Question

Management in Action Chapter 11. Please answer application of chapter content 1-5.

4. How do you distinguish values from attitudes and behavior? 5. What is the process of perception? 8. What are four types of behavior that managers need to influence? 9. Explain the two dimensions of diversity. 10. What are six sources of stress on the job? Management in Action Does the Financial Services Industry Lack Diversity? Professionals in the financial services industry (FSI) tend to be Caucasian and male.?? Women, for exam. ple, represent approximately 29 percent of senior man agers in financial services, and Asians and African Americans account for only about 8 percent, and 6 percent, respectively,2" Further, the proportion of women and racial and ethnic minorities in upper management has remained largely unchanged in the past decade. While Asians and Hispanics have seen slight increases in upward mobility, women have seen no movement, and African Americans have actually lost ground. 299 BARRIERS AND STRUGGLES There are four explanations for the scarcity of women and minorities in financial services. First, research 452 PART 5 Leading

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Answer 1

1 ) Diversity climate and work environment in FSI can be characterized as-

• Discriminatory - as data shows only 29 % of females are at the top managerial level also there is discrimination by ethnicity as only 8 % of people belong to the Asian, African region. also, this percentage remains unchanged for a decade.
• Stereotype - it is a mistaken idea a belief about a particular person or thing. in the case, the FSI industry prefers advisors who are male they think that the male counterpart is more efficient and can advise them better.
• Racist - As there are instances that FSI discriminates on the basis of race ethnicity giving low salary also their selection process is discriminatory.

2) Primary drivers of lack of diversity in FSI is the corrupt practice of discrimination on the basis of gender, the race-ethnicity company usually pays less salary to females and minorities keeping them away from the top managerial position,  stereotyping on the basis of gender, minority developing bias about efficiency , work makes prominent in driving FSI out of diversity.

3) There are several cases that were fought against discrimination in the workplace like wells Fargo discriminating their workforce on the basis of minorities end up in giving large fines similarly bank of America discrimination on the basis of gender followed by lawsuit paid hefty fines. Recently mee too movement was held to take stand against gender discrimination which helped in highlighting the discriminatory practices which prevailed in our society.

4) strategy that FSI should undertake are -

• Making all the gender data make public by companies so that gender discrimination can be excessed
• Making a separate dispute settlement body that looks after disputed related discrimination.
• Making illegal any arbitration agreement signing by the employees.
• Making a reservation of certain percentage fixed for women/minorities in the top managerial position

5) Financial service institution can take several steps such as -

• Educating the female and minority about their rights.
• Encouraging them to fight against any type of discrimination by filing suit against the employers.
• Making a portal that makes employees feed information, the reason of quitting jobs. the portal data should be made confidential this will help in accessing discriminatory practices.