Discuss about the Strategic Development within an Organization NAB.
Development and growth of the organization
The operations of NAB are guarded by the consolidated entity and are protected by mission values and statement (Nab.com.au, 2016). The value of the company is crucial and covers each and every aspect of regular banking and financial practices. The mission of the company is to conduct the business ethically and with proper professionalism with the top marks in behavioral conduct. This is the main value that is maintained by the company’s internal code of conduct as well and is generally followed by all the workers of the company and it requires observance through strict ethical rules that are mentioned. The company has a code of conduct which covers: honesty; personal relation; prevention of fraud; a relation of customers; financial advice for the customers; disclosure; conflict of interest.
Vision
Different companies have different vision statements towards the business, society, and environment. The vision statement of NAB is that they believe in complete success (Nab.com.au, 2016).
There are several advantages such as the organization provides work-life balance for the employees associated with the firm, banking as well as the financial discounts, environment friendly advantages, salary packaging, NAB superannuation, leave options, reward as well as recognition, mothers including the well-being options and the childcare options . It is important for any of the firms to look after the desired needs of the employees as it helps in increasing the reliability and the will power of the employees towards the firm.
The main strategy of NAB is to deliver the customers with great experience and being the best and respected bank in Australia and New Zealand. In the year 2004, the firm discovered the desired result of the illegal spot trades with the foreign currency options and the investigations evaluated the fact there was a crucial need for the cultural change (Holton, 2012). In order to make a fast recovery the strategy of the firm to make the traders speculated on the desired US dollar. On the other hand, there were strategies used by the firm to collapse the Allco HIT Ltd along with the strategic finances where the Swampland was mainly used to underpin the respective financial dealings.
Current strategies
The company tries to provide the best facilities to its customers and the customers feel very secured accordingly as the company provides safety and proper assurance as a whole. The company also applies proper strategy so that it can handle the customers so that the customers feel safe while they are attached with NAB (Holton, 2012). The company is aware of the safety and the security of its customers and also has a properly customized system accordingly to work in a channel where the rules and regulations are followed accordingly by the customers of the company (News from the net: Australian Climate Commission’s latest report “The Critical Decade: Australians Future – Solar EnergyÂâ€, 2013). The company provides more or less easy access and their current strategy is to keep their customers happy and make the stated statement true to its extent.
There have been several controversies in the past for National Australian bank. Some of the controversies are foreign currency related fraud, NAB Financial planner, overcharging of the consumers in Irelands and tax invasions and financed emissions of the greenhouse gas. The shareholders of the NAB engaged with the bank for greater emissions of the finances for the respective fossil fuels and this was one of the most criticized strategies (Burgess and Currie, 2013). There were several losses to the bank when the traders of the bank falsified profits for triggering bonuses for a certain period of time.
Strategies that were criticized
The criticisms may come from other stakeholders, such as competitors, media journalist, industry experts, academic professionals, employees, customers, suppliers, communities etc. The strategies for delivering great quality of the service to all of the customers were criticized and it hampered the significant growth of the firm to a larger extent. As per the customers are concerned, the services and the customer’s support were not able to assist the client with great ease. Moreover, there were several criticisms related to the financial transaction related to the bank (Du, 2013). The invasions of the taxes and the overcharging of the customers were considered to be the most criticized strategies for the bank (Pompian, 2012). The customers were overcharged for the services offered to them in Ireland and this affected the execution of the business process of the firm.
PESTEL analysis
Political factors
Political factors always play an important role in the promotion of a company or an organization. There is always a balance kept between a free market and system of controls. A company can face many problems when global economy takes over the domestic economy (Rachui, 2012). NAB also faces a huge competition from the political factors that are prevalent in the market (information technology change management in networking, 2016). Political factors also refer to identifying optimal areas of sales or production as well. NAB should take care of the tax policies, trade regulations, and the stability of government, social policies and entry mode regulation.
Economic factors
Economic factors are generally the metrics that count the health of various economic regions. The economic factor of the banking system will change various times during its working period. NAB has to compare the level of inflation, current employment, international trade and economic growth. NAB should consider the credit accessibility by its customers, the interest rate that is provided, unemployment rate, the disposable income of its buyers and inflation too.
Social factors
The social factor is responsible for assessing of the mentality of its customers in the stated market. Such factors can also be stated as demographic factors (Latest Climate Commission report: climate change fuelling wilder weather, 2013). Various social indicators include exchange rates, inflation, GDP and these are critical in managing the customers of the bank. NBA should take care of the population demographics and education level of its customers.
Technological factors
In this, the potential technologies are made available. Such technological advancements enable internal efficiency and help the service from becoming technologically obsolete. Technological development is a very big challenge for the company to develop itself accordingly. A company can adopt the strategy of developing itself through the changes of the time period that are generally adaptive (White, 2014).
Environmental factors
Consumers and governments get penalized firms for bearing of adverse effects on the environment. The company should maintain proper waste disposal, energy consumption regulation and good and healthy attitude toward the neat and clean environment.
