Diversity, Equity, and Inclusion Policy at CBA: Strategy and Impact

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A) Background:

The organization that is taken into consideration in this particular study isCommonwealth Bank of Australia (CBA).In fact, CBA is renowned as one of the largest as well as most respected financial institution across Australia since it not only offers comprehensive range of financial services to businesses and individuals but also serve institutional clients as well. The mission of the bank is to ameliorate its prevalent financial well-being of its consumers, all while augmenting the community in which it operates. On a similar note, the organization's vision is to safeguard its position in Australian banking industry by inculcating firm consumer focus that caters corporate responsibility sincerely and not as a tokenistic gesture. Central to these goals is a strong commitment to diversity, equity, and inclusion (DEI) as strategic objectives.This affirms that the workplace reflects the communities it serves (Botha et al., 2020).

Reason for creating the policy: The Diversity, Equity and Inclusion (DEI) policy at CBAis meticulously crafted for the sake of resolving its prevalent hindrances in the human resource department. Leigh& Triggs(2021) arguably contended that even though the organization is regarded as one of the esteemed institution to build careers. However, the company grapples with a high rate of attrition.As a consequence of which,the organization has to conduct orientation program for its new employees quite frequently. Keeping this impediment in hindsight the organization seeks to augment its employee retention by fostering a work ambience that is not only respectful towards employees but also values their individual contribution extensively.  Infact, research substantiated by Leigh& Triggs (2021) pinpoints that inclusive and diverse workplace not only correlates with higher employee retention but simultaneously the contribution of individual employee ameliorates to a certain extent.Since their perspectivesare valued within the organization's working function. This strategically instill a sense of belongingness within the workforce which inevitably bolster the performance of the organization to a great extent. Apart from that, Botha et al. (2022) delineated that the policy also make certain that compliance with legal requirements, preciselythe Australia’s Workplace Gender Equality Act 2012 isstringently adhered to. In consonance with this legislation, it is mandatory for organizations such asCBA to actively promote gender equity (Botha et al., 2022).

In a similar vein, Grinberg(2023) contentiously put forward that the solitary intention of theDEI policy is to ameliorate workplace culture by advocating inclusiveness as well as diversity. Since it not only inculcate innovation but simultaneously with creativity emanating from the workforce that is motivated towards the betterment of the organization collaboration between employees across different strata also enhances simultaneously.  This assist the organization to brace itself from impediments as well as systemic barriers substantially.

Challenges for HR Managers: As far aschallenges in inculcatingDEI policiesare concerned, HR managershas to experience several impediments in this context.In line with such hindrances, McCartneyet al. (2021) pointed out thataligning the policy with corporate governance and long-term sustainability necessitates intricatebalancing ethical considerations with rudimentary objectives of business.  In this field, the Institutional Theory byDiMaggio & Powellget me regarded. In light of the fact that, pressure exerted upon organizations from societal norms as well as regulatory requirements not only makes it challenging human resource department to innovate but simultaneously it makes it quite demanding maintain stringent adherence towards legislative compliance as well. On top of that, one of the noteworthy aspect that is common in this context is resistance towards change integration. To put it in simple perspective, it can be stated that if HR managers have not debriefed the workforce regarding the solitary reason as to why the amendments has been considered by the organization, the feasibility of experiencing hindrances in the form of resistance is inevitable in nature. A common fear in this context revolves around the fact that including diversity initiatives can significantly undermine theocratic principles. In line withKotter’s 8-Step Change Model,HR managersof CBA needs to substantiate framework for overcoming such resistance so that a sense of exigency as well as unity can be created among the workforce concerning the betterment of the organization. This can only be accomplished provided the employees truly grasp the sincerity ofDEI initiatives beyond tokenism to foster genuine inclusion (McCartneyet al., 2021).

B) Purpose:

The preliminary intention of inculcating the DEI policy at CBA is to foster an inclusive ambience that is equitable in nature where all employees regardless of their background can have equal access to opportunities. Sobhaniet al. (2021) contended that for forming employee well-being this is instrumental since it not only safeguard their right but simultaneously also maintain compliance with Australian anti-discrimination laws as well as global standards of corporate social responsibility. CBA seeks to not only satiate legal and ethical requirements but also leverage diversity as a strategic assetby inculcating a DEI policy. In fact, Human Capital Theory by Becker delineates that employees are a pivotal resource that can drive organizational success.Keeping this in hindsight, it is prudent for CBA to foster a better workforce that is diverse in nature and can innovate measured through which preferences and needs of different consumer base can be satiated within a short span of time.In addition to that the issue of social justice is addressable in the workplace - is also a preliminary concern as to why this policy is relevant in CBA’s working function. Social Identity Theory posits that individuals derive part of their identity from the social groups to which they belong, and when certain groups are marginalized, it can Inevitably result in deterioration of morale as well as productivity (Sobhani et al., 2021). Henceforth, it is needless to say thatCBA helps mitigate the negative ramification of in-group/out-group dynamics, thereby promoting a healthier and more productive workplace culture.

