Lloyds Bank plc is mainly a British multinational commercial and retail banking sector that runs within England and Wales. It is traditionally marked as one of the “Big Four” banks of the UK. The origin of the bank was in Birmingham in the year 1765. It had its expansion during the twentieth century, and it captured a lot of small banking industries (Walker & Damanpour, 2010). In the year 1975, it got merged with the Trustee Savings Bank, and now it is known as Lloyds TSB Bank Plc. Coming back to the main motto of the assignment, it can be said that any industry requires maintaining its organization properly, which is metaphorically called as organizational health.
This assignment deals with the business plan, results, recommendations, and strategies for the Lloyd’s TSB Bank, UK. This bank is mainly chosen for the purpose due to its massive organizational structure so that it can be used as a role model.
Organizational Performance Management and Performance Measurement in Lloyd’s Bank, UK:
High-Level Aspirations Expressed as Outputs and Outcomes:
The level of aspirations in the company is very high in the market of globalization. The market performance mainly determines the growth by the proper outputs and outcomes (Guest, 2011). For proper outputs, the recruitment strategy must be properly made. The company mainly chooses to develop its recruitment strategies and training strategies for better business.
Strategic Business Plan in Lloyd’s Bank, UK:
The business plan can be summarized as a proper recruitment strategy and a proper training strategy. For developing the proper recruitment strategies, several HRs are recruited by a special process (Wood & Van Veldhoven, 2012). The performance of the HRs is measured by a technical monitoring system where it is detected how far the HRs are following the rules and regulations while taking the interviews. There would be at least 4 elimination rounds of interviews conducted by the organization for the selection of better candidates.
Performance Measurement Tools and Techniques in Lloyd’s Bank, UK:
The measurement tools for performance are all computerized inside Lloyd’s TSB because it is an age of globalization (Gruman & Saks, 2011). The entire company follows the cloud computing software in order to check the performances of candidates including the managers and HR. The company also uses special psychological techniques for monitoring the candidates like employee feedback or any other type of school level system.
Communicating Performance to Stakeholders in Lloyd’s Bank, UK:
High-Level Aspirations Expressed as Outputs and Outcomes for shareholders:
The Lloyd’s Bank, UK mainly communicates with its shareholders and its higher aspirations by means of an annual report generating procedure (Andrews & Boyne, 2010). The annual report copy is sent to the home or office of all the shareholders to communicate the next step of the company. The company follows a transparent process to all its shareholders.
Strategic Business Plan in Lloyd’s Bank, the UK For Shareholder Ccommunication:
If Lloyd’s TSB makes losses in the industry, naturally, it would lose its shares in the market. The market shares are important for the growth of a company in a proper manner (Moynihan & Pandey, 2010). The shareholders are properly informed about the bank’s next business strategy in the next financial year. The creative strategies create a pull of shareholders in the market.
Performance Measurement Tools and Techniques in Lloyd’s Bank, the UK for the Shareholder Communication:
The shareholder communication performance is measured via social networking sites like Facebook and Twitter. A number of responses per post have kept a track about, and so, the performance would be measured properly (Walker & Boyne, 2010). If the negative comments are found, it is handled by the marketing team with positive sarcasm. Generally, the shareholder communication is huge, and it is measured and increased by optimization.
Risk Management of Lloyd’s Bank, UK:
Targets in Lloyd’s Bank, UK:
Targets are a part of the organizational health management system. In order to create the targets, the company would ask the line managers about the achievable target in the next quarter. Unrealistic targets bring frustration within the entire bank, and that kind of negative attitude should not be tolerated in any manner (Noruzy & Dalfard, 2013). The Lloyd bank prepares SMART objectives for its line managers who train the juniors about fulfilling the target. The training based targets are also there as to how many people are trained inside the bank for doing the job. This sort of targets is mainly given to the trainers.
Implementation of Risk Management in Lloyd’s Bank, UK:
Business, especially, the banking industry covers several types of risks. The risks related to the sudden losses of big customers closing an account, the risk related to shares and debauchery, and the risks related to the workplace safety and harassment. All sorts of risks are managed by the special team of HR executives who are specialized in the risk management programs (Jiang & Lepak, 2012). The workplace safety regulations are told to the newly hired candidates during the day of induction itself. The rest is implemented by imparting online tests related to the workplace harassment process. The implementation process of the entire bank is handled by the process of teamwork.
