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Category Archives: Management

Integrated Talent Management Strategy

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While Talent Management certainly has a significant “training” component to the strategy, the focus is on more than skill building, but rather creating a world centered on performance. The exact kind of performance your company will need in the future.

Talent Management involves several practices linked together and propelled by organizational infrastructure. It begins by having a firm written understanding of the core capabilities needed to perform tasks meshed with the actual business intelligence for the industry. For this article’s example we will be using the financial services industry, but we must remember that support functions like IT, Human Resource, Accounting, and Purchasing have unique business intelligence issues that need to be included any industry strategy.

While banking business intelligence is similar from one institution to another, your market, choice of products and services and unique culture make for a different plan and approach. The clarity of goal for talent management is essential before assembling the pieces.

One of the most complete models for a Talent Management Strategy I have found includes the following nine practices:

  1. Recruiting & Staffing
  2. Performance Management
  3. Rewards & Recognition
  4. Workforce Planning
  5. Talent Review
  6. Succession Management
  7. High Potential Development
  8. Leadership Development
  9. Employee Development

These practices are not in any particular order or priority because they all must be in place, and integrated for the strategy to be effective. Rolling out one at a time is a waste of energy and leads to minimal impact. This is probably the main reason many companies have hired a Director of Talent Management to design, implement and monitor the strategy. To be effective, no other function can add all this to their existing workload.

Now while it is more effective to put talent management under the responsibility of a single leader, the practice responsibilities are spread throughout human resources, training, and selected management sponsors. This initiative may begin with the Board of Directors and/or Senior Management; but it eventually is a process that involves every single employee if it is to be successful in achieving a lasting effect.

As you review the list of practices, it becomes clear that the focus is on your employees (the talent) and the conscience attention to setting and achieving desired outcomes to function in today’s economy as well as being prepared for changes in your workforce and working environment. Banks often promote their technologies to clients, and yet it is our human capital that makes the bank possible. Let’s face it, years ago we did it without as much technology, but we still need the human factor to make it happen today.

Now while you might hire someone to management this whole process for you, by the very nature of this much change all at once you would be wise to bring in an external consultant to guide the creation of the strategy. Someone who fully understands what integration means and how it is applied to each of the practices. This consultant acts in many ways as someone who can act without emotional attachment to ancient practices, and is skilled in bringing consensus between processes and people. Yet consensus is not everything. The consultant is not going to be with you forever, so part of their job is to make sure your management team comprehends what integration means, and a year later can identify issues in your strategy, and how to make tweaks to close the loop holes.

Ultimately you and your fellow leaders must decide how important a Talent Management Strategy is to your company. I believe that if you have serious plans to grow or even to just exist in the next 10 years you need to build a strategy. And once you have this strategy implemented, you must be prepared for the outcomes of the synergy created and the unlimited possibilities your company can take from that point in time.

[ad_2] Source by James K Hopkins

Emerging Trends In Customer Relationship Management

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INTRODUCTION

The biggest management challenge in the new millennium of liberalisation and globalization for a business is to serve and maintain good relations with the king-the customer. In the past, producers took their customers for granted because at that time customers were not demanding nor had many alternative sources of supply or suppliers. Since he was a passive customer, the producer dictated terms and had little customer commitment. But today there is a radical transformation. The changing business environment is characterised by economic liberalisation, increasing competition, high consumer choice, enlightened and demanding customer, more emphasis on quality and value of purchase.

All these changes have made today’s producer shift from traditional marketing to modern marketing. Modern marketing calls for more than developing a product, pricing it, promoting it and making it accessible to target customers. It demands building trust, a binding force and value added relationship with the customers to win their hearts. The new age marketing aims at winning customers for ever, where companies greet the customers, create products to suit their needs, work hard to develop life time customers through the principles of customer delight, approval and enthusiasm.

WHAT IS CUSTOMER RELATIONSHIP MANAGEMENT ( CRM )

The process of developing a cooperative and collaborative relationship between the buyers and sellers is called customer relationship management shortly called CRM.

CRM aims at focusing all the organizational activities towards creating and maintaining a customer. CRM is a new technique in marketing where the marketer tries to develop long term collaborative relationship with customers to develop them as life time customers. CRM aims to make the customer climb up the ladder of loyalty.

CUSTOMER FOCUS IN BANKING SERVICES

As the intense competition becomes a way of doing business, it is the customer who calls the shot in deciding the nature of products and services offered in the market. The customers are becoming demanding, dominant and selective. In fact the perceptions and the expectations of the customers have undergone a sea change, with the availability of banking services to the customers at their door steps through the help of technology.

Marketing of customer services aims at two important goals: prosperity to the bank and satisfied customers. Banks offer tangible services like loan schemes, interest rates and kinds of account and the intangible services like behavior and efficiency of staff, speed of transactions and the ambience. The banks may need to include customer oriented approach or customer focus in their five areas of businesses such as Cash accessibility, asset security, money transfer, deferred payment and financial advices.

