MasterCard CEO: Ajay Banga

MasterCard CEO: Ajay Banga Ajay Banga was born, raised, and educated in India. He received his bachelors degree in economics from Delhi University (Diversity leadership: Ajay Banga, MasterCard worldwide, n.d.). Banga has had a very diverse career where he held many senior management roles simultaneously. He began his career with Nestle in India. During his thirteen years with the company, he worked on assignments to expand sales, marketing and general management (Banga, BIO: Ajay Banga, MasterCard president and CEO, 2013). Afterwards, he worked with Citigroup where he had the opportunity to be the CEO and to travel to London, Brussels, Hong Kong, and New York (Diversity leadership: Ajay Banga, MasterCard worldwide, n.d.). Banga was appointed CEO of MasterCard in 2009 where he currently remains. (Banga, BIO: Ajay Banga, MasterCard president and CEO, 2013). He has served as a member of the U.S. Presidents Advisory Committee for Trade Policy and Negotiations as well as a member on the Commission on Enhancing Nati onal Cybersecurity under the Obama administration (Our people, n.d.). Banga has had the pleasure to have a very diverse and distinguished career and continues to share his experiences and knowledge with others. As leader of a top ten most diverse company, Banga says that being different helps to build a global workforce (Banga, What does global mean for MasterCard?, 2015). His passion for diversity came from the fact that he himself is diverse, in the sense that he is of Indian decent, runs a global company, and wears a beard and turban; something that is not common in his position (Groysberg Connolly, 2013). Status1 MasterCard has continually been considered a diverse company. This can be contributed to the fact that MasterCard is a global company that operates in more than 210 different countries and employs over 7,500 employees. The company believes that having diversity will allow a better understanding and greater access to new markets (Our Story, n.d.). In 2001, the company had launched the Supplier Diversity Program so that businesses that were owned by women, veterans, and minorities would have more of an equal opportunity to participate in the procurement process (Our Story, n.d.). However, the roles of diversity and inclusion would not be a main focus for a few years, until the appointment of Ajay Banga. The proof can be seen in the ranking of MasterCard by Diversity Inc. Magazine where MasterCard didnt hit the top 50 until 2005 at rank #49 (DiversityInc top 50 list since 2001, n.d.). Celebration, however, would be premature for the company, as it took an additional four years until it would reach the top 50 again in 2009 at rank #41. It wasnt until 2011 that the company would see momentum taking them up the list where it went from rank #31 on the list in 2011, to rank #15 in 2012, and then to the top ten in 2013 at rank #5 (DiversityInc top 50 list since 2001, n.d.). Much of the success could be associated with the introduction of MasterCards innovative creation of its Business Resource Groups (BRG) (Leading our diveristy efforts, n.d.). Philosophy       Ajay Banga has a philosophy of global diversity and inclusion. His passion for diversity comes from the fact that he himself is diverse as an Indian immigrant. Banga promotes his vision of a world beyond cash (MasterCard diversity and inclusion, n.d.). This means that his workings of diversity and inclusion go beyond the simple fact of making money, and spread farther to helping others grow as well. The company has been involved in philanthropy as well as programs that assist others in personal and professional growth (MasterCard diversity and inclusion, n.d.). He has a passion to inform others of the importance of diversity in multiple aspects of the global market. This is seen in his speeches at IIM-A class of 2015 (Banga, MasterCard CEO Ajay Bangas six lessons on leadership as told to the IIM-A class of 2015, 2015) and to the NYU Stern graduates (Equality, diversity anchore MasterCard CEO message to NYU Stern gradates, n.d.). Here he speaks about doing well and doing good as the highest form of leadership (Banga, MasterCard CEO Ajay Bangas six lessons on leadership as told to the IIM-A class of 2015, 2015). He feels that a company that is successful has a responsibility to help others succeed as well. Banga said, As a company, we believe diversity sits at the root of innovation. Diversity of culture, experience, and thought all drive innovative thinking. Thats why we encourage employees to express their diverse opinions and ideas. (MasterCard diversity and inclusion, n.d.). During his speech to NYU Stern graduates, Banga pokes fun at himself by saying that one of his hobbies is to be randomly searched by TSA in airports (Equality, diversity anchore MasterCard CEO message to NYU Stern gradates, n.d.). This goes along with his philosophy that people should not be focused on where they come from or what they look like and more on what they do and how they do it.   