How effective is Citibank at resolving and retaining its staff? Essay

To provide Citicoin bank with a describe that urges service to recruitment and retention.Objectives1) To assess the benefit, if any provided by Citibank for its employees.2) To take abstract carrying into action criteria for the reasurement of ply exertion.3) Examine and try by employee perception of the current raising provision.4) Examine and evaluate other factors that may influence supply morale.In order to manage the performance of ply managers I pull up stakes be using performance criteriaThis is a handy measuring tool, which is apply as a system by which I moderate be assessing multitudes performance and the satisfactions and dissatisfactions of their work.I exit overly be assessing the performance criteria of their absenteeism and the No of days staff ar absent in a period of time.Also I will be checking on productiveness and the emergence of staff measured against output.I will be observe the retention rates information and to check into how coher ent staffs im offend worked, whether they ar temporary or permanent.Company History and Background to problemThe c whollyer I am investigating is a subsidiary of Citigroup Inc, Citibank International plc. specific plainlyy I will be looking at the Distribution member of the Global Consumer Bank in the UK.In the year of 2001 Citigroup hailed its position as one of the most successful financial services in the world. It registered double-digit additions cross expressions many lines of production line, and a 20% returns on equity. Their main(prenominal) objectives argon to undercoat trusted relationships with consumers, corporations, institutions and governments. They operate for both sectors of businesses, private and personal banking. They have bodily banking and this is for business, which generates a lot of money. Citibank is a large corporation and is kn discover as a national limited company, or PLC, meaning that its shares burn be floated and then traded on the sto ck market. Any member of the general public can in that locationfore become an owner of these systems.I have analysed the yearly report for Citigroup in 2001. The figures are very promising and pose an increase of 8% in revenue over the previous year.What I am currently basing my ensure on is the Citibank branches situated in Lon presume. The branches are ground at Oxford Circus, Strand, Monument and dischargeary Wharf. I sh tout ensemble be conducting this phasework with the help of Danny Childs, booster Vice President of Citibank he is likewise in charge of the employees in the London branches.I shall be conducting enquiry within the indexs of Citibank to determine the superior of staff behaviour and how they go about customer services. I shall analyse my findings and from the knowledge I discover, I will talk it over with Mr Childs and contour out ways to retain a positive atmosphere in his offices. serve welling IndicatorsI am difference to select the appropriate performance to evaluate Citibanks effectiveness in didactics. There are ii types of performance indicatorsA) Qualitative In-depth investigate into the motifs behind the attitudes of the employees with the interrogativenaires that I have conducted.B) Quantitative Pre-set top dogs on a sample of 13 employees have in order to provide statistically valid data. I wrote this questionnaire and received anonymous and therefore unbiased firmness of purposes that bear on the search objectives.Performance heed entirely expressed is an approach to managing citizenry, which helps to ensure that individuals performance goals and capabilities are linked to the goals and plans of the business. When this occurs, business performance goals are met mountain know what is anticipate of them and receive the support they make to develop their capabilities.Modern performance management is based on the principle of objective cascade. This heart and soul that everyone decides a cause co nnection betweena) The goals of the entire business.b) The goals of the department.c) How the performance goals of teams and individuals relate to and support business goals.What is the overall approach to performance management in Citibank?PurposePerformance management provides a commitment and unclouded approach to managing performance of all people within Citibank.Aims Clarify performance expectations in relation to what people do and how they go about it.* Address and enhance performance through honest and fashionive feedback.* Identify and deliver training and development to meet individual and team capability requirements.Performance indicators that can be employ for Citibank can be Performance IndicatorPurposeProfitCan be measured in quarterly times of the year to see how much money Citibank is bringing in.Staff turnoverThe amount of staff that has left Citibank can be measured with the staff from last year.Absenteeism per year compared to provide the number of times empl oyees have taken days off. seek MethodologyFor my research into Citibank, I will be conducting several antithetic kinds of methods to gather my data. My research will include both simple and second-string data. Therefore, my final results will be accurate and reliable.Primary ResearchPrimary information is the process of gathering information directly from people within your organise market, as I will have shown by the time this project is completed. I shall be gathering data from the market by path of conducting an anonymous questionnaire. A questionnaire contains several advantages * + Through the questionnaire I can construct my questionnaire to suit the inescapably of fulfilling my research objectives.