Double Down On Diversity Research Paper

Double Down on Diversity
December 10, 2013
Professor Coffey
Financial Decision Making

Mayank Desai
Yali Ling
Qiaosen Gao
Lixi Tan

Introduction
For our group project, we chose a diversity initiative called Double Down on Diversity, which is currently going on in Johnson and Johnson. The initiative was created because Johnson and Johnson recognizes how impactful having a diverse workforce can be on financial success. To support their claim, we looked to several articles describing how diverse workforces lead to more financial success. One example came from a study published by Deloitte, a widely successful consulting/accounting firm. They write, “In essence, demographics
Its overall position is at a good position. Particularly the second year’s position is well due to raise in the profit level from the first year position. It is better for the company to accept it as we may see greater development in the long run..
Benchmark Analysis
Now that we have conducted a cost/benefit analysis to determine whether this program would be feasible, we must also benchmark with other leading diversity companies to determine what they are doing with their diversity efforts and see how it compares with our efforts.
The first company we will take a look at is Northern Trust, a company who has been listed on both the Best Companies for Working Mothers and Best Companies for Executive Women. Their diversity efforts are more on an inclusion side; however, our project features a heavy inclusion component as well so it makes sense to benchmark against them. What Northern Trust does is recognize its employees through an awards program and encourages training to value your fellow coworker. I’m glad you stress the sustainability of this initiative and not just the upfront
This coincides heavily with our Driving Accountability pillar because we want everyone actively engaged in committing to changing the diversity culture here at J&J.
Our final example resides with a perennial top-10 most diverse company, Bank of America. Bank of America has perhaps the most similar program to ours because they feature a Diversity Advisory Council, which executes all company-wide diversity related initiatives. Our project team will of course be local and miniscule at first; however, if successful, we hope to broaden to a point where it can become company-wide like Bank of America.
The world is becoming ever increasingly more diverse, and the most successful companies are those that keep up with the times and go above and beyond the call of duty with regards to diversity. This is why we propose this project team, to keep J&J competitive with other leading companies who share spots on the Diversity Inc. 100 and other such leading publications; however, going full head on deep into this type of unchartered territory is unwise. So while we are proposing to do a deep dive into our diversity efforts, it will be on a miniscule scale at first and we shall propose to enlarge it company-wide should the results be promising. –Good citing of best