Organisational Structure of Melbourne Bank with Teamwork and Collaboration Assignment 2020
Executive Summary
The report discusses the changes that have occurred in the organizational structure of the Melbourne Bank in the past hundred years. The selected driver of change is – Collaboration and Teamwork.
The different impacts of the implementation of the collaboration as well as teamwork have been discussed in the report.
Further, the future impact of collaboration as well as teamwork has been discussed. Lastly, the report has been concluded by giving a conclusion on the impact of collaboration as well as teamwork on the organizational structure of the bank.
Introduction
Organisational structure refers to the system that defines the hierarchy and the identification of the jobs.
Here in this case, the structural difference of the banks in recent times has been taken into account.
The importance of the structural changes, the innovativeness and the drivers that are responsible for the changes would be highlighted. The technology and terms of business models have changed, it is important to know the factors and the identification of a wider sense of intelligence is necessary to survive the curve.
The elements that are associated with the organisational structure are how the organisational structure group is the company’s functions and role-plays, the chain of command, centralization and decentralization, work specialisation and formalization.
As the total structure of banking system has changed, the innovativeness plays a huge role here.
To cope up with the globalization, banks have generated the digital part in a highlighted manner. Nowadays they put stress on increasing the digital transformation, but the stress should be given on how the workforce should be assigned to the particular tasks.
Delaying in the discussion process would enhance the chance of weakened decision-making process.
There is a huge effect in the banking sectors currently due to the global financial crisis. There are certain framework that has been changed considerably over the recent years that led to a drastic change in the overall environment and structure of the banks.
Due to the global financial crisis, the large economy banks has moved from trading to activities of cross border, the return of banks on equity has been declined too.
Here, the discussion lies about how the changes occurred in all these years, and the highlight would be put on various factors that has created the change.
There are certain drivers that generates the overall discussion and the topic in a relevant manner, networking and empowerment, the teamwork and utilisation of collaboration, work specialisation by project factors and the need to manage the existing business has taken into consideration.
There are certain strategically decisions that should be taken into account to discuss the changes made in the banking sector as well as the various factors that created due to globalisation (Severin & Capota 2011).
The Melbourne bank have taken new steps to cope up with the current environmental and economical scenario, the steps needs to be analysed and mentioned with the factors associated with it.
In this particular discussion, the importance of collaboration and teamwork in the banking sector would be highlighted, teamwork is essential for any organization to cope up with the market demands.
In the banking sector, it plays a huge role to meet up the globalisation demands and the organization workforce.
Main Body
It is generally agreed upon that the benefits derived out of the financial as well as the technical innovations in the world banking industry has spread in the world economy in general, which is very much evident from the improvement in the value as well as quality of the services that are being provided (Wilson 2011).
Helps to cope up with the increase in the pressure of competition:
In the past, the banking industry had enjoyed several advantages as compared to other industries in the financial sector, like that of less outside competition (Dossick & Neff 2011).
Earlier, the banks had the advantage of assessing the credit risk because the banks themselves could provide support to the higher costs of managing as well as collecting information (Severin & Capota 2011).
However, in the present day scenario, the cost involved in the assessment of credit risk has decreased.
This has made the banks to lose the uniqueness that they possessed as these services are now offered by the other players in the financial sector that too at competitive prices.
Collaborating in the place of work enables the organizations to meet effectively the crucial deadlines as well as to complete the projects that are important (Severin & Capota 2011).
This involves diving up of the work amongst them as well as to accomplish the concerned project in a lesser time.
A tech-savvy environment:
In most of the organizations, the younger as well as the tech-savvy, employees are seen gravitating towards the technology of collaboration, as technology has already become a part of the lives (Parker 2011).
These employees are generally seen supporting the social tools namely, Face time, Skype, etc. for the workplace collaboration.
It is a very well known fact that the advancements in the information technology has contributed towards the structural changes in the present day banking industry (Parker 2011).
Over the years, it has come to notice that the large banks are expending much more as compared to the smaller banks.
This concentration of investment in the information technology among the large banks might have noticeable effects on the competitiveness as well as the industry structure (Hough 2011).
IT intensity makes the banks more competitive. The small banks as well as the large banks are engaged in serving different markets.
Small banks extend more loans to the smaller businesses, individual consumers as well as the farmers, whereas, the larger banks are more involved in the international lending, large corporate lending, etc (Benjamin 2012).
It may also happen that a few of the markets that are being served by the smaller banks are left underserved if there are only a few numbers of smaller banks (Hough 2011).
However, the information technology can make it profitable as well as feasible for the larger banks to serve these markets. Consolidation by the banks has become a common practice in the banking industry.
This consolidation is because of the deregulation but information technology has made the process of consolidation much easier (Benjamin 2012).
