Standard Chatered Bank (Scb) Essay Example for Free

Standard Chatered Bank (Scb) Essay Standard Chartered Bank is a British bank headquartered in London with operations in more than seventy countries. It operates a network of over 1,700 branches and outlets (including subsidiaries, associates and joint ventures) and employs 73,000 people. Despite its British base, it has few customers in the United Kingdom and 90% of its profits come from Asia, Africa, and the Middle East. Because the banks history is entwined with the development of the British Empire its operations lie predominantly in former British colonies, though over the past two decades it has expanded into countries that have historically had little British influence. It aims to provide a safe regulatory bridge between these developing economies. It now focuses on consumer, corporate, and institutional banking, and on the provision of treasury services—areas in which the Group had particular strength and expertise. The new millennium had brought with it two of the largest acquisitions in the history of the bank with purchase of Grind lays Bank from the ANZ Group and the acquisition of the Chase Consumer Banking operations in Hong Kong in 2000. These acquisitions demonstrate Standard Chartered firm is committed to the emerging markets, where the Bank has a strong and established presence and where they see their future growth. Standard Chartered Bank Operation In Bangladesh Standard Chartered Bank started its business in Bangladesh in 1948, opening its first branch in the port city of Chittagong. The bank increasingly invested in people, technology and premises as its business grew in relation to the countrys thriving economy. At present the bank has 6 offices in Dhaka Chittagong and Sylhet, including the countrys only offshore banking unit inside the Dhaka Export Processing Zone at Savar. Extensive knowledge of the market and essential expertise in a wide range of financial services underline our strength to build business opportunities for corporate and institutional clients at home and abroad. Continuous upgrading of technology and control systems has enabled the bank of offer new services, which include unique ATMs and Phone banking. Adopting a pro-active approach, the bank is able to offer a flexible and comprehensive range of financial services in particular transactional banking products. The bank has also invested in its branches to ensure that their business is supported by high-tech operations using state-of-the-art technology. Dedicated customer services with solution-oriented cash specialists to provide customers with cost-effective solutions. Electronic delivery system has been put in place to give customers maximum control of their transactions. Standard Chartereds services in Bangladesh, ranges from Personal Corporate Banking to Institutional Banking, Treasury and Custodial services. Vision of Standard Chartered Bank: â€Å"Catalyst for change† Standard Chartered Bank has a key role to play in stimulating economic and social development through the services they provide and by being a force for good. The success of their business depends on this. Standard Chartered Bank has been committed to continually improving the quality and scope of the services they offer to clients. Mission of Standard Chartered Bank: The missions are: * To deliver excellent products and services in the emerging markets to Standard Chartereds clients. These products include trade finance services, cash management, foreign exchange and treasury products, commodity finance, and structured import and export finance services. * To be the trendsetter for innovative banking with excellence and perfection. * To be the best performing bank in the country and the region. * To exceed customer expectations through innovative financial products services and establish a strong presence to recognize shareholders expectations and  optimize their rewards through dedicated workforce. * Keeping ahead of other competitors in productivity and profitability. To attain budgetary targets fixed in each area of business Objective of Standard Chartered Bank: Standard Chartered Bank one of the world’s leading international banks and their goal is to lead the way in Asia, Africa and the Middle East. They are dedicated to implementing the highest standards of corporate governance and gaining trust in each of the countries in which they conduct business. Like other business organization the core desire of Standard Chartered Bank is to maximize the profit through banking activities saving lending money to the life of the common people. The Objectives of the Standard Chartered Bank is given below: Broad Goal: As a commercial organization, Standard Chartered Bank implies that it stands for meeting the banking needs of the people of the society. Operating Goal: In compliance with the very nature of the organization, the objective in mind the bank aims at excelling quality and diversified services. To fulfill its mission Standard Chartered Bank has its main objectives as followings: * To provide banking services to people. * To earn profit. * Act as a media of exchange. * To contribute to gross domestic product (GDP). * Maintain a satisfactory deposit mix. * To help to grow entrepreneurship. * Increase loan portfolio diversification and geographical coverage. * To