That acceptance of all cultures and development of those cultures can benefit business. Banga has said many times that a group of similar people tend to think in similar ways, reach similar conclusions, and have similar blind spots. (Equality, diversity anchore MasterCard CEO message to NYU Stern gradates, n.d.). Banga suggests that a company should try to increase its connectivity to the rest of the world by looking outside its own boarders and to get involved in other organizations, but also with the ones that connect back to it (Banga, MasterCard CEO Ajay Bangas six lessons on leadership as told to the IIM-A class of 2015, 2015). This is what gives MasterCard its success as a global company. Banga tells of four important attributes that defines a great leadership culture of diversity. The first is a sense of urgency to solve problems and implement solutions that can be solved easier from having a diverse culture. Second is a sense of balance, third is to have the courage to take thoughtful risks. To explain this, Ajay takes a quote from Winston Churchill, Success is not final, failure is not fatal, its the courage to continue, that really counts. (Equality, diversity anchore MasterCard CEO message to NYU Stern gradates, n.d.). This means that a person must be willing to take a chance to change for the better and innovate solutions to be better. One of his attributes is to be competitively paranoid, where a person must constantly ask themselves if they are missing anything to the problem, if there is something else that can be done, or a better way to do it. We must harness the collective uniqueness of people to widen your field of vision. (Equality, diversity anchore MasterCard CEO message to NYU Stern gradates, n.d.). The bigger the window is that you have to view the world, the more you can see what works and what doesnt. This boils down to having a diverse culture in multiple locations around the world that will allow insight as to how to conduct smart business decisions. Strategy Banga has implemented his philosophy of diversity and inclusion to grow the company even stronger as a global competitor by creating innovative solutions. He states that, Diversity of thought is at the heart of innovation. (MasterCard diversity and inclusion, n.d.). To accomplish this, Banga had to be able to tap into the diverse cultures of the world and to gain their involvement so that the information can be collected and used. This was done by creating Business Resource Groups (BRG). These are similar to Affinity groups that other companies have, except for that they are more than just focused on the business of things. Each of the eight BRGs that MasterCard has focuses on a specific part of the global culture to gain valuable insight as well as to be able to assist in the development of these groups. These groups include Salute, which assists active military and veterans in transitioning to MasterCards culture, WLN (Womens Leadership Network), where help in advancing the careers of women through mentoring and coaching is available, Pride, where a culture of inclusiveness and acceptance regardless of gender identity, sexual orientation, or expression is accepted, and YoPros, where the company utilizes innovative skills of young professionals to aid in the advancement of the new world of technology such as teaching the ropes of social media (MasterCard diversity and inclusion, n.d.). The Center for Inclusive Growth was created to advance more sustainable economic growth and financial inclusion globally (MasterCard diversity and inclusion, n.d.). Its focus is in two areas, research and global philanthropy, where multiple programs are in place to help the worlds poor and financially excluded to gain more control over their financial future (MasterCard diversity and inclusion, n.d.). One of the most important strategies that has been implemented would be the EDGE program. Employees Driving the Global Edge follows the philosophy that MasterCard is a company that exists beyond boundaries and must think beyond them as well (Johnson, n.d.). The EDGE allows employees of all levels and from all over the globe to connect, communicate, and socialize on an intellectual level that enables them to share their experiences on what they have learned and essentially become advocates for MasterCard (Johnson, n.d.). It has become part of one of the cornerstones of MasterCard which is education and as such has now set the foundation for education on payments and products desired by the diverse cultures around the world (Johnson, n.d.). Goals Bangas goals were to create a diverse environment with diverse people in a diverse world culture. Often referred to as a world beyond cash in the MasterCard family. This goal was the platform for many of the innovations that were created. For Banga, owning a global company meant looking past what was only good for his company, and beyond where it was centrally located. By helping other businesses succeed, Banga knew that MasterCard would succeed with them. Banga said, Its only lonely at the top when you dont bring other people along with you. (Banga, MasterCard CEO Ajay Bangas six lessons on leadership as told to the IIM-A class of 2015, 2015). He has put forward an increased focus on the companies eight resource groups to help extend relationships with current and potential partnerships. In doing so, BRG chapters have expanded worldwide with the addition of twelve new chapters created in 2015. MasterCard has also made further commitments with support to the LGBT community and with the help of other firms has created the Open for Business coalition (No. 7 / MasterCard/ DiversityInc Top 50, n.d.). Bangas future goals are to continue to be diverse