As a fully licensed commercial bank, Prime Bank is being managed by a highly professional and dedicated team with long experience in banking. They constantly focus on understanding and anticipating customer needs. As the banking scenario undergoes changes so is the bank and it repositions itself in the changed market condition. Prime Bank has already made significant progress within a very short period of existence. The bank has been graded as a top class bank in the country through internationally accepted CAMELS rating.
The bank has already occupied an enviable position among its competitors after achieving success in all areas of cuisines operation. Prime Bank offers all kinds of commercial corporate and personal banking services covering all segments of society within the framework of Banking Company Act and rules and regulations laid down by our central bank. Diversification of products and services include Corporate Banking. Retail Banking and Consumer Banking Right from industry to agriculture and real estate to software.
Prime Bank since its beginning has attached more importance in technology integration. In order to retain competitive edge, investment in technology is always a top agenda and under constant focus. Keeping the network within reasonable limit, Their strategy is to serve the customers through capacity building across multi-delivery channels. 1. Management Functions 1. Vision To be the best private Commercial Bank in Bangladesh in terms of efficiency, capital, adequacy, asset quality, sound management and profitability having strong liquidity. . 2 Mission To build Brinkman into an efficient, market driven, customer focused institution with good corporate governance structure. Continuous improvement of our business policies, procedure and efficiency through technologies at all level. 1. 3 objectives of the Organization integration of The objective of the Prime Bank Ltd. Is specific and targeted to its vision and to position itself in the mindset of the people as a “bank with difference”. The objectives of the Prime Bank Ltd. Re as follows: > To immobile the savings and channeling it out as loan or advance as the company approve. To establish, maintain, carry on, transact and undertake all kinds of investment and financial business including underwriting, managing and distributing the issue of stocks, debentures and other securities. To finance the international trade both in import and export. To carry on the foreign exchange business, including buying and selling of foreign currency, traveler’s cheeses issuing, international credit card insurance etc.
To finance the industry, trade and commerce in both the conventional way and by offering customer friendly credit service. 1. 4 Strategic Priority Their strategic priority is to have sustained growth, broadened and improved range of products and services. 1. 5 HARM Staffing Procedure Recruitment and selection for fresher includes Inviting applicants C.V. screening Written test Face to face interview Selection and offer letter Medical examination Joining Recruitment and selection process for lateral entrants includes applicants Inviting Medical Examination 2.
Managerial Hierarchy I Managing Director Deputy Managing Director I Executive Vice President Senior Vice President I Vice President Assistant Vice President First Assistant Vice President Senior Executive Officer I Executive Officer Principal Officer Senior Officer Management Trainee Officer Junior Officer 3. Leadership Leadership is defined as influence, that is, the art of process of influencing people so that they will strive willingly and enthusiastically toward the achievement of group goals. Ideally, people should be encouraged to develop not only willingness to work but also willingness to work with zeal and confidence.
Leaders act to help a group attain objectives through the maximum application of its capabilities. They do not stand behind a group to push and prod ; They place themselves before the group as they facilitate progress and inspire the group to accomplish organizational goals. Leaders were seen as applying three basic styles. 1. Autocratic Leader 2. Democratic or Participative Leader 3. Free-Rein Leader Through our survey we got to know that the leadership style that is followed in Prime Bank Ltd. Is democratic or participative style.
Participative leaders consult with subordinates on proposed actions and decisions and encourage participation from them. This type of leader ranges from the person who does not take action without subordinates’ concurrence to the one who makes decisions but consults with subordinates before doing so. In Prime Bank, the Managers attempt to create a family feeling and friendly atmosphere among their employees. He knows every employee’s names. He is a very good man manager. He has a very friendly and approachable attitude. He is supportive and consults with his subordinates on proposed actions and decisions.
His leadership style won him the respect and fellowship of his employees. His leadership style is also congruent with the Bank’s policy of providing friendly service and keeping costs low. 4. Controlling Controlling is the measurement and correction of performance in order to make sure that enterprise objectives and the plans devised to attain them are being accomplished. Controlling is the function of every manager from president to supervisor. Although the scope of control varies among managers, those at all levels have responsibility for the execution of plans and control is therefore an essential managerial function at every level. . Organizational behavior 5. 1 Employee Motivational Tools Employee motivational tools Herrings two-factor theory Two group of factors known as the motivation factors and hygiene factor The motivating factors are the six Achievement Recognition Work itself Responsibility Advancement And possibility of growth Hygiene factors are Company policy Supervision Relationship with supervision Work condition Relationship with peers Salary Personal life Relationship with subordinates Status and security 5. Motivational techniques for employee retention
In Bangladesh perspective to motivate the managers we can use the techniques stated and explained by the social researchers. Motivating staff by training, self motivation, recognition, awards, incentives, incentive programs, employee satisfaction, employee reward programs, team building, employee recognition programs which will ultimately increase employee productivity. Special motivational techniques identified after looking at all the theories of motivation. These theories are applicable in the business environment of Bangladesh.
