Deloitte and Touche | Final Paper | | HR582 Managing Global Diversity | | Owner | 10/21/2010 | |
Deloitte Diversity Audit
Organizational Background:
Deloitte is a staple in the financial accounting industry for over 100 years. In this time frame they have continued to revamp themselves to still remain relevant not only for their trade of accounting but developing its primary asset, their employees. Deloitte help set the standard after the crash with audits and regulations that led to more thorough accounting practices. Recognition for women and minorities is a huge initiative that has been driving a lot of their success into the 21st century. The investment in information technology would pay dividends to back up, store, and process electronic accounting data for Deloitte. The merger of the big 4 completion in 2002 the financial accounting industry will never be the same. PricewaterhouseCooper, Ernest & Young, KPMG, and Deloitte round out the big 4 audit firms. Deloitte is currently the largest of the big four by a narrow margin. All of the big four are among the top places to work (2009) nationally and in their respective headquarter locations.
Since the 2000’s Deloitte has become an industry leader and model organization. The focus on recruiting the right talent to continue pushing the bar has been successful for Deloitte. Deloitte is striving to separate themselves from the big four and set the trends for the accounting industry.
Criteria/ Audit Methods: 1. Diversity mission statement 2. Programs/ Implementation 3. Diversity percentages 4. Recognition 5. Community Involvement
Diversity:
Deloitte’s diversity mission statement is: “To assertively attract, retain and develop the best talent so that we bring thought leadership and insights to our clients and foster a culture whose diversity and inclusion are self-perpetuating. This allows us to offer clients leading solutions and to help our people realize their greatest potentials.” The diversity mission statement is detailed and specifies their pursuit of diversity for the organization and for their clients, which represents a holistic approach. Some organizations focus on diversity only to gain access to a group to make profit only, not to make the company better.
Implementation:
Deloitte has 7 functional groups that promote diversity inclusion for employees. Deloitte calls these Business Resource Groups, to establish a network of people with similar backgrounds/ interests to interact with. Deloitte began implementation in the early to mid 2000’s to make diversity and inclusion a serious priority. Since Deloitte is such a global company it would be interesting to know if these same practices are available abroad. For example, a Hispanic American may want to keep up with topics while they are in Germany for a few years. It is important to not limit the amount of groups and set clear guidelines to establish other groups in your company. The majority may feel disenfranchised with the lack of support from your organization.
Diversity:
48% Female
52% Men *Deloitte's data is tracked on a fiscal year basis - all answers are from the firm's most recent fiscal year (June 2008-May 2009).
35% Minorities
24% Asian American
1% Other
5% African American
5% Hispanic American 1% Other
*Deloitte's data is tracked on a fiscal year basis - all answers are from the firm's most recent fiscal year (June 2008-May 2009).
Deloitte is closely bridging the gender gap and increasing the amount of minorities in the recent years; compared to Ernest & Young is still trailing with gender and minorities by a slim margin.
Ernest & Young
52% Female
36% Minorities
9% African American
4% Hispanic American
20% Asian American
3% Other
Recognition:
Deloitte has a long list of accolades from 2009, and continues to revisit processes/ feedback to continue to propel them over the next industry hurdle. The commitment to innovation is also an initiative that Deloitte revisits often. The company remains in the “best companies to work 2009-2010” but trails comparatively against Ernest & Young and PricewaterhouseCooper.
2009
* Employees’ Choice -50 Best Places to Work, Glassdoor, 2009 * 100 Best Companies to Work For, Fortune, 2009 * 100 Best Companies for Minorities, Fortune, 2009 * Top Places to Work Globe 100, Boston Globe, 2009 * Best Place to Launch a Career, BusinessWeek, 2009 * Best Places to Work in Dallas-Fort Worth (Large), Dallas Business Journal, 2009 * Top 50 Companies for Diversity, DiversityInc, 2009 * Top 10 Companies for Asian Americans List, DiversityInc, 2009 * Best Companies for Multicultural Women, Working Mother, 2009 * 50 Best Large Workplaces in Europe, Great Place to Work Institute Europe, 2009 * Best Companies to Work for in Mexico, Great Place to Work Institute, 2009 * Best Companies to Work for in Australia, Great Place to Work Institute, 2009 * Best Companies to Work for Women in Mexico, Great Place to Work Institute, 2009 * Training Top 125 (Hall of Fame) (Hall of Fame), Training, 2009 * Best Companies to Work for in New York (Large), Best Companies Group, 2009 * 101 Best and Brightest Companies to Work For in West Michigan, 101 Best & Brightest Companies to Work For, 2009 * 101 Best and Brightest Companies to Work For in West Michigan, Elite Winners (Communication), 101 Best & Brightest Companies to Work For, 2009 * Best Companies to Work for in Texas (Large), Best Companies Group, 2009 * Best Places to Work in New Jersey (Large), Best Companies Group, 2009 * Progressive Employers of Canada List, ConnectMoms, 2009 * Best Places to Work in Atlantic Canada, Best Companies Group, 2009 * Best Places to Work in Hawaii (Medium), Hawaii Business Magazine, 2009 * Top Intern Employers, CollegeGrad, 2009 * Top Entry Level Employers, CollegeGrad, 2009 * Top 100 Graduate Employers (#2), The Sunday Times (UK), 2009 * 100 Best Companies for Working Mothers, Working Mother, 2009
*According to GlassDoor company profiles, Deloitte reviews (http://www.glassdoor.com/Reviews/Deloitte-Reviews-E2763.htm)
Evaluation of the Organization diversity initiative
When evaluating and funding a corporate-diversity initiative, companies want to look at the business case for diversity in that corporate setting. There are countless comprehensible rationales for building a culture of enclosure. What are the rationales that best carry the company's objectives? Frequently they include creating a wider and deeper pool of talent from which to bring employees; developing a provider support that will transport great importance, stronger community ties and more alternatives to the company; categorizing and corresponding to new market sectors to create a broader customer base; or a lot of other excellent reasons from previous stages.
