Managing Workforce Diversity: A Case Study of Standard Chartered Bank

This report provides an in-depth analysis of workforce diversity within Standard Chartered Bank, examining the challenges and opportunities associated with managing a diverse workforce. The report begins with an executive summary and introduction, followed by a literature review that explores the importance of diversity in the workplace, highlighting the benefits and potential issues. The discussion and analysis section focuses on the specific challenges faced by Standard Chartered Bank, such as communication problems, potential conflicts, and discrimination. The report also discusses the strategies implemented by the bank to address these challenges, including training and development programs. The report concludes with recommendations for improving diversity management and emphasizes the importance of creating a positive and inclusive work environment. The report highlights the significance of workforce diversity in the modern global economy and its impact on employee satisfaction, performance, and the bank's overall reputation.

Personal Managerial
Effectiveness
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EXECUTIVE SUMMARY
Since from last few years, the increasing number of mergers, joint ventures and strategic
alliances is bringing people from distinct cultures and types of organizations together. The result
of this is that in now management has become more concern related to managing diversity in the
workplace. Diversity can be related to different factors such as education, gender, race, culture,
age etc. Workplace diversity is referring to working of different cultural background people work
together in a firm. The present report is based on investigating the challenges faced by the
Standard chartered bank while managing a diverse workforce. In Standard chartered bank, there
are diverse culture people work together to accomplish goals and make company profitable. The
present report has aimed to explore the challenges faced by an undertaken banking organisation
named Standard chartered bank while managing diverse workforce.
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TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................4
LITERATURE REVIEW................................................................................................................4
DISCUSSION AND ANALYSIS...................................................................................................7
CONCLUSION................................................................................................................................9
RECOMMENDATIONS...............................................................................................................10
REFERENCES..............................................................................................................................11
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INTRODUCTION
In an organisation when different cultural people work together with it becomes tough for
the company to manage. There are various types of issues and challenges which can be faced
company due to diversity (Kirton and Greene, 2017). Diversity management is considered as a
process through which management can easily maintain and create a positive working
environment, where all individual difference and similarity is valued. This aim is further
supported by some well-defined objectives to understand the importance of diverse workforce
within the firm. Next is to identify the issues and challenges faced by Standard chartered bank
while managing diverse workforce. This will be followed by the identification of strategies to
overcome the challenges faced by Standard chartered bank while managing diverse workforce.
LITERATURE REVIEW
According to the view of Lee, (2016) workforce diversity has come to play a central role
in the organisation because of increase in complexity in the job, increase in globalization and
growing technology. Cultural diversity takes place within the firm at the time when a company
hires a large number of employees from a different background race, gender, religion etc. A
diverse workforce provides a lot of benefit to the company. However, it is important to manage
diversity to get benefits. Workplace diversity play a significant role within the firm. It leads to
foster mutual respect among employees and motivate group working. Along with this when
different background people work together then it provides innovative ideas which help in
growth and development of the firm. Employees with different background and experience lead
to bring together several perspectives which help in evoking alternative solutions for the issues
or topic. If management, well managed diverse workforce then it strength best inside of every
individual can be connected to enhanced productivity and deliver better results.