* + A questionnaire contains up-to-date answers from the employees.* + Through the questionnaire I can also understand the state of mind the thespian is in and how he feels about working within Citibank.The questionnaire will be emailed to all of the staff utilise by Danny Childs. They will then fill it in and return it back to me. I have decided to use this method because it is honest and will be unbiased. It is reliable and will be of salute and true facts. It is also a good idea because it is anonymous and employees wont feel pressured into giving answers that only are only say for the sake of Danny. I will be handing out questionnaires to 30 people in Dannys workforce.Secondary ResearchI will also be using other sources of non-primary findings. They are called secondary research. Secondary research is the process of collecting data that is non new. It can be mature evidence from magazines, the Internet or statistics. In this case when the secondary research is collected it will be analysed in accordance to the questionnaires.These sources will be coming from Danny Childs past findings and research data, which he has stored on his laptop. These findings inform me of staff turnover and retention rates of Citibank. I will only be gathering data that is from the past year and which I consider to be useful. Secondary research gives a background psychoanalysis of the primary research conducted and I will be able to nonice any trends, if any, in the results. After I have had all the results in for both the primary and secondary, I will combine them together and have an accurate answer and accomplish my aim.I will be using a duodecimal research method. This entreats pre-set questions to the Staff of Citibank.This is called sample as I am reservation sure my results are going to be typical of the whole Citibank workforce.My questionnaire will be unbiased and ensure that my objectives are met. I will also research into my answers to check how valid they are.Before starting time off my main concerns to do with sampling was that how am I going to choose the subdue people for inter slang (sampling method) and also deciding how large a number to interview (the sample size). There are 4 main sampling methods Random sample, Qu ota sample, Stratified sample, and stud sample.Random SampleThis is when I would select employees within Citibank and ensure they are all treated equally in the questionnaire selecting process. A successful random sample is one which1) Picks names at random from a register processe.g. every 50th name.2) fling an interviewer to separately worker within the offices of Citibank and question him.Quota SampleThis is when youre- selecting interviewees in parity to their age within the offices. This allows the interviewer (which would be me) to question whoever he sees in the office room, as long as the correct quota is achieved.Stratified Sample wholly those with certain characteristics are to be interviewed. Eg I am going to only interview managers within Citibank worldwide. This means I am interviewing individuals at random. bunch together SampleThis is sampling only within a certain area, such(prenominal) as university towns or certain business districts. It is generally used for students such as me who are doing projects on a large scale.Therefore I have decided that the sample that I will be conducting is Cluster Sampling. This is because my sample size was 13 employees and is only referring to the distribution division of Citibank, and not the rest of the company.Analysis bulge of the thirty questionnaires that I handed out among the staff, only long dozen questionnaires were sent back to Danny Childs who then forwarded them back to me. The curtilage not all questionnaires were change in was that half of them opinion that it was Danny himself who had constructed the questionnaire and not me. After receiving the questionnaires I went about analysing each(prenominal) question and breaking them follow out in terms relating to the aim. All answers that were multiple choice, I ensured that I modify the answers and I created pie charts to visually show my answers. Where questions have a long hand answer I will be using verbatims. This is when I will be lifting relevant comments from the answers. The way I have done this is to nibble out key messages and repeated statements within the answers and to then summarise it 1) How long have you been at Citibank?What employees wroteA=Less than a year 1B=1-3 Years 8C=3-5 years 4D=More than 5 Years 0Out of the thirteen who answered, the absolute majority of employees (eight workers) verbalize that they worked between one to three years. Only one employee who filled in the questionnaire has been with Citibank for longer than a year and also had the most shun comments to say about Citibank as an employer. I constructed a Pie Chart to incorporate the data above 2) How would you rate Citibank as an employer?What employees wroteA) Poor 0B) discomfitstairs Average 2C) Average 4D) Above Average 7E) Excellent 0Out of the thirteen that answered, the majority of workers currently employed at Citibank express in their questionnaire that as an employer, they rated Citibank as average. The reason s for this are explained in question three. I have constructed a pie chart to show the data above for question two.3) Give a Brief reason for your answer to the previous question.Most of the employees answered that Citibank provided a Good benefit big money e.g. salary, BUPA. Two employees claimed that Citibank is more enjoyable than previous employment. Four employees were not blessed with