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Managing organisation and people - Case Study Example

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This study seeks to investigate the impact of various elements like ROI,knowledge management and competitive advantage in the design and the implementation of HR policies to curb attrition at Lloyds TSB.At the end of the study,a proposed process cenetered design,tools and implementation procedure will be recommended which can be used for the bank…
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Introduction The Lloyds TSB Bank was founded in 1735 and has since taken over a large share of the retail banking sector in UK. (Lloyds TSB OfficialWebsite). In recent times, it attrition levels have risen in the first year of an employee's tenure. This needs to be looked into for the bank to increase its customer service effectiveness and to fill its vacancy of 150 people for its Glasgow call center. (European Contact Center Blog, October 2007). Therefore, this paper will aim at understanding the nexus between the following elements in the shaping of a suitable HR policy that will help in curbing attrition: Competitive Advantage Customer Satisfaction Process Centered Management These three elements have been linked so as to understand that attrition has to do with the failure to effectively integrate personal and organisational goals for motivation of the employee. Statement of Problem An investigation in to the real and / or perceived factors that influence 1st year attrition levels in Lloyds TSB UK contact centres. Aims and Objectives 1. Analyse the literature to understand key issues affecting 1st year attrition 2. Understand specific issues affecting LTSB contact centres Understand the climate of contact centres 3. Using the literature and research, analyse the issues and compare and contrast the key themes with other contact centres Using valid methods conduct research to provide a wide and detailed understanding of the perceptions and expectations of call centre staff in Lloyds TSB 4. Recommend appropriate recommendations Provide a useful insight into call centre staffs' perception for Lloyds TSB policy makers and implementers Methodology This study seeks to investigate the impact of various elements like ROI, knowledge management and competitive advantage in the design and the implementation of HR policies to curb attrition at Lloyds TSB. At the end of the study, a proposed process cenetered design, tools and implementation procedure will be recommended which can be used for the bank. This research draws its inspiration from the consideration of the research that the organization's people are the most valued asset of the firm and thus, knowledge being the primary commodity of the workforce would be the most important area to be enhanced. The research design has been based on gathering, interpretation and appropriate presentation of the facts. The definition of the research areas is supported by the fact that the data needs to be customized in order to suit and have context to the specific area of operation and improving efficiency. Owing to the various set parameters, it is imperative to use a research design that will help garner various perspectives. In order to gain a deeper understanding and assure the benefits of this research, we decided to rely on both interviews (qualitative research) and questionnaires (quantitative research). Around a total of 63 employees were taken as samples. They can be classified into 3 categories The questionnaire designed for the quantitative research was based on the feedback received from the exploratory research and the literature review conducted earlier. This was to determine the core problems of the current systems, future expectations from the system, risk involved in the implementation, potential benefits and key evaluation factors for selection. The questionnaire also contained some open ended questions as well to get the general feedback and comments. The line managers were also acquainted with the fact that the results of the questionnaire would be kept confidential and no where there names would be used. Data Analysis In this chapter we will be discussing the results for the qualitative and the quantitative research conducted with the different stakeholders of the bank to get their opinion on the strategic position of the bank and its future expansion plans. We will also be discussing the initiatives that have been taken by the management to streamline the IT operations with the bank's expansion strategy. i. Results of Qualitative Analysis The exploratory survey was conducted with the Chief executives and the GM of the bank to get their view points on different aspects of the bank. We will be discussing the future strategy and challenges faced by the bank and their perspective of the IT solution's alignment with the future business strategy. We will now discuss the major points of the interview and the top 3 common views of the participants on different topics. The interviews were broken down into three sections , starting with the business strategy, then moving onwards to the discussion of IT strategy and then coming down to problems with the core systems and discussion of previous initiatives taken to mitigate the problems. A summary of the key points from the interview are listed Future Strategy and Business Expectations