2xxx Final Year Project Thesis Defense Here is where your presentation begins Timmy Jimmy OCCUPATIONAL SAFETY AND HEALTH REGULATIONS: A CRITICAL ANALYSIS OF SECTION 4.6 OF NIGERIA’S FACTORY ACT 2019: KABIRAT AYOMIDE AKINSANYA - ID: 30082390 October 2024 2 Introduction Key Message • Diversity, Equity and Inclusion (DEI) significantly influences productivity and sustainability outcomes in the public, oil and gas, and the education industry (Hilger et al., 2023; Mackzum, 2023; Riccucci, 2021). • DEI is a central element that drives organizational performance and employee satisfaction. As such, the availability, or lack thereof, significantly threatens business, industry and economic success (Ayadi et al., 2010; Cooke, 2018; Hafiz et al., 2022). Research Problem & Motivation Despite known successes in other industries, there is the need to know if DEI as strategic factors that can affect organizational performance in the banking industry. Amidst a rapidly proliferating adaptation of DEI, there is the need to know how diversity and inclusion is practiced in the banking industry. Recent data show disparities in racial and gender statistics in the U.S. banking industry, suggesting possible need to embrace diversity in banks is necessary. • This study accentuates the current state of DEI the U.S. banking industry. Little research exists on this, especially those focused on the banking industry, despite the industry having a diversified workforce (Citigroup Inc., 2021; 2022). Questions & Hypotheses Question 1 Hypothesis 1 What is the impact of the relationship between the level of diversity, equity, and inclusion and organizational performance in the banking industry? H01: DEI has no statistically significant impact on organizational performance in the banking industry. Question 2 Hypothesis 2 Do DEI initiatives, strategies, and policies influence the relationship between the level of DEI and employee satisfaction? H02: DEI initiatives, strategies, and policies do not influence the relationship between the level of DEI and employee satisfaction. Purpose & Rationale Purpose 1 To investigate the relationship between the level of DEI and organizational performance in the banking industry. 01 02 Purpose 2 To investigate the effect of DEI as a strategic factor on employee satisfaction in the banking industry. Rationale Studies have expounded DEI in the context of organizations human resource practices and the growing employee concerns about DEI (Cascio, 1998; Carruthers, 2022; Wong, 2024). Evidence suggests racial and gender disparity in the U.S. labor market - less than desired equity levels (Citigroup Inc., 2022). Most studies reviewed why DEI needs to be embraced in different sectors or organizations. However, this study focuses on the effect of DEI as strategic factors on organizational performance by measuring their influence on employee satisfaction. Study Significance Practice: offers insights 01 that will help businesses, the banking industry and Society. Practice can benefit from understanding the value of diversity in creating a positive work environment. Practice can learn how DEI impacts organizational performance, investment and financial decisions and the broader societal implications (Amorelli & García‐Sánchez, 2021). 02 Policy: policymakers and governments can use the findings to formulate supportive policies to ease DEI implementation and enforce compliance. Academic: contribute to 03 the current corpus of literature on the U.S. DEI capabilities. Students, researchers, and other scholars can leverage this study to expand knowledge and a valuable research reference. 02 Literature Review Review of Literature Diversity, Equity and Inclusion (DEI) has been studied in several other industries - the public sector, oil and gas, and the educational system (Hilger et al., 2023; Mackzum, 2023; Riccucci, 2021). The knowledge gaps from extant studies is evident, as little to no research has been conducted specifically in the banking sector. Globalization and technological advancement. 01 Why DEI? Constantly evolving business dynamics. 03 increasingly complex customer requirements. Managing increasingly 04 complex & diverse workforce. distinct differences, 06 perceptions, experiences, & skills required 05 loss of productivity. 02 changing definition of age, gender, race, ethnicity, & disabilities. 