Report on Managing Finances: Diversity Policies at Aus Accountancy

This report delves into the critical aspects of managing finances, with a specific focus on the importance of diversity within the Aus Accountancy firm. The introduction highlights the significance of diversity in financial management, setting the stage for an in-depth analysis. Task 1 provides a comprehensive briefing report on Aus Accountancy's diversity policies and procedures, emphasizing the need for understanding human behavior and adhering to employment laws. It explores the impact of diversity on the workforce, legal requirements, and the importance of effective communication. The report covers diversity facts and figures, benchmarks, and legal requirements, including the Equality Act and Sex Discrimination Act. It also outlines diversity actions, policies, and procedures, along with a suggested diversity policy format, questionnaire, and email to the CEO. The report concludes with five case studies, their solutions, and legal requirements, along with the manager's response. The references provide a list of sources used in the report.

MANAGING FINANCES

Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
TASK 2..........................................................................................................................................10
TASK 3..........................................................................................................................................11
TASK 4..........................................................................................................................................12
CONCLUSION..............................................................................................................................15
REFERENCES..............................................................................................................................16

INTRODUCTION
Managing finances means planning, organizing, directing and controlling financial activities
which includes utilization of funds of the enterprise. This report focuses on importance of
diversity in the company. To have a better understanding of the topic the report will consider Aus
accountancy firm to see the importance of diversity in the company. The report will include
diversity policies and procedures that company will use to impose changes. Further it will include
action plan of the policies with questionnaire on diversity and email to CEO of the company.
Later the report will include best practices of diversity and limitations of diversity. Art last the
report will conclude 5 case studies and their solution along with legal requirements and manger’s
response.
TASK 1
Aus Accountancy
Diversity policy and procedures briefing report
Introduction
Development of policies and procedure in Aus accountancy firm requires knowledge in
understanding human behavior and to pay attention to employment and labor laws to implement
best practices in the firm. Implementing these policies and procedures in Aus firm requires
consistent and regular monitoring to get the best results and workforce in the company.
Diversity plays an important role in the firm to addresses differences among people in the
workplace on based on their race, sex, and ethnicity to variables that define diversity in the firm
(Sain, 2016). The manager need to know the impact of different policies and procedures on the
workforce and how it will affect the workforce and future changes well as trends in the
workplace.
The manager need to take care of laws that has been changed by state and federal
government in accordance to changes that affect both public and private companies. Policies that
support diversity in the workplace need to be changed according to time as what worked before
may not worked today. Diversity policies now focus on women empowerment, special training
and development of minorities. Other factors that support diversity is affinity groups that supports
one another professional experiences as the company needs new specialized workforce therefore
to create such groups can be beneficial for the company. Other policies may include voluntary

action plans and diversity training for employees to increase employee’s knowledge of diverse
population which will increase productivity of the company.
There are two key elements on what success if these policies will depend which is
consistent application and manager's accountability and knowledge. The policies need to be
equitable among all the workforce (Davis, 2016). The manager need to speak clearly and
concisely all the policies and procedures that are need to be implemented to the CEO of the
company in an effective manner. The manager along with effective verbal communication need to
user nonverbal communication like good posture, effective body language, proper eye contact as
well to assist the CEO of the company with better understanding. In recruiting new diversify force
the manager need to ask efficient questions to the recruits to assess required information. The
manager need to make sure that in case new employees have issues regarding new policies and
procedures of the company, the manager respond to their queries effectively. The manager to
ensure that the operations work smoothly in the company and policies are consistent active listing
need to be used by manage so that work of the firm do not suffer.
Diversity facts and figures
Culture
Australia is multi cultural country which is reflected in country's cultural practices and
experiences. The diversity of influences creates a cultural environment in Australia which is
energized, innovative, and outward looking.
Population
The rough estimation of population of Australia is 23.6 million people. The mot populous
state are Wales and Victoria with respective capital Sydney and Melbourne. As the head office of
Aus accountancy is also situated in Sydney, gives the company the benefit o larger customers'
base and employee diversity.
Geography
Australia is a continent which is approximately 4,000 km from east to west and 3,200 km
from north to south. Aus accountancy's commitment to diversity is led by diversity champions
who come from all levels of the company, from top management to the shop floor (Inte Dodd and
et.al, 2015). The diversity champions make up a diversity committee, which is responsible for
ensuring that our diversity policy is articulated in the day to day running and the strategic
direction of the company.
Religion

