SIBL Young Star Account
Today’s youngsters are going to be the future business personalities of the country. That’s why SIBL Young Star account has been introduced with a view to raising savings tendency among school-going children from childhood.
The beneficiaries are entitled to daily profit on daily balance, which directly adds to the account.
There is no need to keep minimum balance to run the scheme.
The scheme holders shall be provided annual charge free Debit card of the bank
The account holders shall be given attractive gift hampers at the time of opening the account.
With the help of school authority and the bank, the students can save money at the institutions in presence of bank’s executives.
After opening Young Star account, the students can pay school-fees through balance transferring from their account.
SIBL Young Star account holders desiring to achieve higher education in future would get investment facility from the bank.
Functions of Manager
There are basically five management concepts that is allowed by any organization’s manager to handle the tactical, planned and set of decisions. The five basic functions of the manager are just to have a controlled plan over the preventive measure.
These Functions can be summarized below:
Planning is the first tools of the five functions in the managerial task. The difference between a successful and unsuccessful manger lies within the planning procedure, planning is the logical thinking through goals and making the decision.Planning involves defining a goal and determining the most effective course of action needed to reach that goal. Typically, planning involves flexibility, as the planner must coordinate with all levels of management and leadership in the organization. Planning also involves knowledge of the company’s resources and the future objectives of the business.
The second function of the manager (management) is to get prepared and to get organized. Manager must organize all its resources well before in hand to put into practice the course of action to decide that has been planned in the base function. The organizing function of leadership controls the overall structure of the company. The organizational structure is the foundation of a company; without this structure, the day-to-day operation of the business becomes difficult and unsuccessful. Organizing involves designating tasks and responsibilities to employees with the specific skill sets needed to complete the tasks.
The third function of manager is stuffing. After the organizational functions are done, he may decide to beef up his stuffing by recruiting, selecting, training and developing employees. The staffing function of management controls all recruitment and personnel needs of the organization. The main purpose of staffing is to hire the right people for the right jobs to achieve the objectives of the organization. Staffing involves more than just recruitment; staffing also encompasses training and development, performance appraisals, promotions and transfers. Without the staffing function, the business would fail because the business would not be properly staffed to meet its goals.
It involves the implementations of plans by mobilizing individuals and group efforts through motivation,communication, leadership and supervision. Directing may be defined as the process of activating the efforts of employees towards the achievement of organizational objectives.
The coordinating function of leadership controls all the organizing, planning and staffing activities of the company and ensures all activities function together for the good of the organization. Coordinating typically takes place in meetings and other planning sessions with the department heads of the company to ensure all departments are on the same page in terms of objectives and goals. Coordinating involves communication, supervision and direction by management.
The controlling function of management is useful for ensuring all other functions of the organization are in place and are operating successfully. Controlling involves establishing performance standards and monitoring the output of employees to ensure each employee’s performance meets those standards. The controlling process often leads to the identification of situations and problems that need to be addressed by creating new performance standards. The level of performance affects the success of all aspects of the organization. It involves:
Ø Establishing standards of performance
Ø Measuring current performance
Ø Comparing actual results with the established standards
Ø Detecting deviations from the standards
Ø Taking corrective actions for significant deviations
Roles of Manager
A manager wears a many hats. Not only is a manager a team leader, but he or she also a planner, organizer, cheerleader, coach, problem solver and a decision maker.
1. Hire Great People
It all starts here — with great talent, the rest is easy. For some reason, managers often take short-cuts when it comes to sourcing, screening, and selection, or they overly rely on HR or recruiters, instead of seeing selection as a critical part of his/her job.
2. Performance Management:
“Performance management” is a broad category, and covers the people-management aspect of a manager’s job. It includes clarifying and setting expectations and goals, coaching, measuring, and monitoring employees’ work, addressing performance problems, providing feedback and recognition, coaching, developing, training, and doing performance reviews. Depending on the number of direct reports a manager has, this can take up the majority of a manager’s week.