It is important to begin the diversity-planning process with a careful analysis of desired outcomes because that is the source for the measurement and application of metrics by defining the successful result, companies more efficiently take the essential steps to get there. Deloitte has great value and has shown very clear view about its diversity and inclusion initiatives and what it expects to achieve from them. The company's culture is closely tied to the corporate priority of having channels of employee talent from which to draw. The company's diversity initiatives give it the capability to draw and keep the best employees, which add to the company's strong branding and marketplace recognition.
They have a desire to continue excellent diversity initiatives that has different channels of their Human Resource policy. Once the desired outcomes have been identified, the company has the visibly to draw the activities that need to take place to finish those objectives. Deloitte searches to build a more comprehensive employee base, they implemented several spectrum to promote the organization diversity initiative such as raising its employee population of people of color, older workers, and people with disabilities by a certain percentage which can form employee-resource groups inside the existing employee base to assist brainstorm ideas and recruit a more diverse work force. They build alliances with professional associations, which assist diverse candidates find jobs. Additionally, they promote employment media, including magazines and Web sites, targeted toward diverse audiences and to give in recruitment fairs and on-campus recruitment efforts; they create solid relationships with colleges and universities that have diverse student populations, renew its Web site to comprise information on diversity and inclusion and job opportunities for diverse candidates. Importantly, they introduce employee surveys to determine which areas of corporate culture are a lot more attractive to diverse candidates by training employees in working within a more inclusive culture and introduce financial rewards for those who succeed and a disciplinary procedure for those who do not do well. This result to secure management compensation to the accomplishment of diversity goals and objectives
Diversity Departments
Deloitte has a clear understanding of its business reasons for creating a complete culture because they believe it is very important to invest in the human capital necessary that takes responsibility for carrying out the steps to attain those results. Their diversity initiatives are led by a core group of personnel headed by a diversity director or chief diversity officer. Their diversity departments so the head of the department either directly reports to the CEO or other C-level executive, or is no more than one report removed from that level. That level of status and access is necessary for a successful effort. Additionally to the core staff responsible for diversity initiatives, Deloitte has a diversity council comprised of individuals who work in diverse capacity all over the company, people that are committed to the company's diversity efforts and those people are capable to bring enough experience to help the company move those initiatives forward.
Furthermore to the diversity council, the company taps its employee base as part of the diversity effort in several ways. They successfully train in the company's policies on diversity and inclusion, with specialized training for managers whose compensation should be tied to diversity initiatives. Employee-resource groups are another great way to capture the effort of diverse employees, including blacks, Latinos, Asian Americans, people with disabilities, and other employees who could benefit from peer-group maintain who create ideas for new policies and initiatives that will improve the corporate culture and ideas on new marketplace opportunities related to their knowledge of diverse market segments.
Productivity
Deloitte has the value and base of knowledge that diverse employees to bring to their company, inclusive companies frequently benefit from a developing in productivity and enhanced knowledge base in different types of issues, diversity completely impacts the knowledge resources from which they illustrate. They believe that if you have diversity, you have a range of understanding about a particular issue, the entire company will have its own experiences and cultural and religious backgrounds, and certain employee often don't recognize what they don't know. There's intellectual diversity, cultural, religious, race, gender, and they do an excellent job of bringing those together, and the company has a better view of the scope of issues and a greater range of solutions. In a nutshell, Deloitte has been very successful on the global appearance for being a company that feature inclusive cultures look for the best recruits from all walks of life as contrary to a select group from one walk of life. Including leadership, management and employees who bring with them different life experiences, knowledge of different consumer markets and different ideas on how to deal with business issues give endless possibilities for result and service development.
Description of the Organization diversity initiative
At Deloitte, there is an expectation that everyone will be provided with the same opportunities to reach their complete potential, despite of cultural differences. They create an environment where every person regardless of what their background. Employee will know that they have the opportunity and support to achieve their dreams. The company vision is to have the initiatives that are focused on creating a fair community for all people, while also providing opportunities for us to enjoy and celebrate our cultural diversity as a firm. Deloitte aspire to be recognized as the leading professional services firm for the inclusion, involvement and inspiration of talent with racially diverse experiences and perspectives by fostering cross-cultural skills and capitalizing on the rich synergies that come from racially diverse people and teams.