Expansion of the bank into countries in Asia, Europe and Africa via acquisitions and mergers Expanding the customer base by 2 folds Achieving operational excellence Causes of Accelerated Growth of the Bank Due to strong marketing relationship with customers New innovative Islamic Products with no competitor providing similar products Recent relaxation in Govt. Rules for expatriates and the booming real-estate market resulting in huge lending. Top 3 Business Challenges faced by the Bank Provision of new products to customers in a short span of time Non availability of a 360 degree view of the customers Operational Inefficiencies due to lack of cohesion between multiple legacy systems High - Focus areas for the management Customer Segmentation Product Revision and New product development Issues in IT Strategy meeting the future business strategy Consolidation of multiple legacy systems Realization of High availability Lack of real time view of customers and lack of support of multi country and multi time zones. Initiative taken by management to improve IT Applications Framework Several initiatives had been taken in the past but due to lack of interest by the previous managements and lack of expertise, the programs had not been successful. Criticality of taking an initiative at this point of time to align the IT Strategy with Business Fierce competition in the market and the need to keep up with the product market and re affirming the relationship with the customers are enough motivating factors to think for a IT applications revamp Staying ahead by providing state of the art technology and solutions is the key to remain in the game Approach towards the target system for Attrition Related Issues Priority 1 : As new products are the priority of the day, so the approach should be via product line Priority 2 : Approach should be via functional area Need for External Consultancy There is a definite need towards hiring consultants for the overall project management from initial phases of selection to implementation as the UK market is very saturated and does not have very highly skilled management staff with expertise in this field. Plans for Consultancy from external consultants for improvement Definite plans to get consultancy from top consultancy firms like BCG, Forrester, Gartner and Capgemini. Plans are underway to select a consultant to align the business strategy with the IT framework as these consultants have expertise in the fields of Core Banking and have already provided consultations to international banks. Their experience would be highly useful for the successful completion of the project Cost a factor in their decision making for a Core Banking Replacement Cost is not a major factor as ROI can be achieved within 18 to 24 months if the project is a success. With the new strategy of expansion, the cost factors had been considered and budgeted. Results of Quantitative Analysis A survey to measure the employees satisfaction and their expectations from the process centered management was conducted in the contact centers. The participants were all departmental and branch managers having more than 8 to 15 years banking experience in the banking field. On an average they had around 2 to 3 years experience with the bank as well. Around 88% (48 persons) response was received from the 54 participants. They were all assured of the confidentiality of the survey, so the participation was very active and timely. Survey was conducted in the month of April, 2008. Conclusion and Recommendations Tackling Attrition through Motivation: Loyalty Business Model and Lloyds TSB Having sprung from strategic management, the loyalty business model fits best into those spheres which require a substantial contribution of its customers besides being service based. The loyalty business model depends on the optimum utilisation of the resources of an organisation to ensure that these resources work towards promoting optimum satisfaction of the customers and investors by building trust and loyalty from both ends. In order to make sure that it enjoys its customers exclusively without sharing the same with other banks, Lloyds TSB has taken to this model by moving towards universal banking as its foremost alternative in terms of corporate restructuring. Also, it has taken to the service quality model, which is an element of the loyalty business model. The service quality model has been proposed by Kay Storbacka, Tore Strandvik, and Christian Gronroos in 1994, to study the outcome of the most recent experiences or brushes that a customer or potential customer has had with the organisation and its products. (Storbacka, 1994) This model depends on the assessment and evaulation of the varying degrees of satisfaction by arriving at an aggregate result base which will speak of the general climate in terms of customer support and organisation of the skills in this department. In this regard, Lloyds TSB has taken to this model in terms of its commitment to customers as well as the constant study and research as far as customer satisfaction is concerned. These models are suited for the banking industry in case of the emerging trends as the banking industry, especially Lloyds TSB, needs to be studied in accordance with its emerging role as a provider of all major financial services under one roof. Therefore, it is imperative to have a quality control theory guiding its