07 Banking Industry Rapidly changing workplace 08 requirements. (Bernstein et al., 2022; Cooke, 2018; Larsson & Schiehle, 2016; Stamps & Foley, 2023) Review of Literature The Core Concepts Diversity: refers to valuing differences in age, religion, socio-economic status, physical and mental abilities, race, ethnicity, gender, sexual orientation, and other aspects of identity (Global Diversity Practice, 2023). Equity: is the state or quality of being fair and impartial, ensuring all persons/groups have an equal opportunity to access resources, opportunities, and benefits (Singh & Ramdeo, 2023). Inclusion: centers on creating an environment that embraces diversity and treats all individuals with respect and fairness, providing equitable opportunities for everyone (Swartz et al., 2022). Organizational Performance: refers to an organization's achieving desired outcomes and results compared to its intended goals and objectives (Galletta et al., 2022). Employee Satisfaction: is the contentment and fulfillment of employee’s experience in their jobs (Talavera et al., 2018). DEI on Employee Satisfaction & Organizational Globally, DEI have gained significant attention in the workplace, offering potential Performance advantages for employees and organizations; with a direct relationship between effective DEI and organizational commitment, job satisfaction, happiness at work and satisfying key stakeholders. DEI introduces a continuum of productivity opportunities. The intersection of DEI and the U.S. banking industry holds positive potential for growth. Thus, it is critical to investigate the specific prospects and examples that show the potential of this synergy.. (García-Rodríguez et al., 2020; Hsiao et al., 2020; McKinsey & Company, 2022). S/No Gaps Identified 1 Existing literature lacks an assessment of the relative importance of the confluence of diversity, equity and inclusion to the banking stakeholders in U.S. 2 Current research has not extensively explored how DEI interacts with employee satisfaction and organizational performance to shape the industry. Research Gaps Identified Despite the existence of considerable scholarly research on DEI, the literature lacks an in-depth analysis specific to the U.S. banking industry. Theoretical Framework Diversity, Equity & Inclusion in the U.S. Banking Industry Key terms Ovearching theory ● ● ● ● ● ● Managing Diversity Theory Diversity Employee Satisfaction Equity Sexual Orientation Disability Inclusion Organizational Performance explores how social factors, identities, and intergroup dynamics impact individuals' attitudes and behaviors promote inclusion (Thomas et al., 2010; Bell et al., 2016). Agency Theory Resource Depency Theory Human Capital Theory Social Psychology Theory Our framework framework combines agency, resource dependency, human capital, social psychology, and managing diversity theories to emphasizes diversity as a strategic organizational asset. 03 Methodology ….Quantitative research Study Methods Overview Research Philosophy Positivism through the narrow lens of managing diversity theory as the overarching theory and agency, resource dependency, human capital, and social psychology theories Research Design/Approach Deductive Quantitative Method Research. Test two Hypotheses Research Data Data Instrument: Quantitative – Survey Population: Employees in U.S. Banks. Size: 125 Participants Research Analysis Quantitative Analysis Parametric & Nonparametric statistical tests using SPPS software. (G*Power for statistical reliability) Sampling: stratified random Motivation for Selection its appropriateness to empirically isolate and control the influence of all factors and improve internal and external validity of the key variables being studied (Creswell & Creswell, 2022; Park et al., 2020). Research Instrument Format & Objective: Closed-ended questions DEI Survey Response (Likert Scales) Importance Scale Not Necessary 1 Strongly Disagree 1 Slightly Important 2 Disagree 2 Moderately Important 3 Undecided 3 Ensure consent, anonymity and confidentiality. Significant 4 Agree 4 survey distributed to bank employees via Survey Monkey tool. Very Important 5 Strongly Agree 5 Aspect Details Sample Size 125 participants Power 0.80 (alpha=0.05, two-tailed) Reliability Score Cronbach's alpha > 0.70 Collection Duration Approx. 7 days Two types of response Likert scales capture intensity and direction of feelings. reduction of bias and ambiguity Process: Validity & Reliability: G*Power for statistical reliability Adopted San Diego State University DEI Delphi Qualtrics Survey – Board approved. Cronbach's alpha metrics score for reliability assessment. Agreement Scale 04 Study Results & Discussions ….DEI strongy influences organzational performance and employee satisfaction Results and Discussion Study Demographics Gender Distribution of Respondents (%) 43,2 Job Distribution of Respondents (%) 27,2 45,6 7,2 1,6 26,4 Female Non-binary / gender fluid Prefer not to answer 0,8 Senior staff Manager Other Age Distribution of Respondents (%) 28,8 22,4 2,4 Junior staff Male 23,2 Senior Management staff Other Race/Ethnicity Distribution of Respondents (%) 34,4 25,6 26,4 13,6 19,2 14,4 9,6 17,6 10,4 Asian or Asian American 18-24 years 25-34 years 35-44 years 45+ years Black or African American Hispanic, Native Latino, American or Latina or Alaskan Latinx Native Pacific Islander White / Caucasian Results and Discussion Not Important Somewhat Important Moderately Important Important Very Important How do bankers perceive DEI initiatives on Organizational Performance? 