5. Organizational Overview:
Standard Chartered was formed in 1969 through a merger of two banks: The Standard Bank of British South Africa, founded in 1863, and the Chartered Bank of India, Australia and China, founded in 1853. Both companies were keen to capitalise on the huge expansion of trade and to earn the handsome profits to be made from financing the movement of goods between Europe, Asia and Africa. Standard Chartered’s aim is to be the world's best International bank with an extensive global network to service clients on their cross-border and domestic banking needs. To support this ambition, they want to hire high caliber graduates who can think and operate on an international not just a local basis. It's important to them that their people can think internationally to provide a range of alternative solutions, and be capable of working with customers and colleagues across different time zones, different cultures and with different needs. Standard Chartered has over 77,000 employees, representing 125 nationalities; working in a global network of over 1,700 outlets in more than 71 countries around the world. Our variety is a source of great strength, and we take care to build powerful connections across our network to get the very most from the vast fund of cultural, local, technical and strategic knowledge we possess. Standard Chartered Bank is the largest international bank in Bangladesh with 26 Branches, 57 ATMs and 7 Financial Kiosks; employing over 1,300 people. We are the only foreign bank in the country with presence in 6 cities – Dhaka, Chittagong, Khulna, Sylhet, Bogra and Narayanganj; including the country's only offshore banking units inside Dhaka Export Processing Zone (DEPZ) at Savar and Chittagong Export Processing Zone (CEPZ). Vision
To be the preferred provider of Islamic financial products in the market. Mission
To create exceptional value for our clients, investors and staff; through market leadership in providing innovative Shariah compliant products and solutions, and by adopting and living our core values. 6. Strategic business objectives of the organization:
Attracting and retaining the best talent:
There were particularly strong increases in the number of employees in many of our core strategic markets. For example, we recruited almost 3,000 employees in India, just under 1,000 in Pakistan and over 1,000 employees each in China, Hong Kong and Singapore. We expect to continue hiring in these growing markets in the coming years. We focused on increasing the proportion of women at senior levels. As part of our efforts to retain talented staff, we continued to provide an inclusive environment for our people
The Group’s approach towards rewarding employees is closely aligned to performance. We launched a new on-line performance and compensation management system which will help us meet the challenges around decision making as we grow and help reinforce the links between performance decisions and reward allocations.
Talent management and development
One way Standard Chartered helps individuals identify their strengths is through the use of an on-line self-assessment system.
7. Business challenges the organization face:
* The major challenge that bank has is the stress levels that are running high due to certain employees not being able to meet their targets. This is having a negative impact on the figures for the entire department and causing increasing tensions. This may result in declining applications if this situation is not resolved in an appropriate manner.
* Another is the entry of new banks into this area of personal cash financing. As more banks are starting to offer this facility this industry is becoming increasingly competitive and the already saturated target market is not showing great potential for growth. We can see this from the loan that Citibank is currently offering with 0% interest these days.
* The State Bank has limited...
Please join StudyMode to read the full document