In this paper “Teamwork and Motivation Problem of Friendly Bank” the effect of structural changes on Friendly Bank will be analyzed and the role of team leaders and supervisors will be evaluated to understand their level of efficiency to motivate the team…
Technology has changed the whole concept of traditional banking and the recession dragged most of the private banks on a verge of shut down (Robbins, Judge, Millett and Boyle, 2013). In this paper, the effect of such structural changes on Friendly Bank will be analyzed and the role of team leaders and supervisors will be evaluated to understand their level of efficiency to motivate the team members and drive them towards achieving newly formed organizational objectives, keeping at pace with changing organizational cultures (Tissington, Hasel and Matthiesen, 2009).
Friendly bank, online banking division of Parkers Plc, is one of the high street banks of Southampton, reputed for its excellence in customer services. The targeted customer segment of Parker Plc being white, middle class and wealthy, the bank enjoys a competitive advantage by ensuring security and stability for all its customers. According to the Chief Executive Officer (CEO) of the bank, Hector Brogan, Parker Plc is distinct from all other banks because, with Parker, the customers know where their money is. However, as a result of severe financial depression, especially in the European economy, in 2012 the bank was driven almost on a verge of bankruptcy. Though the bank had survived from a hostile takeover by a major competitor in 2013, more than 60% of the branch network of Parker Plc were closed and replaced by online banking operations to reduce operating cost. It restarted its operations under the head of Friendly Bank, established in the outskirts of Southampton, near the existing regional office of Parker Plc. Redundant employees of Parker Plc were shifted to the online and phone banking customer service operations of Friendly Bank at a less salary package. Emphasis was shifted from customer service to sale of wide range of financial products for generating additional income for the bank and accordingly Sales against Target (SAT) was introduced as a performance indicator. ...
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