This are – Money: Economists and most managers have tended to place money high on he scale of motivators, while behavioral scientists tend to place it low. If money is to be the kind of motivator, managers must remember several things. First: Money is likely to be more important to people who are raising a family. It is an urgent means of achieving a minimum standard of living, although this minimum has a way of getting higher. Second: It is probably quite true that in most kind of business and other enterprises, money is used as a motivator.
Third: Money as a motivator tends to be dulled somewhat by the practice of making sure that salaries of various managers in a company are reasonably similar. Fourth: If money is to be an effective motivator, people in various positions, even though at a similar level, must be given salaries and bonuses that reflect their individual performance. It is almost certainly true that money can motivate only when the perspective payment is large relative to a person’s income. The trouble with many wage and salary increases and even bonus payments, is that they are not large enough to motivate the receiver.
Positive reinforcement: Positive reinforcement approach has been suggested by skimmer. This motivator helps the managers and supervisor to think positive about the goal or objective. It strengthens employee confidence to perform their activities. Positive reinforcement includes a) Properly designed work environment. B) Praising performance. C) Removal of obstruction to performance. D) Control planning and organizing. E) Good communication. Motivation approves the participation and encourages participation of the employee in planning an objective and this participation helps top management in designing work environment.
Management should praise the performance of employee and always keep good communication with the top, middle and lower level managers. This will create positive reinforcement. Participation: One technique that has been given strong support as the result of motivation theory and research is the increased awareness and use of participation. There can be no doubt that only rarely are people not motivated by being consulted on action affecting them by being “in on the act”. There is also doubt that most people in the center of an operation have knowledge both of problems and of solutions to them.
Participation is also a means of recognition. It appeals to the need for affiliation and acceptance. Above all it gives people a sense of accomplishment. But encouraging participation does not mean that managers awaken their positions. Although they encourage participation of subordinates on matters where latter can help, and although they listen carefully, on matters requiring their decision they must decide themselves. The best subordinates would not have it any other way and few subordinates can ever have respect for a wish-washy superior.
Job enrichment: Job can be enriched by making it challenging and meaningful. This applies to the jobs of managers as well as to the non-managers. Job enrichment is related to Herbage’s theory of motivation, where factors such as challenge, achievement cognition, and responsibility are seen as the real motivators. In job enrichment, the attempt is to build into jobs a higher sense of challenge and achievements. A job may be enriched by variety. But it also may be enrich by- a) Giving workers more freedom. B) Encouraging participation and interaction. ) Feeling of personal responsibility. D) Giving feedback. E) Involving workers in change management. 5. Organizational Structure: Prime Bank Ltd. Has the following functional departments in its head office. Logistic & Support Services Division (L&SSD) This Division was formerly known as General Services Division (SD). Their main function relates to procurements and supply of all tangible goods and services to the Branches as well as Head office of Prime Bank Limited. This includes i. Every tangible functions of Branch opening such as making lease agreement, interior decoration etc. i. Print all security papers and Bank Stationeries. Iii. Distribution of these stationeries to the branch iv. Purchase and distribute all kinds of bank’s furniture and fixtures. V. Receives demand of cars, vehicles, telephones etc from branched and different divisions in head office and arrange, purchase and delivery of it to the concerned person / Branch. Vi. Install & maintain different facilities in the Branches. Financial Administration Division (FAD) Financial Administration Division mainly deals with the account side of the Bank.
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: Employee provident fund accounts are maintained here. Consolidation of Branch’s Accounts: All branches periodically (especially monthly) sends their income and expenditure i. E. Profit and loss accounts and Head Office made the consolidation statement of income and expenditure of the bank. Here branch Statements are reviewed. This division also prepares different monthly, quarterly, half-yearly statements and submits to Bangladesh bank. It also analyzes and interprets financial statements for the management and Board of director.