According to the view of Anwar, (2015), diversity in the workplace is essential because it
helps in manifesting itself in order to build a reputation of the firm. It is also essential within the
firm and outside for increase companies and survive in a competitive market. Apart from this if
diverse employees work together in a team then it helps to gain new knowledge and developed
skills. They learn from each other different way of working and complete the task in an effective
manner. Diverse workforce not only benefits firm but also help in improving company
performance and develop an environment in which employees learn new skills and can easily
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enhance their knowledge (Diversity and inclusion, 2010). The language barrier is one of the big
barriers which many time organisations face while dealing globally. However diverse workforce
helps in overcome this barrier and provide an opportunity to easily with other countries. There
are several factors that impact and influence the well-being of the firm. The nature of workforce
is considered as one of the factors. Arenas, Di Marco, Munduate and Euwema, (2017) state that
impact of a diverse workforce on a company in terms of retention, performance, turnover and
satisfaction are as follows:
Performance: Thuesen, (2017) highlight the growing evidence of the relationship between
diversity and enhanced performance. Along with this, diversity raises the organisational
performance to its full capacity. Therefore, if diverse workforce enhances then it increases
effectiveness and organisational performance. Kricheli‐Katz,Porat and Feldman (2017) argued
that uniqueness of a group team also provide an opportunity to improve group performance and
group values
Satisfaction: According to the view of Balasubramanian and Mohanty, (2015) satisfaction is not
as the extent to which needs of an individual meet from their job as those employees who got
satisfied are more motivated toward the work. This employee’s satisfaction is related to the
expectation which company is committed to understand and utilize the characteristics of each
individual. There are many policies which are implemented related to diversity such as providing
equal opportunity to each and every employee within the firm. Along with this company also
focused on hiring candidates on the basis of their skills and knowledge instead of religious, race
basis.
Thuesen, (2017) state that, some issues and challenges can be faced due to diversity in
the workplace. Lynch, (2017) point out that demographic diversity leads to bring a high level of
conflict, turnover and tension. It is because employees may do not like to work with other
employees who belong to the different background. Along with this, due to differences in way of
communicating, thinking and working increase the chances of conflicts which indirectly impact
the productivity of the firm. Chen,Lin and Liou,(2017), explained that in the organization due to
diverse workforce chance of discrimination get an increase. This lead to dissatisfying employees
from work and stop working hard for the firm.
Apart from this, harassment sometimes can become an issue for employees due to a
diverse workforce and it cannot be tolerated. To recognize harassment is one the key in
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preventing and eliminating discrimination from the workplace. Kirton and Greene, 2017 argued
that implementation of unorganized diversity plan is an ineffective way. It can impact the
productivity of the company directly and indirectly. Along with this employee, many leave the
job due to improper organisation activity which can reduce employee’s turnover.
At the work place due to diversity chances of discrimination increased, if management
started differentiating between people on the basis of their culture, religious etc. For instance, at
Chartered bank employees are not promoted on the basis of their cultural competence instead of
their performance which can impact the productivity of the firm (Verma, Walsh and Siguaw,
2010). At the workplace discrimination can be done at the time when employees excluded from
decision making process who are possess of different background, cultural or religion.
Management issues such as conflict can be arising at the workplace due to different cultural
people. Along with this, employees may not be treated well in the firm and overloaded with the
work because they belong to other culture.
Hence, it can be stated that there are various issues can be arising due to diversity at
workplace. One of the main benefit is that company can get innovating idea through involving
different cultural people in decision making process. On the other side limitation is that chances
of conflict can be arise due to cultural difference. Strategies which can be adopted for
implementing more diverse workforce is that HR department can hire skilled employees from
different background and cultural. Further it is recommended that firm can provide them training
and development facility so that employees can understand each other culture and respect them
which is one of the effective strategy.