The banks are generally benefitting from consolidation as this reduces the costs of operation by helping them not having to duplicate the services, and loss in the business of banking is generally small.
A pool of strengths as well as talents:
It will be a benefit for the Melbourne Bank if it introduces the process of collaboration and teamwork into their structure.
This is because all the members of a team possess varied qualities, skills as well as experiences (Tran 2016). Therefore, when these members of the team collaborate with one another, they will be able to make a proper utilization of these experiences, knowledge as well as skills of the members involved.
For example, if a bank employee struggles to work with computers, as he does not possess much knowledge about computers, then in such a case, the same work can be transferred to another employee who possesses sound knowledge as well as skill of working in a computer.
Such effective collaboration and teamwork will help in allowing the members of the team to share the talent that they possess and to find ultimately an optimal solution for every problem that may arise (Griffin, Care & McGaw 2012).
Hence, this will finally lead to augmenting the opportunities of the bank to achieve greater in a lesser time.
Helps in developing the skills of the organization as well as the employees:
Teamwork and collaboration is beneficial not just, for the employees but it is important for the organization as a whole.
This is because this way the employees interact with each other and share their own ideas (Pianalto 2012).
This helps the employees to also learn from their colleagues, which they can also implement in their own regular behaviour. Such collaboration techniques will in turn be beneficial for the Melbourne Bank at large if implemented effectively (Chiocchio et. al 201
Speeding up of the solutions:
Since a team brings a number of employees together to accomplish a task assigned by the superior, it helps in giving proper solutions to the problems that may arise at the work place.
There may rise a several number of problems in the Melbourne Bank, which if handled by certain individuals might take too much time to be dealt with (Chiocchio et. al 2012).
Therefore, if a team is assigned with the concerned task, it might take lesser time to complete it, which will ultimately lead to the speeding up of the solution (Gray 2014).
Hence, collaboration as well as teamwork will prove beneficial for the Melbourne Bank at large.
Job satisfaction as well as employee retention will be enhanced:
In an organization, is it a bank or any other institution, the techniques of teamwork as well as collaboration leads to adding value as well as bringing meaning to the direction the employees generally perceives their job (Lacey & Lomas 2013).
Teamwork generally leads to successful as well as timely completion of job in the organization, which helps the members of the team to share their victories, which, in turn, increases the team spirit.
In general, the employees tend to continue to work in a particular organization when they share strong ties as well as good repo with their fellow colleagues and the superiors (Griffin, Care & McGaw 2012).
Hence, the Melbourne Bank should definitely undertake teamwork as well as collaboration techniques in order to develop a positive working environment in the bank so that it is successful in retaining their current employees, as higher employee turnover costs much to the organizations and also, job satisfaction is the most important factor for the employees to work in an organization.
Helps in acquiring new knowledge
In an organization, when the teams are into collaboration, the members of the team tend to learn newer things from one another.
The organization that implements the teamwork as well as the collaboration techniques is recognized as an organization that encourages the continuous learning culture that provides support for learning by making use of the available opportunities for the development as well as growth (Avkiran 2013).
Collaboration as well as teamwork also helps the organization to take their business to newer heights as they contribute towards their capacity enhancement to grow and go beyond their ultimate comfort zones.
Greater flexibility can be created
If the newer collaborative techniques are implemented, they enable the employees of the concerned organization to work with greater flexibility as compared to the traditional 9am to 5pm job.
Some organizations have now also come up with the idea of providing an option to the employees to work from home.
This also helps the employees to generate new ideas throughout the day at their home or on vacation (Hazari, Brown & Rutledge 2013).
This has enabled to put forth their ideas as and when they are being generated as this does not confine them to certain working hours.
Helps the organization in attainment of their group goals:
It has been effectively proved that the level of the collaboration in an organization has a direct impact on the outcome of a particular project as well as a task.
The organization that is able to communicate seamlessly, collaborate smoothly, sharing information openly is the one that is able to perform at the utmost effective level.
When an organization assigns a task to a certain individual, it might take time to complete that task but a team as a whole will be able to complete the said task in a lesser time with greater variety (Tran, 2016).
The sole expectation of the organization from that of their employees is that the employees contribute towards the achievement of the overall group goals of the organization.
The techniques of collaboration as well as the technique of working as a team i.e. teamwork always leads to the betterment of the organization, which in turn leads to the attainment of the organizational goals (Griffin, Care & McGaw 2012).
Hence, the Melbourne Bank must implement the techniques of collaboration as well as teamwork.
Future impact of collaboration and teamwork
Collaboration and teamwork refers as the combination of skill sets of different individuals, problem solving and communication skill that is needed to work in an organisation.
