In the large corporation of Regions Bank, there are many specific details involved in creating and maintaining the perfect organizational structure. It takes efforts from the managers and leaders to implement a design to promote stock holder profits, growth, and stability. In this organization there is a cycle that is used that involves four functions of management. Regions Bank also utilizes two strategies to create and maintain a healthy organization.
Regions Bank is a company that provides consumer and commercial banking with nearly 140 billion in assets. Regions Bank started out in 1971 with a small merge between three banks. Several mergers throughout the years and Regions Bank was in the position to purchase Union Planters. Union Planters was a 5.9 billion dollar purchase which landed Regions Bank as the tenth largest bank in the United States. This was a significant purchase because it helped expand Regions Bank into new territory in the Midwest and Texas. This expansion made the latest purchase a success. On May 25, 2006 Regions decided to purchase AmSouth Bancorporation. This acquisition has put Regions on the map as the eighth largest bank in the nation. The company now has over 2000 locations expanding over 16 states. (http://en.wikipedia.org/wiki/Regions_Bank)
All of this growing and acquirement would not have been achievable if it were not for having an organizational structure amongst the company. The success of these developments took years of careful planning and productivity from everyone to make the careful decisions and risks that were at hand. This is why organizational structure is important to maintain a healthy company.
Within Regions Bank there are managers and leaders. The differences between the two signify the responsibilities to the organization they each have. The managers administer the daily productivity of the staff and develop action plans to take the company to the next level. They are the foundation of the company and represent the employees on any changes or concerns. The leaders can also be classified as managers, but they take a different approach in the company. The leaders set the examples for the rest of the company to follow. They establish the ethics and code of conduct that is acceptable to be a profitable large corporation.
In management there are four functions to follow. The first function, planning, is very important in management. This function sets up the first phase in managing a staff of people. It is critical that a manager sets up this planning process so everything is outlined and goals are set. This creates the standard for the staff to follow. In this phase the team's objectives and purpose is stated. A manager should take the time to explain to the staff the desired outcome and benefits of reaching their goal. This not only creates clarity, but brings the boosting of morale for the team to complete its task. Once the team has an understanding of its purpose, then the second function begins. (http://extension.osu.edu/~mgtexcel/Function.html)
The second function is organizing. This is a little different from the first function because things start to move in motion. The manager typically starts to delegate and assign job tasks to the team. Sometimes a manual document is created so everyone is on the same page. This function is important for managers because they have given jobs to specific people because they trust them to complete the tasks correctly and on time. The
Manager has taken the time to evaluate which staff member can handle which duty. So when the project is presented to the staff each person can have an understanding of why they were each chosen for their responsibility. It is fundamental that each person hold their own accountability so the team can be successful. The third step in managing is leading. This term...