J.P. Morgan Chase is the largest bank in the United States, while it also considered as the sixth largest bank in the world based on total assets. According to the company’s 10K Annual Report filled in 2017, the company has a total asset of US$ 2.534 trillion (J.P. Morgan Chase, 2018) . The company operates in over 65 countries in the world. A company this size caters to over 252,539 employees. 45% of which are women, while about 58% of U.S. hires are ethnically diverse (About Us: People and Culture, 2018) .
Jaime Dimon, J.P. Morgan Chase’s Chairman and CEO regards the company’s employees as its most important assets. Thus, it is the primary goal of the company to attract and retain the right employees. The company offers an environment conducive for work, which allows employees to grow and become successful. Furthermore, the organization promotes to keep a “diverse and inclusive” working environment for all of its employees. Amongst the employee programs that promotes diversity includes the “Advancing Black Leaders,” “Women on the Move” and the “Mentoring and Skilled Volunteerism” (About Us: People and Culture, 2018) .
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Part of J.P. Morgan Chase’s strategy to promote diversity in the workforce is the program called Advancing Black Leaders. This aims to attract, hire, retain, and advance the talents of this sector identified as the “black community.” The company believes that diversity is the key that will help the company meet its business objectives. Employees in every locations are connected through its participation in any of the company’s ten business resource groups (BRG). These BRG’s allows employees to connect to one another based on their shared interests. It also helps promotes professional development opportunities and leadership.
Nevertheless, given the size of the organization, problems and issues will usually arise. Despite efforts to consistent improve the company’s employee relations, J.P. Morgan Chase was confronted with a labor case involving misclassifications of employees (Braverman, 2018) . According to some employees, J.P. Morgan Chase owes them for unpaid overtime because they were misrepresented as “managers.” The case culminated with the organization paying US$24.10 million compensatory damages for the unpaid overtime pays.
References
About Us: People and Culture . (2018, March 23). Retrieved July 18, 2018, from J.P. Morgan Chase Website: https://www.jpmorganchase.com/corporate/About-JPMC/ab-people-culture.htm
Braverman, A. (2018, May 17). J.P. Morgan Chase Agrees to Pay Employees Millions for Labor Violations . Retrieved July 18, 2018, from Braverman Lawfrim Website: https://www.bravermanlawfirm.com/jpmorgan-chase-agrees-to-pay-employees-millions-for-labor-violations/
J.P. Morgan Chase. (2018, February 24). J.P. Morgan Chase: Annual Report 2017 . Retrieved July 2018, 18, from J.P. Morgan Chase Website: https://www.jpmorganchase.com/corporate/investor-relations/document/annualreport-2017.pdf
