Prime Bank, a fully licensed commercial bank, is managed by a dedicated and experienced team in the banking industry. They are committed to understanding and anticipating customer needs as the banking landscape evolves. Despite its relatively short existence, Prime Bank has made impressive strides and has been recognized as a top-ranking bank in the country through the internationally accepted CAMELS rating.
The bank has achieved success in all areas of cuisine operation and has established a strong position among its competitors. Prime Bank offers a wide range of commercial, corporate, and personal banking services, catering to all segments of society. These services comply with the regulations set by our central bank and the Banking Company Act. The bank’s diversification of products and services includes Corporate Banking, Retail Banking, and Consumer Banking, which serve various industries such as agriculture, real estate, and software.
Prime Bank has always placed a high importance on integrating technology since its inception. To maintain a competitive edge, the bank continually emphasizes investment in technology. They have a strategy of serving customers through capacity building across multiple delivery channels, while also keeping their network within reasonable limits. The bank has specific objectives aligned with its vision, aiming to position itself as a unique and exceptional institution in the minds of the people. These objectives include mobilizing savings and providing loans and advances, conducting various investment and financial businesses, as well as financing international trade for both imports and exports.To continue with the foreign exchange operations, such as the purchase and sale of foreign currency, issuing traveler’s checks, providing international credit card insurance, and more.
To finance various industries, trades, and commerce both conventionally and through customer-friendly credit services is the main goal. There are four strategic priorities: achieving sustained growth, expanding the range of products and services, and improving their quality. The staffing procedure at HARM involves recruitment and selection processes for both freshers and lateral entrants. For freshers, the process includes inviting applicants, CV screening, written test, face-to-face interview, selection, offer letter, medical examination, and joining. For lateral entrants, it includes inviting applicants and medical examination.
Managerial Hierarchy: Managing Director, Deputy Managing Director, Executive Vice President, Senior Vice President, Vice President, Assistant Vice President, First Assistant Vice President, Senior Executive Officer, Executive Officer, Principal Officer, Senior Officer, Management Trainee Officer, Junior Officer.
Leadership: Leadership is the art of influencing people to strive willingly and enthusiastically toward group goals. It encourages people to develop a willingness to work with zeal and confidence.
Leaders take action to assist a group in achieving goals by utilizing their capabilities to the fullest. They do not remain in the background to push and motivate; instead, they position themselves in front of the group, guiding progress and motivating the group to accomplish organizational objectives. Leaders have been identified with three main styles: 1. Autocratic Leadership 2. Democratic or Participative Leadership 3. Free-Rein Leadership From our survey, we have discovered that Prime Bank Ltd. follows a democratic or participative leadership style.
Participative leaders consult with subordinates on proposed actions and decisions and encourage their participation. This range of leadership style includes individuals who seek concurrence from subordinates before taking action, as well as those who consult with subordinates before making decisions. At Prime Bank, the Managers strive to foster a sense of family and a friendly atmosphere among employees. They make an effort to know every employee’s name and are skilled at managing people. Their friendly and approachable attitude is evident as they provide support and consult with subordinates on proposed actions and decisions.
His leadership style garnered the respect and camaraderie of his employees while also aligning with the Bank’s policy of providing friendly service and cost effectiveness.
Controlling involves measuring and correcting performance to ensure that enterprise objectives and plans are being achieved. Every manager, from president to supervisor, is responsible for controlling. While the extent of control may vary among managers, it remains an essential managerial function at every level.
Employee motivational tools include Herrings two-factor theory, which categorizes factors into motivation and hygiene factors. The motivating factors encompass achievement, recognition, the work itself, responsibility, advancement, and potential for growth. Hygiene factors include company policy, supervision, relationship with supervisors, work conditions, peer relationships, salary, personal life, relationship with subordinates, status, and security.
Motivational techniques for employee retention are important in maintaining a motivated workforce.
In Bangladesh, social researchers have outlined techniques to motivate managers. These techniques include training, self-motivation, recognition, awards, incentives, incentive programs, employee satisfaction, employee reward programs, team building, and employee recognition programs. By implementing these techniques, employee productivity can be increased. These techniques are specifically tailored to the business environment in Bangladesh.
