SWOT Analysis of Valley National Bank - Essay Example

?SWOT Analysis INTRODUCTION In the modern day scenario, employment opportunities and employability have assumed greater significance. In order to ensure that an individual seeks appropriate employment opportunities, a comprehensive understanding of his/her employability potentials needs to be made. From a general perspectives, it can be observed that job opportunities in finance and accounting are numerous through which an individual can build his/her career. It can be stated that various job opportunities in finance and accounting entail Bookkeeper, Accountant, Accounting Clerk and Certified Public Accountant among others. Valley National Bank (VNB), as one of the leading regional banks, offers better opportunities for professionals in banking for building their career. In the context of opportunities available in Valley National Bank, there are diverse job opportunities such as Benefit Specialists, Branch Sales Manager, Consumer Loans Quality Analyst, Loan Review Manager, Secondary Marketing Manager and Senior Attorney. Valley National Bank presently employs over 56 staff members in a variety of positions. The bank also provides salaries and package benefits to permanent employees. It can also be observed that Valley National Bank provides certain permanent and wide ranging employment positions. Valley National Bank is considered as one of the recognized leaders in financial services due to its outstanding performances, enhanced customer services and diversified products. The bank offers wide ranging products having an asset of over US$16 billion and 211 branches along with a diverse set of customers. There are different benefits offered by the bank in the sector of health and welfare. Moreover, Valley National Bank provides high priority on customer offering services through commercial and wealth management (CareerBuilder, LLC, “Overview”). Moreover, the bank also provides different loan facilities and insurance services that would be beneficial for customers to invest money and derive suitable benefits. Valley National Bank offers quality financial and banking services and products in commercial and retailing sectors (Bernardin 562). Functions in relation to accounting services in the bank include offering a variety of loans to different sections of people which would assist an individual to build an effective career. An association with the bank in a wide range of functionalities and positions would help an individual to growth his/her future by a considerable extent (CareerBuilder LLC, “Overview”) With these considerations, the paper intends to prepare a SWOT analysis of the organization and comprehend the prevailing employment opportunities for an individual within the premises. SWOT ANALYSIS OF VALLEY NATIONAL BANK Valley National Bank is an association of banking that has been chartered in 1927, within the laws incorporated in the United States. It is headquartered in New Jersey. The bank is operating in around 198 full service offices all over central and northern along with central part of New Jersey and city of New York in Brooklyn, Manhattan and Queens. The bank facilitates a variety of commercial, retail and wealth management services. Other services that are offered by the bank are internet banking, telephones, automatic teller machines facilities of safe and night deposits, letter of credit, foreign exchange and foreign banking account maintenance. The bank provides various affluent services to the customers for 24 hours in a day and for 7 days in a week (Form 10-K, “Business”) With regard to strengths of the organization i.e. Valley National Bank, it can be stated that the staff and managers in the organization are skillful and the operational activities are handled according to the guidelines of the organization. The managerial skills that are persuaded by management facilitate in maintaining efficiency in the activities performed in the bank. Moreover, it can be observed that the employees who are employed in the bank possess a great learning experience as valuable assistance is provided by management for learning the managerial skills benefitting the working dimensions of employees. The environment prevailing in the organization is very positive which enables the employees to perform in an efficient manner resulting in facilitating to build their career in the banking industry (Harland Financial Solutions, Inc. “Careers at VNB”). The bank is facing problems in secondary market for residential lending that created significant effects on the profits for the organization. Disruptions for mortgage loans have narrowed the market. This has created challenges for providing rectifications in market prices for residential estates along with ensuring reduction in the level of home sales due to decrease in prices. The weakness in banking sector can be transmitted to the economic context and financial system resulting in greater contraction of the availability of credit and liquidity. As observed, the bank is maintaining an expansion policy by establishing centers in different areas that could create a weakness for the organization in maintaining efficiency in the organizational context. This requires greater capital investment, manpower and technological innovations. Moreover, the accounting