and to continue MasterCards innovative culture and to help other businesses succeed. He has succeeded in bringing the company to the forefront of diversity leadership. Going along with his lessons on leadership, being competitively paranoid means to keep questioning the ways things are being done and to challenge yourself to do them better (Banga, MasterCard CEO Ajay Bangas six lessons on leadership as told to the IIM-A class of 2015, 2015). He believes that being different helps in building a global workforce (Banga, What does global mean for MasterCard?, 2015). Current Status MasterCard currently holds onto its position in the top ten most diverse companies (DiversityInc top 50 list since 2001, n.d.). The company has been in the top ten for four years in a row. A major factor that many companies face in the fight for diversity is the amount of diversity in leadership positions. A company can be diverse, but if there arent any diverse leaders, then the message gets lost. MasterCard has accepted this challenge and has 80.6% more Asians in senior leadership than the rest of the top ten companies, and 25.4% more blacks, Latinos, and Asians total than that of the top ten, which is 76.7% higher than the national average (No. 7 / MasterCard/ DiversityInc Top 50, n.d.). Critical Claim My original idea of diversity was that it mainly involved the direct culture of businesses. I understood the value of having a diverse workforce to further the thinking of a business in regards to growth and marketing strategies and even to the point of social acceptance. After researching and learning more about Ajay Banga, I feel that I had much more to learn than I thought. Diversity on a global level means that a company must have the capability to understand different economic and social cultures. Only then, can the company be able to involve itself to benefit not only itself, but also everyone they do business with. MasterCard has taken upon itself to help these companies gain control over their financial future so that they can grow with the rest of the world. Business operations need to be just as diverse as the company performing them. We see today a more diverse society than ever before as it has grown far beyond the demographics of age, sex, race, and religion. Today we ha ve identities that people claim, races have become intertwined. References   Ã‚   Banga, A. (2013, November 20). BIO: Ajay Banga, MasterCard president and CEO. Retrieved from mastercard.com: http://newsroom.mastercard.com/documents/ajay-banga-bio/ Banga, A. (2015, April 8). MasterCard CEO Ajay Bangas six lessons on leadership as told to the IIM-A class of 2015. Retrieved from Quartz Media LLC.: https://qz.com/377104/ajay-bangas-six-lessons-on-leadership-as-told-to-the-iim-a-class-of-2015/ Banga, A. (2015, June 24). What does global mean for MasterCard? Retrieved from Yale Insights: http://insights.som.yale.edu/insights/what-does-global-mean-for-mastercard Diversity leadership: Ajay Banga, MasterCard worldwide. (n.d.). Retrieved from DiversityInc: http://www.diversityinc.com/ajay-banga/ DiversityInc top 50 list since 2001. (n.d.). Retrieved from DiversityInc : http://www.diversityinc.com/all-diversityinc-top-50-lists/ Equality, diversity anchore MasterCard CEO message to NYU Stern gradates. (n.d.). Retrieved from MasterCard Engagement Bureau Video Gallery: http://newsroom.mastercard.com/videos/equality-diversity-anchor-mastercard-ceo-message-to-nyu-stern-graduates/ Groysberg, B., Connolly, K. (2013, September). Great leaders who make the mix work. Retrieved from Harvard Business Review: https://hbr.org/2013/09/great-leaders-who-make-the-mix-work Johnson, D. (n.d.). MasterCard diversity: leading on the EDGE of innovation. Retrieved from newsroom.mastrecard.com: http://newsroom.mastercard.com/wp-content/uploads/2014/10/Diversity-white-paper-final.pdf Leading our diveristy efforts. (n.d.). Retrieved from mastercard.us: https://www.mastercard.us/en-us/about-mastercard/who-we-are/diversity-inclusion.html MasterCard diversity and inclusion. (n.d.). Retrieved from mastercard.us: file:///C:/Users/vmostul/Downloads/MCUS-14012_Diversity_Brochure_v1_July23%20(14).pdf No. 7 / MasterCard/ DiversityInc Top 50. (n.d.). Retrieved from DiversityInc: http://www.diversityinc.com/mastercard/ Our people. (n.d.). Retrieved from mastercard.com: http://newsroom.mastercard.com/people/abanga/ Our Story. (n.d.). Retrieved from MasterCard Newsroom: http://newsroom.mastercard.com/wp-content/uploads/2013/09/MasterStory_Our_Story.pdf Perspectives on Ageing | Essay Perspectives on Ageing | Essay Lachlan Donnet-Jones Ageing is a term used to describe the physical, psychological and social changes that occur to an individual over time. While most individuals possess their own interpretation of ageing, the issues and challenges faced by the older population is a topic commonly misunderstood. This can be due to generational differences in morals, values, beliefs and a lack of understanding, leading to various stereotypes, prejudices and assumptions of the elderly. This paper will explore my own personal understanding of the issues and challenges faced by the elderly and how my assumptions compare to current evidence based research and the information obtained through a conversation with an elderly person. Prior to the conversation with my 71 year old grandfather, who will be referred