Question 1

Using the Assessment tools we have discussed in unit 4, (McKinsey 7-S framework, Balanced Scorecard, SWOT Analysis etc) provide a complete assessment of the company you are currently working for. If you were CEO what would you change and why - provide your recommendation with a before and After Organizational chart. - If you are not working at this time - use a past employer.

Answer

I work with First Bank of Nigeria Plc., one of Africa’s largest and fastest-growing financial institutions in Nigeria.

Brief History of First Bankof Nigeria Plc.

First Bank of Nigeria Plc. was established in 1894 is the premier bank in West Africa and the top financial service solution provider in Nigeria. At beginning, the bank was incorporated as a limited liability company under the name of British West Africa (BBWA), with the head office in Liverpool.

In 1957, the Bank changed its name from Bank of British West Africa (BBWA) to Bank of West Africa (BWA). In 1966, following merger with Standard Bank, UK, the Bank adopted the name Standard Bank of West Africa Limited and in 1969, the Bank incorporated locally as the Standard Bank of Nigeria Limited in line with Companies Decree of 1968. The Bank changes in name also occurred in 1976 and 1991 to First Bank of Nigeria Limited and First Bank of Nigeria respectively.

Vision Statement

“To be the clear leader and Nigeria’s bank of First choice

Mission

“To remain true to our name by providing the best financial service possible”

Major Products and Services

First Bank of Nigeria Plc has for major directorates (Lagos, West, North South ) providing financial assistance to key economic sectors both nationally and internationally. Also strategic resource functions directorate (see exhibit 1). Banking operations and service directorate provide support for back-office product engines (E-business, payment and collection, consumer banking and money transfer product) and responsible for new product development.

Using SWOT Analysis to access First Bank of Nigeria Plc.

SWOT Analysis is a framework for detailed analysis of the company’s strengths, weakness, opportunities and threats.

Strengths Weaknesses Opportunities Threats

Strong Brand name: good reputation of integrity. A customer believes that his business transactions are secured with First Bank without fair of losing. The strong brand It has given the bank the influence to win good businesses from government.

Strong Corporate governance culture

Good investment returns to shareholders funds:

Bureaucratic mind set affect business win over by competitors in some cases.

Time to market of product initiatives: design and sign-off process of product development out leave the original product go life time specified.

Merger and acquisition: to take advantage of economies of scale, this will enhance the growth in operations and offshore businesses. It will also reduce competitors from the industry. Gives capability to guarantee effectiveness and collaboration.

.

Stronger regulation hence cost of compliance

Drop in domestic demand for credit

Present operating environment is politically and economically unstable.

Competition leading to margin reduction.

Asian and mid-east crisis having reverberating effect

steady return of dividends and growth of shareholder worth.

Big Balance sheet: gives investors and shareholders insight to the performance of the bank.

Good process alignment:

Good IT infrastructure that enhance speed service delivery to customers

Loyal Staff Compliment

Branch Network: over 600 interconnected

on international business.

branchnationwidein Nigeria, which give potential and existing customers advantage to perform their business at any location.

Using MCkinsey 7-S framework to asses First bank of Nigeria Pls.

The 7-S framework of MCkinsey is a management model that describes 7 factors to organize a company in an holistic and effective way.Together these factors determine the way in which corporation operates. A good and functional organization should take into account all seven factors, to be sure of successful implementation of it strategies.

Strategy: The Bank aspires to be the “clear leader and Nigeria’s bank of First choice”. The Bank as embarked on transformation programmes to achieve the mission. The four pillars adopted are:

Growth: Attain full advantage of economic of scale by accelerating expansion through a combination of organic and inorganic element. Redefine retail banking business, product portfolio optimization, developed a differentiated services and sale model for net-worth and prosperous clients. Explore Nigeria landscape for possible merger or acquisition, to extend franchise in a manner that benefits shareholders. IT transformation plan to improve IT infrastructure.Service Excellence:Processes re-engineering that focused on process priority with the objective of standardization. Branch transformation that transform branch outlook, channel optimization to take advantage of it (e-business) functionality Performance Management: New performance management system was designed to stimulate the organization and build a performance culture in the Bank and align business objectives, teams and individual. Key performance indicator and balance score card usage to track staff performance.

Talent: staff competence building for both front and back office workforce through external and internal organized training. E-learning and self-development campaign to strengthen talent advancement drive.

Structure: The Bank structured it business units to ensure swift and effective response in the various locations and ensuring alignment of service standards across the varied frontiers of operations. Four major directorates focusing on key economic sector for business transactions also strategic resource functions directorates; responsible for back-office functions, ensuring that the Bank has resources needed to meet customer demand and proactively plan for future demand.