software used in VNB is determined to be at times quite difficult to implement which could hamper the work efficiency of performing tasks on an effective manner and creates problems for individuals for building a career in VNB (CareerBuilder LLC, “Overview”) Valley National Park provides career opportunities for employees and is proud to be one of the significant employers in the nation. The bank offers positive working environment that provides educational facilities along with enlarging career opportunities. The bank also offers various benefits and compensation programs that enable in building careers for individuals in VNB. VNB is offering greater opportunities for employees by maximizing sales in the department as well as augmenting opportunities in sales for the organization. Identification of cross selling opportunities and making referrals can be considered to be important aspects in terms of opportunities to the organization. It can also be stated that providing convenient services, ensuring product innovation and facilitating knowledgeable staffs could assist an individual in building career with the organization (CareerBuilder LLC, “Overview”). A comprehensive SWOT analysis of Valley National Bank provides an in-depth analysis of the strategies executed in the business operations conducted by it. This kind of analysis helps the management to establish strategies in order to enhance the operations and assists in understanding the patners, competitors and customers by a considerable extent. The description of SWOT analysis can be elaborated as below: A. A crucial strengths of Valley National Bank can be identified as the availability of an abundance of technical talents present in the company (Bernardin 562) B. The new software for managerial accounting has proven to be beneficial for the company as it is incorporated in the system of financial accounting (Bernardin 562) C. Presence of promising employees in the financial accounting department is crucial factor for the organization. These employees facilitate to render considerable knowledge regarding systems operations along with managing people effectively (Bernardin 563) The major weaknesses of Valley National Bank can be identified as below: A. The morale of the employee was considerably low during the period of Bob Philips which affected the attitude of the employees (Bernardin 563) B. A few of the employees who contributed most in the accounting department were paid low (Bernardin 563) C. Appraisal and performance management has not been implemented properly in the accounting department in Valley National Bank. It has been stated that a few of the low performers receive higher pay and efficient performers receive lower pay (Bernardin 563) D. There was considerable extent of difficulties emerging owing to the problems mounting for the organization which led the resign nation of certain promising employees (Bernardin 563) The opportunities for Valley National Bank can be identified as: A. Valley National Bank had planned to acquire another bank within a considerable time period that would bring the size of the assets from US$10 billion to US$ 12 billion (Bernardin 562) B. New managerial software for accounting is available in the market which can be incorporated. This would assist the organization to generate greater sales in the future (Bernardin 562) C. Vigorous growth through demand for high-end products has enabled to create multiple opportunities (Computer World, “Programmer Analyst”) D. The management of Valley National Bank is responsible for developing business and client opportunities (Computer World, “Programmer Analyst”) E. Managing regular operations in the fast paced business environment along with maintaining of portfolio of accounting business are the other prospects for the bank (Computer World, “Programmer Analyst”) The prevailing threats of the Valley National Bank can be identified as: A. Considerable decline in the global economy in recent times can be identified as one of the important threats for VNB in terms of its banking operations. Another threat that can be identified as enhancement in the regulations of banking along with larger taxes for capital gain (Form 10-K, “Business”) B. Increased risks in liquidity can be identified as one of the significant threats for the organization (Form 10-K, “Business”) C. Misrepresentation while evaluating the acquisition and merger could bring certain threats to the organization by a considerable extent (Form 10-K, “Business”) D.As the organization is focusing on expansion it could hamper the efficiency in performing the routine functions within the workplace. Greater expansion could create problems for the bank in terms of monitoring the functions effectively thus generating a considerable extent of threat (Bernardin 562) E. Employees filing a lawsuit due to discrimination charges could create threat to the organization (Bernardin 563) F. The failure of disclosing the issue related to documentation to advisor in the financial department could also create considerable threat for the organization (Pratt 375) EMPLOYMENT OPPORTUNITIES It has been observed that VNB provides equal opportunities for growth and business for prospective professionals in banking sector. It can also be stated that the bank offers equal opportunities for individuals