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

To render Citibank with a physical composition that recommends improvement to recruitment and retention.Objectives1) To assess the benefit, if any provided by Citibank for its employees.2) To select appropriate military operation criteria for the reasurement of ply performance.3) portray and analyse employee perception of the current discipline provision.4) Examine and evaluate new(prenominal) factors that may influence faculty morale.In golf-club to manage the performance of stave managers I go forthing be using performance criteriaThis is a handy measuring tool, which is used as a regularity by which I will be assessing tidy sums performance and the satisfactions and dissatisfactions of their work.I will uniformwise be assessing the performance criteria of their absenteeism and the No of days staff are absent in a period of conviction.Also I will be checking on productivity and the number of staff mensural against output.I will be monitoring the retention rates data and to see how abundant staffs rush worked, whether they are temporary or permanent.Company History and Background to problemThe company I am investigating is a subsidiary of Citigroup Inc, Citibank International plc. Specifically I will be looking at the Distri besidesion Division 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 increases across many lines of business, and a 20% returns on equity. Their main objectives are to establish trusted relationships with consumers, corporations, institutions and g overnments. They operate for both sectors of businesses, private and personal banking. They nurture corporate banking and this is for business, which generates a business deal of money. Citibank is a commodious corporation and is kn take as a ordinary limited company, or PLC, meaning that its shares tolerate be floated and then traded on the stock trade. Any segment of the general public evoke therefore become an owner of these organisations.I contract analysed the annual report for Citigroup in 2001. The figures are very promising and show an increase of 8% in revenue over the previous year.What I am currently basing my project on is the Citibank branches situated in London. The branches are establish at Oxford Circus, Strand, Monument and Canary Wharf. I shall be conducting this coursework with the help of Danny Childs, Assistant Vice President of Citibank he is also in charge of the employees in the London branches.I shall be conducting inquiry in spite of appearance the major powers of Citibank to arrange the quality of staff behaviour and how they go close to customer services. I shall analyse my findings and from the schooling I discover, I will talk it over with Mr Childs and sort out ways to retain a constructive atmosphere in his offices.Performance IndicatorsI am going to select the appropriate performance to evaluate Citibanks effectiveness in training. There are two types of performance indicatorsA) Qualitative In-depth research into the pauperizations tush the attitudes of the employees through the headlandnaires that I collect conducted.B) Quantitative Pre-set interrogatives on a stress of 13 employees amaze in order to provide statistically valid data. I wrote this scruplenaire and received anonymous and therefore unbiased answers that admit the research objectives.Performance management simply expressed is an approach to managing people, 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 people know what is expected of them and receive the financial support they need to develop their capabilities.Modern performance management is based on the principle of objective cascade. This nub that all(prenominal)one sees a clear connection 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 boilers suit approach to performance management in Citibank?PurposePerformance management provides a commitment and moderately 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 constructive feedback.* observe and deliver training and development to meet individual and team cap cleverness requirements.Performance indicators that can be used for Citibank can be Performance IndicatorPurposeProfitCan be measured in quarterly times of the year to see how much money Citibank is bringing in.Staff perturbationThe amount of staff that has left Citibank can be measured with the staff from last year.AbsenteeismAnnually compared to provide the number of times employees feature taken days off.Research MethodologyFor my research into Citibank, I will be conducting several various kinds of methods to gather my data. My research will include both pristine and auxiliary data. Therefore, my answers will be accurate and reliable.Primary ResearchPrimary information is the process of gathering information directly from people within your prat market, as I will contract shown by the time this project is completed. I shall be gathering data from the market by means of conducting an anonymous incertitudenaire. A questionnaire contains several advantages * + Through the questionnaire I can construct my questionnaire to suit the needs of fulfilling my research objectives.* + A questionnaire contains cutting-edge answers from the employees.* + Through the questionnaire I can also understand the enjoin of mind the role player is in and how he feels about working within Citibank.The questionnaire will be emailed to all of the staff employed by Danny Childs. They will then fill it in and return it back to me. I feed decided to use this method because it is honest and will be unbiased. It is reliable and will be of present and true facts. It is also a good idea because it is anonymous and employees wont feel pressured into giving answers that only when are only verbalize 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 alternate research. Secondary research is the process of collecting data that is non new. It can be old deduction 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 prehistoric findings and research data, which he has stored on his laptop. These findings inform me of staff turnover and retention rates of Citibank. I wi ll only be gathering data that is from the past year and which I consider to be useful. Secondary research hand overs a background analysis of the primary research conducted and I will be able to nonice any trends, if any, in the results. aft(prenominal) 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 quantitative research method. This asks pre-set questions to the Staff of Citibank.This is called sampling as I am making 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 startle off my main concerns to do with sampling was that how am I going to choose the pose people for interview (sampling method) and also deciding how large a number to interview (the sample size). There are 4 main sampling methods R andom sample, Quota sample, bedded sample, and Cluster sample.Random SampleThis is when I would select employees within Citibank and ensure they are all tough 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) Send an interviewer to each thespian within the offices of Citibank and question him.Quota SampleThis is when youre- selecting interviewees in proportion 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 SampleOnly 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.Cluster SampleThis is