MGT501 GDB Solution Idea Spring 2020
A private sector bank that operated at a limited level in Pakistan acquired a large local private sector bank, this resulted in extensive organizational growth in terms of number of branches and profitability. Both banks had different organizational cultures first one dominated with a team-based culture, and the second one having a typical beaurocratic culture of government organizations. Here, different ethnical groups, older workers, cultural differences, gender, and education are the sources of workforce diversity.
Keeping in view the above scenario, discuss how workforce diversity can be considered as an asset for the new setup? Furthermore, enlist two major challenges which a bank has to face now. Explain each point with sound arguments.
Workforce diversity can be considered as an asset for the new setup:
Financial and fixed assets are just considered assets the real assets of any company, this one is the general phenomena of the organization. But if we see, on the other hand, the real assets are human resource assets; which can take them all fixed and financial assets.
If employers happy their workforce, definitely they look after very well and accurately the company’s financial and fixed assets.
As our above scenario about a bank that is extending its operation on a local base, they have required different types of the workforce to manage the operations and assets of the bank. Here different ethnical groups, older workers, cultural differences, gender, and education are the source of the workforce; that is working in this company, so they are the real assets of the company to manage the financial assets of the company.
Enlist two major challenges which the bank has to face now:
Resistance to Change: Although employee diversity is a fact of life, the dominant groups in organizations do not want change in the organization. As in our case bank is extending their operations on the local base.
Lower Cohesiveness: Diversity can create a lack of cohesiveness. Cohesiveness’ refers to how tightly knit the group is and the degree to which group members perceive, interpret, and act on their environment in similar or mutually agreed-upon ways.
MGT501 GDB No.1 2020
Workforce diversity is always an asset to any organization. And in this above scenario it will be a valuable asset in terms of the following:
- . Different mindset workforce will bring different idea pool
- . Promoting thinking out of box attitude
- . Competitive advantage among many organizations
- . Diversity provides different aspects of community and consumer knowledge
- . Diversity brings inspiration and novelty
- Acceptance of others opinions
- Generation gap
MGT501 GDB No.1 2020
Workforce diversity helps an organization in many ways
1 The output of the company increases or service improves.
2 The company gains more successes
3 The teamwork improves
4 The workforce becomes more skillful
MGT501 GDB No.1 2020
Business and Human Capital Challenges
• Their organizations’ greatest current and future human capital challenges
• The biggest financial challenges facing their organizations in the coming decade
Strategies, Tactics, and Tools
• The key factors that will determine their organizations’ ability to meet these challenges
• The tactics they think will be most effective in attracting, retaining, and rewarding the best employees
• The type of employment models they expect their organizations to use in the future
• How they expect their workforce to evolve in the future, including the size of their workforce, employment status, and demographic makeup
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