3. Team Development:
In addition to individual employee management and development, a manager is responsible for the development of a high performing team. An interdependent team is usually more productive than a group of individuals working independently.
4. Setting Overall Direction:
A manager sets the long and short term direction of the team or organization. This includes the vision, mission, goals, and objectives — in other words, strategy. Strategic managers spend a lot of time thinking about mission and direction; always on the look-out for the need to change priorities or reinvent. Of course, they involve others, including their team members, but they take ultimate responsibilities for final decisions.
5. Being an Important and Supportive Team Member:
Patrick Lencioni, author of the bestselling book “The Five Dysfunctions of a Team, says that “team number one” should be your manager’s team, not your own. He says, “We all know that if there is any daylight between executive team members, it ultimately results in unwinnable battles that those lower in the organization are left to fight.”
6. Doing Unique Work That No One Else Could or Should Do:
Just about every manager, no matter what level, has their own set of individual contributor responsibilities. The higher the level, the fewer there are, but even CEOs have to do things that just cannot be delegated. However, managers should be very careful to make sure that they are really doing work that only they can do, not work that they like to do, are good at, or don’t trust their team to do.
7. Manage Resources:
Managers have to make sure the team has the resources they need to do they work, while at the same time making sure that a team does not overspend or waste resources.
8. Improve Processes and Quality:
While individual should take responsibility for the quality of their own work, managers are usually in the best position to see the overall workflow (the sum of the parts) and make adjustments and improvements.
Managers are not just responsible for the development of their employees and teams — they are responsible for their own development as a manager as well. That includes taking on stretch, developmental assignments, participating in management training, seeking mentors, asking for feedback, and reading about management and leadership. By doing so, they are role modeling continuous improvement.
10. Communicate Information:
They make sure information is flowing from above, sideways, and upwards. They are never the bottleneck in the information highway. Finally, in case you are wondering where “leadership” fits into the role of a manager, it’s woven throughout these ten essentials roles, each requires leadership in order to be truly effective. Leadership is not a separate “do” — it is a way of being!
Skills and Styles of a Manager
In new businesses, “management” is often considered “whatever needs to be done just to keep things afloat”. However, for your business to grow and remain healthy, you must master certain basic skills in management and leadership — skills that will help you avoid the crisis situations where you have to do “whatever it takes to stay afloat”. The basic skills include problem solving and decision making, planning, meeting management, delegation, communications and managing yourself.
Learners who complete this module will achieve the following outcomes: Gain Basic Skills in:
1. Problem Solving and Decision Making
4. Internal Communications
5. Meeting Management
6. Managing Yourself
Strong Management Team: The current management team of SIBL is the one of the powerful and efficient management team the bank has ever faced.
Product Diversity: SIBL launched different products for diversified people beside the normal current and savings account.
Up to Date Technology: The technology of SIBL is up to date. Due to their up to date technology they have adopted Eldorado system to do the transaction not only with other branches but also with other banks.
Strong Workforce: The workforce of SIBL is very strong. They have recruited the most qualified people among all the candidates through the strong selection process. They consider each of their employees just like a diamond.
Loyalty of the Employee: In SIBL employee?s loyalty is very strong. It has so many senior and experienced employees who are working only due to strong loyalty and respect for the organization.
Larger Corporate Client Base: SIBL has attracted a large corporate sector of the country because of their extra facility and warm greetings or cordiality to the corporate clients.
Limited Branch Network: SIBL branch network is limited compared to any other banks. They are in the shakeout stage of the industry life cycle. So far, they should have establish many more branches. Although they are opening new branches in a recent time, but it didn?t exceed even the 100.
Limited ATM Booth: SIBL ATM booths are limited in the country. They have arranged the transaction of the money from other banks? booth also but there own booth is not available in the country. They have very few ATM booths. So people become confused about from where they will pick up their money.
Physical Evidence: Physical Evidence is one of the most important components of service marketing. As banks are the very important organizations to provide the service to the clients, the physical evidence should be attractive. But SIBL has not adopted that much servicescape quality except some few branches.
