Managerial Position of Manager Bank of America - Essay Example

?Describe a Managerial Position of Manager Bank of America (Manager of One of the Branch) Table of Contents Table of Contents 2 Managerial Outcomes 3Managerial Functions 3 Kinds of Managers 4 Managerial Roles 4 Managerial Skills 5 Environmental Assessment 6 General Environment 6 Internal Environment 7 Stakeholder Identification 8 Social Responsibility 8 References 9 Managerial Outcomes Functions of bank manager in Bank of America have great impact upon the outcomes of bank. A trustworthy manager can direct to more productive outcomes and is able to increase the achievements of any organization. Good management can improve the reputation of the bank and job satisfaction of employees. Thus, it can provide good customer satisfaction and increase the customer base. Managerial Functions Bank manager is in charge for the overall improvement and performance of the bank and the employees. The function of bank manager is to ensure superior service quality, business improvement and accomplishment of target (Peke, n.d.). The most important function of a bank manager in Bank of America is to develop the business of the bank. Bank manager always strives to increase the income through increasing the customer base. Bank manager is liable for setting the goals and planning a way to fulfill them. It is the function of bank manager to regularly examine the progression of other competitor banks and assess their business activities. A bank manager must ensure to maintain the professional standard and the policy of the bank (Stanley St Labs, n.d.). Kinds of Managers Control Freak: This type of managers prefer to control all operations of the bank on his own. They do not prefer employees to make any kind of managerial decision whether it is a small decision or big. This kind of manager never tells the details about any assignment to complete it. Autocratic: Manager of this kind does not care about the workers. This type of manager is quite tuff and they are pretty clear about their need. Team Builder: This kind of managers is proficient at their work. They are quite open near subordinates and they seek for creativity from the workers. These kinds of managers do any task in particular way and by involving the employees. Managerial Roles In banking there are several roles for managers which are: Operation manager: These types of managers are open to the customers and have good communication skill. They deal with the customer directly about any kind of problem. Retail manager: These types of managers handles the retail operations such as bank cashier, ATM operations, manage the deposit and withdrawal, money order, utility bill and others. Investment manager: The role of investment manager is to manage the account of customer, freight brokerage, analyze the investment, and manage the investment fund and operational investments. Financial manager: The role of financial manager is to manage the bill, account, and other financial services. Loan manager: Loan manager assess the loan requests, verify the customers’ capability to repay the loan amount and provide approval of loan. These types of managers are specialized in business, consumer and credit lending (Profitableinvestment, 2011). Managerial Skills Technical: A manager must be able to use specific methods or techniques to perform the managerial task. The technical skill is not associated with usage of equipment, machinery or technology. It is related with the usage of various managerial techniques in decision making such as break even analysis, planning any training program, conduct an interview and others. Interpersonal: A manager must possess skill to lead the employees. The interpersonal skills of manager consist of motivating the employees, resolving any disagreement and communicating with customers and other people. Conceptual: Conceptual skills are extremely important for middle level or top level managers. A manager should be capable of ‘grasping the whole picture’ of any bank. Communication: This is the basic skill of all bank managers. A manager has to have this skill to broadcast and receive information from the employees. A bank manager must be capable of figuring out any non verbal gesture, mood and thought of other people to distinguish the right information (Papulova & Mokros, 2007). Environmental Assessment The environmental liability is one of the major and growing issues in the banking industry. Thus, there is a need for environmental management for bank managers. The environmental performance can raise range of potential risks and opportunities for banks. A bank manager must indentify the risks of bank which can be arrived from liabilities from the banking operation, business lending and credit extension, reduction of value of collateralized assets, liability from prospective lenders such as ‘injury or property damage’, cash flow problem and investment risks. The environmental risk can have an impact on the bank in terms of the investment and the clients and it can cause bankruptcy. Thus, it is important for bank manager to assess environmental risks (Murray & Et. Al., 1997). General Environment The general environment is recognized as macro environment. Any changes occurring in the general environment have an impact on the banking industry. The general environment in banking industry comprises of political, economical, technological and social environment. A manager must constantly examine and assess the general environment of business which can provide indication of any movement in the competitive environment. The aim of general environment analysis is to assist the bank in discriminating trend which can influence the banking industry and money market. A bank manager’s duty is to predict and react to the alterations in the general environment (Oxford University Press, 2011). Internal Environment Internal environment is the company’s own strengths and weaknesses. The internal environment is also known as competitive environment. It includes prospective entrants, influence of supplier and buyer, rivalry among other banks, and the substitute services. By using the SWOT and PEST analysis a bank can identify its external as well as internal environment. Source: (Oxford University Press, 2011). Stakeholder Identification It is quite important for any bank manager to identify the stakeholders because stakeholders have a great impact on the existing and upcoming business operations of banks. The identification of stakeholder is not only vital function for bank manager but also an important factor for management because it can verify the present as well as rising issues which can influence the feasibility, mission and objectives of the bank. The stakeholder analysis assists a bank manager to communicate with bank’s stakeholders and establish the rising issues which the bank is presently confronting or may confront in the future (Hawkins, 2007). Social Responsibility Banks have certain social responsibilities. Social responsibility is a concept which includes different social, ecological and financial issues. Social responsibility can increase the image and status of a bank. It can improve the relationship with workers, stakeholders and local society. Bank manager must recognize the risks associated with social responsibility which can influence the success of the bank and also determine its survival. Thus, good social responsibility helps to improve financial results along with risk connected with external parties such as customers or suppliers (Gdansk, 2003). References Gdansk, (2003). Reporting on Corporate Social Responsibility by Banks, Financial Institutions and Listed Companies in Poland. The Gdansk Institute for Market Economics. Retrieved Online on May 30, 2011 from http://pdf.usaid.gov/pdf_docs/PNACY242.pdf Hawkins, L., (2007). Stakeholder Analysis. Colorado Conference on Volunteerism & Service Learning. Retrieved Online on May 30, 2011 from http://www.hawkinstrategies.com/Files/CFO/Paper.pdf Murray, B. C. & Et. Al., (1997). Review of Environmental Risk Management at Banking Institutions and Potential Relevance of ISO 14000. Research Triangle Institute. Retrieved Online on May 30, 2011 from http://www.epa.gov/p2/pubs/iso14000.pdf Oxford University Press, (2011). The General Environment. UK. Retrieved Online on May 30, 2011 from http://www.oup.com/uk/orc/bin/9780199581610/henry2e_ch02.pdf Peke, K., (No Date). Bank Manager. Careers NZ. Retrieved Online on May 30, 2011 from http://www.careers.govt.nz/default.aspx?id0=103&id1=J80217 Profitableinvestment, (2011). Types of banks and the Banking Jobs in India. Investment Advice. Retrieved Online on May 30, 2011 from http://profitableinvestment.info/types-of-banks-and-the-banking-jobs-in-india.html Papulova, Z., & Mokros, M., (2007). Importance of Managerial Skills and Knowledge In Management For Small Entrepreneurs. Comenius University. Retrieved Online on May 30, 2011 from http://www.g-casa.com/PDF/Papulova-Mokros.pdf Stanley St Labs, (No Date). Bank Manager Jobs. Banks and Banking. Retrieved Online on May 30, 2011 from http://www.economywatch.com/jobs/banks-and-banking/bank-manager-jobs.html Read More