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At Peoples’ Bank, “massive changes began to take place in the business environment of banking with deregulation and the relaxation of ceilings on interest”. This affected what people actually did with their money and where they actually put their money; and these two factors affected the whole money market system of banking. This especially affected the competition between the different levels of banks (regional, district, and local) for various (but the same) sources of funds.
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"Peoples’ Bank: Linking Business Strategy and Human Resource Management." 123HelpMe.com. 16 Aug 2018
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a) articulation of a strategic vision, b) objective and accurate measurements, c) benchmarking (evaluating the quality of human resource programs, activities, and impact as well as a means of identifying areas in which resources should be concentrated) d) widespread employee empowerment and team building, e) striving for continuous improvement, f) emphasis on a systems view of quality which conceptualizes quality-related activities as being highly interdependent, g)leadership committed to quality, and h) great emphasis on customer satisfaction.
Another trend is the increased use of work teams, which is defined as a cohesive group assembled to address a problem, manage a process, or work to improve productivity. Teams can be formed from individuals doing the same work (a functional team) or from different work (a cross-functional team). Also, (as in the Ingersoll-Rand example) there is trend towards product development teams, which is a kind of cross-functional team. They bring together all functional areas involved with creating new products: engineering, production, research and development, marketing, purchasing, and so on. A key advantage with teams is that they help organizations and individuals depart from traditional, and bureaucratic, notions about how work is organized, and who is responsible for what. Teams exert a powerful influence on individuals by setting norms regarding appropriate work quantity and quality. Positive results from group influences are more likely when there are rewards for group efforts, and the group has autonomy and control over the work environment. Another trend is managing through employee participation and empowerment. This encourages the decentralization of decision-making and gives broader worker participation and empowerment in controlling their own work process. Research has shown that participation increases both employee satisfaction and productivity. Then there is strategic salary planning, which includes incentive pay and pay for performance, and having wages that are higher than that required by the market. This salary related trends allow employees who are responsible for enhanced levels of performance and profitability to share in the benefits. If properly implemented, they can align the interests of employees with those of other shareholders. Such employees will likely take a long-term view of the organization, its strategy, and its investment policies.
Employee empowerment can provide a valuable source of competitive advantage to be considered in strategic decision-making. Empowerment can improve productivity in two ways. First, it can strengthen motivation by providing employees with the opportunity to attain intrinsic rewards from their work, such as a greater sense of accomplishment and a feeling of importance. Workers then become self-motivated. Second, employee empowerment can improve productivity because the process leads to better decision. Decisions are better because they are made by employees, (as in the case at Ingersoll-Rand, when the employees were included in the purchase of the new technology system for the company) and employees have a more complete knowledge of their work than do their managers. Furthermore, employees are more likely to accept (and thus implement) decisions when they have participated in the decision-making process. An organization’s competitive advantage rests with managing and developing its “knowledge capital”. Knowledge capital refers to the collective economic value of the organization’s workforce. It encompasses the organization’s ability to stimulate employees to develop new approaches to cutting costs and increasing revenues, and to discover new products and services. Examples of this include information sharing which provides an informed basis for employees to appreciate how their own interests and those of the company are related, and thus provides them with the information they need in order to do what is required for success in various business related situations. There is also employee ownership with things such as shares of company stock and profit-sharing programs; and informal participative decision –making programs, where managers decide just how much decision-making authority employees should have and managers and subordinates make joint decisions on a day-to-day basis.