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Benchmarking - Essay Example

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Benchmarking

Besides having a strong hold in the financial service industry, Citi Corp mirrors the vision and goals of Intersect Investments.
Benchmarking is the process of observation and validation of procedures and practices that the most successful companies employ. It is a process of studying and following time tested practices from well performing organizations to improve your own performance. In other words, it is the borrowing of standards for success. This involves determining where you need to improve, finding an organization that is exceptional in this area, then studying the company and applying its best practices in your firm. Benchmarking systematically studies the absolute best firms, and uses their best practices as the standard of comparison; a standard to meet or even surpass.
Through a comprehensive assessment of strengths, weaknesses, threats and opportunities of Intersect Investments, the management has realized that a lot of critical areas have to be reviewed if the firm is to achieve its goals and objectives. Issues range from redefining the organizational vision to devising a proper career incentive system for its employees. Sharing a similar organizational mandate, Citi Corp has fared a lot better in the industry particularly with regard to these critical areas.
Citi Corp has long stood with its principle of customer intimacy and procedural simplifications. These principles have given it an edge over its competitors and made it one of the leaders in the industry since a long time. Given the nature of the products, services, and customer orientation involved, any business in the financial service industry cannot afford to ignore these basic values. Intersect Investments should do a proper visioning exercise and tune it properly to that of the Citi Corp. All the while, customer friendly services and humanistic approach should be the cornerstone of the exercise.
Employee turnover is increasing and the cost of employee turnover is expensive. Therefore, employee retention is critical. Numerous studies suggest that majority of the workforce is considering leaving their current job for another as the economy improves. Based on this realization, Citi Corp strongly advocates employee retention and value system. Employee retention matters. A continual effort to replace departing workers-to keep the revolving door full, instead of stopping it altogether-is bleeding organizations dry. It is expensive to constantly replace people that turnover. The cost of attracting, recruiting, hiring, training, and getting new people up to speed is tremendously more costly as well as more wasteful than most realize. Second, productivity and profitability is directly tied to employee retention. Intersect Investments, therefore, must do two critical things:
1. develop retention policies that recognize the need to understand the individual workers' goals and career aspirations, and
2. learn how to recruit and develop talent from around the world.

The organization's reward system plays an important role on its performance through its ability to recruit and retain the best employees. Toward this end, it is of paramount importance for Intersect Investments to enact proper employee compensation and performance incentive systems. Although employees are an organization's most important resource, it is important to remember that all workers, at every level, are human beings - and when people are involved, problems are sure to occur. There might be situations where workers ...Show more

Summary

Financial service industry is characterized by achievement and maintenance of very high standards of success. While Intersect Investment has been, over the years, performing fairly well in the financial service sector, it has encountered hiccups and struggles, fairly on an equal scale…
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Benchmarking Essay essay example
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