Religion in Australia is diverse and among these 52.2 % of the population follows
Christianity in some or the other form. The remaining 30.1 % believes in no religion whereas
people follows Buddhists, Muslim. Hindu Sikhs and Jews.
Australia's aboriginal people developed animist spirituality of dreaming and some of the
earliest evidence on earth for religious practices whereas Torres strait islander have similarities
with Melanesian spirituality. The company focuses on recruiting employees from all the
communities to have diversity in the organization.
Impacts of Diversity
Diversity at workplace lead to creativity and idea generation and helps the company in creating
innovative techniques. Employees from different backgrounds can give ideas to improve a
product and to capture better demographics. Talent is diverse as people from different caste,
creed, color, age, shapes comes with different skills (Adams, 2016).
Diversity benefits the society by imposing equality among different people, it uplifts the
minorities and make them feel safer. It helps the society in having satisfactory citizens which lead
to growth and development of Australia by creating various employment opportunities for people.
Benchmarks and other measurement indicators
Indicators for planning and assessing the impact of policy implementation based on clearly
defined indicators which is integral to development of sound policies. It helps the company in
assessing that how policy objectives can be fulfilled. Monitoring can ensure better coordination
and consistency between policies. Quantitative indicators has been proven highly effective in
drawing attention to the burdens of business regulation
Legal requirements in relation to workplace diversity.
The equality act – The purpose of equality act is that each member of the company need to
be treated equally and not based on colour, caste, creed etc.
Sex discrimination act – Men and women need to be treated equally and must have equal
rights, say and pay in the organisation.
The equality act (sexual orientation) – No one would be treated bad based on their sexual
preference in the workplace.
The employment equality act (Age) – As workplace is full of different age groups therefore
it is important to treat employees equally regardless of their age.

The employment equality regulation act (Religion or belief) – Every religion need to be
treated with respect and dignity and employee must not judge by the religion they follow.
Example diversity actions to inform action plan.
The company can provide diversity training which can help its employees to understand
the importance of having inclusive workforce which create welcoming environment in the
company.
The company can foster diversity at all levels whether upper or lower level so that all the
individuals can have opportunity to achieve personal goals.
The company can provide flexibility in the working hours which will attract pool of
talented candidates to do the job.
The company can focus on taking feedbacks from the employees in case they are facing
issues and try to resolve them.
The company can pay attention to organisational culture. This can be done by utilising
surveys of employees to gauge hoe employees feel on such topics which will help the company to
address issue before the employee leave the job.
Reasonable adjustment is the law made for disables people to make sure that they do to
face problems and inequality in the company they are working in. it makes sure that disabled
people can fully participate in the education and other facilities and services.
To provide advantage to disable people Aus accountancy can provide ramp for the person
who walk with the help of wheelchairs, to alter working hours of disables person and to give them
disabled person training improving their knowledge of work and efficiency.
Example diversity policies and procedures
Leadership policies – The Company need to adopt supportive leadership in which the
manager need to take feedbacks and suggestions from its employees which boost their morale and
motivate them to work hard and finally retail the customer. Company under this can use anti-
harassment policy, anti-discrimination policy to support diversity in the company.
Communication policy – Communication is the key to success of any company. The
company need to communicate its diversity plan to the employees through action. For this
purpose the company can hold group meetings for employees. To provide feedback and input on
company’s plan. The company need to design marketing materials of the company while keeping
diversity in mind. The advertisement of company need to present diverse culture and
environment.
Training policies – The training procedures needs to be adopted by the company as it helps
the staff of the company in recognising their own personal biases and how these affects decisions
at workplace. The company need to be free from biases and in order to promote diversity at