assessment in terms of customer handling, which is a part and parcel of such widespread commercialisation which in turn affects attrition. (Buchanan et al, 1990) These models also support the widespread use of technology, which is discussed below. Technology and Customer Satisfaction There has now been widespread use of technology in the arena of customer servicing and support within banks. Lloyds TSB has followed suit by transforming itself from a mere financial institution to an organization that has various products and services aimed at the economic and commercial sector. This has led to the introduction of an expanded product range to include mutual funds, stocks and shares and other such add ons in the banking industry as the prime area of study as to why these have triggered customer support trends. This has shown that the very advent of these services in most companies - i.e., the concept of providing these varied services under one roof, is proof of the fact that the banks want to facilitate the customer's journey when he or she is in search of varied investment, loaning and other options. (Carrol et al, 1992) This has further demonstrated a strong nexus between the quality of the bank through its various departments and the synchronisation of customer needs through varied coordinated means and methods like phone and online activities. While there is a strong connection between services provided and the customer, the banking industry being a primarily customer based service industry, there has been a renewed emphasis on providing these services to customer - anywhere and anytime. Elements of Service Quality In context of the above discussion regarding the role of technology in the service quality model, it is imperative to take note of the various elements that is symbolized by this model. The advent of technology as seen in the above chapter has sparked an interest among various parties thus giving rise to a brand of competitiveness within the banking industry, which has so far been conservative and an industry that has opposed any form of deregulation. (Reichheld, 1996) But now, it has taken to these measures big time and the results are a more keen focus on customer satisfaction. In this regard, there are various elements of attrition in this industry, which have been discussed in the following pages. Psychological Factors The MORI report by First Direct (1994) has shown empirical investigation which reveals that more and more people are actually ready to take action against unsatisfactory services in banks. This has a strong connection with the psychological bearing that money has on a person's motives when dealing with officials in the banking industry. This has prompted banks the world over to sit up and take notice and further, to do something substantial about it. Therefore, banks like Barclays, Halifax, and HSBC among others have devised standards for the measurement of these services and the satisfaction rendered by the same. (McLean, 1994) Potential Avenues of Business It has also been shown by the MORI report that the banks have almost lost 25% of their potential customers due to unsatisfactory service when it comes to queries. In this regard, the banks need to make sure that their basic aims are long term assistance to customers for long term associations, as well as the creation of ample scope through existing customers to convert potential customers into real ones. This shows that a bad experience will always far outweigh a good one where the cost of acquiring a new customer and retaining an existing one is concerned. (McLean, 1994) Therefore, Lloyds TSB needs to use the loyalty angle by first giving the employees something that will bring them back to the same level of effectiveness again and again. Customer satisfaction through an effective support system is the best place to start as the queries come mostly via telephone or email which decides whether or not the caller becomes a customer. This needs to be followed up by various practices and calls. (Moloney, 2006) Quality Assessment Tools The quality of service depends on the study of behavioral patterns which will help determine what the customer really wants. According to Chakrabarty, service quality has a special place in the banking industry owing to the fact that this industry offers the maximum scope for personal interface. This dictates the kind of clientele and following that a bank will enjoy for all times to come. Further, the quality of service depends largely on the knowledge management and supply chain management system analysis according to which the resources, i.e., the customer support executives, must be mobilized in the most cost effective way depending on their emotional and intelligence quotient. (Chakrabarty, 2000) HR Role Play The modern day organisation depends to a great extent on the contribution and quality of its human capital. The human capital may be defined as that element of the organisation's operational sphere that is a living, breathing part of the activities that put the innate resources and factors of production into application. This application results in profits arising out of the activities of the human capital and the efficiency with which this resource carries out its tasks. This in turn, has a bearing on the achievement of the organisation's goals. (Johnson, 1996. P 13 to 18) This part of the recommendations