Leadership And Change Management In The Eastern Bank Limited Business Essay - Free Essay Example

I would like to thanks all my colleagues for the time and experience they have shared for this unique project that I have undertaken. Our professors guidance is the motivational force to start this project in the direction where we will not only learn about this unit theoretically but also practically. After careful consideration of all the changes happened in the past two decade, i decided to take a financial institution for my project of leadership and change management. I took EBL (Eastern Bank Limited, Bangladesh) as my topic and i carefully studied its last two decades changes and also gone through its future strategy which will shape its business growth. This proposal outlines the framework of my approach addressing each key requirement, ensuring  complete evaluation and recommendations of the issues identified during  the review. This document will provide the following: Why and how these changes have occurred and how this organization took the opportunity for its own goals to get fulfilled keeping in mind the global competition and also its culture. In my project, i will bring you the highlight how private bank change itself from its traditional system and method to modernization. What is the driving force behind this changes? To build my solid base, i have gone through every possible research and beyond that. For any further assistant for this proposal, please feel comfortable to browse the website www.ebl-bd.com 2.INTRODUCTION The incremental change which they started slowly but forcibly put a lot of pressure on the traditional way of their banking system. Traditionally, the bank functional relationship was strong and was fully based on mutual understanding and trust amongst their employees regardless of the hierarchical structure. The hierarchical structure was rigid but very efficient where morale of the employee was very high and employee turnover was very low. These were the basic hurdle which made it difficult for the organization to bring the changes. Survival is always of the fittest and who survive the change, Rules. The driving factors of the changes were very strong as compare to its stability like the rapid changes in the business environment, globalization era and the evolving latest technology. EBL analyzed carefully its strength and its weaknesses inside its organization and studied/ evaluated the macro environmental elements for its threats and opportunities. The new structu re which was the outcome of change was more effective and efficient. The change was not that easy and got a lot of resistance from employees whom they overcome by having regular meetings and training and development. 3.PROJECT SYNOPSIS 3.1 Purpose The purpose of this review is to analyze the changes which EBL Private Bank gone through within the last two decades. The catalyst of this change is believed to be globalization, technological advancement innovation, competition and other macro environmental factors which stirred this organization. This organization not only survived but also expanded its operation nationally and internationally on a large scale. From study and survey we found out that its hard for the competitors to imitate its services and embedded culture which makes this organization strong in its core capabilities.  I try to analyze the forces which provide me view of change problems that need to be rectified and also by identifying forces for and against the change. The forces which pushed Against Force / Resisting Organization working hard ethically to deliver perfect result Loyalty and commitment of employees Choosing alternate requirements and potential flexibilities Motivatio n and encouragement Working on the feedback from staff survey staff want changes in how they are treated Pushing staff to work in a new ways Participation in a change process Traditional structure Bureaucracy Pressure of work during phase of changes Culture blame Communication problem inside the organization 3.2 Scope   Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Ãƒâ€š The scope of the review will be from the point of decision to make its stand against its rival private competitors which were not only fully equipped with modern technology but also with full monitory funds. Due to strong unfavorable circumstances this EBL not only worked on its core values but also build its long term strategy in which they fully succeeded. They changed their view of seeing the business from profit oriented (i.e. by not caring for the customer but the money) to customer oriented which the private banks were doing. Not only they changed this culture but also introduced the latest innovative technology.  3.3 Objective The objective of this review will be to: 1.  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚   Investigate and explore the flow of this organizations survival and expansion keeping in mind the globalization period. 2.  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚   Research and detail the positive and negative effect and changes in its culture and organizational structure. 3.  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚   Finding the advantages and disadvantages of this change process. 4. What were the outcome of these changes and how small changes led to the big changes? 5. The method and strategy decision they have opted to bring these changes? 6. What were the barriers to changes, was that the hierarchical management structure of the bank? 4. ORGANIZATIONAL OVERVIEW During the process of liberalization in 1991, banking has gone tremendous amount of changes. The main motive of these changes was to take the organization into profitable efficient and competitive side. These reforms become the fundamentals of the bangladesh economy and transferred the operating environment of the banks and financial institution in the country. During the tenure of pre-liberalization banking system were majorly handled by government fiscal and development polices. It open the opportunities for the bank to diversify into credits cards, insurance, investment banking, mortgage financing and depository services etc. 4.1 Companys Background. Eastern Bank Limited was founded in 1992 and is headquartered in Dhaka, Bangladesh. the company makes investments, placements, and borrowing in money and capital markets; and deals with foreign exchange business, as well as provides Internet banking, corporate banking, and Hajj remittance services, such as handling foreign demand drafts and foreign telegraphic transfers in Saudi Arabian and local currency. As of December 31, 2008, it had 34 branches, 36 owned automated teller machines (ATMs), and 118 shared Q-cash ATMs. Today, Eastern Bank of Bangladesh has spreads its arms around the world and has became the second largest bank in the world. EBLs international banking group delivers the full range of cross-border finance solutions. They have not stopped yet but have got further strategy to become the worlds no. 1 bank. These competitions open the door for the customers to their great satisfaction and also technology path in Indian banks. Banks started themselves to look into th e mirror of global competition which increased their efficiency growth. 