Work Situation Standard Chartered Bank in America Essay
- Length: 5 pages
- Sources: 4
- Subject: Business - Management
- Type: Essay
- Paper: #57684871
Excerpt from Essay :
Standard Chartered Bank in America Houston, Texas
Standard Chartered Bank is a multinational bank with several branches across the world offering different financial services in different regions. The bank is headquartered in New York City with operations in New Jersey, Florida, Houston Texas and California. The bank has been in operation in the U.S. since 1902 and has been employing thousands of the Americans. Its main focus in the U.S. is whole sale banking where it offers products and services in trade finance, treasury, foreign exchange and interest rate products, cash management, commodity finance and structured import and export financial services (Standard Chartered Bank, 2008).
My position at Standard Chartered Bank as my new company will be the Marketing Manager based in Houston. The job description will be to develop and maintain marketing strategies for the branch. I will be required to conduct market research establish what the market requires to improve on the products and offer better and quality services. The position requires me to closely watch for competition, be able to draw a pricing and marketing strategy, work within the budgets to deliver marketing activities, manage all the advertising and promotional activities of the bank and to review and develop marketing plans for both the existing and new products in the market.
The job is very demanding and requires a lot of attention in order to perform and deliver results so as to meet the set objectives. In an industry which is full of competition from various players offering the same services, my main job will be to focus on those activities that will help the bank to steer ahead of competition and to increase its customer base. In order to perform my role as the Marketing manager, goal setting will be important to motivate my performance. Goal setting is a method which has been recognized by many organizations and has been used for motivating employees having been looked at by many researchers who have come up with many theories to support it. In order to perform a task and produce results, setting of goals is the first important step to consider and work towards achieving the set goals. Lack of goals works negatively on employees as there are no guidelines as to what is the expected of them. Lack of goals reduces the employee's level of performance and they are not able to put to task their best efforts.
Goal setting will motivate my performance as the Marketing Manager in many ways. By setting clear goals I will be able to have specific goals to achieve and have specific duration of time to complete them. Setting time to complete certain tasks and being able to complete them within the time frame will be a source of motivation and an indication to improve on efficiency and a way of setting a benchmark for future operations.
By setting each task as challenging I will be motivated and strive to accomplish the tasks by working extra hard to overcome the challenges that come with the task. Setting of challenging targets for my team and being able to achieve the targets will be a source of motivation and for the benefit of the bank. Setting goals which are challenging but are realistic is a source of motivation for all the employees which will in turn motivate my performance.
As a Marketing Manager, my work will involve working with a team to deliver the marketing activities and deliver the message into the market which is expected to translate into sales and more banking activities by attracting new customers as well as retaining the existing customers by enticing them with better products. When setting the goals, I will encourage the employees to participate in the goal setting and a chance to make decisions. Management by participation motivates the employees and there is a sense of commitment from them where they strive to achieve the set goals. Handling of challenging tasks need the employee's commitment and by involving them in some of the decision making sessions win their commitment and a way of motivating them to perform.
As the employees work towards achieving the set goals, it is important to give regular progress reports so as to know which areas of the set goals need to be adjusted or what approaches are required to achieve the goals as planned. Giving feedback at the end of the task or periodically is important as this will motivate my team and encourages them, their efforts will be recognized and a performance-based reward will be encouraged.
To further motivate my performance as well as that of the employees I will ensure that that as much as the goals may be complex, there will be enough time allocated for the employees to be able to accomplish the goals. By making the tasks challenging is a motivating factor therefore the employees should not be discouraged with overwhelming tasks which can de-motivate them in the long run since goal setting is mainly to achieve success and not failure (Jennn Fusion and Demand Media, 2012).
The task of a Marketing Manager can be so demanding and very stressful as one is needed to be very innovative and be ahead of competition all the time in order to retain the market share and capture more markets. Market research has to be conducted all the time and to be in constant touch with the consumers in order to deliver what the market requires and improve in the service delivery to remain competitive. Workforce stress is a phenomenon that cannot be avoided especially in a demanding role which can be quite challenging if not well managed. I will therefore implement the following steps to curb stress that comes with my new role so as not to interfere with the flow of my work and have effect on my productivity as well as the employees working under my supervision. I will put in place proper time management measures so as not to have a heavy an unrealistic workload. I will try not to over commit on tasks and prioritize tasks based on their importance. Time is of essence and proper time management should be put into use so as not to overcrowd scheduling of activities. More demanding tasks shall be given more time compared to the less demand tasks to ease pressure.
When am overwhelmed with work, I will be able to delegate some of the responsibilities to the co-workers as team work enhances speed and help meet strict deadlines. Delegation helps in reducing the individual burden and less time is spent on a particular task due to the combined effort. It also improves on the quality of the output especially when the delegation is based on one's field of expertise, different inputs gives any particular task a quality approach due to the combined skills which also motivates the employees and give them a sense of recognition which will reduce stress and create a healthy atmosphere for work.
I will be able to do a self check to establish my weak points so as to improve and work together with others and be prompt when handling emotional issues so that the workers can work comfortably and openly around each other without conflicts. I Will be able to approach issues professionally and come up with the best solutions to address them whenever they occur so that both the parties in conflict with one another can feel satisfied and the matters solved amicably. Conflicts at work bring tension and a toll on the employee productively but when effectively managed, the performance improves significantly. An open and clear communication and employee participation in the entire decision making processes will help reduce the stress as they will feel part of the decisions and feel some sense of ownership in the decisions therefore there will be commitment which will help in creating a friendly work environment and a reduction in stress (Jeanne Segal et al., 2012).
Communication is essential in any given organization and proper communication helps the managers in delivering their responsibilities. It helps in motivating the employees since one cannot motivate without proper communication, it is a source of information, it helps in socialization and bring a friendly working atmosphere within an organization and it is also used as control measure where policies are communicated and implemented to guide the employees. There are however nonverbal and cultural barriers which hinder effective communication from taking place and to address this issues I will be able to promote the use of simple language in order not to offend the employees and encourage them to use simple language to be able to accommodate each other regardless of one's cultural background.
I will be able to communicate the importance of cultural diversity and discourage the use of non-verbal modes of communication which may be offensive to others since people interpret the symbols separately based on their culture. I will encourage the employees to interact freely and learn other people's culture and…