sampling only within a certain area, such as university towns or certain business districts. It is accustomedly 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 non the rest of the company.AnalysisOut of the 30 questionnaires that I handed out among the staff, only thirteen questionnaires were sent back to Danny Childs who then forwarded them back to me. The reason out not all questionnaires were filled in was that half of them thought that it was Danny himself who had constructed the questionnaire and not me. After receiving the questionnaires I went about analysing each question and breaking them down in terms relating to the aim. All answers that were multiple choice, I ensured that I amalgamated 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 pick 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 mass of employees (eight workers) said 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 negative comments to say about Citibank as an employer. I constructed a Pie chart to represent the data above 2) How would you rate Citibank as an employer?What employees wroteA) Poor 0B) Below intermediate 2C) Average 4D) Above Average 7E) Excellent 0Out of the thirteen that answered, the legal age of workers currently employed at Citibank said in their questionnaire that as an employer, they rated Citibank as amount. The reasons 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 portion e.g. salary, BUPA. Two employees claimed that Citibank is more enjoyable than previous employment. Four employees were not happy with their employers and were not alarmed to let it be known. One of those four even went far copious to top the question nonreciprocal which goes to show how much he values Citibank as an employer. Referring to page 2 of my appendix, an employee said, Managers dont motive to see customers, even if they are available to assist. The worker sees this as a bad thing, yet if he thinks about it he can use this to his advantage. The manager of the branch may believe in Maslows theory of management and develops a democratic approach towards his staff. By allowing the staff to think for themselves and touch on 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 tedious. One 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 propel. They could ensue team working in the courses meaning placing workers who havent worked together out front or are not in the same social circle as that particular worker into a group, switching their tasks around and discussing ways of them working more effectively.Team working, managed effectively, can provide employees erupt quality and more innovative work at a lower cost and at a faster rate. To achieve such improvements in performance employees must be requestd. They must have the ability to contribute 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 treasured 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 consequence in more detail in question four and discussed the different approaches that could be taken. Even if changes were enforced correctly, I would hope that if I was to ask the same question to staff in six months, the majority might 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 happy. Three workers said that they survive by do themselves and only one claimed that he was there only to do a job. Three things influence the motivation of staff in practice* The company socialization.* 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 second of sitting in the office with Mr Childs, jokes aside 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 disappoint him. It was challenging, yet purposeful. Elton Mayo was a motivational theorist who pointed out that the difference in attitude was often to do with the unofficial leader or leadership 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) avoidance to follow. It is a highly attractive system for encouraging staff to work towards the organisations objectives. The usual method is1) At the end of each month, the individuals achievement 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 over a bonus scheme to work to.7) Do you feel you get motivation from your managers?This question was answered with much censure towards the managers. I designed this questionnaire to find out exactly what the staff is thinking and I got what I wanted. This question was answered in a way that it was creation critical of the managers and mocking their intelligence. In two of the questionnaires, staff said that the managers give support rather than moti vation. 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. indigence is when a manager would encourage his employees to do something 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 responsibility motivation that they feel is deserved.Most managers assume they understand human motivation when in practice they have never studied it. As a result they may underestimate the potential within their own staff. Or unthinkingly 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 wagon train in their working lives. So lack of knowledge of motivational theory is particularly unfortunate and has exceptionally widespread effects. In this case, ig norance leads to managers to ignore motivation altogether. They tell themselves that control and organisation are their only concerns. some 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. close to 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 was Where do you see yourself in two years time? That w ay, 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 decent 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 always room for improvement showing that although they are being paid well, more money is always better.Referring back to Maslows hierarchy 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 enough to satisfy these needs, however their motivating power ea sily disappears. Maslow then referred to his hierarchy of needs in order for them to remain motivatedSelf-ActualisationEsteem needs favorable needsSafety needsPhysical Needs10) Are 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 trading operations and marketing with the correct number of appropriately skilled employees to accomplish their targets. For an employee to work well, he must number one 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 mor e hands on. The question that came to my attention 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 rightfully 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 talking about the managers themselves. Theory X in other words is how managers view their workforce. On the other hand, Theory Y managers are more likely to involve employees in decisions and give them greater responsibility. The managerial assumptions identified by McGregor X and Y are* The might to exercise a relatively high degree of imagination, ingenuity and creativity in the solution of org anisational 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 leadership style. Their style is to substitute 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? 8 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 pleasure and therefore for friends to be around them in the office, their performance can severely decrease.13) What, in your view, could Citibank do to improve your working surroundings?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