workplace, the manager need to give a tool and platform to its employees. Recruiters should view
people equally whether they are from different race, caste etc.
Suggested format for Aus Accountancy Diversity Policy.
Introduction Diversity is the heart of Aus accountancy firm
and is central to its objective of becoming best
firm of Australia (Keynes, 2016). The
commitment of the company to diversity create
competitive advantage and lead to innovation,
customer and employee retention.
Objective Aus accountancy is committed to provide an
organizational culture and workforce that foster
diversity at all levels of the company. This will
be achieved by the company by creating a
culture of diversity and promoting education,
training and mutual understanding. The strategy
focuses on culture free from unlawful
discrimination, sexual harassment, workplace
bullying or victimization.
Commitment Aus accountancy will not tolerate unlawful
discrimination, workplace bullying etc. the
policy of the company is to treat all employees,
customers suppliers etc fairly and equally
(Cascio, 2015).
Recruitment and selection Aus accountancy foster a culture where
qualifies recruits are recruited, developed and
promoted on the basis of merit and their
alignment to our people to help them reach full
potential.
Supporting policies Equal Employment Opportunity Policy, Mental

Health and Wellness Policy, Code of Conduct
Aus accountancy Family and Aged Care
Program and Employee Assistance Program
Policy
Questionnaire
1. This company is making progress with diversity initiatives
Strongly Disagree
Somewhat Disagree
Neutral
Somewhat Agree
Strongly Agree
2. This company employs diverse range of people
Strongly Disagree
Somewhat Disagree
Neutral
Somewhat Agree
Strongly Agree
3. Does your workplace allow all employees to celebrate holidays appropriately
Strongly Disagree
Somewhat Disagree
Neutral
Somewhat Agree
Strongly Agree
4. Does your workplace have equal opportunities' policy in place
Strongly Disagree
Somewhat Disagree
Neutral
Somewhat Agree
Strongly Agree
5. Does your workplace make employees aware of equal opportunity policies and provisions
Strongly Disagree

Somewhat Disagree
Neutral
Somewhat Agree
Strongly Agree
6. Does your workplace have recruitment procedures that encourage diversity
Strongly Disagree
Somewhat Disagree
Neutral
Somewhat Agree
Strongly Agree
7. Does your workplace host seminars on diversity awareness
Strongly Disagree
Somewhat Disagree
Neutral
Somewhat Agree
Strongly Agree
8.Does your workplace guarantee promotions and pay rises based on merit only
Strongly Disagree
Somewhat Disagree
Neutral
Somewhat Agree
Strongly Agree
9. Does your workplace have a reputation for promoting diversity and tackling
discrimination
Strongly Disagree
Somewhat Disagree
Neutral
Somewhat Agree
Strongly Agree
10. Does your workplace have procedures in place for reporting discrimination
Strongly Disagree

Somewhat Disagree
Neutral
Somewhat Agree
Strongly Agree
E- mail
TASK 2
Diversity plays a very important role in the company as people from different culture and
backgrounds come together to work under one roof. Workplace diversity is important as it
enhances mutual respect among employees as workers from different culture have different work
styles, disabilities which help them in gaining employee's respect (Banks, 2015). Conflict occurs
in wok environment which minimizes potential liability for employees complaints and for such
matter workplace diversity preserves quality of employees.
Benefits of diversity
Diversity at workplace can inspire creativity and innovation. Different people have
different knowledge and experiences which bring creativity in the company and enhances the
productivity of the company (Banks, 2015). It helps the company in solving problems in new and
exciting ways.
Multicultural workforce can help Aus Accountancy in expanding its operations into new
market. It helps the company in understanding local laws, regulations and customs. Moreover,
native language skills, culture understanding can boost international business development.
Dear Mr John:
I enjoyed working as a working in Aus accountancy firm as a general manager from last 15
years.
I have been associated with the firm from many years and recently I have noticed that our
company is facing high labor turnover and that is why I am sending you this email. As I
investigated the problem and surveyed the employees earlier I came to know that employees are
Unable to cope up with each other and for that reason I thought of changing few policies of the
company which will include providing diversity training to the individuals so that they can know
each others importance. Also, to provide benefits to disabled people and flexible working hours.
For that purpose I surveyed employees of our company and their responses helped me in making

