This assignment is based upon information collected on Republic Bank Limited. This is to illustrate the mission, vision and stakeholders and how the stakeholders affect the organisation.
The company chosen is Republic Bank Limited. Republic Bank Limited (RBL) is a large organisation. It consists of thirty nine (39) branches within Trinidad and Tobago. They also have subsidiaries such as Barbados National Bank Inc, Republic Bank (Guyana) Limited, London Street Project Company Limited, Republic Bank (Grenada) Limited, Republic Bank (Cayman) Limited and Republic Securities Limited.
The mission statement describes the basic functions of the organisation in terms of society with the products and services it produces for its clients. RBL mission statement is; Our mission is to provide personalised, efficient and competitively priced financial service and to implement sound policies which will rebound to the benefit of our customers, staff and shareholders.
The vision of an organisation is a thought or dream that an organisation works towards achieving. RBL’s vision: The financial institution of choice in the Caribbean for customers, staff and shareholders. We set the standard of excellence in the customer satisfaction, employee satisfaction, and shareholder value.
The value of an organisation is the goals or aims of the organisation will have an ideology based on beliefs, values and attitudes. This ideology is a means of control through shared beliefs and determines the culture of the organisation, providing a set of principles that govern the overall conduct of the organisation’s operations, code of behaviour, the management of people and its dealings with other organisations.
The core values of RBL are:
•Respect For The Individual
Objectives refers to achieving or accomplishing short term results or primary objectives in an organisation with the intention of building its way towards the dream, main purpose or the reason why the organisation was established in shot the secondary objectives. Operational goals can be expressed as objectives. Objectives are used for; •Orienting the activities of the organisation to the fulfilment of the organisation’s mission. •The mission of a business, whether stated or not, must include profitability. •As standards for measuring the performance of the organisation and departments in it.
Many objectives are (SMART)
S - Specific
M - Measurable
A – Attainable
R – Results oriented
T – Time bounded
Republic Bank Limited being private limited company key objectives is; I.Provide customer satisfaction.
II.Competitively priced financial service e.g. Lower interest rates, reasonable return on investments III.Individual financing or banking
IV.Choice of a variety types of investments for example money market, equity fund, tisp account etc V.Economic success – all organisation was created for a purpose VI.Employee satisfaction
VIII.A preferred choice of financial institution – to stand out against the competing financial institution
All organisations affect and are affected by different stakeholders. Stakeholders are individuals or groups who have interest in how the enterprise performs because it affects them in some way that is; they have a stake in the organisation. Organisations prioritise objectives to try and satisfy as many stakeholders as possible. In order to achieve these organisations must examine which shareholders are more important than the other.
Stakeholders have a responsibility to the organisation as well as the organisation has a responsibility to the stakeholders.
Three key stakeholders of Republic Bank Limited are;
To achieve the mission of a business we recognise the importance and role of the stakeholders. As...