mitigate unemployment problem. * Provide finance specialized services to the export. * To help to boost economic development. Service Attitudes: * Standard Chartered Bank is a service organization. It lives and prospers on the quality of service it provides. So quality of service is maintained at all levels. * Banks image with people is identified on the quality and diversity of services that the people aspire to receive. * As a dynamic bank they always remain in search of new field of activity in line with people economic need. Suggestions by customers and other people are taken in to proper attention so as to help identify new activity or improve upon present activities. * The bank maintains healthy competition with other banks aiming at excelling services in meeting economic needs of the people. Organogram Organizational Structure: Organizing is the management function that involves the process of determining what task are to be done, who is to do them, how the task are to be grouped who reports to whom and where decisions are to be made. Organizing is the process of creating an organization’s structure. Organizational structure is the formal framework by which job task are divided, grouped and coordinated. Hierarchy of Standard Chartered Bank Administrations Loan Administration Department Loan Sanction Department Human Resource Department Operations Investment Treasury Internal Division Head Office Departmentalization Corporate Banking Department CEO Audit Inspection IT Finance Accounts Foreign Trade Administrations Finance IT Branch Departmentalization Corporate Banking Department Loan Sanction Department Foreign Trade Loan Administration Department Branch Manager Operations The policy direction and overall management of the Bank is vested upon the Board of Directors consisting of six members. The Chief Executive of the Bank is one of the members of the Board of Directors. Regional Manager and Divisional Head assist Chief Executive Officer. Head Office Divisions are headed by Departmental heads and controlled by designated General Managers. Branch Offices by Branch Managers, depending on size and importance of the Branch from the commercial point of view, Deputy General Managers or Assistant General Managers heads the Corporate Branches and AD Branches. The organizational structure is the way in which organizations activities  are divided, organized and co-organized. The design of the organizations structure can be traditional design like simple, functional and divisional or existing organizational designs like team-based, matrix etc. From the structure of the Standard Chartered Bank we see that it is mostly functional because some part are organized around the functions of operation, credit, international division, human resource etc. and these divisions are related with each other for conducting the activities. It can also be considered as partly regional because some management functions are divided on the basis of territory. Each regional circle conducts same activities generally that are decided but in some situation head of the regional office takes decisions. So we can perceive that it has traditional structural design. Moreover, it has clear chain of command where the level of authority goes from top to bottom and very much centralized. Performance Appraisal Of Standard Chartered Bank Since organization exist to achieve goals, the degree of success that individual employees have in reaching their individuals goals is important in determining organizational effectiveness. The assessment of how successful employees have been at meeting their individual goals, therefore, becomes a critical part of HRM. Here we provided how Standard Chartered appraised their employee’s performance. Why Standard Chartered evaluates the performance of its Employees? Standard Chartered Appraises the performances of its employees for three reasons they are: * First, it can be used promote their employees and to arrange for their various training programs if they require for enhancing their skills in their respective areas and in contribution enhancement. * Second, as a basis for reward allocations. Decisions to decide who gets  salary increases, and other rewards are determined by their performance evaluation. * Finally the performance appraisal can be used as a criterion against which selection devices and development programs are validated. It is one thing to say, for example, that their selection process is successful in differentiating satisfactory performers from unsatisfactory performers. Appraisal Method used by Standard Chartered Bank Employees are evaluated by how well they accomplish a specific set of objectives that have been determined to be critical in the successful completion of their job. This approach is frequently referred to as. Management by objectives. Management by objectives is a process that converts organization objectives into individual objectives. It can be thought of as consisting of four steps: goal setting, action planning, self- control, and periodic reviews. In goal setting, the organizations overall objectives are used as guidelines from which departmental and individual objectives are set. In action planning, the means are determined for achieving the ends established in goal setting. That is, realistic plans are developed to attain the objectives.