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…
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 ...
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(Benchmarking Essay Example | Topics and Well Written Essays - 750 Words)
“Benchmarking Essay Example | Topics and Well Written Essays - 750 Words”, n.d. https://studentshare.net/business/286135-benchmarking-essay.
13 Brand 13 Human Resource 14 Customer Loyalty 14 Innovation and Quality 14 Microsoft 15 Brand 15 Product Range 16 Research and Development 16 SWOT 17 Apple Inc. 17 Strengths 17 Weaknesses 17 Opportunities 17 Threats 18 Microsoft 18 Strengths 18 Weaknesses 19 Opportunities 19 Threats 19 Investor Potential 19 Employee Potential 20 Limitations 21 Conclusion 22 References 23 Appendix 25 Appendices 1: 25 Appendices 2: 25 Appendices 3: 26 Introduction This report uses all the benchmarking techniques in order to compare the two companies that belong to the same industry, almost have same market environment and target customers.
In this case, the organization chosen is: a copiers company in Hong Kong (i.e. Canon or Ricoh). The organizational process chosen is the billing departments' functional objectives processes. Which is: But the report further will also entail the reporting system for management review and management review in particular.
e traced back to the Xerox case when the famous copier producer took the advantage of learning from its Japanese competitors in the late 1970s – 1980s (Zairi, 1998; Zairi & Ahmed, 1999).
Being the pioneer in benchmarking practices, Xerox defines benchmarking as “a
The performance of financial products is differentiated within markets with different characteristics; however, in the context of a global crisis, the preference of investors on various financial products is likely to
The author of the text highlights that the use of benchmarking practices can be successful for all organization in implying those business practices that can derive the optimum level of successful results. Besides, it is stated that benchmarking practices in the area of sustainability can be implemented by businesses such as tourism business.
Benchmarking is a tool widely used in the business world. Companies use this form of management as a point of reference. Benchmarking is a tool that companies use to compare its operation to other operation (Watson, 2007). The benchmarks are set standards that are higher with which companies use as yardsticks in determining their performances.
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