Lloyds Bank: Strategies for a Diverse and Inclusive Workforce

This report examines strategies for building a diverse and inclusive workforce, using Lloyds Bank as a case study. The introduction provides background information, an overview of the company, and the rationale behind the research, outlining the aims and objectives. The project plan details the scope, cost, time, resources, and risk management. The research section explains the data collection methods (primary and secondary), research approach, and sampling techniques. Findings from primary research, including frequency distribution and thematic analysis, are presented, revealing insights into Lloyds Bank's approach. The report concludes with recommendations for Bandon Tiles Ltd, based on the findings, and includes appendices with a WBS, Gantt chart, questionnaire, project log, and performance review.

Successful Business Project
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Contents
Section 1 – Introduction...................................................................................................................3
Background of the research.........................................................................................................3
Overview of the company............................................................................................................3
Rationale of research...................................................................................................................3
Aims and objectives.....................................................................................................................4
Section 2 – Project Plan...................................................................................................................4
Section 3 – Research........................................................................................................................5
To analyse the concept of diverse and inclusive workforce........................................................6
To identify the strategies and initiatives which are used to build diverse and inclusive
workforce.....................................................................................................................................6
To assess the importance of using strategies and initiatives to build diverse and inclusive
workforce.....................................................................................................................................6
Section 4 – Findings and Recommendations...................................................................................7
Section 5 – Evaluation...................................................................................................................15
Section 6 – Conclusion..................................................................................................................16
Appendices....................................................................................................................................18
WBS...........................................................................................................................................18
Gantt chart.................................................................................................................................18
Questionnaire.............................................................................................................................19
Project Log.................................................................................................................................20
Performance Review..................................................................................................................21
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Section 1 – Introduction
Background of the research
Employees are the most important assets of an organisation and these assets are required to
be satisfied. It is important for a business firm to maintain an inclusive and diverse workforce so
that the organisation can acquire competitive advantage over their competitors. The sole aspect
which is important to have and maintain inclusive and diverse workforce is equality (Brown,
2017). The situation of equality is an environment of a workplace where no employee is being
discriminated on regards of colour, culture, race, gender, ethnicity, age or recommendations. In
order to develop a workforce which is diverse and inclusive, it is important to hold an
appropriate investigation so that this critical task can be done smoothly. Such investigation must
be based upon the strategies and initiatives which companies can be adopted to build a diverse
and comprehensive workforce.
Overview of the company
The organisation for which this investigation of workforce diversity and inclusion will be
conducted is Bandon Tiles Ltd. This is a small scale company which intends to expand and grow
their workforce in order to acquire competitive edge in market. Considering the requirement of
this company, the investigation will be conducted on Lloyds bank. This organisation is a large
scale British retail and commercial bank operating in regions of England and Wales. This
organisation is a public limited company having headquarters in London, United Kingdom. This
company was founded in 1765 and is known by their keen efforts to develop their effective
workforce. Lloyds bank has an effective and diverse workforce which is cause behind their
success.
Rationale of research
The rationale behind conducting this particular research is to develop the understanding
regarding the strategies which can be used when an organisation aims to build a diverse
workforce. This research will be conducted using various data collected from both first and
second hand sources by which effective results will be gained that will help future readers of this
research to gain deep insights about the concepts of diverse workforce and their benefits. So, it
can be said that this research is not only conducted to be benefitted as an investigator but to
benefit the readers of this investigation (Thomson and Emery, 2014).
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Aims and objectives
Aim
“Analysing strategies and initiatives which companies adopt to build a diverse and
inclusive workforce”. A case study on Lloyds bank
Objectives
 To analyse the concept of diverse and inclusive workforce
 To identify the strategies and initiatives that are used to build diverse and inclusive
workforce.
 To assess the importance of using strategies and initiatives to build diverse and inclusive
workforce.
Questions
 What is the concept of diverse and inclusive workforce?
 What are strategies and initiatives that are used to build diverse and inclusive workforce.
 How strategies and initiatives are important to build diverse and inclusive workforce.
Section 2 – Project Plan
A project management plan is the combination of decisions which taken to develop a project
effectively (Xiao and Chen, 2012). The elements included in a project plan include scope,
communication, time, resources, quality, cost and risk. Project management plan for the project
of managing successful business is developed below:
Scope: Scope of a project refers to the areas in which this project can be used. The research of
inclusive and diverse workforce has a wide scope (Ellis and Ellis, 2011). The data to carry out
this investigation will be collected from both primary and secondary sources due to which this
research can be used by considering its high level of accuracy. Overall, it can be said that the
scope of this project is wide.