Legal factors
A legal factor of a company helps in maintaining the regulation of the company in the specific region (Thomack, 2012). It is generally followed by the company to avoid huge legal cost unnecessarily. This is considered to be the last factor in PESTEL. Many companies can be hampered through legal laws which do not work. The common legal factors are competitive regulation, employment regulation, product regulation, antitrust regulation and also health and safety regulation accordingly.
Customers
The customers are considered to be the key assets for any of the firms as they help in evaluating the desired growth of the firm (Leal Filho, 2013). Therefore, it becomes very crucial for NAB to assist the customer’s as per their satisfaction and to provide them best services as compared with the other banks.
Partners
The key partners help in the establishment of the business process with the collection of the desired amount of the finances required to execute the business.
Industry
The banking is the booming industry throughout the different parts of the world and especially in Australia and therefore the identification of the different banks plays the major role in the establishment of the business process.
Unions
The unions critically affect the business process in several ways and therefore, it becomes very important to make suitable strategies for them.
Competitors
There are several competitors of the NAB throughout the Australian market segments and one of the key competitors is Commonwealth bank.
Supplier
The suppliers play the major role in generating the desired workflow which finally increases the profitability of the firm.
Process
There needs to desired change in the work process as per the changing trends as this helps to improve the overall performance of the firm within the competitive market segments.
System
The development of the effective system as per the work concerned increases the effectiveness and the efficiency of the organization within the targeted market segments.
Employees
The employees are supposed to be the key assets for the firm as they increase the productivity and profitability of the organization on a larger scale (Wart, 2014).
Management
The management is responsible for maintaining all the financial as well as the marketing strategies as to improve the business process including the growth and expansion of the firm.
Strength
Weakness
Opportunities
Threats
The organizational culture is defined to be the desired system of assumptions, values, beliefs which reflect the way in which people use to behave in a particular organization (Stroke: latest treatment options in acute management, 2015). The core values of NAB are as follows:
There are a few of the CEOs such as Andrew Thorburn, Gail Kelly who inspired the employees of the firm to enhance their performance and to bring out the desired positive outcomes for the firm. Their traits, as well as the leadership qualities, influenced the performances of the employees. Moreover, the situational, transactional and the transformational leadership styles provide the desired sense of motivation for the employees to enhance the effectiveness of the firm.
It is important to understand the desired needs of the business process as well as that of the customers and thus, NAB should improve the customer services. Moreover, NAB needs to implement latest technologies as to reduce the overcharging system completely for the customers in Ireland. Therefore a company has to look up to new innovations and discoveries, technological innovations and advancements, various new technological platforms. It is crucial to maintaining the common legal factors which are: competitive regulation, employment regulation, product regulation, antitrust regulation and also health and safety regulation accordingly.
Conclusion
Management is considered to be the vital part for any business to become successful. This paper evaluates the desired facts related to the past and current strategies of NAB along with the criticism faced the firm in past couple of years. The controversies are foreign currency related fraud, NAB Financial planner, overcharging of the consumers in Irelands and tax invasions and financed emissions of the greenhouse gas. The paper highlights the desired strategies used by it in order to manage its business processes in an effective way. The government can levy high fines on companies for polluting the environment. The consumers of the company are aware of the consequences and are requested to act according to the need of the company as well as the environment.
References
Burgess, N, and Currie, G, (2013), The Knowledge Brokering Role of the Hybrid Middle Level Manager: the Case of Healthcare, Brit J Manage, 24, pp, S132-S142.
Du, W, (2013), Informatics and management science I, London: Springer.
Holton, R, (2012), Global finance, Abingdon, Oxon: Routledge.
Information technology change management in networking, (2016),IJLTET, 7(1).
Latest Climate Commission report: climate change fuelling wilder weather, (2013), ECOS.
Leal Filho, W, (2013), Climate change and disaster risk management, Heidelberg: Springer.
Nab,com,au, (2016), Personal, [online] Available at: https://www,nab,com,au/ [Accessed 4 Sep, 2016].
News from the net: Australian Climate Commission’s latest report “The Critical Decade: Australians Future – Solar EnergyÂâ€, (2013), Int J of Cl Chan Strat and Man, 5(4).
Owen, H, (2012), New thinking on leadership, London: Kogan Page.
Pompian, M, (2012), Behavioral finance and wealth management, Hoboken, N,J,: Wiley.
Rachui, S, (2012), Mastering System Center Configuration Manager 2012, Indianapolis, IN: Wiley.
Stroke: latest treatment options in acute management, (2015), The Pharmaceutical Journal.
Thomack, B, (2012), Time Management for Today’s Workplace Demands, Workplace Health Saf, 60(5), pp,201-203.
Wart, M, (2014), Leadership in Public Organizations, Hoboken: Taylor and Francis.
White, E, (2014), The Regulation and Reform of the American Banking System, 1900-1929, Princeton: Princeton University Press.
White, E, (2014), The Regulation and Reform of the American Banking System, 1900-1929, Princeton: Princeton University Press.
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