Quality Management and Improvement of Lloyd’s Bank, UK:
Targets of Quality Management and Improvement in Lloyd’s Bank, UK:
Quality management targets are provided to the trainers of the Lloyd’s Bank, the UK in terms of training the newbie recruited. The newbies should be trained about the computer systems, the job functions, the responsibility and the teamwork within a period of 2 months (Choi & Rainey, 2010). The performance is measured by the monitoring of the trainers by taking feedback from the trained candidates. The feedback system of the employees helps the company grow beyond recognition. The encoded information of the company should be decoded by the newbies very fast.
Implementation of Quality Management and Improvement in Lloyd’s Bank, UK:
The quality management of the Lloyd’s Bank is transferred from the top to the bottom according to the levels of hierarchy. However, the policies are completely in tow with the computerized system within the Bank. Everybody is monitored including their social networking websites by the cloud computing software (Van De Voorde & Paauwe, 2012). The quality is enhanced by properly encoded information about corporate training within the company itself. The decoded information gotten by the trainees are taken by a feedback procedure to ensure quality management.
Financial Performance of Lloyd’s Bank, UK:
Monitoring the Financial Performance of Lloyd’s Bank, UK:
The bank is the main subsidiary of the Lloyd’s Banking Group, and it was formed in January 2009 by getting hold of the property of HBOS, and then the Lloyd’s TSB Group. This particular year can be considered as the UK banking rescue package because the UK government took about 43.4% of the stake in Lloyd’s Banking Group (Çali?kan, 2010). This condition is mainly imposed by the European commission regarding the state related aid when the group later declared that it would create an innovative standalone business in banking retail. The monitoring of the workplace environment is done by the social media, the government and the cloud computing system at large.
Measuring Results of the Financial Performance of Lloyd’s Bank, UK:
The current system of measuring the results is the computer related software. The software is also known as the cloud computing software because it manages the entire internet cloud (Parast & Adams, 2012). Naturally, the internet cloud has several other options for the sake of developing and measuring the results of Lloyd’s Bank, UK. The main reason for the development of the two banks is coming to the Lloyd’s TSB Banking Group is made possible by computerized monitoring. However, psychological monitoring of performance inside the organization is also possible for a long time.
Customer and Client Perspectives of Lloyd’s Bank, UK:
The Verification Process For Clients and Customers in Lloyd’s Bank, UK:
The verification is a very crucial process of developing the bank’s internal strategy of monitoring the customers and clients. There would be a throng of customers who would be willing to open accounts with a huge amount of money without documents. Such clients or customers are never entertained by the company (Keramati & Mehrabi, 2010). The company does the verification of the governmental ID proof before opening any account because corruption leads to the increase of black money in governmental funds. The employees are verified according to their home addresses, and so are the clients. A corporate verification can be recommended as the corruption has increased too much in numbers.
Communication Process to Clients and Customers in Lloyd’s Bank, UK:
The communication processes are of three types, namely, written, verbal and online modes of communication. The customers get the net banking facilities along with the option for using plastic money (Mitchell & Obeidat, 2013). The debit card is given to all the account holders, and the debit cards can be used for shopping or purchasing any product. Along with the same, a written document is given to all the customers, which includes a chequebook, a pass book and the memorandum for the use of net banking facilities. The net banking facilities help the customers in online shopping.
People Perspectives (HRM) in Lloyd’s Bank, UK:
Review and Evaluation of the HRM Processes in Lloyd’s Bank, UK:
The evaluation of OPM is very different for Lloyd’s Bank because it is mainly a banking industry. The HRM is mainly divided among the cash section, the management section, and the sales section. The cash section is the section of the operations, which deals with hard cash related payments and keep track of the money received (García-Morales & Jiménez-Barrionuevo, 2012). It also keeps a record of the operations of sales like how much money of the bank is invested in the different shares and stocks in the market. The marketing or sales section looks after the opening of the bank accounts.