4.2 ORGANIZATIONAL STRUCTURE (BUREAUCRATIC) Present profile of this organization A)  Ãƒâ€šÃ‚   Organizational structure B) It has spread its branches all over nationally and internationally collaborating with subsidiaries and non-subsidiaries. Eastern Bank of Bangladesh credit card Eastern Bank Of Bangladesh Online Eastern Bank Of Bangladesh USA Eastern Bank Of Bangladesh Services Eastern Bank Of Bangladesh Mutual Funds Eastern Bank Of Bangladesh Branch Eastern Bank Of Bangladesh NRI Account Banking subsidiaries: Eastern Bank of Narayanganj (EBN) Eastern Bank of Sylhet (EBS) Eastern Bank of Chittagong (EBC) Eastern Bank of Barisal (EBB) Eastern Bank of Rajshahi (EBR) Eastern Bank of Khulna (EBK) Eastern Bank of Ishwardi (EBI) Foreign subsidiaries: Eastern Bank of Bangladesh International (Mauritius) Ltd. Eastern Bank of Bangladesh (California). Eastern Bank of Bangladesh (Canada). INMB Bank Ltd, Lagos. Non- banking subsidiaries: EBL Capital Market s Ltd (EBLCAP) EBL Funds Management Pvt. Ltd (EBL Funds) EBL DFHI Ltd (EBL DFHI) EBL Factors and Commercial Services Pvt. Ltd (EBL Factors) EBL Cards Payments Services Pvt. Ltd. (EBLCPSL) Joint ventures: EBL Life Insurance Company Ltd (EBL Life). Activities: Eastern Bank of Bangladesh administrative structure is well equipped to oversee the large network of branches in Bangladesh and abroad. The State Bank of India has 14 local head offices and 34 zonal offices which are located at important cities spread throughout the country. Eastern Bank Of Bangladesh has 52 foreign offices in 34 countries across the globe. The corporate accounts group is a strategic business unit of the bank set up exclusively to fulfill the specialized banking needs of top corporate in the country. The main activities of are into- Personal banking. NRI services. Agriculture. International. Corporate. Domestic treasury. Eastern Bank Of Bangladesh offers the follo wing services to its customers Domestic Treasury. SBI Vishwa Yatra Foreign Travel Card. Broking services. Revised service charge. ATM services. Internet Banking. E-Pay. E-Rail. RBIEFT. Safe Deposit Lockers. Gift Cheques. MICR Codes. Foreign Inward Remittances. 5. METHODOLOGY My research is an academic activity which deals with the long term changes happened in the Eastern Bank of Bangladesh which is the largest public financial institution in Bangladesh. My research comprise of studying the companys history and analyze its banking system which reveals many driving force and hindering force for its transitional change on large scale. My analysis is further backed by quantitative analysis using the latest PESTAL and other relevant models which we are going to reveal further in our project as I proceed. To make sure what I am presenting, the case of change is viewed from outside the organization and also from its outside macro environment. I am not actively involved in this change but are observing and gathering all the information and data from very significant resources and also from the people who were/ are employee or other words anyhow directly or indirectly involved in this organization during the whole tenure of happening of these changes. 5.1 Approach I understand the concept of this topic and going to take all major approaches to make my project successful and knowledge worthy. The question and the guidelines are carefully chosen and sentenced so that we can get accurate information required for our project. The following methods are chosen for gathering information:- Personal interviews Telephonic interviews Electronic media( TV, radio, internet, online journal articles) Mail and e-mail Newspaper, articles, business magazines Group discussion. Observation and experience Unit lecturer MR. LLANDIS BARRAT-PUGH We are generating a debate in a class to find out more on this subject of change in SBI. Argumentative discussion is most welcome. We want our proposal to be challenged.    5.2 Limitations of this Proposal My research is basically concentrated on the EBL banks and its alliances which is the largest private sector bank of Bangladesh. So we cannot analyze all about the other banking system on the basis this research. Being such a great organization which has spread its arms nationally and internationally, its hard for the research to take into account all the variables of its different branches at different locations. 6. SELF SYNOPSIS Being a passive leader, i understand the drawback of not involving actively in the organization. But as a customer, i observed the trends and culture from its prevailing environment. We put lot of effort to find out, why and how they brought the changes in the system and what are the impacts of the changes on society and on the organization. Being a leader, we evaluated these changes and drawn a conclusion of its advantages and disadvantages. Leader always back up the changes for its positive effect and keep him focused and involved in the core values of the changes. He is solely responsible for his own behavior and actions. Detailed approach has been taken to each and every point of this proposal and studied the concept in depth. 7. SUGGESTIONS Based on our personnel research and observation we found that private sectors are not that much efficient in comparison with the public sector. Still they have to go a long way to improve their capabilities. They also need to put into practice the training requirements for the existing and new employees to make the system more efficient and increase the knowledge to use the new technology changing with time. They should also need to create a culture of sharing knowledge among the other colleagues so that they would be able to build trustworthy and strong team. Therefore, the private sector banks must emphasize on change management. This whole proposal state that EBL has emerged as a bright leader who has rectified its weakness and worked on its strength and reduced its threat  and grab the opportunities. Focus on key issues What are the driving forces behind these changes? How EBL gone has undergone the transformational change or otherwise would have gone out of business/ dead? What is the reason of these driving forces which made EBL to take big step (is it because of globalization, technology, political, economical or the social)?   8.CONCLUSION After carefully considering the diagnosis of the organization which has gone through the tremendous change, we concluded that it was necessary to do so and they have done it very carefully after analyzing the whole situation which involved its major competitors, political, economical, legal, environmental, social and technological and its own structure and culture. We also felt proud to do this proposal of this great organization because it not only survived during the critical transformational change as we know where most of the organization at that point went out of business/site but his organization was lucky and well kept on its strategic change decision by which not only survived but also came out with flying colors. It is one of the largest network organizations in the present time giving edge of competition to its competitor and new entrants. Its capabilities, capacity and diversity are the focus of this whole change which was not only about the top man agers but also about the junior employees who showed the enthusiasm towards this structural and cultural change. The company, not only, empowered the top level but also the lower level employees to bring this effective change. The size and complexity was a major concerned of this change in which the organization didnt show any sign of reluctance to invest and understand the lack of urgency. We also put our efforts to see its culture web which include stories like celebrating its success, spreading the good news about people and what they are doing, thanking and rewarding people and the mistakes they have made and learn from them. The paradigm of this organization show us valuing diversity, learning culture, strong work ethics, loyalty commitment and outward looking / forward thinking/ innovative.

