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Every successful organization's basic strengths are its people working in it. Therefore every organization tries to make their employees happy by giving them career opportunities, good environment, culture, personal development and advancement.
In this report, we have performed a careful analysis of the people working of the leading banks in Pakistan;
Standard Chartered Bank
Standard Chartered is a London-based Multi-national Bank focused on the emerging markets of Asia, Africa, the Middle East and Latin America. It has significant operations in Hong Kong, Singapore, Malaysia, Thailand, India, Pakistan, and the United Arab Emirates and in Sub-Saharan Africa. The key businesses are Consumer Banking (primarily credit cards, mortgages, personal loans, and wealth management) and Wholesale Banking where the bank specializes in the provision of cash management, trade finance, treasury and custodial services. The group has a network of over 740 offices in more than 55 countries and assets of approximately US$90 billion. With a presence in Asia and Africa that goes bank nearly 150 years, Standard Chartered has an in-depth understanding of, and a long-term commitment to the emerging markets.
MY AIM FOR THIS REPORT
The basic aim of this report is to develop suitable policies and strategies for the banks, which results in the high rate of productivity and job satisfaction, and lowers the rate of absenteeism and turn over.
Standard Chartered is a multinational bank, focused on the established and emerging markets of Asia, Africa, the Middle East and Latin America with an extensive global network of more than 570 offices in over 50 countries and assets of approximately US$90 billion, employing over 30,000 people. Through their global operation they migrate best banking practice around the world, introducing world-class products and services ahead of local competition. Their customers include private individuals through to the largest corporations. The Bank serves both Consumer and Wholesale banking customers The Consumer Bank provides credit cards, personal loans, mortgages, deposit taking activity and wealth management services to individuals and medium sized businesses. The Wholesale Bank provides services to multinational, regional and domestic corporate and institutional clients in trade finance, cash management, custody, lending, foreign exchange, interest rate management and debt capital markets. They are the bank of choice for many major multinationals. With nearly 150 years in the emerging markets the Bank has unmatched knowledge and understanding of its customers in its markets. The three principal business groups are Global Markets, Consumer Banking and Corporate and Institutional Banking.
Standard Chartered's main objective is to offer outstanding value to their customers by providing a knowledgeable, efficient and reliable service in a personal, helpful and responsive manner. Central to this service philosophy is their professional consultative approach, which they take with each customer. By getting to know their customers better, they identify their needs and match them with tailor-made quality products and service solutions.
To put it simply, they are committed to making today's complex financial world easier for their customers.
EMPLOYEE RELATIONSHIP AT
Standard Chartered's reputation is critical by being the world's leading emerging markets bank. The preservation and enhancement of that reputation depends upon their businesses operating to the highest standards of ethical conduct. They face a particular challenge to uphold consistent standards of conduct while at the same time respecting the culture and varying business customs of all the countries in which they operate. The principles that govern the behaviour of their business and employees are reflected in a Group Code of Conduct. The Group Code of Conduct is a practical working document, which guides employees through the many difficult conduct issues that confront them on a daily basis. Complying with each element of the Code will not always be easy but they recognize that they will be judged not just by what is set out in the Code but on how this is reflected in their day to day activities and the behaviour of all of them.
The key elements in Group Code of Conduct are:
Local Laws & Group Standards
Confidentiality & Data Protection
Bribery & Corruption
Gifts & Entertainment
Conflicts of Interest
Dealing in Standard Chartered Shares
Standard Chartered selects its employees on the basis of skills, knowledge and talent. They are committed to providing equality of opportunity to all employees, regardless of sex, race, nationality, age, disability, ethnic origin, marital status or sexual orientation. They are committed not just to providing equality of opportunity to all employees, but also identifying what unique strengths each individual brings to the roles they carry out and the development of these strengths. They provide their employees with
Opportunities to develop in their current roles, move into new roles and work in different locations and businesses. Role vacancies are advertised internally. They recruit the most talented individuals from the external market to supplement their internal pipeline of talent. They have also created global talent management and succession planning processes to help develop their high potential employees. Their Human Resources department provides guidance on the use of psychometric tests and has robust recruitment criteria to ensure that all candidates are treated fairly, equally and with respect.
Standard Chartered has a global Graduate Recruitment Programme; where in the region of 150 graduates are recruited each year on a management trainee programme across all businesses, functions and countries. When staff start their employment, they are issued with an offer letter which clearly states their terms and conditions of service. All new staff goes through an induction process. Each country has Human Resources policies and procedures to help and guide managers. Examples of these would be disciplinary and grievance procedures. These ensure that staffs are treated fairly in times of dispute. The global code of conduct provides guidance to staff on what are acceptable standards of behaviour.
EMPLOYEE - EMPLOYER ISSUES AT
EMPLOYEE - EMPLOYER ISSUES AT STANDARD CHARTERED AND ASKARI COMMERCIAL BANK
ISSUES AT HUMAN RESOURCE DEPARTMENT
ISSUE # 1:
Providing equality of opportunity to all employees
STRATEGY IMPLEMENTED BY STANDARD CHARTERED:
Standard Chartered selects employees based on knowledge, skills and talent. They are committed to provide equality of opportunity to all employees, regardless of sex, race, nationality, age, disability, ethnic origin, marital status or sexual orientation. They are committed not just to providing equality of opportunity to all employees, but also identifying what unique strengths each individual brings to the roles they carry out and the development of these strengths. They provide their employees with opportunities to develop in their current roles, move into new roles and work in different locations and businesses. Role vacancies are advertised internally.