seeks to discuss the new role of the Human Resource element that can emerge in the bank to curb attrition. This role will be discussed through the use of the following categories: Business Partner Change Manager Monitor Innovator. These four categories are most basic to the functioning of the modern day organisation. The human resource or human capital element in the organisation ahs emerged as one that perpetuates this role at every level of the organisation through an effective integration of personal and organisational goals. (Johnson, 1996. P 13 to 18) Business Partner The first role of the human resource in today's organisation is that of a business partner. This has come to the fore with the emergence of various service oriented companies that provide intensive marketing services along with the products that are being produced. The emergence of a marketing network has been crucial to companies like Bajaj Allianz Life Insurance, Oriflame Cosmetics and many others. (Green, 2002. P 111) Further, this serves the two fold purpose of sales and promotion. While there might not be immediate sales in some cases, there is a creation of awareness for future sales. This in turn, leads to increased sales and repeat orders through word of mouth and brand recall. At an informal level, the term business partner can be used to denote the modern day human resource base. This is due to the fact that the human capital in an organisation today is motivated enough to integrate the personal goals with those of the organisation in an effective way. In this way, the goals are achieved at both ends. The management of an organisation attaches great importance to the act of motivating the human capital through the use of incentives that may be material or immaterial. The material benefits include bonuses, promotions and other such means, while the immaterial ones include good reports and feedback. This helps the employee gain confidence and self esteem. Also, it caters to the employees need to achieve a certain social standing. Thus, the employee begins to realise that only by forwarding the goals of the organisation will his or her own goals be met. In this way, the human resource has emerged as a business partner that works in tandem with the bank as far as goal achievement in terms of reducing attrition is concerned. (Green, 2002. P 111) Change Manager The modern day economy is one that is changing with each passing day. The state of commerce is not what it used to be, say, a few decades ago. This is basically due to the fact that the new rule of thumb is that the only constant is change. The face of politics has greatly shaped the way the economy of a country and therefore, that of an organisation, operates. In this way, there is a sense of constant interaction with the dynamic environment within which organisations today thrive. The role of communication and technology in this regard, is also an important one. With the advent of the communication and information era, there is a slow redefinition of borders and geographical demarcations. It is now possible to sell products and manage businesses anywhere in the world, from anywhere in the world. This has had a large bearing on the state of the balance of payments of entire countries and the organisations that thrive within it. This balance of payments is dependant on the exchange that flows to and from it. In this way, there is an impetus to change with the changing world, depending on how that change might affect the balance of payments or any other socio economic aspect of the country and the organisation. Therefore, change has become a vital part of the organisation's life, owing to the fact that there is a constant need for reinvention in order to keep with the changing times and the changing levels of exposure. In this regard, change management has thus become a vital part of every organisation's agenda. (Jorge et al, 2005) In this regard, the HR elements of the bank, or its employees, are the major precursors of change within the organisation. They are the ones who implement the change management process at the following levels of activity: Communication Planning Resource Utilisation Cost effectiveness in Operations (Jorge et al, 2005) This initiates the employee into a process of embracing and implementing change in order to do away with any monotony that may exist in the operational area of the organisation that they thrive in, due to repeated activities and other such factors. The basic role of change management is to develop a system or structure within which there is a strong sense of being able to forecast change, and adjust to the same accordingly. This change management structure is an informal one that is carried out by the employees in the organisation. The role of change management is as follows: To help recognise change. To help recognise the areas in which these changes must be implemented within the organisation. To help the organisation integrate its goals or modify the same, with a change in the external environment. To help the HR understand the change and grow with it. (Bender, 200. P 125 to 127) Monitor One of the most important roles or functions of the HR is to monitor various things within and outside the operational sphere of the bank's contact center, so as to make the necessary modifications that will correct any deviations in the path towards the achievement of organisational