A Summary Of Naomi KleinsNo Is Not Enough - 816 Words

Bestselling novelist Naomi Klein presented her new book, â€Å"No is Not Enough.† Klein proceeds to explain her inspiration for the book, the election of Donald Trump. Additionally, she states that the writing process for this book was expedited because of the urgency she felt after the election. The book focuses on the resistance that is necessary for this â€Å"time of crisis.† Naomi Klein starts her talk with a brief of her personal experiences in â€Å"crises.† She was in New Orleans in the aftermath of Hurricane Katrina, present in the collapse of Greece’s economy, witnessed 2001 riots in Argentina. She continues with the similarities in these crises. She claims that these crises were â€Å"Wake up calls,† that they had a â€Å"Wake up element† for change.†¦show more content†¦The expected to lose many seats in the early election recently called by Prime Minister Teresa May. What Labor did to counter this expected loss was to p ropose was strictly liberal policies. In an unexpected turn, Labor gained more seats and Teresa May lost her Tory majority. Klein used this example to show that saying more than just â€Å"no† can successfully change policy. Klein states that we must have â€Å"offense and defense at the same time.† She finishes by saying we live in a time of intersecting crises and that people are hungry for solutions. She inspirationally tells the crowd that the apocalyptic news on the television doesn’t match up with the solutions. While her message is inspirational, it is hypocritical. There are some fallacies, major if I do say, within her speech. She vehemently rebuked the â€Å"shock doctrine,† which she mostly portrays as a conservative tactic. Yet, this passionate theory of her is also her downfall. My initial question was, â€Å"Why does she rush to these â€Å"crises† she preaches about?† Well, she rushes to crises, alongside the â€Å"corporate capitalism† she describes, to promote the â€Å"Wake up call,† otherwise known as her own beliefs. Another important example she uses to demonstrate the â€Å"Shock Doctrine† is the â€Å"crisis† in Puerto Rico. She, at one point, stated that with the current failure of the electrical grid this should be the time to install â€Å"green sources of energy.† But she blames corporate capitalism with trying to privatize it and

