workforce Diversity’- the demand of modern corporate world is inevitable for the multinational banking corporation like Standard Chartered to hold its worldwide diversified markets and customers. The report demonstrates the initiatives taken by the bank to make a worldwide diversified workplace. Ensuring workforce diversity is not only means the entry of women, disable and ethnic people but also ensuring the equal payment, prohibiting sexual harassment, evaluating religious and political beliefs and other facilities which Standard Chartered Bank greatly treats. Above all assessment, the report shows that Standard Chartered, the world’s banking giant has ensured workforce diversity for its employees including women, ethnic people and disable regardless of race, nationality and skin color.