It has a huge impact on the status of the banks as well as would affect the future times. In future times, to cope up with the ongoing digital world in banking, teamwork would play an essential role.
The maintenance and building of relationships is very important in any service industry, the customer satisfaction level and the relationships is an integral part to discuss here.
In the banking sector, the adherence to the leadership and decision making process is required; the acknowledgement of the co-workers plays a vital role too (Tran, 2016). The more the ideas are open, the more the co-workers would be flexible to work and that lead to a happy, comfortable place to work in.
The show of respect, about the ideas and skill sets of an individual is equally important, and then only the service part would be acceptable and be in a smooth base.
As this is a digital age, the banking sector has put into new structures to cope up with the current scenarios that included the communication technologies and more (McInnes, et al. 2015).
Technology plays a key role in communication, the technologies that are well suited for the team need to be selected.
According to Weinstein & Morton (2015) newer platforms has been introduced that are acclaimed by the team members of the bank and it helps to build a stronger connection in between the employees that would enhance the future prospect of the banking industry.
Another tool to maintain the teamwork, is to select a common language, it would help to smoother the communication problem, as a virtual team is often cross-cultural.
It would help in future to maintain the relationships among the banking employees, creating a positive impact among them and the zeal to work would increase.
A team should be built on fit, which means the recruitment should include the people who would fit in the organization. It would generate a team based on skill set and fit would establish a connection in between the members.
The mission, values and goals of the bank would be accepted and understood well by the employees in a positive approach.
According to Call, et al. (2015) creating a workplace that suits everyone is important, as the employees always expects greater flexibility in terms of work and environment.
Knowing the employees personally is another factor, which creates a deeper understanding between them; it would create a cooperative teamwork.
It helps to build a foundation for teamwork, in future this bonding and coordination would be an essential factor to run the bank.
Coordination is considered as the key to success in banks or any other organization, the allocation of a particular work to the person is best suited is important.
It would enhance the system of banking and prove to be beneficial in order to cope up with the crisis in a positive manner (Luftman, et al. 2015).
The addition of social networking and crowd sourcing has the potential to improve the organisations agility, productivity of the team and any decision making process.
In future, times, the banking sector would advance in a different structure, enforcement of different methods and techniques would be added.
These ideas of teamwork and collaboration would be associated with other new formations and would help the bank to maintain the employee’s satisfaction, the team support and the zeal for work would be more in a highlighted form.
Moreover the executives should aim for pursue the greater gains that comes as the outcome of collaborative approaches and statuses.
Strategically thinking towards the development is highly necessary, the processes that aims for teamwork has taken into account in most of the banks and it proves that it would go in a long run.
According to DeAngelis, Penney & Scully (2014), the full power of talent is necessary and are used in the banking sector increasingly.
The effective collaboration structure helps to define the structure of working habit of people, not only currently but in future times too.
The banks are embracing new operating models, that helps to work together and works for a unified goal.
This is an integral part; it helps in the collaboration structure and leads to a better future for the banking industry.
Although the involvement of new processes and structure have been incorporated, but engaging in the change management that shapes the activities is equally needed or important for future prospects (Davcev, et al. 2014).
The collaboration technologies provide the guidance that is required about how the processes can be performed to bring results and improve quality as well as productivity.
The banking sector is rapidly changing due to globalisation, and it is evident too that the banks are taking seriously about the teamwork approach and the collaboration view (Davcev, et al. 2014).
It is affecting the entire scenario in a positive manner, it is a wide ranged accepted view and in future, it can be taken forward to achieve the high success rates.
Conclusion
The effects of the implementation of the collaboration techniques as well as teamwork in a bank have been discussed.
This intends that collaboration as well as teamwork helps to create a tech-savvy environment benefitting the organization has been mentioned. A more productive, effective as well as efficient banking institution provides services of good value as well as greater quality.
Although the benefits of the implementation of the techniques of collaboration as well as teamwork may not be quantified to a greater extent but its importance in the banking industry has been greatly felt on an aggregate level.
The banks in general had traditionally invested much more in the information technology and the banks are now beginning to achieve efficient returns on their overall IT investments.
The banks will attain continuous benefit from the advancement in the information technology field.
Apart from increasing productivity as well as saving costs, implementation of information technology in the bank also helps the banks to enhance their ability to minimize several different types of risks.
Collaboration as well as teamwork helps to cope with the increasing pressure of competition.
It helps in generating a pool of talents that ultimately helps in proper functioning of the overall organization. It helps in developing varied skills of the organization as well as their employees.
It also helps in speeding up of the solutions and increasing job satisfaction by way of providing greater flexibility at the place of work. Finally, the implementation of the collaboration techniques as well as teamwork helps an organization to attain the group goals.
Hence, the Melbourne Bank can be suggested to implement the same to benefit out of them.
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