goals. (Barrie, 2005. P 1 to 10) The monitoring system in the modern day organisation thrives on a system of knowledge management. To monitor anything, there is a need for garnering knowledge about the same through communication and information. This needs to follow the flow of the organisational activities so as to give the right person, the right information at the right time. In this regard, many scholars have felt that there is a need to lay well defined lines of informal communication as these are important to bridge any gaps that may have taken place in the formal lines of communication. (Bender, 2000. P 125 to 127) Knowledge and information have become almost interchangeable in their ability to transform workplaces and make the rest of the aware of the various activities that take place within it. Recognizing this premise, the company is providing result-oriented solutions to various industries. It is working with its alliance partners with an unmatched level of domain knowledge. It empowers organizations with inventive and scalable technology solutions thereby increasing the industry's competitive advantage and return on investment. (Wilson, 2002) (Source: Wilson, 2002) This diagram depicts the growth of titles using knowledge management. In this regard, information management may be defined as something that involves deploying new technology solutions, e.g: content or document management systems, data warehousing and portal applications. It covers all the systems and processes in an organization for the creation and use of corporate information. Information is the most pervasive element across all human actions and interactions. Managing information has become one of man's most difficult tasks. Variety of information sources has changed information from mediocrity of data to a natural efficacy and requirement. Information management involves people, processes, technology and content. (Wilson, 2002) Innovator Any modern day organisation and its HR need the strong backing of innovation for the following purposes: To meet goals effectively. For smooth flowing operations within the organisation. To imbibe an element of freshness into otherwise monotonous activities. To help the employees grow so as to fuel organisational growth and development. To gives the employees the satisfaction of learning something new everyday. To give the organisation the confidence to branch out into new fields. (Bender, 2000. P 125 to 127) With these functions, it is important to have a process of training and development which will help show the employees how they can channel their energies into constant innovation so as to serve the organisational goals, and achieve their personal ones in the bargain. Training and development are essential activities for the maintenance of organizational health. The need to tap into a pool of potential can be met only through the right training and development process which will steer the employee towards doing so for the benefit of the organization. The conversion of this need into a full fledged reality is the role of training and development. This role is a major element of innovation. (Barrie, 2005. P 1 to 10) The need for innovation is met through training due to the following features of the latter, which form the necessary context for innovation within the bank's contact centers: ( i ) Identification of needs - an analysis of needs addresses the problems at hand besides anticipating future demands. The benefit of this step lies in the fact that it considers the best and most cost effective way to meet those training needs right at the onset, which make the training strategy planning and implementation process more fluid. (Barrie, 2005. P 1 to 10) ( ii ) Definition of specific knowledge requirements - this stage to examines the skills and knowledge level that is required to be developed in order to meet the new objectives identified by the training needs. This helps the management gain perspective as to which kind of training strategy will be the most effective one when adopted for the situation at hand. ( iii ) Planning process - This includes paying special attention to the training techniques that have been used in the past and their effectiveness. This helps show any deviations and how they may be modified or discarded entirely. Further, in the planning stage, one also decides on the locations of training which is generally based on the model being followed to meet training needs and objectives as well as other learning requirements. ( iv ) Trainer Competence - For competence in communication and soft skills, it is crucial to have the right mix of all factors. One of these factors include the trainer. While the organization itself may have a training department, it may also source its training projects to external trainers. These trainers are sent by training companies who conduct sessions over a period of a few weeks depending on the situation at hand and the employee requirements. Therefore, in choosing a competent trainer, the organization makes sure that it gets the best of development as these trainers know the knack of basing their training on the availability of suitable training methodologies and the degree of responsibility. ( v ) Evaluation of training - this is where the planners evaluate the training needs and prioritize them before carrying out a similar process of evaluation for the