Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Diversity key to businesses thriving in future

Diversity key to businesses thriving in future

Although business confidence in New Zealand is growing, now is not the time to sit back and relax, as the global war for talent and an aging workforce threaten to stop small and large businesses alike from thriving in the future.

Businesses are starting to pay much more attention to their long term sustainability, and creating diversity across the organisation to combat the major challenges of attracting, recruiting, retaining and developing the best talent.

It’s an issue that the Sustainable Business Council (SBC), and many of its member companies are focused on.

Sustainable Business Council Executive Director, Penny Nelson, says that a lack of diversity across a workforce - among other factors - can lead to a shortage of fresh ideas and retained intellectual capital, dangers to the longevity of any business.

“Making sure there’s a good mix across age, gender, experience and ethnicity expands the talent pool, contributes to new thinking and creates a culture where everyone within the business, and the business itself, can thrive,” she says.

“We believe our Social Role of Business project assists our member companies to develop skills and resources to establish positive, productive and lasting employment relationships.”

For SBC member company BNZ, diversity is about creating a culture that unleashes the potential of each individual within its workforce, which it believes provides the business with a distinct competitive advantage.

As part of a broader diversity agenda packed with practical initiatives, BNZ undertook an audit last year into the ageing nature of its workforce and the risks associated.

BNZ CEO, Anthony Healy, says that what the bank found was pockets within the organisation which had a concentration of older employees.

“The potential loss of knowledge and industry fluency was frightening.

“This review and reporting on our talent pipeline and succession planning gave us a strong case to implement a pilot programme around our mature workers,” says Mr Healy.

“The pilot programme began in February this year and is based around helping mature BNZ employees plan for the next phase in their lives.

It takes a holistic view of the mature employee and considers their identity, financial aspirations, career, health and relationships as part of their employment agreement with the bank.

The results of the pilot will help us with how we work as an organisation and how we work with employees across all stages of life.”

Also this year, BNZ has undertaken its Te Pihinga Māori cadetship programme as part of its diversity focus. It has seen 12 talented Māori from across New Zealand begin six month cadetships within their own communities, and has been deemed a huge success for the bank.

Mr Healy says that a career in banking is often misperceived among Māori and, as such, the bank struggles to find Māori candidates interested in applying for jobs. The cadetships are going some way to changing that perception.

“And we have 12 passionate and dedicated staff members bringing important perspectives, knowledge and networks into our organisation, which has been invaluable.”

An added benefit for other SBC members, and all other businesses, is a free resource BNZ has put together to share what it has learned through its study of its own diversity.”

“We hope other businesses join us in making a conscious investment in encouraging each and every New Zealander to perform at their best in their own way, a key driver of a high performing economy,” says Mr Healy.

Penny Nelson says BNZ’s approach is a great demonstration of a business taking the lead in addressing societal issues and creating a more sustainable business for the future.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

BusinessDesk: APN's NZME Sees Future In Paywalls, Growth In Digital Sales

APN News & Media has touted a single newsroom concept for its NZME unit in New Zealand, similar to what Germany's Die Welt uses, saying an 'integrated sales proposition' is helping it win market share, including ... More>>

Labour Party: Global Milk Prices Now Lowest In 6 Years

The latest fall in the global dairy price has brought it to the lowest level in six years and shows there must be meaningful action in tomorrow’s Budget to diversify the economy, says Labour’s Finance spokesperson Grant Robertson. “Dairy prices ... More>>

BusinessDesk: NZ Inflation Expectations Creep Higher In June Survey

May 19 (BusinessDesk) - New Zealand businesses lifted their expectations for inflation over the next two years, sapping any immediate pressure on the Reserve Bank to cut interest rates, and prompting the kiwi dollar to jump higher. More>>

BusinessDesk: Lower Fuel Costs Drive Down NZ Producer Input, Output Prices

May 19 - Producer input and output prices fell in the first quarter, mainly reflecting lower fuel costs and weakness in prices of meat and dairy products. More>>

Media: Fairfax Media NZ Announces Senior Editorial Team

Fairfax Media New Zealand has today confirmed its new editorial leadership team, as part of a transformation of its newsrooms aimed at enhancing local and national journalism across digital and print. More>>

Science: Flavonoids Reduce Cold And Cough Risk

Flavonoids reduce cold and cough risk Research from the University of Auckland shows eating flavonoids – found in green tea, apples, blueberries, cocoa, red wine and onions – can significantly reduce the risk of catching colds and coughs. The research, ... More>>


BusinessDesk: RBNZ House Alert Speech The Catalyst For Government Action

Prime Minister John Key all but conceded that pressure from the Reserve Bank of New Zealand for concerted action on rampant Auckland house prices was one of the main catalysts for the government's weekend announcements about tightly ... More>>

BusinessDesk: How To Fall Foul Of The New Housing Tax Rules: Tips From IRD

Just because you rented out your investment property doesn't absolve you from paying tax, says the Inland Revenue Department in a summary of commonly made mistakes by non-professional property investors when it comes to their tax liability.More>>

Legal: Superdiversity Law, Policy And Business Stocktake Announced

Mai Chen, Managing Partner at Chen Palmer New Zealand Public and Employment Law Specialists and Adjunct Professor of Law at the University of Auckland, today announced the establishment ... More>>

Housing: More House Price Gains Expected

House price expectations remain high, with a net 56% of respondents expecting house prices will increase. Fears of higher interest rates are fading, consistent with the RBNZ’s signals this year. Affordability and a lack of houses for ... More>>

TDDA: State-Of-The-Art Drug Testing Laboratory To Open In Auckland

World leading drug testing agencies, The Drug Detection Agency (TDDA) and Omega Laboratories, open New Zealand laboratory More>>

Network: Bigpipe Launches Ultra-Fast Broadband Into Wellington

Bigpipe Launches Ultra-Fast Broadband into Wellington Naked broadband provider Bigpipe has extended its national reach, announcing today, the launch of its unlimited UFB offering into Wellington. The Spark Venture business is giving Wellingtonians the ... More>>

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news