Cultural Diversity in Professions Other chapter (not listed above)

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Cultural Diversity in Professions

The focus of this report is JPMorgan Chase (NYSE: JPM); one of the oldest and well-known financial institutions in the United States. The bank has a rich history that dates back to over 200 years. Today JPMorgan Chase is a global financial giant with assets of $2.4 trillion and operations in over 100 countries. The bank employs roughly 235,000 people around the globe.

The Bank's consumer base has a disparate array of clients ranging from individual consumers, small businesses to corporations and governments. The Bank is a class apart as a financial institute and a leading figure in:

Investment banking

Financial services for all kinds of consumers

Commercial banking

Financial transaction processing

Asset management (JPMorgan Chase, 2016).

Availability of diversity-driven content

In the 'About us' section of the Bank there is a tab titled "diversity" followed by the CEO's statement that speaks of "importance of diversity" to the Bank (JPMorgan Chase, 2016). The homepage too has a link labeled "Careers" which explains how the bank is "A workplace for everyone" and "Cultures." The company goes the extra mile in trying to explain its vision of "respect, value and support." This treatment is extended to clients and employees alike. In the 'diversity' and inclusion webpage, the company talks of diversity as a foundation of their globalization, one they continually build upon by keeping in sync with the following approaches,

Recognizing talent and developing plans accordingly.

Pursuing a diverse assortment of applicants for key jobs.

Structuring a proper framework for hunting diverse talent by working with key industry groups and universities.

Show aggressive involvement via resource groups, open discussions, and annual forums.

The company exercises extensive usage of multicultural marketing strategies, and 'joining communities' drives (JPMorgan Chase, 2016). The multinational is fully committed to encouraging and supporting diversity in the company ranks. The company realizes the importance and the benefits of having diversity not just for the sake of a multicultural environment that promotes growth, but also focus on the wide range of clientele that the company serves, each consumer is different and many are from different ethnic and cultural backgrounds. The Company thus recognizes 'cultural inclusiveness' as a strength. The company follows a policy of inclusion and an atmosphere of satisfaction and happy workers, making them want to come to work (David, 2015).

A picture of the JPMorgan Chase employees is posted on their website and it is a wonderful blend of culture, gender, and race. The good balance promotes a healthy work environment for all. This picture also promotes the company's desire for talent, all employees are hired on the basis of their capabilities and never discriminated on the basis of caste, color, creed or sex or sexual orientation. This kind of multicultural corporation image promotes a positive image of the company and also inspires others to follow suit.

Advantages of Diversity

Diversity does not just promote a company's global image it is also very useful for the following reasons,

It shows the stakeholders a company's position and how it approaches the matter of diversity.

It shows that a company is not stuck on a premise and likes to approach and explore diverse talent and avenues when searching for their employees.

Diversity in the workplace promotes a diverse set of clients.

Diversity is a vital aspect of any corporation; larger companies cannot hope to survive a highly globalized, competitive market without having a diverse set of skills and talent on board to offer fresh perspective (Walter, 2014). Business reputation is sometimes everything and nothing improves that image quite like diversity does. When a company shows commitment to diversity, fair recruitment and an aggressive outreach for all kinds of talent, they are basically enhancing their image and expertise by tapping in to a wider pool of applicants. Some consumers show their loyalty to such companies for being so socially responsible (Mayhew, 2016).

Pertinence of diversity related photographs and graphic material

The company shows black, white, Asians working together and in a culturally diverse and balanced environment (Dimon, 2016). There is an equal distribution of male and female employees, showing the company's approach is diverse as well as free from any gender biases. Even the recruiters' show diversity making sure that no one questions the talent hunters regarding any biases. On their website the company explains how their success is gotten -- their respectful and fair treatment of employees and clients alike.

Viewpoint

The website depicts the company's serious effort in the direction making diversity a core principle of their company's identity. So far, the following approaches have been added to the company's system,

The company is utilizing and incorporating diversity guidelines and objectives in their business plans, recruitment, accountability, and diversity encouragement.

The networking groups are accessed on a diverse platform.

More opportunities are being created by the company for all kinds of people.

The company is not just looking for talent; they are also offering growth opportunities for professionals looking to excel in their fields.