Promotion: As a second-generation modern Islami Bank SIBL should adopt more powerful promotional strategy which they have not done yet.
Defensive approach in Competition: SIBL always try to stay in a defensive position to remain in a steady position. But they should follow at least some of the aggressive movement to go ahead.
Lack of Full Automation: SIBL has not yet adopted full automation in case of their own networking system. But they have committed that in a very few days they will be able to adopt fully automation system.
Business Prospects: Bangladesh has 64 districts. So SIBL has a broad business prospects by opening more and more new branch in different districts.
New Customers: Nowadays customers are becoming too much aware of banking activities. So SIBL has a great opportunity to attract more clients by providing better facility.
Switching Tendency of Customers: Clients switching cost is very low in banking industry. So if SIBL can adopt more client friendly system and can give more facility they can also attract the existing client of other bank and they can make them interested to switch their previous banks.
Corporate Banking Arrangement: SIBL has to compete not only with the Islami bank but also with other conventional banks also. So they should adopt high level of corporate banking arrangement.
Shrinking Stock Market: The stock market of Bangladesh is facing a shrinking position. So it is a high time for banks as well as SIBL to attract more clients to invest their money in banks. So SIBL can also take the advantage of that.
High Competition: Now. In Bangladesh Banking industry is huge and many new banks are also going to start their operation within a very few days. So it is very threatening for SIBL to keep their reputation consistently same to the clients. ?
Low Switching Cost of Clients: Clients switching cost is low in banking industry. So clients can easily switch to other banks if they get better benefit.
Lower Rate of Return: Bangladesh Bank has permitted the banks to give highest 12% rate of return on every deposit. SIBL is following that rule where some of other banks are giving more rate of return by unethical practices only because of attracting customers.
Fundamentalist Point of View; There are some people who are fundamentalist about the religion “Islam”. They want the full adoption of Islamic lifestyle and environment in the banks also. So one of the biggest Islamic bank “Islami Bank Bangladesh Limited” is very attractive to them. So they have a confusing impression on the corporate style Islamic Banking which SIBL is following. ?
Unsteady Customers Loyalty: In banking industry, customer loyalty is very unsteady. Sometimes client even don’t know what they actually need. They always look for better option than the existing option. If any bank provides better facility they will go for hunting that. ?
Competitors Product Line: SIBL has diversified product line. However, other banks may offer some more innovative and facilitating product line to clients to attract them.
CSR of Social Islami Bank Limited
As an Islamic Bank, Social Islami Bank Limited is quite conscious of its social responsibility andalways trying to participate in social cause program in the country. The bank is committed toserve the society at large through its
· family empowerment
· Micro Investment,
· Micro Enterprise and
· SME programsUnder non-formal sector
· Social capital mobilization through CASH WAQF
Other programsUnder voluntary sector.The bank has already formed CSR Desk with the aim to serve humanity through different philanthropic activities giving emphasis on health and Education. The bank believes that anykinds of social & philanthropic activities would improve the quality of the lives of the poormasses of the country.Social Islami Bank Ltd. is extending financial help to different orphanages, schools, madrashas,social organizations & individuals who are suffering from fatal diseases like cancer, kidneyfailure, heart diseases etc.
Organizational culture is a system of shared assumptions, values, and beliefs, which governs how people behave in organizations. These shared values have a strong influence on the people in the organization and dictate how they dress, act, and perform their jobs.
Characteristics of Organizational Culture
The seven characteristics of organizational culture are:
? Innovation (Risk Orientation) – Companies with cultures that place a high value on innovation encourage their employees to take risks and innovate in the performance of their jobs. Companies with cultures that place a low value on innovation expect their employees to do their jobs the same way that they have been trained to do them, without looking for ways to improve their performance.