training strategy they have in mind so as to link the strategy with the needs and reach certain projections regarding success or failure. This helps bridge numerous gaps in the implantation stage and is thus extremely important and beneficial for a smooth sailing process. Through this process, there is also an increased focus on the specific training objectives so as to zero in on the best strategy which will produce the scope for improvement and enhance the effectiveness of training. ( vi ) Implementation process - In this regard, the assessment of the existing training methods are taken into consideration so as find the best option for making use of the training strategy in terms of development of individual areas. This helps save time and cut cost besides rendering a certain amount of effectiveness and authenticity to the whole process. This also brings about standardization of training practices which leads to more research and improvisation, into areas like skills, knowledge and attitudes, as well as the most effective ways of affecting these areas. (Bender, 2000. P 125 to 127) Conclusion In conclusion, it is imperative to say that the role of the modern day HR has evolved to fit a variety of roles, such as the ones discussed above. This helps the organization define its goals and find a sense of identity through the effective motivation of its HR to play these roles in the operational sphere of the bank. This is imperative in curbing first year attrition within the bank for complete customer effectiveness. References MacLaughlin, Janice (1999). Valuing technology: Organisations, Culture and Change. Routledge. Stalk, G., Evans, P., Shulman, L.E., 1992. Competing on capabilities: The new rules of corporate strategy. Harvard Business Review, 1:62-73. Johnson, John (1996). Time to rebulid HR. Business Quarterly; Vol61. Pp 13 to 18 Green, Marnie (2002). Internal HR. Plublic Mangement Personal; Vol 31. P 111 Latre-Rufat, Jorge (2005) Beyond Raining Employee Benefit. Plan Review; Volume 59 Barrie, Charles. Moving Targets. Human Resources. Pp 1 to 10. Bender, S (2000) The transfer of knowledge and the retention of expertise. Journal of Knowledge Management. Pp. 125 to 127 Wilson, T D (2002). The non sense of Knowledge Management. Information Research, 8(1). Paper No. 144. Last accessed at http://informationr.net/ir/8- 1/paper141.html Chakrabarty, A; 2001. 'Barking up the Wrong Tree - Factors influencing customer satisfaction in Retail Banking in UK.' International Journal of Applied Marketing. Vol 1. ICICI Bank - Online NRI Services. Available: www.icicibank.com (Accessed on: 11th of March, 2007) Buchanan, R. and Gilles, C.; 1990. 'Value managed relationship: The key to customer retention and profitability.' European Management Journal. Vol 8, no 4. Carrol, P. and Reichheld, F; 1992. 'The fallacy of customer retention.' Journal of Retail Banking. Vol 13, no 4. Reichheld, F; 1996. The Loyalty Effect. Harvard Business School Press, Boston. Schlesinger, L. and Heskett, J; 1991. 'Breaking the cycle of failure in service.' Sloan Management Review. Pp. 17-28. Spring, 1991 Storbacka, K. Strandvik, T. and Gronroos, C; 1994. 'Managing customer relationships for profit.' International Journal of Service Industry Management. Vol 5, no 5, 1994, pp 21-28. Moloney, Chris X.; 2006. 'Winning Your Customer's Loyalty: The Best Tools, Techniques and Practices.' AMA Workshop Event(s). San Diego. Dawkins, P. and Reichheld, F.; 1990. 'Customer retention as a competitive weapon.' Directors and Boards. Vol 14, no 4. Parasuraman, A; Zeithaml, V A; Berry, L L (1985) 'A Conceptual Model of Service Quality and its Implications for the Future.' Journal of Marketing. Vol 49, No. 4. Kippenberger, T. Banking on an ethical stance (The Co-operative Bank, UK) The Antidote; Volume: 2 Issue: 1; 1997 Denis Goulet. Development ethics: a new discipline. International Journal of Social Economics; Volume: 24 Issue: 11; 1997 Eveline Van de Velde, Wim Vermeir, Filip Corten. Corporate social responsibility and financial performance. Corporate Governance; Volume: 5 Issue: 3; 2005 Thomas J. von der Embse, Mayur S. Desai, Seema Desai. How well are corporate ethics codes and policies applied in the trenches: Key factors and conditions. Information Management & Computer Security; Volume: 12 Issue: 2; 2004 Richard Davis. Ethics - marketing ploy, or just the best business proposition Managing Service Quality; Volume: 6 Issue: 2; 1996 Paul Thompson. Assessing the environmental risk exposure of UK banks. International Journal of Bank Marketing; Volume: 16 Issue: 3; 1998 Rolf Wunderer. Employees as "co-intrapreneurs" - a transformation concept. Leadership & Organization Development Journal; Volume: 22 Issue: 5; 2001 Brian Harvey. Ethical banking: The case of the Co-operative bank. Journal of Business Ethics. Issue Volume 14, Number 12. Springer Netherlands, December, 1995 Lloyds TSB Official Website. Available at: http://www.lloydstsb.com/ (Accessed during Dec, 2008) Onshore Still Growing: Lloyds TSB. (Oct, 2007). Available at: http://europeancontactcentre.blogspot.com/2007/10/onshore-still-growing-lloyds-tsb.html (Accessed during: Dec, 2008) European Contact Center Blog. Cruickshank, D (March, 2000). 'Competition in UK Banking - A Report to the Chancellor of the Exchequer.' Review in Banking Services in UK - HM Treasury. Read More
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