This outline explores the aspects of “THE RBS CITIZENS” basing on its history, purpose, stakeholders, practices, challenges, opportunities and recommended solutions.
“The RBS CITIZENS” is a commercial bank that constitutes diverse companies, branches, ATMs and employees (Benioff & Adler, 2006). The bank was initiated in 1829 as the High Street Bank in Hoyle Square then Providence Rhode Island, which was a busting market center.
Later, the directors of High Street Bank received a second charter and founded Citizens Savings Bank, which was a joint savings that received the initial official deposits in 1871. By 1947, Citizens purchased stock in the High Street Bank and attained complete administration of its original parent. It begun opening branch offices and became a member of the FDIC in 1950 making it the first mutual saving bank to achieve such a feat. Citizens kept growing making it demutualize in 1986.
Two years later, “the Royal Bank of Scotland”, one of the leading banking groups in Europe acquired it (Benioff & Adler, 2006). Backed by RBS, Citizens bank became the strongest capitalized monetary organization in New England and subsequently gobbled up other regions (Benioff & Adler, 2006).
Purpose and Mission
The mission of the entity is “to deliver superior sustainable value to run our business with integrity and openness, delivering optimum financial results within clearly defined business principles” (Benioff & Adler, 2006).
RBS CITZENS has various stakeholders, which include “the RBS group, RBS American and the Citizens Financial Group” (Benioff & Adler, 2006).
There are definite organizational practices, which have resulted into the success of the entity. The workers in the organization mostly work as team since individual performances achieve little advantage in the current business world. The success of most organizations is thus attributable to effective teamwork.
The leaders usually affect the teams since their potential and the proficiency to incorporate themselves efficiently into their teams culminate in success. Additionally, RBS’s ability to respond to new competitive situations with admirable organizational creativity has enabled it to react faster to the market’s requirements and fine-tune its operations effectively. Indeed, creativity is evident in teams and not individuals (Rahim, 2010).
Additionally, RBS Citizens increases its employees’ performance by employing reward systems. The reward system in the organizations gives incentives to managers and the workforce. Indeed, the performances have improved and departmental goals met. The supervisors and workforce evaluate how well the previous goals were met, set new goals and establish rewards for meeting new targets.
Personnel are often rewarded after yearly performance assessment when supervisors assess workers performance and offer feedback. This is to aid the staff to upgrade performances and obtain rewards. Reward systems incentivize people thus eliminating unintentional, counterproductive, and detrimental ways. Reward systems motivate persons to meet goals and can help in guiding and correcting unwanted employees’ behaviors (Rahim, 2010).
An additional facet that has led to the success of the RBS CITIZENS is the usage of effective communications techniques. An example of the techniques is the use of audiovisual presentation when passing messages to the employees. It is a helpful technique of communicating the benefit plan to the staff and explaining the alterations in organizational systems. The use of meetings in the entity is also an efficient way of communication. At the meetings, the administrative parties react to employees’ enquiries (Rahim, 2010).
A noticeable challenge that the entity is facing entails management of conflicts. Conflicts escalate as people challenge the old ways of thoughts and initiating events. Consequently, more problems arise leading to recommendations for alterations in the organizations.
The entity’s major conflict arises from the organizational structural design. Such conflicts have always represented basic challenges to the organization. RBS CITIZEN has a very complex structure, which makes it intricate for the organization to react to the changing business conditions (Rahim, 2010).
Another challenge that the RBS faces entails contact amongst diverse parties. This is usually a vital cause of interpersonal conflicts in businesses. Communication barrier at RBS CITIZENS results from the heavy organizational structure that prolongs the line of contact from the sender to recipients. This leads to information distortion before the message reaches the targeted persons (Rahim, 2010).
The organization has great leaders who have the ability to decipher concepts and recognize connections based on knowledge and experience (Rahim, 2010).
The organization should essentially eliminate conflicts through management processes thus improving organizational knowledge and effectiveness. In the organization, every one should be responsible in establishing successful communication. If leaders set up a system for reporting errors but staff do not report errors then initiating organizational changes can be intricate.
Therefore, staff should be educated and trained on the values of effective communication and the effects of deprived communication. The organization should compress its organizational structure, shorten the distance that the messages pass from senders to recipients and adapt easily to the changing business conditions (Dressler, 2004).
Conclusively, successful organizational practices entail a mixture of personality traits, familiarity, acquaintance and skills needed to lead effective practices by managers. The organization has varying stakeholders and it should adjust its services according to the needs of the clients (Rothwell, 2010).
Benioff, M., & Adler, C. (2006). The business of changing the world: twenty great leaders on strategic corporate philanthropy. New York, NY: McGraw-Hill Professional.
Dressler, S. (2004). Strategy, Organizational Effectiveness and Performance Management: From Basics to Best Practices. Kansas: MO. Universal-Publishers
Rahim, A. (2010). Managing conflict in organizations. New York: NY. Transaction Publishers.
Rothwell, J. (2010). Effective succession planning: ensuring leadership continuity and building talent from within. New York, NY: AMACOM Div American Mgmt Assn.