Select an organisation from the following and review their diversity policy.
National Australia Bank
1. Identify several business objectives of your organisation justifying reasons for your decision. Explain how diversity is related to, or is linked to the organisation’s business objectives. (4 marks) Increase Market Share
Increasing market share is an overall objective the whole organisation can strive for, which leads to numerous short-medium term objectives like; internal reviews on services and performance in order to increase overall performance, innovation and ideas for targeting new markets, employee development to help retention rates as well as strengthening job related skills. Diversity in the workplace provides the organisation with a wider range of employees with different backgrounds, experiences, cultures etc that provide opportunity for greater innovation into new and existing markets, but also provide insights on improving internal policies, strengthening the organisation from the inside. To enter into new markets
Entering into new markets helps expand the organisation and its reach and has the potential to increase revenue if executed correctly. Having employees with diverse experiences and backgrounds can help the organisation identify new markets to target whilst also providing a ready work force capable of providing a high level of service to the targeted customers of the next market. Build Reputation
A strong organisational reputation in the market increases the chance for NAB of being the first choice for new customers and encourage existing customers to continue and utilise broader ranges of services, promote business partnerships and can gauge organisations value in the market. A fully integrated diversity policy strengthens the organisations reputation as it illustrates the organisations values which is of support to all employees regardless of background, culture, sexuality which in turn is supporting their ability to perform and provide a high level of service to the wider community. Customer Service
Good customer service helps repeat business as well as enticing new customers currently unhappy with existing financial institutions to change over to NAB. A diverse range of employees can help mitigate what would be determined as ‘bad customer service’ by breaking down any potential service problems by staff that don’t understand or are experienced in a certain area. For example having a diverse ethnic mix with employees that will help with cultural and ethnic barriers like language or customs, or having older employees to service older customers more comfortable dealing with someone their own age. To be a leader and advocate in consistently meeting or exceeding legal and regulatory obligations in relation to equal opportunity, diversity and inclusion. This objective is important as it represents the business culture and policies put forward to the public. By implementing diversity policies that not only promote diversity but encourage and support its development within the organisation would be an extremely attractive characteristic businesses/organisations/local communities would want to align themselves with, benefiting all parties. Develop and maintain a workforce at all levels,
In order to for the organisation to be able to meet their business objectives they require a capable employees/work force. NAB defines the policy/work culture as a nurturing environment where all employees are provided opportunities for personal development. This not only helps improve employee morale and job satisfaction, but develops employee’s skills, to assist them in carrying out the organisations objectives. It is important that the employees understand the culture and polices the organisation is trying to promote. 2. Explain how the diversity policy will benefit the organisation. Provide reasons and/or examples to support your explanation. (5 marks) The diversity policy will benefit...
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