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Book Report On Surrounded By Happiness - 900 Words

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The Enron Implosion and the Loss of Respect for the...

The Enron Implosion and the Loss of Respect for the Accounting Profession On the surface, the motives behind decisions and events leading to Enron’s downfall appear simple enough: individual and collective greed born in an atmosphere of market euphoria and corporate arrogance. Hardly anyone—the company, its employees, analysts or individual investors—wanted to believe the company was too good to be true. So, for a while, hardly anyone did. Many kept on buying the stock, the corporate mantra and the dream. In the meantime, the company made many high-risk deals, some of which were outside the company’s typical asset risk control process. Many went sour in the early months of 2001 as Enron’s stock price and debt rating imploded because of†¦show more content†¦Under Skilling’s leadership, Enron Finance Corp. soon dominated the market for natural gas contracts, with more contacts, more access to supplies and more customers than any of its competitors. 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Nyarlathotep Free Essays

The story Nyarlathotep basically provides the insight about the degree of destabilization with regards to the narrator’s existence. The narrative provides the clear understanding of how chaos can readily impose a certain situation which can destroy the very essence of the fixed arrangements of things especially in the physical and emotional aspect of a community. Nyarlathotep is a fictional character that represents chaotic events which crawls gently buy surely involves dismantling sets of pre-arranged structures of human existence. We will write a custom essay sample on Nyarlathotep or any similar topic only for you Order Now The story provides the readers how this â€Å"creature† sustains long term influence to everything it touches by inducing disorder. Basically, the writer intends to project Nyarlathotep as something which cannot be prevented and that encompasses a great extent of human sanity. In the story, it is personified as a being which induces complexity as well as mystery for it drastically changes everything from a complete orderly situation to turmoil. The writer narrated a story with respect to how Nyarlathotep has influenced his personal life by describing his observations about the changes in the society he was previously immersed in. In this aspect, it seems that he wants to relay to the readers that the same situation may also happen to them and that the story can become a very good reference on what to expect and how the drastic effects can be minimized using the experiences stated by the writer. For further analysis, the overall effect of hearing or reading a particular narrative can be differentiated based on how information is acquired by the person. The effect of hearing a story may provide a direct believable result since there is a third party in reference which relays the information. On the other hand, the effect of reading can provide a definite form of imaginative experience since the information is processed based on how the details are projected to the reader’s mind, therefore increasing its cognitive capability (Weatherston 1). In any case, the same degree effect in capturing the essence of story telling may be developed for both reading and hearing procedures. Works Cited Weatherston, Martin. â€Å"Heidegger’s Interpretation of Kant: Categories, Imagination, and Temporality.† University of Notre Dame. 2004. 4 Feb 2008 http://ndpr.nd.edu/review.cfm?id=1346. How to cite Nyarlathotep, Essay examples