to as George, I had formed various assumptions from my attitudes and existing knowledge about what Georges’ primary concerns and issues were at this stage in his life. To better understand George’s situation it was helpful to think about myself in 50 years’ time, and what would be primary concerns for me if I were 70 years old. The topics I thought about in relation to the issues and challenges of ageing included deteriorating health, cognitive function, physical ability, and family and relationships. I chose to focus on the issues which I would consider to be most concerning if I were an elderly person, which primarily pertained to mental and physical health and the social aspects of ageing. Given that I am technically still classified as a teenager, my experience with ageing is rather limited. This leads me to believe that many of my attitudes and beliefs about ageing may have been heavily influenced by popular stereotypes. As Kim Vickers of the University of California explores in her research article ‘Ageing and the Media’, the media can heavily influence the opinions of young person’s, such as myself, by portraying ageing in a negative light (Vickers, 2007). I believe that when you age your cognitive function and ability declines, for example, the ability to accurately memorise and recall information becomes less ‘sharp’ and reliable. I also believe that along with cognitive function, you become frail and your ability to be physically active becomes more difficult, which includes anything from walking the dog, going to the supermarket, to engaging in sexual activities. Respect is one thing that I think can be positive with ageing. I b elieve that when you become older and wiser your opinion and knowledge will be increasingly respected, especially by those who are not as wise and knowledgeable. In summary, looking at my initial attitudes toward ageing, it is quite apparent that I have formed, through my minimal life experience, a relatively limited and negative view of ageing, which is most likely due to my lack of understanding, and that our society as a whole places greater value on youth, than on ageing (Oregon Department of Human Services, 2012). During the interview with George, I discovered that a number of the assumptions I held about the elderly were not as accurate as I had thought. The first and most surprising answer I received from George was in regards to having more respect from others. George stated that he did not believe he was treated with any more respect, as he aged. This was a direct contradiction to what I had considered to be one of the positives of growing old, and I found this to be most surprising. This made me think of why George may feel that way. Perhaps it is due to the changing attitudes of youth toward the elderly, they do not recognise respecting an elderly person, as much as previous generations have done. It may also be an individual thing, where George has simply not noticed any change in the way people regard and respect him. There may be a number of reasons for this, however it appears evident that one of the primary contributing factors is the change in generational attitudes, particularly those of the young toward the elderly. Professor Jared Diamond noted that one of the reasons for the shifting generational attitudes may be due to the rapid changes in technology (Diamond, 2011). Predating the use of written records, the repositories of knowledge the elderly members of society possessed in their memories were once considered vital to pass onto future generations, for example, the telling of stories to children. However, with advancement in technology new resources have become available, that previously did not exist, such as; television, the internet, and mass media. The ease of access and availability to this endless source of information and knowledge has, in a sense, replaced the role of the elderly within some societies and, therefore, may have led to less respect by the young towards the old. Another aspect of the newer generations of elderly people is the increasing life expectancy which can be viewed as a positive thing, however, increased age correlates with increased susceptibility to chronic diseases, especially those which affect the brain and cognitive function, such as dementia (Buttrose, 2011). One of the expectations I had of old age is that of declining cognitive function. When asked about day to day life George stated that he did not particularly feel old, however, he had noticed himself slowing down. George explained that he is aware of his physical and mental capabilities not being as sharp, as perhaps they once were, however he does not feel or think of himself as ‘old’. In an attempt to further my understanding on the effects ageing has on cognitive function, I investigated the work of Melissa Lee Phillips regarding her research into cognitive ability in the elderly. Melissa Lee Phillips published an article in the American Psychological Associations (APA) ‘Monitor on Psychology’ segment that compares the cognitive function of the brain in youth and the elderly (Phillips, 2011). The adult brain has long been thought to be most efficient during youth, however in Phillips’ article she points to research that contradicts that information. The research shows that the maturing mind actually retains many of the skills learnt during youth, and