Why is Pfizer interested in improving diversity and inclusion at the company?
Diversity in companies is a term that refers to the multiplicity of difference or multiformity among employees or workers. It is an extensive and all-inclusive term of the race, gender, age, ethnicity, cognitively, organizational and educational differences of employees among others. There are several benefits of workplace diversity.
Pfizer Corporate Social Responsibility
Serving the community and being socially responsible. The communities in the US are diverse. The statistics released by the U.S. Census Bureau indicate that the force of workers available (manpower available) and the population is growing in terms of women, colored people, immigrants and people with disabilities. It is estimated that by 2050 alone, about 55% of the population will be minorities and about 30% will be Spanish Americans. By improving diversity and inclusion, Pfizer is going to be able to serve more people of varying backgrounds and thus augment and increase its sufficiency in being receptive to distinct traditions and ideas.
Innovations at Pfizer
Diversity and Inclusion also enhances innovation. When people of diverse backgrounds come together and work, creativity is developed. Effective and efficient control of diversity together with an all-encompassing broad work environment enhances the general performance and innovation levels of a company. What happens is that workers from different backgrounds offer distinct and separate perspectives, ideas and conceptions to the company and consequently, this leads to new products, goods and services, new collaborations and challenges to the status quo.
Pfizer Attracting Human Capital
Another benefit that Pfizer will accrue is more returns on investments in the human capital. A lot of money and resources is spent on the workforce in terms of salaries, recruitment, performance appraisal etc. So as to achieve positive returns on investments in human capital and increase competitive advantage, a company ought to hire the best employees and this can only be achieved through reaching out extensively to all communities.
How does a proactive focus on diversity and inclusion improve Pfizer's legal compliance?
A proactive focus on diversity and inclusion in an organization entails an in-depth understanding of the degree of importance of diversity of perspective and consequently finds out ways to incorporate into the business. Compliance in the workplace is a term that means equal opportunities are available in all prospects and facets of employment stages; that is, in recruiting, hiring, promotions, offering employment benefits, offering training, transfers, demotions and terminations of workers.
Pfizer is a big company and therefore has to adhere to the rules set by the Equal Employment Opportunity Commission (EEOC). Some of the laws imposed by the commission are the Americans with Disabilities Act, Age Discrimination in Employment Act, Equal Pay Act; all these laws aim to protect workers against any form of discrimination because of their race, gender, religion, sexual orientation, ethnicity or nationality. We also have Office of Federal Contract Compliance Programs (OFCCP), which has relatively the same functions as EEOC as well. Creating a diverse workplace is a legal requirement and this is because failure in creating a conducive environment where all workers, irrespective of their ages, physical capabilities and abilities, races, sexual orientation and gender, feel honored, esteemed, venerated and recognized, then the companys human capital power (of bringing together highly qualified, talented and happy employees) is going to be adversely affected. Another consequence would be an increment in dissatisfaction of workers and complaints. The laws created by the two bodies tend to protect employees who have been victims of segregation in the workforce before and make certain acts illegal, which would discriminate against others. The organization should ensure that its workers are well aware of these acts and their rights.
If you were in charge of diversity and inclusion at Pfizer, what would you do to find effective ways to improve diversity and inclusion in the company?
Respect for Diversity Equity and Inclusion
Come up with all encompassing labs to teach and provide info to departmental leaders on unconscious favoritism and covering behaviors. I would advise them to respect each employee's opinion and point of view as this will enhance constructive discussions. The leaders will also be educated on comprehending preconceptions and prejudices and ways of tackling them. It's important to note that leadership impels inclusion and for diversity and inclusion to be successful, top leadership should succeed first.
Diversity and Inclusion Programs
Inculcate diversity and inclusion in leadership grapevines and programs. This will be achieved through the inclusion of diversity and inclusion initiatives in programs promoting the development of leadership and programs dealing with hiring of employees and new leaders.
Diversity and Inclusion Test Analysis
Another way would be through carrying out a test analysis of talent systems and processes. This seeks to establish and find out how efficient and effective the process of making decisions based on the principle of merit is on hiring of workers, promotions, remunerations, training opportunities and successions. All these should be in a fair and equitable way; there should not be any discrimination whatsoever.
Diversity and Inclusion Performance Management
Coming up with a scoreboard on diversity and inclusion and its effects on the general performance of the business. This will increase accountability and sense of responsibility among the leaders and managers. The final step would be putting in place or creating an advisory assembly with deputies from distinct parts of the company and its main aim would be to ensure that inclusion and diversion becomes a success and to deal with any challenges that come up.
Egon Zehnder International, What CEOs Need to Know to Make Diversity and Inclusion Really Work.
Juliet Bourke, Christie Smith. From diversity to Inclusion; Retrieved from http://dupress.com/articles/hc-trends-2014-diversity-to-inclusion/ on July 13, 2016.
Dan Schawbel, How companies can benefit from Inclusion: Forbes. Retrieved from www.forbes.com on July 13, 2016.
Are there really any tangible benefits to diversity and inclusion? Isn't this just corporate jargon? OPM.GOV. Retrieved from www.opm.gov on July 13, 2016.
Josh Greenberg, Diversity in the Workplace: Benefits, Challenges and Solutions. Retrieved from www.multicultural advantage.com.
The University of Arizona, Diversity and Inclusion. Retrieved from diversity.arizona.edu on July 13,2016.
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Case Study: Pfizer Diversity and Inclusion. (2021, Mar 19). Retrieved from https://proessays.net/essays/diversity-and-inclusion-at-pfizer
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