A diverse skill workforce allow the company to offer broader range of products and
services as company hires professional from broad range of skills which lead to effective
planning, development and execution.
Outcome of the policy
The outcome of the policy is to provide equal rights to all the employees working in the
company and to provide them with equal benefits and respect regardless of their color, caste,
religion, race etc.
New diversity policy and its reasons
Leadership policies – The company will implement new supportive leadership policy in
which the manager will take feedbacks and suggestions from its employees so that employees can
be motivated. Company under this will also implement anti harassment policy, anti discrimination
policy to support diversity in the company.
Communication policy – The company will change its communication policy and will
make it flexible as earlier the company used to follow flow of communication from top to bottom
but now it will work both ways and the reason behind adopting it is to avoid conflicts and
confusion among employees.
Training policies – The training policies will be adopted by the company which will help
the staff of the company in recognising their own personal biases and how these affects decisions
at workplace. The company need to be free from biases and in order to promote diversity at
workplace, the manager need to give a tool and platform to its employees. This will keep the
employees satisfied and will help in retaining them.
[Incorporated in ppt]
E- mail
Dear Mr. John
As discussed earlier about the issue of diversity in our firm, I have tried to found a solution to it to
stop labour turnover and absenteeism in our firm. It is a peak time to realise that the policies and
procedures of the firm need to be changed and I am writing this email to you regarding that
purpose only. The updated diversity policies and procedures will be based on three basic areas
which will include communication, training and leadership policy. As I noticed, the
communication policy is too rigid in our firm and employees of our firm feel like they do not have
a say in anything and that is why the flow of communication equally between everyone is
important. The other area of concern is leadership, our firm follows autocratic style of leadership

which instead of solving issue, add fire to it and that is why the new leadership policy will focus
on supportive model of leadership. At last the training policy need to be changed in which all
employees need to be trained to cope up with each other and help each other in the time of issues
regardless of their race, colour, religion etc. For detail discussion I would like to meet you in your
office for half and hour. Kindly let me know the time which suites you for the meeting.
Thank you for your time in advance.
Best regards
General manager
TASK 3
Diversity best practices
Sense of belonging for everyone - For each individual to bring their best self forward, a
sense of belonging must first be established. Having a connection to an organization or group of
people that makes you feel you can be yourself results in greater engagement and creativity in the
workplace. It satisfies the individual.
Empathetic leadership is key - Diversity and inclusion are often treated as a single
initiative owned exclusively by the company (Blaine, 2017). But for real change to happen, every
individual leader needs to buy into the value of belonging both intellectually and emotionally.
Maximize joy and connection, minimize fear - Fear can be a powerful motivator, it also
encourages people to narrow their perspective. The opposite desired effect for creating a more
inclusive workplace. Finding ways to frame challenges through fun and joy creates greater
potential for positive change.
Among these the company will use sense of belonging for everyone where each worker
would feel that they belong to the organization and vice versa and will work efficiently.
Unintended impacts of the policy
Although diversity policy has many advantages but it comes with few restrictions as well. A
company that recruits and employs diverse workforce must create a culture that support and
promotes dignity and respect to avoid tension between employees. Communication may be
adversely affected as if the first language of employee differ from others can create an issue.
Existing employees may leave the company if their personal prejudice prevents them for
working with colleagues from different background (Davis, 2016). The other disadvantage