PROBLEMS IDENTIFICATION
Diversity is essential in the workplace because diverse population has different cultural and ethnic background, religion difference, race, age, experiences, and knowledge difference. JP Morgan Chase is one of the leading company, strongly believing in cultural diversity and understands the importance of the talented candidate. Moreover, JP Morgan Chase is renowned for having some of the effective diversified recruitment mechanisms among all the Fortune 500 firms.
Mark Settles, a diversity recruitment executive at JP Morgan Chase and Co. (JMPC), analyzed the recruiting issues and challenges faced by the company. He concluded that the merger with JB Morgan Chase and Bank One will lead the company to face multiple cultural and values difference. Some of the other problems faced by the company are NABA recruiting issue, management’s insensitivity towards minority, equal women rights, and failurein providing the employees the constructive feedback and development opportunities. Therefore, it is highly important to conduct an in-depth analysis, in order to drive best possible solutions and recommendations.
SOLUTIONS
The success and competitiveness of the company depends upon the management’s ability to accelerate diversity and realize the benefits later on. Therefore, it is important for JP Morgan Chase to develop a strategic plan, to overcome the problems and difficulties faced by the company, and implement the recruitment plan which incorporates diversity effectively. Following are the solutions that the company needs to analyze such as:
First, the company should propose a strategy to build a diverse environment in the organization. This strategy will allow the employees to communicate and negotiate effectively and overcome the conflicts among supervisors and subordinates. Also, the company should provide training opportunities to the employees to gain skills and knowledge related to diversity in the workplace.
Second, JP Morgan should strengthen the recruiter credibility, to encourage and empower the recruiters in order to hire the talented candidate. The credibility of the recruiters starts with the moment when they interact with the candidate and build a positive relationship with them. This strategy will help the executive team to build a stronger relationship with recruits.
Third, the company should develop networking group within and outside of the business units. The networking group will help the employees to facilitate their career and personal growth. Some of the networking groups are as follows, N.A.T.I.O.N.S, PRIDE, and WIN the women's network. Moreover, the management should actively involve the employees in an open discussion with the seniors, and seek input on multicultural marketing efforts.
Third, the company should build a pipeline of diverse talent by working closely with the colleges, universities, and key industry groups. This strategy will help to reduce the overlap of money being spent and help to build a positive relationship and meet the wide spectrum of individuals. Fourth, the company should develop a Glass Ceiling Act that helps to overcome the barriers for the women and minorities to climb the corporate level and provide them the opportunity to advance their careers.
Fifth, the company, should initiate a mentorship program to provide their employees the constructive feedback and development opportunities, especially the minorities. This strategy makes the employees understand that they are more valued in the organization and encourage them to work effectively.
RECOMMENDATION
It is highly recommended that the company and Mark Settles should maintain the standard of the cultural diversity and implement a strategy to overcome the diversity issues in the company. First, the company should develop an effective human resource department that attracts, retains and develops a diverse talented workforce. Moreover, the company should strengthen the recruiters’ credibility, to establish a strong relationship with the company. Nowadays, the world has become a global village, which means tougher competition and therefore, they should take the leap of faith when hiring and should encourage other teams to do the same.
Second, the company should develop networking group within and outside of the business unit. Also, the management rewards could be linked to progress in achieving diversity. The top management should involve employees in decision-making task, to gather most innovative and creative ideas that help to develop an effective strategic plan. Moreover, the feedback is very important from both the top management and the employees; this strategy will help to evaluate the performance and encourage employees to work effectively. Lastly, build a pipeline of diverse talent to reduce the overlap...............
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