Finance and Accounting for Nonfinancial Managers

Question: Discuss about the Finance and Accounting for Nonfinancial Managers. Answer: Introduction: The merit-based pay rise is the increase, which is provided to the staffs of an organization to adhere to their contributions in improving the business productivity and profitability. For instance, if a staff receiving an increase of $300 per annum, the value after five years would stand at $(300 x 12) or $3,600. Hence, merit-based pay could be provided to the staffs through bonuses and incentives, which could increase the personal wealth of the employees. In addition, the merit-based pay rise helps in increasing employee motivation level, which, in turn, could lead to effective achievement of the organisational objectives. The pay rise is the increase in salary, which is provided to the employees of an organisation for fulfilling their daily needs. In addition, the salaries of the employees are adjusted with respect to the rate of inflation. Hence, it is recommended to the organisation to provide pay rise to the employees after completion of year of service. However, it is to be borne in mind that the pay rise needs to vary depending on the contributions of the staffs. For instance, the pay rise of the manager might be greater in contrast to the sales officer. Equity stake (with vendor financing): The business owners might undertake decisions of distributing a portion of the equity shares amongst the staffs of the organisation. This generates a feeling of oneness amongst the employees, as they feel themselves to be a part of the organisation. In addition, the employees hold a minor portion of the equity stakes, which make them the owners of the organisation. Share of profit and business: The staffs of the organisation could be provided with a portion of the business profit. For instance, if the employees contribute effectively to accomplish the organisational objectives, the organisation might provide 4% of the profit made to them. Such sharing of profit would help the organisation to retain its key employees by motivating them effectively. Evaluation of the issues that might breach the bank covenant in the cash flow statement: According to the provided cash flow statement, it is inherent that the a significant portion of the receipts generated from the customers are used to settle the suppliers and the employees. However, the income generated from the customers is not adequate to settle the suppliers and employees, which has lead to negative cash inflows from operating activities. The amount accumulated from the PPE disposal is $50,000 in 2014. On the contrary, the PPE purchase has amounted to $500,000 in the years 2013 and 2014. This has further lead to negative cash inflows from the investment activities. However, the cash flow from financing activities has shown positive trend, since no fund has been made to finance projects, while $10,000 has been received from the owners. The lower cash inflows from operating activities often restrict an organisation to invest funds in capital projects. As a result, the potential future cash inflows of the organisation are minimised. Moreover, inadequate receipts and different payment-related obligations have lead to shortage of cash in the year and the trend is identical for the years 2013-2015. Furthermore, it has been observed from the cash flow statement that the beginning cash balance, which has been positive in nature, has failed to show positive closing cash balance for the organisation. However, the exception is noticed in the year 2013, in which the closing cash balance has been positive. The organisation suffering from negative cash balance might find complexities to maintain its daily business activities and operations, which might affect its future growth. For the years 2013-2015, the organisation has not incurred any amount for repaying the business debt. The non-repayment of debt helps an organisation to save additional cash, which would help in improving the business operations. In addition, the organisation has acquired additional debt of $500,000 in 2013. Hence, there is greater chance that this particular issue might be associated with the breach of bank covenant, which might create complexities for an organisation to maintain its business operations and growth. Evaluation of the four channels of sales including impediments and solutions including excess demand: Sales Channel Obstacles Solutions Cellar Door The sales quantity is low at the time of winter and this process contributes to the reduction in the loyal customers. This process increase the maintenance cost of the shops and the owners need to pay a lot of money to the staffs. The customers can chose online shopping process. To avail this opportunity, Heretaunga needs to assure the customers about receiving the orders in time[7]. The company needs to employ more staffs in order to make smooth delivery of the online products. Local retailers (Including bars and restaurants) The local retailers use to offer extended credit terms to the customers in order to make the wines locally available. However, the customers pay the money in a very slow pace. There should be periodically fixed credit terms like there months or six months. The customers can avail the opportunity of discount in case of early payment. There must be fines as penalty for the late payers[8]. Pemberley Grocers Firstly, suppliers prefer lower prices with delayed payment terms. Secondly, it is required that the suppliers need to bear the marketing as well as advertisement expense. Firstly, it is a gain for Heretaunga to highlight their products in Pemberly Grocer. This is why the company has a little scope for the price negotiation. However, they have the option to discuss issues related to delayed payment. Heretaunga can discuss for fixed payment period. Secondly, Heretaunga can save a lot of money if Pemberly can bear the marketing and advertisement expenses. The initial discount may be offered on the part of the company. Fitz Wine On Line Low margin in gross profit Heretaunga needs to reduce the sale of products through online if the company increases the ability of selling their wines by increasing the marketing and advertisement of their products. Table 1: Evaluation of various sales channels (Source: As created by author) References: Al-Debei, Mutaz M., Mamoun N. Akroush, and Mohamed Ibrahiem Ashouri. 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