their employers and were not dismayed to let it be known. nonpareil of those four even went far plenty to leave the question unanswered which goes to show how much he values Citibank as an employer. Referring to page 2 of my accompaniment, an employee said, Managers dont want to see customers, even if they are available to assist. The worker sees this as a bad thing, yet if he holds about it he can use this to his advantage. The manager of the branch may trust in Maslows theory of management and develops a democratic approach towards his staff. By allowing the staff to think for themselv es and make the correct decisions, Danny Childs will only be called in absolute urgency, and by shadowing him for a week I learned and watched the way the workforce was run.4) When was the last time you attended a training course?The employees have answered this question vaguely and were not afraid to point out that Citibank training is bad and that it is so boring. atomic number 53 employee even said that he cant remember the last course he had attended. This goes to show that Citibank need to invest in making their training courses more innovative and enjoyable for their workers in order to keep them prodd. They could leave team working in the courses meaning placing workers who havent worked together before or are not in the same neighborly circle as that particular worker into a group, switching their tasks rough and discussing ways of them working more effectively.Team working, managed effectively, can provide employees fracture quality and more innovative work at a free ze off cost and at a faster rate. To achieve such improvements in performance employees must be regard. They must have the ability to kick in and feel they are listened to. Greater participation can help a company like Citibank gain a competitive edge. Although this may be expensive, the outcome may be fruitful. The workers may leave the course happier and valued and therefore work harder and produce more business for Citibank.5) Overall, what do you think of the training provided atCitibank?What employees wroteA) Poor 2B) Below Average 1C) Average 6D) Above Average 4E) Excellent 0Most of the employees at Citibank rated training as only average. I discussed this proposition in more detail in question four and discussed the contrasting approaches that could be taken. Even if changes were implemented correctly, I would hope that if I was to ask the same question to staff in six months, the majority king answer that training is Excellent. Below is a pie chart, which I created to show my results from question five 6) What keeps you motivated at Citibank?Nine out of the thirteen that answered said that the salary they are on is what keeps them motivated. There were no other factors involved in keeping the staff riant. Three workers said that they survive by motivating themselves and only one claimed that he was there only to do a job. Three things influence the demand of staff in manage* The company nuance.* Its approach to managing its people* The financial reward systems.Company culture means the accepted set of attitudes and habits within an organisation-its ethos. Every business has its own culture, and Citibank is no different. Within an hour of sitting in the office with Mr Childs, jokes out I set out to work hard throughout the week. What kept me motivated was that I was working at a top bank and I wanted to please Danny so as not to foil him. It was challenging, yet purposeful. Elton Mayo was a motivational theorist who pointed out that the de parture in attitude was often to do with the unofficial leader or leaders of the staff concerned. For the majority of the workers, it is the financial reward system that keeps them motivated. Danny explained to me that each of his sales team has a PRP (performance-related pay) scheme to follow. It is a highly pleasing system for encouraging staff to work towards the organisations objectives. The usual method is1) At the end of each month, the individuals transaction is discussed against the targets set.2) If they have reached a target or gone above it, they are rewarded with a pay rise, or are given a bounty scheme to work to.7) Do you feel you get motivation from your managers?This question was answered with much criticism towards the managers. I designed this questionnaire to find out incisively what the staff is thinking and I got what I wanted. This question was answered in a way that it was being critical of the managers and mocking their intelligence. In two of the questio nnaires, staff said that the managers give support rather than motivation. Support and motivation are two totally different things. Support is when the manager doesnt literally do the work for an employee, but rather sets the framework for what is to happen. motif is when a manager would encourage his employees to do more or lessthing by means of offering them incentives. For most of the answers given in this question it is plain to see that employees dont feel they get the right motivation that they feel is deserved.Most managers assume they understand charitable motivation when in practice they have never studied it. As a result they may underestimate the potential within their own staff. Or thoughtlessly cause resentments that fester. The process of managing people takes place in every part of every organisation. By contrast a few people would need to know the financial concept of gearing in their working lives. So lack of knowledge of motivational theory is particularly unfo rtunate and has exceptionally widespread effects. In this case, ignorance leads to managers to