Cost: The cost of conducting this research will be 100 pounds as this research will include
primary data collection. Looking at the wider view, the cost involved in the project of developing
a diverse workforce will include 5000 pounds approximately that will include training and
development workshops.
Time: Every task is required to have a period in which it can be completed suitably. For this
investigation, time of 10 weeks will be required. On the other hand, an organisation will need at
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least 6 months to develop an inclusive and diverse workforce.
Resources: In order to carry out this investigation there are few resources which will be
required. These resources include books, journals, time, communication tools, questionnaire etc.
On the other hand, in order to develop and maintain a diverse workforce, an organisation will
need ample resources including skilful employees, effective strategies, monetary funds, support
of stakeholders and many more.
Quality: Every project has a level of its quality through which its accuracy and reliability is
being judged. For this research, the quality of the investigation report is intended to be high as it
will not only collect data from secondary sources but it will also collect data from primary
sources.
Communication: In order to ensure proper communication, the tools of communication which
will be used are electronic mail and face to face communication.
Risk: Every project has a risk factor that influences the decision of undertaking a project. In this
investigation, there is a risk that investigation will not be completed on time and there is a chance
that the collected data will not help in concluding research objectives. On the contrary, the
organisation will face high risk of decreasing motivation while developing a diverse workforce.
A project plan also includes a WBS and Gantt chart which are attached in appendix.
Section 3 – Research
Data collection sources – For this investigation both primary and secondary data
methodology is used. In case of Primary methodology, the source of survey is used. Using this
source, data will be gained. The reason behind using this source is that it provides first hand
accurate information in easiest manner (Chambers, 2017). On the other hand, in case of
secondary data methodology, data has been gained from books and journals and is recorded in a
form of literature review. This source is used as it is highly accessible.
Research Approach – The research approach for this investigation which has been used is
inductive research approach as it aligns with both research methodologies that are primary and
secondary.
Sampling – The sampling technique that has been used is snow ball sampling. In this
technique 50 managers of Lloyds bank are selected for the survey. As these managers were
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difficult to be accessed, snowball sampling technique is used in which few managers were first
surveyed and then with their recommendations others were also surveyed (Drost, 2011).
Research Instrument – Questionnaire is the research instrument which has been used to
conduct primary research in this investigation (Noble and Smith, 2015). A questionnaire for the
managers of Lloyds bank is attached in Appendix.
Primary and secondary research is being conducted and its evidence is attached as follows:
Evidence of secondary research (Literature review)
To analyse the concept of diverse and inclusive workforce
According to Davis, Frolova and Callahan, (2016), diverse and inclusive workforce is a
group of people employed in an organisation who come from different backgrounds and does not
have to face any discrimination at their workplace due to difference in their cast, culture, colour,
race, ethnicity, age, sex etc. This concept is implemented in an organisation by the way of
developing a diverse workforce in organisation.
To identify the strategies and initiatives which are used to build diverse and inclusive workforce
From the viewpoints of Kruskal and et. al., (2018), strategies which can help in building
diverse and inclusive workforce includes providing training to all the managers and employees
of the organisation in order to make them understand the value of equality and how all
employees must not be discriminated. An inclusive workforce can be developed in an
organisation by taking the initiative of creating a positive environment in workplace where
everyone’s ideas are valued. Gaining regular feedback and providing training for linguistic skills
is also a strategy for developing diverse workforce.
To assess the importance of using strategies and initiatives to build diverse and inclusive
workforce
As per the views of Ozturk and Tatli, (2016), it is important for organisations mainly
growing organisations to use strategies and initiatives to build diverse and inclusive workforce as
it will help the organisation in gaining competitive advantage. These strategies will also enhance
the motivation level of employees that will result into high operational efficiency and satisfied
personnel.
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Section 4 – Findings and Recommendations
In order to analyse the data collected from primary sources the frequency distribution
analysis and thematic analysis is being used.
Evidence of primary research
Q1) Are you aware that your organisation Lloyds bank have inclusive and diverse
workforce?
Frequency
a) Yes 45
b) No 5
Q2) How inclusive and diverse workforce helps Lloyds bank in gaining
competitive advantage?
Frequency
a) Enhancing innovation and creativity 17
b) Help in better decision making 18
c) Assist in improving repute of organisation 15
Q3) Which is the most effective strategy for building inclusive and diverse
workplace for Lloyds bank?
