The Toronto-Dominion Bank is a very famous bank of Canada and it is a multinational bank of the country and the financial headquarter of the bank is situated in Toronto, Ontario. The bank was established on 1st February 1955 when the two banks merged namely the Bank of Toronto and The Dominion Bank (Alefari, Salonitis & Xu, 2017). In the recent time it was found that the credit team of the bank was unable to meet the target for the given year and the main reason due to which this did not happen is mainly due to the several factors such as filing of customer profiles, background of the customer and registering the contact number of the customer were taking up a lot of time (Aarons et al., 2017). This fail of reaching the target by the sales team has hampered the revenue of the back end has caused a lot of problem for the bank in the last year. TD bank is considered to be the second largest back in accordance to capitalization and is also among the top 10 banks of North America. At present the bank is the 26th largest bank in the whole world (Laureani & Antony, 2018). Owing to these statistics it can be said that the failure in reaching the target is not acceptable art all and so there rises a need for the implementation of a new sales team for the bank (Laureani & Antony, 2018).
Some of the resources which will be required to ensure that the new sales team will be working in an efficient way are:
The team will be consisting of 40 members which will be consisting of all the required team members of the company (Staniszewska, 2013). There will be a presence of adequate trust among the employees of the company which will be making sure that the employees of the team will be able to function as a team and the various needs for reaching the target will be fulfilled by the team members (Staniszewska, 2013).
Based on the performances of the each and every members of the team rewards will be provided which will be acting as motivational factors or the team members (Parkay, Anctil & Hass, 2014). Both monetary as well as non-monetary incentives will be provided to the various members of the team which will be acting as motivational factor for the member of the team. The employee of the team who will be bringing the highest number of sales and the employee of the team who will be doing most of the handwork for the team will be highly appreciated wand will be rewarded by the back based on their yearly performances (Parkay, Anctil & Hass, 2014).
The best leadership structure which can be followed for the sales team is that there will be conduction of smooth communication among all the members of the team. Starting from the lower level to the senior employee there will always be a smooth flow of information regarding the various performances of the team and the problems which are being faced by each end every members of the team (Dibia, Nath & Onuh, 2014). When he problems will be found out then the bank leaders will be readily addressing the issues and make sure that the problems will be solved with utmost importance. The bank will make sure that the team member of the sales team do not face any kind of problem in their daily activity and the performance will be taking place in smooth pace and the various members of the team will have access to communicate with all the higher tier members of the company so that they will be able to reciprocate any kind of problem which will be faced by them an d they will also be getting the desired solution for the problem (Dibia, Nath & Onuh, 2014).
With the implementation of communication steps will also taken to ensure that the leaders of the bank not only orders the employees of the sales team but shows them the way in which they will be able to work efficiently and will be learning from the leaders of the bank about the various process which needs to be taken to ensure that the sales team will be reaching its target and will also ensure that the bank will be able to provide better number in the sales as considered to the previous team (Richter et al., 2015). Smooth communication along with identifying the problems of the members of sales team will be followed to ensure that the sales team is not under too much pressure and they are able to perform the various functions which will be needed by them to ensure that the company is going to generate a lot of revenue in the long run (Richter et al., 2015). The leaders of the bank will be always ready to help the members of the sales team with every problems which will be faced by them regarding the daily function of the team. There will be conduction of certain survey among the team members of the team which will be helpful in understanding the various needs of the employees and what are their expectation from the management of the bank and how they will be able to prove themselves by the help of the various resources which will be needed by them in the long run., In the era of fast paced business structure it is very important for the company to ensure that the new sales team of the bank works properly and the more the company will be able to attract new customer the more the fame of the company will be improving worldwide (Shelby et al., 2013).
The main purpose of the new team is ton gather more customers of the bank so that they can cope up with the loss which they have faced for the sales team which was appointed the last time. The specific goals for reaching and achieving the target mist be explained to the new team members of the sales team so that they will be able to help the bank in getting more customers (Cheung, Chung & Lin, 2016).
The mental models which will be designed for the new sales team will be helping it to guide the perception of each and every member of the team along with improving their behaviour. The various ways by the help of which the team members of the sales team will be perceiving the various needs and the function of the team will be depicted in the various process which will be adapted by the team in the long run. The mental modules will be allowing the employees to understand the need of the team and then in accordance to that they will be mending their behaviour in the workplace and also use the mental modules to solve their problems (Hoch & Dulebohn, 2013).
To ensure that the sales team of the company will be able to operate in the desired pace the bank must ensure that there are ample resources for the sales team which will be helping them to complete their quest. The various leaders of the company must be able to communicate with each and every member of the new sales team and help them in providing the various insights which will be needed by them to ensure that the bank will be able to gather more and more customers than its competitors (Aarons, Ehrhart, Farahnak & Sklar, 2014).
Initially the various skills of each and every member of the team members will be identified which will be malign it easier to assign the various tasks to member who possess the specific skillset for the work. Certain customers require certain skills to be talked to which will be identified initially before the team starts working for the bank. After the hiring of the member by the specific reason all the members will be scrutinised properly and then it will be undergoing screening process in which they will be able to demonstrate their various skills which will be very helpful for the bank as they will come to known whether which member of the sales team will be able to solve a particular problem or will be capable of tacking particular client of the bank. In the present time the customers had become very informed about the various process and the power of their bargaining has increased significantly over time so the sales team will need some training regarding this (Aarons, Ehrhart, Farahnak & Hurlburt, 2015).
The sales tem will be given a special training in which they will be given a particular set of task which needs to be solved by them and them their performance will be assessed based on their performances in theta test (Dombrowski & Mielke, 2014). The various loopholes of the employees will also be pointed out in which they will be able to accumulate the various feedbacks and the leaders of the company will be coming forward to teach the new team members of the sales team about the norms and duties which needs to be solve by them (Dombrowski & Mielke, 2014). The various thought process of the people along with the various needs of the customer will be adequately assessed by the members of the sales team which will be ensuring that that the bank will be able to accumulate more customers than its competitors.
The identification of the various tasks for certain team members of the sales team will be allocated by the team leader of the team who will be responsible for all the valuable performance of the team along with all the functioning of the team (Aarons, Ehrhart & Farahnak, 2014). The various other instances will be taken care by the leaders of the organisation like the bank managers of the company. The sales team will be having a direct communication with all the different tiers of the bank so that they will be able to share their feedback with the bank and the various ideas which they need to incorporate within the system of the bank and the various outputs and the resources which they seek to receive from the bank so that they can work peacefully and provide the bank with the desired output for which they have been elected over the old sales team of the bank (Glatthorn, Boschee, Whitehead & Boschee, 2018).
Conclusion
To conclude it can be said that the implementation of the new sales team will be very beneficial for the company and will be helping them in understanding the trends of the market. By receiving the feedback from the member so the dales team the bank will be able to gather an idea about the various needs and the special traits of the customers at the modern time. By the implementation of the various elements which has been discussed above the team will be proving very successful for the bank and will be an important asset of the bank in the future. The main problem which might be faced by the sales team in the near future is the various problems which might b faced by them if an economic crisis arises and the team will be unable to gather the desired number of customers for the bank which will be expected from them. The various leadership quality which will be followed for the sales team of the bank is very robust and will be very helpful for the daily functioning of the bank and the customers of the bank will also be very pleased by the sales team of the company and the company will be able to take edge over its competitors and solidify its position in the market.
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