C) Scope:

The DEI policy applies to all employees at CBA.Simply put, this entails full-time part time as well as contract staff across all levels of management within the organization. Boxall (2023) articulated that such comprehensive scope not only affirms diversity and inclusion efforts arenot siloed to specific departments but are integrated throughout the entire organization. In addition to employees, the policy also encompass external stakeholders who engage withthe company on a regular basis. From a managerial standpoint,this affirms that individuals who actively take partin CBA’s operations are treated with respect and fairness.

In other words, this broad application is exigent in terms of averting perpetual forms of inequality that still prevails across different levels of the organization. According toIntersectionality Theory,different forms of discrimination whether it is gender or race oriented or even religion-based affect individuals to a certain extent which integrally deteriorates the overall productivity of the organization since the morality of the workforce depletes extensively.CBA acknowledges that employees may face multiple as well as overlapping forms of marginalization and seeks to address these holisticallyby applying the DEI policy to all staff(Botha et al., 2020).

Furthermore, the policy impacts several key HR functions, including recruitment, promotion, training, and performance management. This ensures that diversity and inclusion are not only represented in hiring practices but also in career development opportunities and day-to-day interactions within the company. This approach is consistent with Human Capital Theory, which emphasizes the importance of investing in all employees to enhance organizational performance (Becker, 1964).

D) Definitions:

Diversity: It is referred to as the presence of differences within a given setting, including differences in race, gender, age, sexual orientation, ability, and cultural background (Roberson, 2006). A diverse workforce brings a range of perspectives and experiences, which can enhance decision-making and problem-solving.

Equity: It affirms fair treatment, access, and opportunity for all individuals by addressing barriers and systemic inequalities that may disadvantage certain groups (Sobhani et al., 2021).

Inclusion: The practice of creating an environment in which all individuals feel welcomed, respected, and able to contribute fully to the organization (Botha et al., 2020).

Unconscious Bias: Implicit attitudes or stereotypes that affect individuals' understanding, actions, and decisions in an unconscious manner. HR training programs often aim to address these biases to ensure fair hiring and management practices.

E) Related Policies and Documents:

The DEI policy complements several other important policies at CBA, including the Workplace Harassment and Discrimination Policy and the Equal Employment Opportunity (EEO) Policy. These policies, together with the DEI framework, help ensure that CBA complies with Australian legislation, such as the Sex Discrimination Act 1984 and the Racial Discrimination Act 1975, which prohibit discrimination in the workplace. Furthermore, CBA is committed to reporting on its progress towards gender equity and diversity targets as part of its obligations under the Workplace Gender Equality Act 2012(Sobhani et al., 2021).

Other relevant documents include Collective Bargaining Agreements.This document is instrumental in terms of safeguarding workers rights and affirming that the policy underlined by the DEI actually harmonizes with broader labor standards. The policy is also in line with CBA’s commitment to the Global Reporting Initiative (GRI) Standards, which guide organizations in measuring and communicating their social, economic and environmentalramifications for that matter(Sobhani et al., 2021).

F) Policy Statement:

The DEI policy statement scrupulously reflectCBA’s steadfast commitment when it comes to fostering a diverse work ambience that is inclusive in nature where employees from different backgrounds are treated with dignity as well as respect. This policy serves as a governing principle.Since it affirms that diversity and equity are ingrained across all strata of the organization as well as embedded in different organizational processes as well. The policy also commits to regular monitoring and reporting of diversity metrics.Therebyallowing CBA to innately track progress and inculcate necessary amendments in order to accomplish its predefined DEI goals. CBA aims to create a workplace culture that not only satiates ethical and legal standards but also ameliorates organizational performance through Resource-Based View (RBV) of the firmby adopting this approach.This emphasizes the strategic value of human capital (Shrouf et al., 2020).

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