DISCUSSION AND ANALYSIS
The diversity of workplace is greatest strength of workforce diversity. Standard Chartered
bank valuable asset of the workforce diversity is advantage of global economy. Workforce
diversity is good reputation of all the people. Its includes the strength, techniques and resources
of a workforce. If the working together our workforce in a common object. The increasing of
workplace is important has a workforce diversity. Workforce diversity is the key of
characteristics including gender, age, religion, race, ethnicity and sexual orientation. It’s the
number of issue and challenges oh the Standard Charter bank is also bringing of workforce
diversity it’s become innovative and more competitive. Workforce diversity is the good
reputation of the standard charted bank with all people. Its brings the issue and challenges of the
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standard charted bank. Workforce diversity is the grow that faster than the culture of the
workplace the concept and issue of diversity. Standard charted bank the creating new idea and
creative solution of the problems or the collective knowledge of their employees for workforce
diversity. If a success of a business that work well. The focus of the workplace a positive the
process of developing creating and maintaining. The examples related to the workplace place
includes an organization with a homogeneous manpower can increase the risks losing access to
groups of customers. This factor has an adverse effect on the customer services. A mixture of
employees in Barclay company brings a wide variety of perspectives and ideas which can
provide a manager with unique insights which can be helpful in improving quality of services or
products. Improved diversity also assists an organisation in attracting as well as recruiting
performers in an industry and increasing the morale of workers (Standard chartered Bank,
2017). Another example of issues related to workplace diversity is that it leads create
communication problems among employees in Barclay. Lack of effective communication can
give rise to misunderstanding, confusion etc. For instance, if a manager provides guidance or
instructions related to completing a specific task to a worker who fails to fully grasp the
instructions, the worker might make mistakes if an individual try to complete the task without
receiving clarity of information. However, Barclay company provide has implemented policy
related to workforce diversity. Along with this it also provides training and development facility
so that they can easily work together
On discoursing upon the importance of workforce diversity, it has been found that
employees are different backgrounds to work together in standard charted bank the creating on
environment. The will be hire to the people is more easily the strength and talents of the different
people. Standard charted bank the diversity of workforce the growth of employees. In the
experience the growth of the bank is a different culture and idea to be exposed. The improve the
employee ability the work with different personalities, style and cultures. The importance of
workforce diversity is that it encourages the employees to share the ideas.
The different plays role in the bank but someone has new idea so that encouraged the
employees come forward idea. Workforce diversity its important a marketing opportunity. Is
focused the team work and the improve of diversity of a company. This is mainly with reference
to the workforce diversity related concerns of Standard chartered bank where the changing
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workforce has necessitated the concept of diversity. Considering this, the chosen organisation
has specifically focussed on 3 vital standards of a large diversified workforce at their workplace.
This is due to the fact of operating at an international level in several number of markets and is
thus required to concentrate upon diversity on the basis of nationality as well as ethnicity,
disability and gender.
This is on discussing upon the foremost standard of ethnicity or nationality, the cited firm
has been found to have distinct benefits in comparison to its contenders. This is specially in
terms of having a diversified workforce where it has significantly enhanced its capability to
attract a large set of talented workers belonging to different background. It is thereby referred to
be one of the top leading international bank which has employed nearly 73, 800 workers all
across the globe. This involves around 70 distinct nations as well as territories where the
applicants are also assured about getting equal scope despite of belonging to distinct socio-
culture background and ethnicity, etc. Also, its employees have accepted to feel respected where
their different set of norms are valued instead of getting tolerated.
This is on referring to the below illustrated data of diversified workforce of Standard
chartered bank in 3 years where it has maintained a stipulated ratio of 46-47% of female workers
representing at worldwide level. Also, their female senior managers have been found to be 16%
in the year 2006 and 15% in 2007 that has directly risen by 2% and became 17% in the year
2008. Apart from this, it has also enumerated its workers on the basis of distinct nationalities at a
worldwide level which was found to be 105 in the year 2006, 115 in the year 2007 and 125 in the
year 2008. Lastly, 56 nationalities have represented their senior administration in the year 2006,
61 in the year 2007 and 68 in 2008.
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Next, on the basis of another standard of workforce diversity called gender diversity, the
quoted entity has maintained an equal proportion of gender with a purpose of strengthening
community that is also apparent to result in the economic development of the entire nation
Herein, on considering the actual data of Standard chartered bank, 46% of females are known to
represent its total workforce with more number of women in senior managerial position. By
which, the bank has tried its best to form a pipeline of highly potent female workforce to handle
their middle management. Followed by which, it has significantly created a mentoring program
for their capable middle administration to particularly focus on female employees.