There are four strategies available to customer relations’ managers:

o To win back or save customers

o To attract new and potential customers

o To create loyalty among existing customers and

o To up sell or offer cross services.

The future of banking business very much depends upon the ability of the banks to develop close relationship with the customers. In order to develop close relationship with the customers the banking industry has to focus on the technology oriented innovations that offer convenience to the customers. Today customers are offered ATM services, access to internet banking and phone banking facilities and credit cards. These have elevated banking beyond the barriers of time and space.

MARKETING OF BANKING SERVICES

Marketing of banking services means organizing right activities and programmes in rendering right services to the right people at the right place, at the right time at the right price and with right communication and promotion. Marketing of banking services embrace the following unique features

o Intangibility-they cannot be seen or possessed physically but can only be experienced.

o Inseparability-their production and consumption occur simultaneously.

o Variability-they are highly variable depending on the merit of customers.

o Perishability -they cannot be stored.

GLOLBALISED SCENARIO

“Change” is a continuous process and banking industry is no exception to this natural law. Change in the Indian banking industry is inevitable due to the implementation of the financial sector reforms and policies in the country. The main objective of financial sector reforms is to promote an efficient, competitive and diversified financial system in the country. Indian banking industry has undergone tremendous transformation after liberalization and globalisation process initiated from 1991. These changes have forced the Indian banking industry to adjust the product mix to effect the rapid changes in their process to remain competitive in the globalised environment.

COMPETITION FROM FOREIGN BANKS AND NEW PRIVATE SECTOR BANKS

The entry of more and more foreign banks and new private sector banks, with lean and nimble footed structure, better technology, market orientation and cost effective measures, have intensified the competition in the Indian banking industry. Financial Institutions have also started entering into the domain of banks. In recent years, the share of business of public sector banks has declined considerably. So there is a compelling need for the Indian banking industry to modify its marketing strategy to attract the customers and to withstand the stiff competition from foreign banks and new private sector banks.

TECHNOLOGICAL ADVANCEMENT

The advent of technology both in terms of computers and communications has drastically altered the methodology of banking business. In the banking sector, the technology has opened new vistas and in turn has brought new possibilities for doing the same work differently and in a most cost-effective manner. Technology helps to have 24 hours a day banking, all seven days in a week. Tele banking, Internet banking and E-banking have opened new business potentials and opportunities which hither to remained unexplored. All these technological advancement may pave the way for home banking rather than branch banking.

INNOVATION

Another important force of change in the Indian banking sector is innovation. Banks are innovative, pro-active now-a-days and offer top class service to customers. They play a dynamic role not only as a provider of finance but also as a departmental store of finance. As a result of this, new products like merchant banking, mutual funds, leasing, factoring, forfeiting, corporate advisory services and venture capital are emerging. These innovative services may augment revenue with cost effective measures.

DEVELOPMENT OF THE SKILLS OF BANK PERSONNEL

To meet the new challenges, banks have to devise novel ways of meeting the customer’s demands. To help the banking staff to get sufficient exposure to technology, suitable packages relating to hardware and software applications in relation to their works are to be provided. Further, a separate marketing wing may be created in every bank to market their banking services. They must be trained suitably to keep pace with the changing environment. In order to meet the challenges, the Human Resource Department in banks have to prepare appropriate manpower plans and strategies.

CONCLUSION

The recent trend of globalisation and liberalization has posed serious problems to domestic banks. The entry of new foreign banks and private sector banks with their advanced knowledge base of automation in the banking operations and aggressive marketing strategies has pushed public sector banks to a tight corner. Potential customers have started moving towards foreign banks and private sector banks. To survive and succeed, banks must identify their marketing areas, develop adequate resources, convert these resources into healthy and efficient services and distribute them effectively satisfying the manifold tastes of customers.

[ad_2] Source by Dr. Gomathi Viswanathan

Why You Need Management Training

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Good leadership and management skills are essential if a business or enterprise is to thrive and be successful. Even for those with natural management abilities, they need to developed and honed, especially in relation to the kind of industry and enterprise you are involved in. And the best way to develop those skills is through management training.

Management training is also essential for those who been promoted from within a particular company. While they may be technically excellent, they may not have the natural leadership and management skills to inspire others and drive a project forward. For these kind of people some kind of additional training is most certainly recommended.

A good training course will give you invaluable skills, such as time management. The ability to manage your time effectively will enable you to avoid working excessive hours – which many managers are prone to do – and carry out the maximum amount of productive work in the minimum amount of time. And, it not only allows you do the maximum amount of work during the day, but also teaches you to how delegate to other members of your team. It also makes your team more effective and gives you time to help them when necessary.

