CHAPTER 1
INTRODUCTION TO THE COMPANY OF PLACEMENT
This chapter gives an introduction of the organisation where the writer conducted his attachment. In this case the Attachment was conducted at Ecobank Zimbabwe which is an affiliate of Ecobank Transnational Incorporated (ETI). This chapter will look at the core values of Ecobank, the vision, the mission statement as well as a brief description of the whole organisation at large.
1. Background of the organization
1.0 Ecobank Group
Ecobank Group is universal banking group which was founded through a spirit of integration, cooperation and private sector development. Ecobank Group was formed in 1985 in Togo as a banking holding company through the support of ECOWAS. The Group is comprised of the parent company known as Ecobank Transnational Incorporated (ETI) and the other subsidiaries in other African countries. However in those subsidiaries the parent company would be the major shareholder. The bank has agreements with the government of Togo in terms of exchange control and legal rights.
The bank was formed to bridge the gap which existed in many Western African countries as most banks were state or foreign owned. Ecobank was established as a commercial bank due the fact that there were hardly any commercial banks in West Africa. Commercial banks are in the business of offering loans (line of credits), current accounts, etc.
Ecobank is currently present in 35 African countries, making it one of the banks with large branch network in Africa. Ecobank also has representative offices in France, London, Dubai, Beijing and Johannesburg. However the main vision for Ecobank is Pan African. The shares for Ecobank are traded on 3 stock exchange markets and these are; the stock exchange in Ni...
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...eatly discouraged as they harm productiveness.
c) Innovative
Ecobank encourages its work force to be creative. This is because it is through innovation that the bank can survive in an environment which is now being characterized by cut throat competition. Unproductive habits are not encouraged at all.
d) Effective
Ecobank believes in a culture of working hard and as a result the employees must be effective. The goals set should be smart and performance must be monitored against the deadlines.
e) Entrepreneurial
Ecobank expects its employees to be innovative. The employees should always be seeking for new business opportunities and then working towards exploring this opportunities in a profitable manner.
1.8 Ecobank’s 3 Pillars
The number 1 employer of choice.
The number 1 Customer Service Provider.
The number 1 bank in Generating Returns for Shareholders.
Canadian Imperial Bank of Commerce, also known as CIBC, is Canada’s fifth largest bank. Established in 1961, the bank that we know today was formed through the merging of the Canadian Bank of Commerce and the Imperial Bank of Canada. At the time, these two banks were the largest banks in Canada. CIBC’s head office is located at 199 Bay Street, Toronto, Ontario. This international company operates in Canada, Europe, the United States and the Asia Pacific region. CIBC`s vision is To be the leader in client relationships. They value Trust, Teamwork and Accountability. Their corporate objectives include building on their financial strength, unlocking value for reinvestment and to culture focus on client relationships. CIBC currently
As Kerr is an educator and a professor in universities and not an economist, he examines his idea or creativity in the organization by making inquires starting from top management to the bottom in the organization and also to people who knew what the buyer or customer should be; then he would run it through his network in and outside GE to cross examination and double check or assessment (Davenport et al). Kerr’s successes effectively with the standing of ideas and creativity mainly rely on his continuing exploratory research with great creative thinking skills, expertise and motivation, and they also depend on his outstanding leadership and exceptional organizational culture of innovation in GE (Davenport et al, 2003).
The Myths of Innovation by Scott Berkun completely changed the way I view creativity. I noticed that we all have creativity inside of us; it is by means of expressing our deepest desires and ideas that we display our creativity to others. Burkun destroys myth after myth about innovation, which had me ready to start inventing my first million dollar idea! Berkun outlines ways to tap into innovation and pulls from history to guide us into the future. His simple and common prose gave me courage to tackle the tough problems. I now feel as though I have a firm grasp on what it means to be an effective creator.
The banking industry is under pressure in today’s business climate. Banks have been through big changes. There is opportunity, but there is also increasing competition. To be the preferred bank means changing “good enough” into a unique value proposition. And that means changing the way people have always done things, change on this level requires cutting edge technology. Change cannot be achieved with a simple directive or surface adjustment especially within the banking industry. It requires an innovative rethink of the entire system, in a strong partnership between bank leaders and their change agents. New systems and policies must support the strategy to be successful. The real test of a good strategy implementation plan is whether the people understand the strategy, are motivated and enabled to implement it, and actually start achieving its goals.
