Selecting a Company
Managing Organizational Change
Selecting a Company
First Independence Bank (FIB) is a community development financial institution and a minority-owned bank based in Detroit, Michigan. Founded in 1970, First Independence Bank provides a full range of banking and financial services to individuals, families, and businesses in the Detroit metropolitan area (First Independence Bank, 2022). As a leader in community development banking, FIB is committed to providing financial products and services in a socially responsible manner that promotes economic development and promotes financial literacy. The mission of FIB is to foster economic self-sufficiency and wealth in the communities it serves by providing access to capital and financial services.
Assessment of Current Human Resource Programs, Policies, Procedures, and Initiatives
FIB has a strong focus on providing excellent customer service and a commitment to meeting the needs of its clients, employees, and the community. FIB’s human resources department is responsible for developing and employing policies, procedures, and initiatives related to recruiting, hiring, training, and employee relations. FIB has a comprehensive human resources manual which outlines its policies and procedures. In addition, FIB offers a comprehensive benefits package, including health, dental, and vision insurance, as well as a 401(k) plan (First Independence Bank, 2022). FIB’s human resources department is also responsible for developing and maintaining employee engagement and development programs. These curricula include professional development courses and workshops, career coaching, and mentorship programs.
FIB is dedicated to cultivating a workplace that is diverse and inclusive. To support this goal, the bank offers diversity and inclusion training for both management and staff and is invested in promoting a culture of respect and inclusion. The bank has instigated an Affirmative Action Plan, which outlines its commitment to equal opportunity and non-discrimination in employment. FIB is committed to creating a safe and equitable work environment for all its employees, regardless of race, gender, age, sexual orientation, ethnicity, or disability. Additionally, FIB encourages the development of individual capabilities and seeks to create an atmosphere of trust and collaboration among its diverse workforces. By actively supporting and promoting diversity within the workplace, FIB recognizes the pertinence of embracing differences and celebrating individual strengths. The bank is committed to promoting a diverse and inclusive workplace that fosters respect, growth, and collaboration.
Hypothesize the Changes that Require Improvement
FIB’s current human resources curriculums, policies, procedures, and initiatives are effective; however, there is opportunity for development. One area that could benefit from improvement is the bank’s recruitment and retention strategy. FIB is one of the only black-owned banks in the Detroit area. Its’ employee base is made up of almost all African Americans. FIB should consider implementing a diversity and inclusion recruitment strategy, which would focus on recruiting and retaining talented individuals from diverse backgrounds. This could include recruiting at job fairs and other events that target underrepresented groups, as well as diversifying the pool of job candidates (Griffin, et al., 2020). Additionally, FIB should contemplate fulfilling initiatives that promote retention, such as offering flexible work arrangements, more generous leaves of absence, more attractive vacation policies, and the creation of a mentorship program.
FIB should also consider revising its’ policies and procedures related to employee engagement and development. Currently, FIB’s strategies regarding employee engagement are limited to professional development courses and workshops, career coaching, and mentorship programs. However, FIB should consider offering additional initiatives, such as team building activities, employee recognition programs, and leadership development programs. These initiatives would help to foster a culture of engagement and collaboration, and would promote employee satisfaction and loyalty (Chanana, 2021).
In conclusion, First Independence Bank’s current human resources programs, procedures, processes, and initiatives are effective; however, there is room for enhancement. FIB should ponder executing a diversity and inclusion recruitment strategy, as well as initiatives that promote employee engagement and development. These changes would help to nurture a culture of respect and inclusion and would promote employee gratification and allegiance. With these changes, FIB would be better positioned to attract and retain talented individuals from diverse backgrounds, and to promote economic development and financial literacy in the communities it serves.
First Independence Bank. (2022, January 11). About us: First Independence Bank. First Independence Bank |. Retrieved January 6, 2023, from https://www.firstindependence.com/about/presidents-message/
Griffin, K., Bennett, J., & York, T. (2020). Leveraging promising practices: Improving the recruitment, hiring, and retention of diverse & inclusive faculty.
Chanana, N. (2021). Employee engagement practices during COVID‐19 lockdown. Journal of public affairs, 21(4), e2508.