who are looking for an option for building their career in the organization. Moreover, with reference to the observed strengths, it can be stated that Valley National Bank can be ideal for an individual who is looking for pursuing job and career opportunities in VNB. An individual looking for building his/her career in VNB could find a collaborative working environment in the organization due to its process of operations and focus on teamwork. It has been stated earlier the bank provides certain facilities and extensive learning experiences from the side of the management, An individual appointed at the organisation might look up to them as their role model. VNB is a working place where both the dimensions work and life are considered to be crucial and a pertinent balance is established in between the two aspects. Creative activities are carried out which provides ample opportunities for individuals to learn about the overall process of the organization. It can be stated that obtaining employment with the bank provides opportunities to work with various skilled coworkers who assist one another during the time of need. The supervisors are very much attentive and cooperative towards their work and provide assistance to the employees in the organization. Moreover, with an abundance of talents present in the organization it would be possible for an individual to pursue greater knowledge in the organizational context. Greater teamwork would facilitate in rendering efficient services for the organization by taking pertinent strategic decisions in order to maintain its competitiveness in the future (Harland Financial Solutions, Inc., “Careers at VNB”). Moreover, securing a position in VNB in the accounting segment can assist to build a sustainable career. Moreover, a wide range of benefits are provided to both temporary and permanent employees including prescription plan, compensation for workers, dental and medical insurance, referral programs for employee assistance and wellness. The above mentioned benefits would assist individuals who are employed with the bank in the accounting department. This would also help individuals to generate opportunities and built a good a career ahead. In response to various positions of Valley National Bank, it can be stated that there are number of functions that are carried out in the organization which could provide a learning experience for employees associated with the bank (CareerBuilder LLC, “Overview”) Owing to the observed potential strengths of VNB, it can be stated that the organization is on the verge of an expansion mode and is looking to build up assets by acquiring another bank. Moreover, with abundance of technical talents present in the organization, it creates significant opportunities for employees to adopt certain skills and obtain meaningful experiences which would facilitate to develop their career. With Mr. Jack Richter, the President of Valley National Bank looking after the accounting department, it would facilitate the entire department to gain competitiveness. This could provide a great opportunity for the bank to foster development after the expansion strategy. This would altogether provide greater opportunities for employees as well to build a stable and prospective career ahead (Bernardin 562-563). In addition, apart from gaining invaluable employment opportunity at Valley National Bank in the accounting segment, the other prospective employment options can be auditing and taxation. From the obtained learning in the coursework, it has been observed that auditing and taxation are critical aspects in any department. A person needs to ensure commitment and sustained focus to excel in such departments. Thus, it can be said that these employment opportunities can be availed in relation to the prospective business environment in the present scenario. CONCLUSION From the above analysis, it can be stated that Valley National Bank is a holding company functioning on a regional basis with its headquarters situated at New Jersey. It is one of the biggest commercial banks which is committed to provide convenient services through enhanced product innovation and experienced employees 24*7. It can be stated that through different positions in financial accounting department individuals who are and would be associated with the bank can gain greater knowledge along with experience by working with the managerial staff in the organization. This would in turn facilitate to build their career by a significant extent. Moreover, the potential strengths and opportunities in VNB could help individuals to maintain growth in the organization as well as develop a career which has certain meaningful prospects. Works Cited Bernardin, John, H. Human Resource Management 4E. Noida: Tata McGraw-Hill Education. 2007. Print. “Programmer Analyst.” Valley National Bank. ComputerWorld, 1979. Web. 19 May 2013. . “Overview.” Valley National Bank. CareerBuilder, LLC, 2013. Web. 19 May 2013. “Business.” Valley National Bancorp. Form 10-K, 2010. Web. 19 May 2013. . “Careers at VNB.” About Us. Harland Financial Solutions, Inc, n.d. Web. 19 May 2013. . Pratt, Sharon. The Lawyers' Business Valuation Handbook: Understanding Financial Statements, Appraisal Reports, and Expert Testimony. United States: American Bar Association. 2000. Print. Read More