Over the past 150 years, Wells Fargo Bank has become one of the largest financial institutions in the North America. Wells Fargo Bank is much more than a bank. It’s a premium financial service provider. It believes in its people and products to help them to succeed. So how has Wells Fargo become such a leader in the financial world? It measures its success by its management staff and team members. Wells Fargo has developed and implemented its own management structure and answers the following questions regarding existing success:
However in order to observe such results, there has to be organisational behaviours that brings about such a relationship between sustainability and the intended result of productivity and returns. In order for productivity to increase, employees have to remain motivated and drive. Research have shown that employees, once they believe that they are fairly paid, are no longer motivated further by more salary. Therefore, in order to increase their productivity even further, organisations have to show to their employees that they are a sustainable organisation that not only allows them to do good for their employer, but also for themselves, the community they live in and also the world they are a part of (Dickerson 2010). This enables employees to come together to create solutions for a greater purpose, therefore, contributing to the organisation’s sustainability in the long
Introduction Pramuka Savings and Development Bank (PSDB) was incorporated in 1997 as the first private savings bank in Sri Lanka. Mr. Rohan Perera was the founder of Pramuka Bank and was the founder and chief executive officer of Seylan Bank previously. After resigning from Seylan Bank, Mr. Perera applied for license to incorporate a commercial bank from Central Bank Sri Lanka. But Central Bank only gave license to operate a Savings and Development Bank. But that was also a debatable topic.
Africa has faced many internal and external limitations in attempting to improve poverty and promote development. During the 1940’s, development economists were wanted by African governments and aid agencies. The field gave logical nourishment to the idea that poor regions could think towards their future without defeating the global order. Before the new development economists had united their place in the institution, they were challenged by economists who used parallel scholarly tools to make a contradictory argument. That argument was that the international economy, made the rich richer and the poor poorer (Cooper). This mean that underprivileged countries were to distance themselves from global markets.
Kelley,T. (2005, Oct.). The 10 faces of innovation. Fast Company, 74-77. Retrieved 6th March’ 2014 from http://web.ebscohost.com/ehost/detail?vid=9&sid=1d6a17b7-c5f7-4f00-bea4 db1d84cbef55%40sessionmgr10&hid=28&bdata=JnNpdGU9ZWhvc3QtbGl2ZSZzY29wZT1zaXRl#db=bth&AN=18386009
In today's complex business environment; traditional approaches like monetary incentives are not the only prime motivators. In addition to expecting financial incentives for their performance, employee's expectations are much more. Appreciation, recognition and opportunities for personal growth; must be catered for to harness maximum productivity. Furthermore in an era where change is imperative for the organisation's survival, highly motivated employees, represent flexibility and show willing to change; a vital component for the success of any organisation.
World Bank Group - the group that consists of five organizations created in different times and functionally united,organizationally and geographically, the purpose of which is providing financial and technical assistance to developing countries.
Over the course of this class I have learned how important it is to be creative and innovative in the way that businesses are conducted within the organizations. The ability to innovate is the “secret sauce” of business success (Dyer, et al., 2009). However, creativity and innovation cannot take place if the leaders are not willing to foster a culture of innovation within the organization. Amabile & Khaire (2008) asserted that, it is essential to motivate people to contribute ideas by making it safe to fail. Stress that the goal is to experiment constantly, fail early and often—and learn as much as possible in the process. Convince people that they won’t be punished or humiliated if they speak up or make mistakes (Amabile & Khaire, 2008).
1997). By reviewing the literature on learning and innovation, we try to answer the following
...ll benefit when the employees are well equip with the excellent oral communication, critical thinking, strong work ethic, teamwork, competence and setting the goal which requires a lot of thinking process.
One of the most integral qualities of an entrepreneur as well as that of a successful business is the degree of innovation it possesses. Innovation refers to the creation of new ideas, improvement of existing production processes, and effective problem solving. Innovation allows for increased efficiency in a business, which in turn increases its supply potential and productive capacity. Being innovative may involve either improving upon old methods o...