DIVERSITY MANAGEMENTGOLDENTRUST MERCHANT BANK, CANADACASE INTRODUCTION Oliver Wilde was appointed the HR Director at Golden Trust Merchant Bank in Quebec, Canada on August 5, 2018. Being the first female HR Director and originating from the Caribbean, workplace diversity was one of her priorities, and she was determined to make it happen. Banks are required to deal with an increasingly diverse clientele and, therefore, must manage diversity at two levels: in their own workforce, as they are legally bound to do, and in the market, by fulfilling their clients' needs. Golden Trust Merchant Bank has 10,000 unionized employees, with visible minority groups accounting for less than 15% of the workforce; the Bank's employees were almost entirely French-speaking Quebecois. Women constituted a significant proportion of the workforce, but were under-represented in management jobs. Indeed, while over 80%of administrative and office employees were women, they represented only 18% of senior managers. Since the introduction of the first Employment Equity Act, in 1986, several employment equity plans had been devised, but none had led to any concrete changes. Paula understands that there are competent and talented people which the Bank would benefit from having in its ranks who are among the underrepresented groups. She was also convinced that, with a more diversified workforce, the Bank would be better able to respond to the needs of its increasingly diverse clientele. According to Olivia, it was a matter of performing better, rather than simply complying with legal requirements. In addition to managing the issue of diversity at Golden Trust Merchant Bank, Canada, the bank wants to expand into Latin American and the Caribbean within the next three (3) years.

QUESTIONS Olivia has commissioned your team to provide consultancy services to come up with Diversity and Inclusion Strategy to assist her with the Canadian operations and the eventual expansion into the Latin American and Caribbean region.

This strategy should address the following: a. Whether a convergence or divergence approach should be adopted for operations in the Latin American and Caribbean;

b. Three (3) initiatives that can be implemented to foster diversity, equity and inclusion;

c. Identify the two (2) challenges you expect to encounter in implementing these strategies and how you will overcome them; and

d. Justifications that can be used to gain Executive Management buy-in for the initiatives.

20 hours ago

The introduction and objectives are presented. Background and context are articulated and linked to objectives. presentation of findings. Arguments/findings are relevant to the research and are presented. All the implications are presented, as well as relevant and logically described. The link between theory and practice is articulated. Conclusions/recommendations are stated and connections to the arguments and positions are clear and relevant and the underlying logic is explained.

Answer from your tutor:

shakshirajput6399Active17 hours ago

Diversity and Inclusion Strategy for Golden Trust Merchant Bank

Introduction:

We are delighted to partner with Golden Trust Merchant Bank to develop a comprehensive Diversity and Inclusion (D&I) strategy. This strategy addresses the current underrepresentation in your workforce and prepares you for expansion into Latin America and the Caribbean (LAC).

Explanation:

Convergence vs. Divergence Approach for LAC Expansion:

Deciding between convergence and divergence approaches for LAC depends on several factors.

• Convergence:A standardized approach simplifies implementation. However, it might not account for regional cultural nuances and legal frameworks.
• Divergence:Tailoring the strategy to each LAC country allows for a more effective approach. However, it requires extensive research and adaptation efforts.

Recommendation:

We recommend ahybrid approach. Develop a core D&I framework applicable across all regions, addressing common diversity dimensions like gender, ethnicity, and disability. This ensures consistency and brand alignment. Supplement the core framework with regional modules that address specific cultural norms and legal requirements.

Three Initiatives to Foster D&I:

1. Targeted Recruitment and Onboarding:

• Partnership with Diversity Recruitment Agencies:Partner with agencies specializing in underrepresented groups to tap into a wider talent pool.
• Diversity-focused Job Postings:Use inclusive language in job postings and actively target diverse job boards.
• Unconscious Bias Training:Train hiring managers on unconscious bias to ensure fair evaluation of candidates.
• Mentorship Programs:Connect diverse new hires with experienced mentors to foster a sense of belonging and support career development.
• Inclusive Onboarding:Create a welcoming and inclusive onboarding experience that celebrates diversity and equips new hires to succeed.

2. Inclusive Workplace Culture:

• Employee Resource Groups (ERGs):Encourage employee-led ERGs for diverse groups to build community, share experiences, and provide feedback to management.
• Diversity & Inclusion Training:Implement mandatory D&I training for all employees, raising awareness of unconscious bias, fostering respect for differences, and promoting inclusive behaviors.
• Flexible Work Arrangements:Offer flexible work schedules, part-time options, and remote work opportunities to attract and retain diverse talent with varying needs.
• Recognition and Awards Programs:Recognize and reward employees who champion D&I initiatives, fostering a culture of inclusivity.
• Regular Communication:Communicate D&I goals, progress, and success stories through regular channels to maintain employee engagement.

3. Leadership Development and Accountability:

• Diversity & Inclusion Metrics:Establish clear D&I metrics to track progress on hiring, promotion, and representation in leadership roles.
• Leadership Commitment:Secure senior leadership commitment to D&I goals by involving them in D&I initiatives, setting expectations, and holding them accountable for progress.
• Diversity & Inclusion Champions:Appoint D&I champions at various levels of the organization to spearhead initiatives and promote cultural change.
• Performance Reviews with D&I Integration:Integrate D&I performance objectives into manager and leadership development reviews, incentivizing leaders to champion a more diverse workforce.

Challenges and Solutions:

1. Resistance to Change:

• Solution:Build awareness of the business benefits of D&I through data and case studies. Encourage open communication and address concerns through training and dialogue.

2. Unconscious Bias:

• Solution:Provide ongoing unconscious bias training and create a culture of open communication where employees feel comfortable reporting bias incidents.

Justification for Executive Buy-in:

• Enhanced Performance:A diverse workforce fosters innovation, creativity, and better decision-making, leading to improved performance.
• Talent Acquisition and Retention:D&I practices attract and retain top talent, creating a competitive advantage in the market.
• Client Relationship Management:A diverse workforce allows you to better understand and cater to the needs of your increasingly diverse clientele, leading to higher customer satisfaction.
• Brand Reputation:A strong D&I strategy strengthens your brand image as a progressive and inclusive employer.
• Market Expansion Success:By understanding and embracing diversity in the LAC region, you'll be better positioned for successful expansion.