? Attention to Detail (Precision Orientation) – This characteristic of organizational culture dictates the degree to which employees are expected to be accurate in their work. A culture that places a high value on attention to detail expects their employees to perform their work with precision. A culture that places a low value on this characteristic does not.
? Emphasis on Outcome (Achievement Orientation) – Companies that focus on results, but not on how the results are achieved, place a high emphasis on this value of organizational culture.
? Emphasis on People (Fairness Orientation) – Companies that place a high value on this characteristic of organizational culture place a great deal of importance on how their decisions will affect the people in their organizations.
? Teamwork (Collaboration Orientation) – Companies that organize work activities around teams instead of individuals place a high value on this characteristic of organizational culture.
? Aggressiveness (competitive orientation) – competitive world conqueror.
? Stability (Rule Orientation) – stability required for the company.
Did the manager ever face any ethical issue in his job? How did he deal with it?
Manger didn’t face any type of situation based on morality this far. But if anyone apply for loans for any kind social project or business, he verifies the document on project or business thoroughly. If project is good enough for startup business, he ensures applier get his/her loans in time and make sure if it can be profitable.
How does the manager plan for his job?
In this case manager put employees in their expert criteria. Basically he maintains the right person for any specific position. He ensures that employees are doing their job proficiently and maintain productivity.
What strategies does the manager apply to keep his dept. more competitive?
Who is best for which positon mainly who is more experienced and does know his job sit in position. If anyone new here, they first get training. Even after anyone make mistake co-operation with other employees, sometime manger himself motivate and make them more comfortable to do their job. This make mangers dept. more competitive.
How does manager solve problems in his dept.?
If any dept. face any sort of problem, someone experienced or expert is sent to solve it. Only the major problems are handled by the manager himself.
How does the manager communicate with his superiors and subordinates?
In the workplace manager, usually communicate or gives the order to subordinates that is basic form of downward communication. These are usually done via manuals and handbooks, oral communication and written orders.
How does the manager motivate his subordinates?
Manager motivates the subordinates in many different ways. Yearly best employee award is one of them. Also encouraging by bonus that creates healthy work force and add to that manager also sometime involves subordinates is decision-making process that directly affect them.
How does the manger resolve conflicts?
Conflicts between subordinates are regular in anorganization; the manager usually talks with the individual subordinates and hear them first. Then manager tries to give a solution. If the issue is, goes beyond then he notify it to the HQ for further investigation and legal action.
What sort of organizational changes does the manager confront on a regular basis?
The regular changes that manager confront are directly given from HQ or regional head office. For some orders manager arrange training season or sometimes infographics to help understanding.
How does manager ensure monitoring and control?Manager keep tracks of the work through regular work report. By measuring results, he ensures the improvement. Gives feedback to team work to get work properly. Also by monitors the office work through CCTV camera in his chamber.
SIBL is running successfully and for its good deposit performance the bank occupies 2nd positioning the Islamic Banking Sector. Taken all in all, it can be safely said that SIBL action program is directed towards development of an authentic participatory Economy beyond Market Economy. The family empowerment credit program of Social Islami Bank is gaining ground at the grass root field level in Bangladesh. In SIBL approach, credit conveys the totality in life and clearly linked to social context and cultural setting in conformity with Shariah. There is a better chance in provision for social subsidy. De-secularizing credit may lead to re-writing new economics. It is thus felt that the linking credit to social goals and assignments will have far-reaching theoretical implications for development of an alternative concept of new theories of income, output and employment. This bank expresses its sincere thanks to the government of the People?s Republic of Bangladesh and Bangladesh Bank for their co-operation and valuable guidance to the bank. SIBL also takes this opportunity to their valued clients, patrons, well wishers, correspondents and the shareholders for their support and patronization extended during the year under review. SIBL also records its appreciation for the services rendered by the executives and the members of the staff for the stability and growth of the bank. SIBL needs further active support and continued cooperation of Bangladesh Bank, ministry of finance and other government agencies, executives and employees of the bank, valued partners, clients and the community at large in accomplishing difficult tasks ahead of it.