The marketing section has a unique target of opening a certain number of new accounts per day. It has to achieve this target by hook or by crook in order to meet up the market demands (Tuggle & Sirmon, 2010). The senior managers encourage the junior managers to develop an innovative procedure to achieve the sales target of Lloyd’s TSB Bank. One of the main strategies of this would be forming tie-ups with various corporates for making them open up newer accounts of the recruited people. In this way, the number of customers in Lloyd’s TSB Bank, UK can sufficiently increase.
The main HRM process lies within the management section. The management section looks after the recruitment policies. The recruitment policy is completely based on qualification and experience for Lloyd’s TSB Bank (Boumgarden & Nickerson, 2012). However, a psychometric assessment called the MBTI can be recommended in order to check if this person would be able to handle the pressure of the position he or she is going to work on.
Continuous Sensitivity of the People’s Perspectives (HRM) in Respect with the Lloyd’s Bank, UK:
The continuous sensitivity is the understanding of the people’s perspectives and goodwill about an organization. Generally, the people’s perspectives are linked up with the observations that are completely in lieu of the shares and stock market profits Lloyd’s group plc. is making in the global market (Meier & O’Toole, 2013). Moreover, the bank is also planning to optimize its business online in global dimensions. Thinking ahead, it can be said that the people’s perspectives about HRM strategies also provides a goodwill to a particular industry because the employees might often come back as customers and vice-versa.
The sensitivity of the people is also related to the internal policies of the facilities the Lloyd’s Bank; the UK provides to its employees. There are facilities like 34 casual leaves per year. According to the governmental labor law of the UK, any employee can either choose to work 4 days, 5 days or 6 days a week working schedule (Aubry & Hobbs, 2011). The salary would depend on the amount of work the employee is doing, but no company can force any employee to follow any fixed schedule of work. The 8 hours of work along with the break timings are facilitated inside the campus. Thus, the continuous sensitivity of the company is increased by this method.
Continuous sensitivity is mainly an equation that measures the stress limit of a company. The HRM system of Lloyd’s Bank measures it by an IT software held inside the teammates. Here, it is completely in tow with the facilities that are provided by the company as well as by the labor law of the government.
Implementation Issues in Lloyd’s Bank, UK:
Commitment Towards the Issues:
Every industry has gotten some kind of commitment to fulfill. Here, too, some commitments are to be fulfilled with every passing day by the sales managers, the department of operations and the entire company as a whole (Van Dooren & Van de Walle, 2016). The commitments are made towards the company in the form of SMART objectives. The SMART objectives would actually give the directions towards the Lloyd’s Banking group plc. to achieve its time-bound goals within the next quarter.
Recommendations for Improvement in Lloyd’s TSB Banking Group plc, UK:
The OPM of the Lloyd’s Banking Group, UK can be improved by introducing the MBTI assessment in the recruitment policies. This will help in judging the personality of an individual before making any decision about the job role. This would even make it clear to which position a candidate is suitable for, or his suitability for the position applied for (Andrews & Boyne, 2010). The MBTI assessment can also be used as a yardstick for measuring the personality development of every candidate during the training period because the test can be given again and again.
The training process should be computerized as well. The monitoring facility should be increased while training the newbie candidates. A weekly online test can be recommended during the training of every individual during the training (Gruman & Saks, 2011). The trainers’ performances can be measured by a feedback form, which can also be online. The system would be completely misnomered like the voting system so that no one wants to please the trainer for his promotion. This method if followed can generate the betterment of the entire banking group.
The entire assignment is based on the fact that the OPM is an important part of the organizational health. The Lloyd’s TSB Banking Group is a big brand, and it is using optimization to become global. Here, several techniques are discussed how the company can improve its performance or maintain the quality management (García-Morales & Jiménez-Barrionuevo, 2012). The other factors such as the workplace culture including the workplace safety and employee benefits are discussed here. As a whole, the entire company projects itself as a success, and at the end of the essay, some recommendations are made for the improvement of the banking industry. Mainly, a big brand is chosen because a big brand can be developed as a good source for the growth of everything.
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