The company's viewpoint towards diversity is positive and truly highlights the need and importance of this aspect in the workplace.

Internal organizational concerns

The only struggle that can be faced in a diversity fueled work place is that the employees have a good relationship and work on similar wavelengths. Smooth workflow can be hindered if the employees do not have good interpersonal relationships. Productivity can face a challenge. If the management of the company struggles to provide the right environment for inclusion, the company can fail to follow through on the promises they make on their website. This problem is tackled very well by the company's BRG (business resource group) initiative that connects employees across the globe in a friendly environment.

Recruitment Managers that are smart and encouraging, they search out their candidates in places where others might not even consider looking. A truly great recruiter and manger knows that talent has a funny way of popping up in the strangest of places. A great aspect of the diverse managers is the continued promotion and participation by these individuals in business resource groups (BRGs). This is the place where diversity can really help and blend well. The dominant reason being, one out of every five company-employee is a member of a BRG, ranging from one to 10 groups at a time. This scale of networking is an excellent communications enabler, employees across the globe interact and connect and find common grounds helping the company's operations run smoothly.

Awards for Diversity and their Significance

The company has a variety of awards earned over the years listed on their website as a badge of honor for following through on their policies regarding diversity and succeeding in making them a reality.

The company had a hundred percent rating on the Human Rights Campaign Corporate Equality Index in 2015.

The "Working Mother" magazine gave the company the status of a balanced working environment for working women in 2015 as also for the preceding 10 years.

The United States Business Leadership Network (USBLN) and American Association of People with Disabilities (AAPD) gave the company a 100% for the "Disability Equality Index"

Community Business gave the company credit for LGBT Inclusion in the year 2015.

Perception of the Company and Future Goals

While the company has a clear and open stance on diversity, their approach needs to be updated to include more of the LGBT community. A lot of the sidelined individuals of the society, especially from the LGBT community have suffered from bias based on their lifestyle choices. The company has a long way to go in terms of making their establishment a true example of diversity. Their approaches need to be established more firmly and the website needs to be updated to include other minorities as well that have not been included so far. This approach can truly create new heights for the company.

While the company's approach towards diversity is well intentioned and quite clear, it does not as yet include all the possibilities of varying racial groups and minorities. As a company, people have come to expect more from JP Morgan and that puts them under the closer scrutiny, especially for candidates that have experienced repeated bias and mistreatment at the hands of other companies. Being a symbol of hope and a futuristic approach, JP Morgan is expected to do more and add more to their workplace environment. The current policies are aggressive and if put into quick action, will definitely produce better results for the company's image as well as talent recruitment. There are still reserves of untapped and undiscovered genius that the company would do well to explore and recruit.

References

David, P. (2015, October 8). Why Diversity Matters. Retrieved from JPMorgan Chase: https://www.jpmorganchase.com/corporate/news/insights/patricia-david-diversity-matters.htm

Dimon, J. (2016). About Us. Retrieved from JPMorgan Chase: https://www.jpmorganchase.com/corporate/About-JPMC/diversity.htm

JPMorgan Chase. (2016). About us. Retrieved from JPMorgan Chase & Co: https://www.jpmorganchase.com/corporate/About-JPMC/about-us.htm

Mayhew, M. (2016). Why Is Diversity in the Workplace Important to Employees? Retrieved from Chron: http://smallbusiness.chron.com/diversity-workplace-important-employees-10812.html

Walter, E. (2014, January 14). Reaping the benefits of…

Sources Used in Document:

References

David, P. (2015, October 8). Why Diversity Matters. Retrieved from JPMorgan Chase: https://www.jpmorganchase.com/corporate/news/insights/patricia-david-diversity-matters.htm

Dimon, J. (2016). About Us. Retrieved from JPMorgan Chase: https://www.jpmorganchase.com/corporate/About-JPMC/diversity.htm

JPMorgan Chase. (2016). About us. Retrieved from JPMorgan Chase & Co: https://www.jpmorganchase.com/corporate/About-JPMC/about-us.htm

Mayhew, M. (2016). Why Is Diversity in the Workplace Important to Employees? Retrieved from Chron: http://smallbusiness.chron.com/diversity-workplace-important-employees-10812.html

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