An important part of any management training course is conflict resolution. The training will allow you to identify and help resolve any conflicts before they cause problems within your team or department.

Staff development and retention is part and parcel of the duties of any competent manager. By developing your understanding of your staff you will be able to identify what kind of training your team needs themselves while offering the incentives to retain key members.

Also inter-personal communication with staff is key to them being effective and producing the best for the company. By developing this skill through management training you will ensure both contented and productive team members.

Technology is playing an increasingly important role in the running of businesses and enterprises. As a leader it is important that you are both competent and up to date with these skills which can be learned and developed through training.

Management and leadership is a crucial art, especially in the business world of today. By undergoing proper training, you will develop the necessary acumen foresight and the ability to lead, encourage staff in your particular industry, In short, proper training is essential.

[ad_2] Source by Craig Ellyard

Management Tips for Office Managers

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In today’s high-paced, competitive workforce an effective office manager is key to successful business operation. As an effective office manager you need to understand your role, and your key objectives.

The key responsibility of any office manager is to ensure the smooth operation of day-to-day business. There are three levels required to accomplish any large task (like running an office)

1. Strategic Planning and Monitoring

2. Tactical Planning and Monitoring

3. Execution of the Plan

An Office Manager is a tactical manager. As a tactical manager you normally have the following key responsibilities.

1. Understand the strategic plan. This is harder than it sounds. It is not always easy to get a clear vision of your objectives from your leadership team. Keep asking for it until you get it, and accept and understand that you may never get a clear answer on this. Ask how your performance will be measured. If you can’t get a straight answer on the objectives, you can often figure them out by what you are being measured on. Strategic planners measure their staff on things that reflect what they want done. Your real objective is to meet not just the measurements, but also to meet the intent of the measurements.

2. Communicate your objectives. Start by writing down your best interpretation of what you think you are supposed to accomplish. Always pick 2 or 3 key objectives for the year. Communicate them to your boss (this is what I’m planning to do, tell me if you want any changes) Communicate them to your team. Don’t wait for your boss’s approval (unless additional spending is required).Start. If your boss disagrees, then make the necessary course corrections. Show some initiative. This is your team. If you’re struggling with where to start suggest looking at ways to reduce office costs and ways to improve making accurate time estimates and meeting them. The main thing is that you put together a plan and show that you have an organized direction. Tactical managers must be able to organize details and turn objectives into plans.

3. Motivate your team. Tell them what the objectives are. Tell them what they will be evaluated on. Ask them for ideas on how to accomplish the objectives. Listen to them. Whenever possible give people credit for their ideas. Whatever you do, don’t try to keep all the planning to yourself. The more you modify your plans with the ideas of your team, the more cooperation you will get in achieving them.

4. Monitor progress, communicate progress and deviations, and make course corrections. Your leaders want measurements. It’s the only way they know something is happening.

Understand the strategic plan, communicate your objectives, motivate your team and measure your progress.

[ad_2] Source by Daryl Cowie

Mahatma Gandhi’s Famous Quotes That Surpass Leadership Styles In Management

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Mahatma Gandhi was a unique individual. If you read up some Gandhi famous quotes what will strike you is an amazing and unnatural depth in leadership styles in management of a nation’s mindset.

Truly, management is completely different from leadership. Like opposite ends of a coin. While Gandhi might have been ‘managing’ the Indian freedom movement with a troop of comrades on clockwork precision, he was actually leading a change of mindset that effected change in everyone who participated with him.

Leadership is about casting a vision and allowing it to seep into others so they follow the lead. Management is about dealing with situations such that results become tangible. You can manage people but that will only be because you have the authority to do so bestowed upon you. But you can lead from anywhere, by example, so that your influence infects others and regardless of your position or authority, they follow what you say.

Gandhi said “We must be the change we want to see in the world.” This is a powerful quote. This is one of the leadership styles in management that encourages people to ‘self-manage’ themselves. He also said, “A small body of determined spirits fired by an unquenchable faith in their mission can alter the course of history.” And he did that too.

Leadership is best by example. Do what you say in such a way that others can do it too. Management is best an expertise. Do what others cannot so you gain authority over them.

So, to be a good leader you need to be very skillful to construct bridges of empathy with people. Else you will never be in their shoes and they will not follow… because you don’t know them and they can feel it.

This is also why most people find it easier to be managers. Management can be taught. Leadership must be cultivated. Mahatma Gandhi was a leader who kept working on himself till he became the man worthy of gaining a country’s following.

He took a stand on issues. He said, “A ‘No’ uttered from the deepest conviction is better than a ‘Yes’ merely uttered to please, or worse, to avoid trouble.” A manager would try to please in order to diffuse a situation. A leader will not worry about creating a situation.

So the leadership styles in management that we see with Gandhi famous quotes are distinctively what anyone can evolve into being. Provided one wants to. He did. And look where it took him!

[ad_2] Source by David Writer