0.3% 1.9% 8.8% 27.5% 61.5% How do bankers perceive their organization’s DEI practices 0.0% 1.3% 5.4% 27.4% 65.8% Strongly Disagree Disagree Undecided Agree Strongly Agree 2.2% 4.4% 10.2% 31% 52.2% Question Question Do bankers agree their organization’s culture on DEI is strong and intentional Majority (61.5%) of bankers perceive DEI as essential, noting it was important in ensuring a psychologically safe workplace where their ideas and opposing views can be expressed without consequences. 66% of bankers perceive the need for DEI as important, especially in deciding to hire people who embrace DEI values and the establishment of a DEI culture that fosters DEI education. 83% bankers surveyed agreed that their organization DEI culture is strategic, strong, caters for DEI, considers it in hiring, enumeration, and in appointing leadership. They also agreed that their organization shares DEI initiatives across all levels. However, about 17% either undecided or disagreed. Results and Discussion Hypothesis One (H01): Diversity, equity, and inclusion have no significant impact on the organization's performance in the banking industry. SD Coefficient D Std. Error U T-Stats A Prob. Constant 0.357 0.329 1.085 0.28 DEI 0.873 0.073 11.96 0.00 Regression Estimates for H01 0.542 R2 F-Stat Regression Estimate for Model One Note. Chosen Significant level of 5%. 143.116 (0.00) Result: Null hypothesis H01 is rejected. Basis: the t-test level 0.00 < the 0.05 chosen for this study. an R2 indicates DEI accounts for 54.2% of the variation on organizational performance in the model, while the remaining 45.8% were due to other factors outside the model. RQ1: What is the impact of the relationship between the level of diversity, equity, and inclusion and organizational performance in the banking industry? Strong relationship between DEI and Organization Performance (F (1, 124) = 143.116, ρ<0.05). DEI has a positive influence on organizational performance. Similar to studies such as Essa, (2023) and Hsiao et al., (2020) that focused on other industries, this study found a strong influence and importance of DEI in the banking industry. Results and Discussion Hypothesis One (H02): DEI initiatives, strategies, and policies do not influence the relationship between the level of DEI and employee satisfaction. SD Coefficient D Std. Error U T-Stats A Prob. Constant 1.133 0.178 6.369 0.00 DEI 0.769 0.039 19.47 0.00 Regression Estimates for H01 0.758 R2 F-Stat Regression Estimate for Model One Note. Chosen Significant level of 5%. 379.28 (0.00) Result: Null hypothesis H02 is rejected. Basis: the t-test level 0.00 < the 0.05 chosen for this study. an R2 indicates DEI accounts for 75.8% of the variation in employee satisfaction of the sampled population, while the remaining 24.2% is owing to factors outside the model. RQ2: Do DEI initiatives, strategies, and policies influence the relationship between the level of DEI and employee satisfaction? Strong relationship between DEI and employee satisfaction (F (1, 124) = 379.285, ρ<0.05). DEI practice has significant effect on employee satisfaction of sampled companies. Results underscores DEI as an important factor for employee satisfaction in the banking sector, confirming the findings of Murphy (2023). Summary of Findings Purpose 1 Purpose 2 investigate the relationship between the level of DEI and organizational performance in the banking industry To investigate the effect of DEI as a strategic factor on employee satisfaction in the banking industry. Research Question 1 Research Question 2 What is the impact of the relationship between the level of DEI and organizational performance in the banking industry? Do DEI initiatives, strategies, and policies influence the relationship between the level of DEI and employee satisfaction? Hypothesis H01 Hypothesis H02 DEI have no statistically significant impact on organizational performance in the banking industry. DEI initiatives, strategies, and policies do not influence the relationship between the level of DEI and employee satisfaction. Finding Finding DEI has a statistically significant influence on organizational performance. DEI practice has statistically significant effect on employee satisfaction. 05 Implications & Limitations ….Study focuses on U.S., as such ay not be generalizable Implications & Limitations Study Implications for Policy and Practice Expands the discussion on need for banks in the U.S. to increase their focus on DEI across all levels of the organization 03 01 Establishes the correlation between DEI and business drivers – emphasizing, the 02 need for increased investment in DEI education - training, professional development and DEI-skilled workforce. affords practice the chance to articulate their perspectives on the DEI factors that impact organizational performance and employee satisfaction. 