continues to develop new strengths. The ageing brain is also capable of ‘rewiring’ itself and has proven to improve in various areas, such as being less neurotic, calmer, and better at sorting through social situations (Phillips, 2011). Cognitive neuroscientist, Patricia Reuter-Lorenz, PhD, of the University of Michigan stated that â€Å"there is an enduring potential for plasticity, reorganization and preservation of capacities†, providing further evidence to support this n ew theory (Reuter-Lorenz, 2012). This new evidence helps disprove the stereotypes of ageing, such as the common proverb, ‘you can’t teach an old dog new tricks’. Another study titled the ‘Seattle Longitudinal Study’ conducted at the University of Washington in Seattle, uncovered a large amount of new data on ageing and it’s effective on the brain. The research team leader Sherry Willis, PhD, states that the results show that while memory and recall skills begin to decline, skills such as verbal abilities, spatial reasoning, simple math and abstract reasoning showed marked improvement (Schaie, 2013). Relating the influx of new research back to my perspective on ageing, it would appear that whilst there are some undesirable effects on cognitive ability, there are also positives aspects to the ageing brain. I believe the way ageing is portrayed by the media in society is a narrow view which primarily focuses on the negatives of ageing. This view is supported by the findings of Doctor Jeanne Holmes in her paper ‘Successful Ageing: A Critical Analysis’, published in the Journal of the American Society of Ageing (Ho lmes, 2009). Similar to cognitive function, I had assumed that due to elderly people having increased fragility, decreased physical strength and the body ‘slowing down’ due to ageing organ systems, it would cause the libido of elderly persons to significantly decrease, if not cease to exist at all. Although I did not ask my grandfather about his sexual activities, I did do my own further research into the topic. Judith Horstman provides insight on sex and the elderly in her book ‘The Scientific American Healthy Ageing Brain’, in which she states â€Å"Recent studies and surveys show the brains of those well over 60 years old want and enjoy sex† (Horstman, 2012). This information directly contradicts what I had previously believed. In the United States, a national survey was conducted on men and women aged between the ages 75 and 85 to determine the level of sexual activity in the elderly population. The results showed that three-quarters of male participants and a pproximately half of female participants said they were still interested in sex, and were still sexually active (Pew Research Center, 2010). Growing old is an inevitable and natural process, and I think it is important to keep in mind that we will all be considered ‘old’ one day. Some may define ageing as the changes that increase the likelihood of death, which may be true, however after the conversation with my grandfather I can see that ageing is not necessarily a negative thing. I now understand how my own opinions have been influenced by popular culture, the media and society. Ageing can change many aspects of a person, and contrary to what may be portrayed in the media, these changes are not necessarily negative. Attributes such as physical agility may decline with age, others such as knowledge and wisdom continue to expand. It is my understanding, that by leading a healthy lifestyle and actively participating in all that life has to offer, one can live a fulfilled and worthwhile life well into old age. I believe that, much like fine wine, quality of life can increase with age. References Buttrose, Ita (2011).Dementia Across Australia: 2011-2050. Sydney: Deloitte Access Economics Pty Ltd. Diamond, J. (2011). DOCUMENT 163: Jared Diamond on Consumption, Population, and Sustainability, Credo Reference Collections, EBSCOhost, viewed 4th August 2014. Holmes, J. (2009). Successful ageing: a critical analysis: a dissertation submitted in partial fulfilment of the requirements for the degree of Doctor of Philosophy in the School of Sociology, Social Policy, and Social Work at Massey University, Palmerston North, New Zealand. Horstman, J. (2012).The Scientific American healthy ageing brain. 1st ed. San Francisco: Jossey-Bass. Oregon Department of Human Services, (2012).Myths and Stereotypes of Ageing. Oregon: Oregon Department of Human Services. Available at: http://www.oregon.gov/dhs/apd-dd-training/EQC Training Documents/Myths and Stereotypes of Aging.pdf Pew Research Center, (2010).Growing Old in America: Expectations vs. Reality. A Social Demographic Trends Report. Washington, DC. Phillips, M. (2011). The mind at midlife.American Psychological Association (APA), 42(4), p.38. Reuter-Lorenz, PhD, P. (2012). Cognitive neuropsychology of the ageing brain.American Psychological Association (APA), 17(3), pp.177-182. Schaie, K. (2013).Developmental influences on adult Intelligence. 2nd ed. New York: Oxford University Press. Vickers, K. (2007). Ageing and the media: Yesterday, today, and tomorrow.Californian Journal of Health Promotion, 5(3), pp.100105. Appendix Appendix 1 – Expectations Prior to Conversation Appendix 2 – Conversation Questions and Answers George. Grandfather. 71 years old. White/Caucasian. Married. Appendix 2 – Conversation Questions and Answers Cont. Page 1 of 9