Essays on Diversity in ANZ Bank Case Study

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The paper "Diversity in ANZ Bank" is a good example of a business case study.   Australia and New Zealand Banking Group Limited (ANZ) is a retail and commercial dominated bank founded in 1835. It operates majorly in Australia and New Zealand, although it operates also in other thirty different nations. Although it is the third-largest bank in Australia by market capitalization, it is the largest in New Zealand. In terms of reputation, ANZ has earned various recognitions, like in 2008, under the Dow Jones Sustainability Index; it was named the most sustainable bank in the whole world.

Apart from dominating in retail and commercial banking, ANZ bank concentrates specifically in consumer banking, corporate banking, finance and insurance, investment banking, global wealth management, mortgages, private equity, credit cards and investment management. Looking at diversity for such a banking institution is different compared to other corporations because almost every member of the bank interacts with different employees every day. Therefore, the concern for diversity does not only lie with the management but also every single member of the institution, including casual workers like cleaners and security guards.

Being a modern trend and concern to multinational corporations, this essay looks at how diversity is handled at ANZ bank Australia, with the aim of understanding various practices, policies and strategies put forward by the bank to help enhance its enforcement within the workforce (Tiong & Anantharaman, 2011, p12). The essay focuses on laid down structures, issues and possible improvements needed to be made in order to ensure effective diversity. This puts into consideration the fact that a banking institution deals with a whole range of diverse people in different aspects, both internally and externally. With over 48,239 employees in 2012, it is clear that diversity is a critical issue for this bank, not only within its internal operations but also as it interacts with customers within the Asia-Pacific Region.

Being a bank that operates in over thirty-two nations, it deals with people of a different culture, age, religion, ethnicity, race, personality, gender, and sexual orientation, among other diversity aspects (Ö zbilgin & Tatli, 2011). More importantly, at all times, the bank must ensure that diversity is embraced in order to bring people to unity.

Modern organizations embrace diversity. This is a common trend with multinational corporations. There is a lot of evidence concerning how such corporations look at diversity. In the past, a lot of concentration was on ‘ fighting racism, and gender inequality’ among other things. However, it was evident that this approach portrayed a negative vice and this was turned to ‘ embracing diversity’ (Ö zbilgin & Tatli, 2011). Therefore, modern corporations focus on inclusion of every member. Trickier is the fact that for banking institutions, it is not only about the diversity of its employees, but also that of its customers. The current state of ANZ bank diversity One significant issue that is critical for the success of the diversity approach in any organization is the management’ s role.

The management must be responsible for ensuring that some key elements of diversity are attained and given proper consideration (Kirton & Greene, 2010, p89). Therefore, organizations must concentrate on developing a diverse, workforce through ensuring an inclusive approach, alongside empowering stakeholders. Some of the key elements of workforce diversity include education, training and communication, behaviors and mindset, flexibility, measurement, diversity building mechanisms, and inclusion.

In order to understand these key elements, it is essential to discuss them alongside what ANZ banking group is doing about them.

References

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Stockport, G, J, Godley, M, Guagliado, D, Leung, O, Mercer, B, Varma, G & Wong, S, 2012, ‘ANZ Bank: Building a Strategy for Asia,’ South Asian Journal of Business and Management Cases, vol. 1, no. 1, pp. 31-41.

Reinig, C, J, & Tilt, C, A, 2012, ‘Corporate social responsibility issues in media releases: a stakeholder analysis of Australian banks,’ Issues in Social and Environmental Accounting, vol. 2, no.2, pp. 176-197.

Tiong, P, N, & Anantharaman, R, N, 2011, ‘An examination of the sustainability disclosures of ANZ, NAB and Westpac,’ JASSA, vol. 3, no. 1, pp. 12.

Heron, A, & Charlesworth, S, 2012, ‘Working time and managing care under Labor: whose flexibility?’ Australian Bulletin of Labour, vol. 38, no. 3, pp. 214.

Harorimana Sr, D, 2012, ‘Impact of CRM Systems on Organizational Performance: A case study of ANZ Bank.’

Nayak, R, & Venkatraman, S 2011, ‘Does the business size matter on corporate sustainable performance? The Australian business case,’ World Review of Entrepreneurship, Management and Sustainable Development, vol. 7, no. 3, pp. 281-301.

Kirton, G, & Greene, A, M 2010, The dynamics of managing diversity, Routledge, London.

Özbilgin, M, & Tatli, A 2011, ‘Mapping out the field of equality and diversity: rise of individualism and voluntarism,’ Human Relations, vol. 64, no. 9, pp. 1229-1253.

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