Their strategy is focused on three center areas that allow them to distribute an aggressive lead with their culturally diverse talent:
Career development: Career progression is a core diversity management metric underlying our strategy. We want to ensure our talent has hope and opportunities to progress to the top levels within the firm, realizing their career ambitions.
Attraction and retention: Attraction and retention of the best quality talent available is critical to organizational sustainability. We aim to retain Deloitte’s profile in the labor market and our reputation as an employer of choice through our culturally inclusive workplace culture.
Creativity and innovation: It has been proven that the cognitive diversity of teams, influenced by a number of factors including cultural background, is a proven source of creativity and innovation and that diverse team outperform homogenous ones. Innovation is a cornerstone of our growth in the firm. We won’t be able to achieve that without an open mind, interested in and appreciative of different opinions, identities, cultures, professions and perspectives.
Deloitte has made strong progress in growing its diverse workforce. Some Diversity & Inclusion programs Deloitte offers include the following:
1) Efficacy: Maximizing Professional and Personal Development. Deloitte offers this program to enable the professional development of its diverse employees, help them become aware of factors that hinder peak performance and enable them to develop strategies for effective career management. The program is designed for minorities with less than 18 months of professional experience. Deloitte offers the Hispanic Efficacy and Black Efficacy programs, which are available to our employees in conjunction with the annual ALPFA (Association of Latina Professionals in Finance and Accounting) and NABA (National Association of Black Accountants) conventions.
2) Breakthrough Leadership: This is a comprehensive cross-functional (across Deloitte business units) minority leadership development program that is designed for highly talented minority managers and senior managers. Participants learn how to improve and accelerate their performance and establish professional relationships with colleagues from a variety of backgrounds to support individual career goals and reach their full professional potential.
3) E-Learning: Deloitte is developing a comprehensive Diversity & Inclusion curriculum for employees across the nation.
4) Jackie Robinson Foundation: Deloitte teams with the Jackie Robinson Foundation, which for more than 29 years has provided educational and leadership development opportunities to academically talented, economically disadvantaged minority students pursuing a college degree at a four-year institution.
5) INROADS: Each year Deloitte accepts more than 100 interns from INROADS, the most successful leadership training, development, and placement organization for minority students and pre-professionals in the country. Deloitte's conversion rate from student to employee is more than 90%. Deloitte received the INROADS National Account Award for Excellence in 2003 and 2004.
6) Business Resource Groups (employee affinity groups): Deloitte's Business Resource Groups are open to all Deloitte employees and are an important part of its strategy to create a more inclusive culture. These groups bring together employees with common interests and backgrounds with the primary goal to help members advance professionally. Over the years, the role of these groups has expanded. Today, these formalized groups also actively support and further the Deloitte's recruitment activities, professional development efforts, as well as community involvement and targeted marketing. Deloitte currently has the following groups: * AAA - Asian American Alliance * BEN - Black Employee Network * DPN - Deloitte Parenting Networking * GLOBE - Gay, Lesbian, Bisexual Employees * HNet - Association of Latino(a) & Hispanic Employees * International BRG - International Network * WIN - Women's Initiative*
7) U.S. Office Visits: Deloitte's U.S. Managing Partner and Chief Diversity Officer visit Deloitte offices around the nation to gauge progress in Diversity & Inclusion and to see that the regional diversity initiatives are fully aligned with Deloitte's overall national goals.
8) Voluntary External Diversity Advisory Board: This board consists of seven prominent national leaders in business, government and academia. The board's charge is to advise Deloitte on ways to enhance and realize quantifiable improvement in recruitment, retention, advancement, development and deployment of Deloitte employees.
9) Representation Targets: To bring about the highest level of diversity throughout its organization, Deloitte has established representation targets for under-represented groups. Deloitte carefully monitors its progress toward meeting and maintaining those targets.
10) Strategic Alliances: Deloitte has fostered numerous strategic, long-term national relationships with professional and education organizations. These alliances have greatly enhanced Deloitte's ability to attract the best diverse talent, deploy them into its workforce and connect diverse employees with every available resource for their personal and professional development.
www.deloitte.com
Community Involvement:
Community involvement is a measurable tool to show the diversity of an organization/ company. To actively promote the communities that you are located in is progressive and connects the cities/ countries. Deloitte’s focus with community involvement is centered on Think, Invest, and Advance. They have an IMPACT day, which celebrates an annual day of service. Also, volunteering is highly encouraged from college fairs, habitat humanity, blood drives, and breast cancer, etc.
Deloitte. (2010). Diversity Inclusion.
Retrieved Oct. 19, 2010, from http://www.deloitte.com/view/en_US/us/About/Diversity-Inclusion/Faces-of-Diversity/index.htm CSRwire. (2010). Deloitte Continues To Strengthen Its Commitment To Diversity and Inclusion With New Program For Black/ African American Accountants
Retreived Oct. 19, 2010, from http://www.csrwire.com/press_releases/21891-Deloitte-Continues-To-Strengthen-Its-Commitment-To-Diversity-Inclusion-With-New-Program-For-Black-African-American-Accountants