ignore motivation altogether. They tell themselves that control and organisation are their only concerns. Other managers may see motivation as important, but fail to understand its subtleties. For these reasons, I can state that there is a case for saying that the concepts of motivation are that of the important factors in running a business.8) Do you feel you have career prospects at Citibank?Most of the employees answered this question with mixed answers. After reading each answer I realised that it was roughly a 50/50 outcome. Some of the employees saw themselves with a future at Citibank, while others thought that they deserved to be elsewhere. A lot of factors can depend on whether or not an employee has a future at Citibank. The outcome I have come to is that the reason the question was not answered properly was because I didnt ask the question correctly. What I should have I asked w as Where do you see yourself in two years time? That way, I will be getting a more detailed answer from the employee and he/she will give me a clear idea of what they think lays in their future. Here is a pie chart to represent the data As you can see from the graph, 54% of the staff saw themselves with a future and 46% saw themselves leaving Citibank.9) Do you feel you are paid a fair wage for your job compared to the banking market place?Out of the thirteen employees, nine answered that they are happy with their salary compared to other banks. Citibank on the whole, pays fair wages. One worker said there is invariably room for improvement showing that although they are being paid well, more money is always better.Referring back to Maslows pecking order of needs, if the pay levels were increased, it can be used as an incentive to ensure that they remain at Citibank. Maslow believed everyone has the same needs- all of which can be organised as a hierarchy. When employees earn com plete to satisfy these needs, however their motivating power slowly disappears. Maslow then referred to his hierarchy of needs in order for them to remain motivatedSelf-ActualisationEsteem needsSocial needsSafety needsPhysical Needs10) ar you offered any financial incentives such as bonus schemes or awards?Out of the thirteen that answered this question, ten replied that they are offered decent incentives if they work hard enough to earn them. A workforce must be put in place, which provides departments such as operations and marketing with the correct number of suitably skilled employees to accomplish their targets. For an employee to work well, he must first be able to have a good relationship with his employer. I created a pie chart to give a visual representation of the data I received 11) Do you feel Citibank has effective managers within branches?More employees said that managers are effective within the branches, although those that werent happy, had a lot to criticise. One worker said that managers should be more hands on. The question that came to my management is What is an effective manager? There are several explanations to this question, and I am going to explain it by means of McGregors Theory X and Y.This comes from Douglas McGregor who identified two styles of management. Theory X managers tend to distrust their employees they believe they dont really enjoy their work and that they need to be controlled. In McGregors own words, many managers believe The average human being has an inherent dislike of work and will avoid it if he can. This theory is not about workers, but he is actually talk about the managers themselves. Theory X in other words is how managers view their workforce. On the other hand, Theory Y managers are more apparent to involve employees in decisions and give them greater responsibility. The managerial assumptions identified by McGregor X and Y are* The capacity to exercise a comparatively high degree of imagination, inge nuity and creativity in the solution of organisational problems is widely, not narrowly, distributed in the population.* The average human being learns, under proper conditions, not only to accept but to seek responsibility.* Commitment to objectives is a function of the rewards associated with their achievement.It is clear that Danny is a theory Y manager in some aspects as he is inclined to adopt a democratic leading style. Their style is to delegate authority to meet specific objectives. Theory X style is to be self-fulfilling. Lazy people are obviously going to produce less output then a lively person. The way to make that lazy person lively is to offer him an incentive, which will motivate him to work harder.12) Would you recommend your friends to work for Citibank?Eight employees said that theyd recommend friends to work for Citibank, one of them saying what I needed to read, Higher starting salary compared to High Street Banks. The answers show that it was mixed opinions and there could be several reasons. Workers may not want to mix business with pleasance and therefore for friends to be around them in the office, their performance can intemperately decrease.13) What, in your view, could Citibank do to improve your working environment?The employees answered and voiced their opinions to make the working environment of Citibank better. The question was answered in detail and I was happy with the result.AppendicesBelow you will find that I have broken down my questionnaire into an easier way to understand. I completed this before I began my analysis and this appendix can be referred back to as a backup for my analysis at anytimeQuestion 1- How long have you been at Citibank?A) Less than a yearB) 1-3 YearsC) 3-5 YearsD) More than 5 Years