Frequency
a) Training of the employees 35
b) Treat every employee equally 5
c) Collect inclusion feedback regularly 5
d) Linguistic training 5
Q4) which is the most effective policy used by Lloyds bank in managing and
promoting diversity and inclusiveness at workplace?
Frequency
a) Feedback 30
b) Complaints 10
c) Sanctions 10
Q5) Do you agree that workplace diversity is an important factor of success for
Lloyds bank?
Frequency
a) Agree 45
b) Disagree 5
Q6) Does workplace diversity can result into motivation of employees? Frequency
a) Yes 35
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b) No 2
c) May be 5
d) Can’t say 8
Q7) What types of challenges occur at workplace while developing of inclusive
and diverse workforce?
Frequency
a) Interpersonal misunderstanding and conflict 30
b) Difficulty in defining diversity 15
c) Cognitive Biases and Stereotypes 5
Q8) Which resolution technique is used by Lloyds bank to overcome with the
challenges associated with building of inclusive and diverse workforce?
Frequency
a) Utilise diversity training 20
b) Ward off change resistance with inclusion 20
c) Creating of effective communication channels 10
Theme 1: I am aware that Lloyds bank have inclusive and diverse workforce.
Q1) Are you aware that your organisation Lloyds bank have inclusive and diverse
workforce?
Frequency
a) Yes 45
b) No 5
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Interpretation – From the above analysis, it has been clear that Lloyds bank not only
develops diverse and inclusive workforce but this organisation also addresses their achievement
of develop such workforce. This addressing of their achievement is great way to maintain such
workforce and this technique is recommended to Bandon Tiles Ltd to implement in their
organisation.
Theme 2: Inclusive and diverse workforce helps Lloyds bank in gaining competitive advantage
through effective decision making
Q2) How inclusive and diverse workforce helps Lloyds bank in gaining
competitive advantage?
Frequency
a) Enhancing innovation and creativity 17
b) Help in better decision making 18
c) Assist in improving repute of organisation 15
Interpretation – The above analysis have mix responses of the managers of Lloyds bank
from which it has been interpreted that there is not one way which has helped Lloyds bank in
gaining their competitive advantage. From this analysis, it has been recommended to Bandon
Tiles Ltd that they must develop inclusive workforce so that they can be benefited not by only
effective decision making but by increasing creativity and innovation as well.
Theme 3: Training of the employees is the most effective strategy for building inclusive and
diverse workplace for Lloyds bank
Q3) Which is the most effective strategy for building inclusive and diverse Frequency
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workplace for Lloyds bank?
a) Training of the employees 35
b) Treat every employee equally 5
c) Collect inclusion feedback regularly 5
d) Linguistic training 5
Interpretation – From the above graphical representation it is analysed that for Lloyds
bank training of the employees has been resulted as the most influenced strategy which has
helped them in building inclusive and diverse workplace. Considering this, it has been
recommended to Bandon Tiles Ltd that they must also train their employees to follow equality
and not discriminate on any basis.
Theme 4: Feedback is the most effective policy used by Lloyds bank in managing and
promoting diversity and inclusiveness at workplace
Q4) which is the most effective policy used by Lloyds bank in managing and
promoting diversity and inclusiveness at workplace?
Frequency
a) Feedback 30
b) Complaints 10
c) Sanctions 10
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Interpretation – The above pie chart clearly represents that feedback is considered as the
most effective policy managing and promoting diversity and inclusiveness at workplace by the
managers of Lloyds bank. Bandon Tiles Ltd must also initiate a feedback system in their
organisation where all employees will be welcomed to provide their feedback regarding the most
effective strategy for developing diverse workforce.
Theme 5: I agree that workplace diversity is an important factor of success for Lloyds bank
Q5) Do you agree that workplace diversity is an important factor of success for
Lloyds bank?
Frequency
a) Agree 45
b) Disagree 5
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Interpretation – Out of 50 managers surveyed, 45 of them do agree that workplace
diversity has resultant as an important factor of success for Lloyds bank. When the responses of
managers are this clear then this must be considered by Bandon Tiles Ltd that developing a
diverse workforce is recommended to be their priority.
Theme 6: Workplace diversity can result into motivation of employees
Q6) Does workplace diversity can result into motivation of employees? Frequency
a) Yes 35
b) No 2
c) May be 5
d) Can’t say 8
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