04 need for collaboration between policymakers and key industry players to create DEI framework that enables bank integrate DEI goals into their broader strategic objectives. Study Limitations requires careful consideration when applying the results in different contexts. the study restricts generalizability of findings. may have neglected essential aspects that are peculiar to other financial service companies. 06 Conclusion & Recommendations ….DEI is imprtant in U.S banking indstry Conclusion The congruence between the study’s key elements – organizational performance, employee satisfaction and banks holds major implications for the U.S.’s banking industry. Key Message DEI exerts significant effect on performance and substantially influences employee satisfaction. The adoption of DEI in the banking industry poses some unique challenges for businesses, industries and the society. If effectively implemented, DEI holds significant potential in improving bank’s inclusiveness, business profitability and national economics. Though banks are DEI conscious, findings imply there is room for more improvements. To do this, businesses, industries and the society must be ready to invest in implementing the right policies and skills development. Recommendations Study Recommendations Banks can consider DEI strategy that: is committed to an inclusive workplace that promotes inclusive leadership and human resource practices and is intentional about DEI education and measures DEI impact. Policymakers such as Government, regulatory bodies, and industry associations can: establish and enforce DEI standards that promote information sharing, collaboration and provide resources to enhance diversity and inclusivity of employers of labor. Future Research This study may be furthered in the following ways: Conduct longitudinal studies to track the long-term effects of DEI initiatives on organizational performance and employee satisfaction. Explore how DEI practices and their outcomes differ across geographical and cultural contexts – to identify best practices tailored to specific cultural and regional dynamics. Study DEI within the broader financial sector, beyond banks to ensure a holistic industry examination of the DEI landscape within the sector. References Amorelli, M., & García‐Sánchez, I. (2021). Trends in the dynamic evolution of board gender diversity and corporate social responsibility. Corporate Social-responsibility and Environmental Management, 28(2), 537–554. https://doi.org/10.1002/csr.2079 Ayadi, R., Llewellyn, D. T., Schmidt, R. H., Arbak, E., & De Groen, W. P. (2010). Investigating Diversity in the Banking Sector in Europe: Key Developments, Performance and Role of Cooperative Banks. In Centre for European Policy Studies. Retrieved June 24, 2024, from https://cdn.ceps.eu/wp-content/uploads/2010/09/3709.pdf Bell, C., & Pospisil, J. (2017). 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International Review of Financial Analysis (Online)/International Review of Financial Analysis, 55, 60–79. https://doi.org/10.1016/j.irfa.2017.10.007 Thomas, L., Buckland, S. T., Rexstad, E. A., Laake, J. L., Strindberg, S., Hedley, S. L., Bishop, J. R., Marques, T. A., & Burnham, K. P. (2010). Distance software: design and analysis of distance sampling surveys for estimating population size. Journal of Applied Ecology, 47(1), 5–14. https://doi.org/10.1111/j.1365-2664.2009.01737.x Wong, K. (2024, March 1). Diversity and inclusion in the workplace: Benefits and challenges. Achievers. Retrieved March 24, 2024, from https://www.achievers.com/blog/diversity-and-inclusion/ Hypotheses Hypothesis 1 Mercury is the closest planet to the Sun.The planet’s name has nothing to do with the liquid metal Hypothesis 2 Venus has a beautiful name and is the second planet from the Sun. It’s hot and its atmosphere is poisonous Hypothesis 3 Jupiter is a gas giant and the biggest planet in the Solar System. It was named after the Roman god Conclusions Mars Venus Despite being red, Mars is actually a cold place. It’s full of iron oxide dust Venus has a very beautiful name and is the second planet from the Sun Mercury Neptune Mercury is the closest planet to the Sun and the smallest one in the Solar System Neptune is a ig planet. It is the fourth-largest planet by diameter in the Solar System My business strategy Growth and expansion strategy Reorientation or abandonment strategy Maintenance and protection strategy Reduction or elimination strategy Unattractive business model Low competitive strength High competitive strength Attractive business model Theoretical framework Theoretical framework Key terms Relevant theories Our framework Theory 1 ● Mercury is small ● Earth harbors life ● Jupiter is big Saturn is a gas giant and has rings. It’s composed mostly of hydrogen and helium Theory 2 Neptune is the farthest planet from the Sun in Solar System and also an ice giant Venus has a beautiful name and is the second planet from the Sun. It’s very hot Thanks! Our team Do you have any questions? Jenna Doe You can speak a bit about this person here Timmy Jimmy You can speak a bit about this person here