No Biased Policy:
There is no biased policy or favouritism among employees. All the employees should be given same opportunities based on their performance and ability. This increases the level of motivation among employees.
By assigning different projects to different employees, according to their ability and position, at the end of every year, which should result as a career, advancement will make the employees more aware of their abilities and performance. This will lead to the equality of opportunities, as all the employees will come to know about their abilities and where they stand.
ISSUE # 2:
Motivation level of employees
STRATEGY IMPLEMENTED BY STANDARD CHARTERED:
Standard Chartered follows a specific motivation process for their employees. In this process, they evaluate the performance of each employee at the end of year and grade the as:
Outstanding: Those employees who have performed extremely well, even more than they were required to. They are rewarded through Awards and promotions at the end of year.
Those employees who have performed efficient work and little more than they were required to. They are rewarded through monetary rewards and benefits.
Those employees who have performed their duties according to the requirements not more or less than it. They are usually motivated to work more hard through word of mouth appraisals such as “well done”, “keep it up” and etc.
Management By Objectives (MBO):
Employees can also be motivated through MBO. Management by objectives (MBO) is a program that emphasizes participative on setting goals that are tangible, verifiable and measurable. Four ingredients are common in MBO programs; goal specificity, participative decision-making, an explicit time period and performance feedback. Implementation of these ingredients results in employee motivation.
Behaviour Modification Model or OB MOD:
OB MOD is programs where managers identify performance related employee behaviours and then implement an intervention strategy to strengthen desirable performance behaviours and weaken undesirable behaviours. The first step in OB MOD, therefore, is to identify the critical behaviours that make a significant impact on employee's job performance. The second step requires the manager to develop some baseline performance data. The third step is to perform a functional analysis to identify the behavioural contingencies or consequences of performance. The final step in OB MOD is to evaluate performance improvement.
Employee involvement is a participative process that uses the entire capacity of employees and is designed to encourage increased commitment to the organizations success. The underlying logic is that by involving workers in those decisions that affect then and by increasing their autonomy and control over their work lives, employees will become more motivated, more committed to the organization, more productive and more satisfied with their jobs.
A process where subordinates share a significant degree of decision-making power with their immediate superiors.
A process in which workers participate in organizational decision making through a small group of representative employees.
A work group of eight to ten employees and supervisors who have shared area of responsibility. They meet regularly typically once a week, on company time and on company premises - to discuss their quality problems, investigate causes of problems, recommend solutions, and take corrective actions.
Employee Stock Ownership Plans:
Employee stock ownership plans are company-established benefit plans in which employees acquire stock as part of their benefits.
ISSUE # 3:
Effective communication process
STRATEGY IMPLEMENTED BY STANDARD CHARTERED:
At Standard Chartered when staff start their employment, they are issued with an offer letter which clearly states their terms and conditions of service. All new staff goes through an induction process. Each country has Human Resources policies and procedures to help and guide managers. Examples of these would be disciplinary and grievance procedures. These ensure that staffs are treated fairly in times of dispute. The global code of conduct provides guidance to staff on what are acceptable standards of behaviour.
The CEO Must be Committed To The Importance Of Communication:
The most significant factor in a successful employee-communications program is the chief executives leadership. He or She must be philosophically and behaviourally committed to the notion that communicating with employees is essential to the achievement of goals. If the organizations senior executive is committed to communication through his or her words and actions, it trickles down to the rest of organization.
Managers Match Actions and Words:
Closely related to CEO support is managerial action. As we have noted, action speaks louder than words. When the implicit messages that managers send contradict the official messages as conveyed in formal communications, the managers lose credibility to employees. Employees will listen to what management has to say regarding changes being made and where the company is going. But matching actions must back these words.
Learning and development
STRATEGY IMPLEMENTED BY STANDARD CHARTERED:
As a world-class organization, Standard Chartered recognizes that it is essential to have the best people equipped with the right skills and knowledge to perform their roles to the highest standards. They want talented professionals, who seek self-development opportunities including continuing professional development. In return they offer excellent training and development. Standard Chartered has a global Graduate Recruitment Programme; where in the region of 150 graduates are recruited each year on a management trainee programme across all businesses, functions and countries. They focus development on where they believe they will get the greatest return, by developing employees' strengths. They utilize a full portfolio of learning resource such as in house programmes, external providers, on the job training and computer-based training. They sponsor employees for professional qualifications on a part time basis, as well as in their own time. They have Learning Resource Centres in major locations. Other centres are being developed and will provide employees with the opportunity to update their skills on various software packages use the Intranet, the Internet and gain access to books.
Developing Training Program:
Its estimated that more than 90 percent of all organizations have some type of systematic training program but those can only be effective if they offer a model to grab the trainees attention; provide motivational properties; help the trainee file away what he or she has learned for later use; provide opportunities to practice new behaviours; offer positive rewards for accomplishments and if the training has taken place off the job, allow the trainee some opportunity to transfer what he or she has learned to the job.