Lastly, its 3rd standard involves disabled employees where the bank has largely focussed
on attracting as well as supporting potential workers who are disabled by recruiting and training
blind individuals in Pakistan. Besides this, it has also hired a set of visually impaired workers in
Indonesia and in its Indian branches, it referred to partner with NGO’s f0or enhancing the
projections of occupation for people suffering from some sort of disability, but are highly
talented to work with the bank. In its Chinese banks as well, Standard charted bank has
appointed disabled workers with a positive outlook of developing them to a great extent.
From the above finding, it is analysed that Standard chartered bank knows the importance
of hiring different background cultural people. Along with this they also focus on providing
training and development facility to employees who do not have knowledge regarding the
cultural difference. However, the finding of literature review sheds the light on the effectiveness
of training program that helps in encouraging working environment within the firm.
Furthermore, employee’s satisfaction is important for this purpose company provides its
employees holiday on the festival to employees which shows positive working environment of
Standard chartered bank. On the other side from secondary research shows that company can
focus on promoting cultural through value and respect their culture.
CONCLUSION
From the above report it is concluded that diverse workforce is important for the firm in
order to increase productivity of the firm. It also helps company to deal with any type of client
from any place. Company can easily survive in global market with the support of diverse
workforce. Challenges and issues can be faced by the employees and company due to diverse
workforce which directly and indirectly can affect the performance of the firm. To manage
diversity successful company, need to emphasize communication. It is important for the
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company to make sure that employees understand their company’s policies and procedure so that
chance of conflict can be avoided due to diverse workforce
RECOMMENDATIONS
Strategies which can be adopted for implementing more diverse workforce is that HR
department can hire skilled employees from different background and cultural. Further it is
recommended that firm can provide them training and development facility so that employees
can understand each other culture and respect them which is one of the effective strategy. In
training they understand how to behave with each other within the company and way to work
with collaboration. Along with this, company need to organised its diverse workforce in
systematic manner. They also need to make sure that any type of discrimination does not take
place within the firm due diverse workforce which help in carrying out organisational activity in
an effective manner.
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REFERENCES
Books and Journal
Anwar, A., 2015. A Comparative study of cash management operations of Standard Chartered
Bank.
Arenas, A., Di Marco, D., Munduate, L. and Euwema, M.C. eds., 2017. Shaping Inclusive
Workplaces Through Social Dialogue. Springer.
Balasubramanian, N. and Mohanty, N., 2015. Gender Diversity on Boards. NSE Center for
Excellence in Corporate Governance.
Chen, C.H., Lin, Y.L.,and Liou, M.L., 2017. Bacterial diversity among four healthcare-
associated institutes in Taiwan. Scientific reports. 7(1). pp.8230.
Kirton, G. and Greene, A.M., 2017. Understanding Diversity Management in the UK. In
Corporate Social Responsibility and Diversity Management (pp. 59-73). Springer, Cham.
Kricheli‐Katz, T., Porat, H. and Feldman, Y., 2017. Are All Types of Discrimination Created
Equal?.
Lee, H.J., 2016. Diversity at work matters in times of violent ethnic conflicts. South Asia@ LSE.
Lynch, F.R., 2017. The diversity machine: The drive to change the white male workplace.
Routledge.
Modassir, T. and Ramesh, B., 2015. Women representation in corporate boards of BSE listed
companies and causes of their low workforce participation in India.
Thuesen, F., 2017. Linguistic barriers and bridges: constructing social capital in ethnically
diverse low-skill workplaces. Work, Employment and Society. 31(6). pp.937-953.
Verma Ph D, R., Walsh Ph D, K. and Siguaw, D.B.A., 2010. Cases in Innovative Practices in
Hospitality and Related Services: Set 4.
Online
Diversity and inclusion., 2010 [Online] Available through: <https://www.sc.com/sustainability-
review-10/leading-the-way-in-communities/great-place-to-work/diversity-and-
inclusion.html>
Standard chartered Bank., 2017 [Online] Available through:
<https://www.sc.com/en/about/diversity-and-inclusion/>
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