Both economists and most managers rank money high on the scale of motivators, whereas behavioral scientists place it low. Managers must bear in mind a few key points if they want money to be an effective motivator. Firstly, money tends to hold greater importance for individuals who have dependents. It serves as a pressing means of attaining a basic standard of living, although this baseline tends to rise over time. Secondly, it is likely accurate that money is utilized as a motivator in the majority of businesses and other ventures.
Thirdly, the motivation provided by money can be diminished to some extent by the practice of maintaining a reasonable level of salary similarity among managers within a company. Furthermore, in order for money to effectively serve as a motivator, individuals in different positions, even if they are at the same level, need to receive salaries and bonuses that recognize their personal achievements. It is highly likely that money can only motivate when the potential payment is significant compared to an individual’s income. The issue with numerous wage and salary raises, as well as bonus payouts, is that they are not sufficiently substantial to inspire the recipient.
Skimmer suggests the use of positive reinforcement as an approach to motivate managers and supervisors to have a positive outlook on goals and objectives. This approach helps boost employee confidence in performing their tasks. Positive reinforcement includes creating a well-designed work environment, praising performance, removing obstacles to performance, implementing control planning and organizing, and fostering good communication. Motivation is further enhanced when employees participate in planning objectives, which greatly assists top management in creating an optimal work environment.
Management should consistently praise employees’ performance and maintain open communication with managers at all levels. This approach will generate positive reinforcement. Participation, which is strongly supported by motivation theory and research, is an effective technique. It is undeniable that people are generally motivated when they are included in decision-making processes that affect them directly. Moreover, individuals in key operational positions often possess valuable insights into both problems and potential solutions.
Participation is a vital aspect of recognition as it fulfills the desire for affiliation and acceptance, providing individuals with a feeling of accomplishment. However, encouraging participation does not imply that managers relinquish their authority. While they encourage subordinates to contribute in areas within their expertise and attentively listen, ultimate decisions in matters requiring their expertise lie with the managers themselves. The most competent subordinates prefer this approach, and very few would respect a hesitant superior.
Job enrichment involves making jobs challenging and meaningful, which applies to both managers and non-managers. It is based on Herbage’s theory of motivation, which emphasizes factors like challenge, achievement cognition, and responsibility as motivators. The goal of job enrichment is to increase challenge and achievement in the job by incorporating variety, giving workers more freedom, promoting participation and interaction, fostering a sense of personal responsibility, providing feedback, and involving workers in change management.
Prime Bank Ltd.’s head office has various functional departments, including the Logistic & Support Services Division (L&SSD), previously known as General Services Division (SD). L&SSD’s main function is to procure and supply tangible goods and services to the bank’s branches and head office. This includes tasks like lease agreements, interior decoration for branch openings, printing security papers and bank stationeries, distributing these stationeries to branches, purchasing and distributing furniture and fixtures for the bank, as well as handling requests for cars, vehicles, telephones, etc. from branches and different divisions in the head office. L&SSD is responsible for arranging the purchase and delivery of these items to the relevant person or branch.The Financial Administration Division (FAD) primarily handles the Bank’s account side, including the installation and maintenance of various facilities in the Branches.
It deals with all the Head Office transactions with bank and its Branches and all there are controlled under the following heads: i. Income, Expenditure Posting: All income and expenditures are maintained and posted under these heads. Ii. Cash Section: cash section generally handles cash expenditure for office operations and miscellaneous payments. Iii. Bills sections: this section is responsible for inland bills only. Iv. Salary & Wages of the Employee: Salary and wages of the Head Office executives, Officers 7 Employees are given in this department. V.
Maintenance of Employee Provident Fund is carried out at this location. The consolidation of branch accounts occurs as all branches regularly send their income and expenditure, such as profit and loss accounts, to Head Office. The branch statements are then reviewed. Additionally, this division is responsible for preparing various monthly, quarterly, and half-yearly statements that are submitted to Bangladesh bank. Furthermore, the division analyzes and interprets financial statements for the management and Board of Directors.