Systems:

Style: Have passion to deliver excellent service with a flair for business expansion.

Staff: Proficient and innovative workforce.

Shared-value: TELL & SPIC were coined to quickly recall and leave the values of the brand

TELL: Teamwork, Ethics, Loyalty, Learning.

SPIC: Superior performance, Professionalism, Integrity, Customer centricity

Skills

Using Balance Score Card .

Balance score card is a four views framework ( financial, Customer, learning and growth and Internal Business Processes) use to evaluate organization strategic objectives into performance metric. This views provide a relevant feedback on how strategic plans are executed and where adjustment is necessary.

Balanced Scorecard Framework

Strategy

Financial Performance: The management is concern about revenue growth, make every effort towards its profitability and capital effectiveness objectives. Good returns on investment to shareholders.

Customer: Provide matchless and innovative service to customers. Has a solution implemented used by its valued customer to measure service rendered to provide a feedback for appropriate evaluation and improve where necessary.

Financial Performance

ObjectivesMeasuresTargetsInitiatives

Internal Processes

ObjectivesMeasuresTargetsInitiatives

Learning & Growth

ObjectivesMeasuresTargetsInitiatives

Customers

ObjectivesMeasuresTargetsInitiatives

The Learning & Growth Perspective: plans have been instituted to build and up-skill the competencies of the staff via formal in-house training . Education incentives to subsidies education bill. Career management unit with seasoned business advisor to put staff in a right track. Tremendous improvement in corporate cultural attitudes. Branch transformation processes, that uplift the look of branch national wide also IT infrastructure optimization that enhance speed of service delivery.

Internal Processes centralized processing and branch process re-engineering that focused on efficiency.

If I were CEO of First Bank of Nigeria Plc.

Product development will be managed by project management office with all the stakeholders in the team and product must be implemented within stipulated period. (see exhibit 3)Evaluate endorsement process of business and introduce change where necessary. Keep balance in chasing growth prospect, controls and procedures.Move resource more towards business development.Strive to make First Bank to be leading bank of first choice.

Question 2

How can you personally reduce prejudice in this world? Discuss the problems of prejudice in the workplace and provide one example of how you can change this.

Prejudice exit in various forms

Age discrimination

Sexual harassment

Racial

Gender discrimination

Prejudice can be reduced in the world but it is an herculean task. To reduce prejudice it will require the involvement of governments of various countries in the world, international agencies, corporate bodies and individuals.

There are some efforts on the part of some countries where there are legislations law against prejudice such as law stopping discrimination against disability and gender. There have been a lot of concerted efforts on stopping gender discrimination by various international bodies and conferences such as Beijing conference for women. In Niger a state in Nigeria there is a policy of the government advocating for 35% slot for women participation in government even in politics. Reducing prejudice in this world cannot be single handedly done by one person, but by great synergy being formed by various stakeholders in the word.

Organize seminars to campaign against prejudice, discuss extensively methods to be used to reduce prejudice and appeal for leaders commitment for successful implementation. Government agency should celebrate organizations that consider disable person legible for job placement.Culture adaptation within various tribal groups.

Interaction with various professional contact and learn to tolerate individual differences

Problems of prejudice in the workplace.

Prejudice often time lead to conflict and resentment. It disrupt the workflow and affect group productivities in a workplace. The impact can be seen in every area of life for example, racism and identity discrimination expose ethnic individuality to unjust treatment. Preference for foreign certificate with a top management position, the new hire will be boss to existing staff who has many years of experience on the job. The negative impact of this prejudicial is interpersonal conflict and uncooperative attitude. Transparency and openness will help in reducing prejudice in a workplace.

Reference

Bank of Nigeria. (2009). First Bank Annual Report. Annual Report & Account December 2009. 10 (1), 1-150.

BSC Resources. (1998-2011). Balanced Scorecard Institute, a Strategy Management Group company . Available: http://www.balancedscorecard.org/BSCResources/AbouttheBalancedScorecard/tabid/55/Default.aspx

HCMD. hcmd@firstbanknigeria.com. FIRSTBANK'S SHARED VALUES - THE REVEAL (TELL & SPIC). Friday, November 12, 2010 12:15 PM.

Priscilla Wade and Bianca Bernstein. (1991, Vol. 38, No.1). Beyond Prejudice. Available: http://www.beyondprejudice.com/reduce_org.html. Last accessed 11th April 2011.

Takanomi Ltd. . (2011). Removing stereotypes and Prejudice from the workplace. Available: http://www.submityourarticle.com/articles/Camilla-Patten-4309/Prejudiced-behaviour-as-a-result-of-stereotyping-44181.php. Last accessed 10th April 2011.

Exhibit 1

Exhibit 2

Exhibit 3