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COMMUNICATION PROCESS IN HSBC
COMMUNICATION SYSTEM IN HSBC
HSBC
Internal External
Formal Informal Formal Informal
Letters, Reports, Face-to-Face Letters...
2.1 INTERNAL COMMUNICATION
HSBC has its mission, vision and three prime objectives to let the employees know about
the tar...
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Hsbc

  1. 1. COMMUNICATION PROCESS IN HSBC
  2. 2. COMMUNICATION SYSTEM IN HSBC HSBC Internal External Formal Informal Formal Informal Letters, Reports, Face-to-Face Letters, Reports, Not exercised Memos, Email Conversation, Speeches, News Phone Call release, Websites
  3. 3. 2.1 INTERNAL COMMUNICATION HSBC has its mission, vision and three prime objectives to let the employees know about the target and goals they have to achieve. HSBC has a very efficient internal communication system that gives its employees opportunity to share their knowledge, information and experience in a constructive way. 2.1.1 INTERNAL FORMAL COMMUNICATION HSBC communicates with their employees by applying some procedures using the communication flow that has made the bank more reliable, effective and efficient. HSBC practices three types of communication process: Upward: The lower level employee plans strategy in launching a new product and service. They share or report to their boss and follow the organizational structure. Downward: The higher level management takes massive decisions and strategy for the organizational development and to achieve the mission of organization. They pass their opinion and decisions to their lower level of the hierarchy. Horizontal: Department wise or similar position wise communication occurs on a regular basis in HSBC. Diagonal: People from different positions in the hierarchy interact with each other to communicate on a specific goal. 2.1.2 INTERNAL INFORMAL COMMUNICATION Informal communication mainly consists of grapevine. As this is a nationalized government bank, so grapevine is a major media of communication. Lower level employees often indulge in gossip and information passes from anywhere to everywhere.
  4. 4. This is an effective form of communication in which information (both positive & negative), passes to apparently every person in the organization. The ratio of information that passes through the grapevine is really very high. 2.1.3 TARGETS OF INTERNAL COMMUNICATION Employees: HSBC communicate with their employees by using some communication tools and for this they are aware of progress of the organization as well as what they are expected to do. Different Branches: Head office always communicates with other branches by using internet, letter and telephone. Team Members: Members of a team work virtually in order to finish any project. Though they conduct meeting in case of emergency but most of the cases they complete their work by not meeting up physically. 2.1.4 COMMUNICATION TOOLS Set of rules: In every branch of HSBC they have a board hanging on the wall which contains the mission, vision and the set of values that all the employees of the organization are expected to abide by. So that their activities reflect loyalty towards the organization. Memos: To communicate with other branches or with other employees, memos are handsome tools, which prove great effectiveness in case of any conferences/meetings to be summoned. Formal letter: When a question of privacy and importance occurs, HSBC communicates with their employees through letters and applications. For example, they send letter to their employees when any employee is get promoted or transferred.
  5. 5. 2.1.5 TECHNOLOGICAL TOOLS HSBC communicates internally with their employees, team members of a team and Among the different branches by depending Technology (IT)”-to-face rather conversation, that than makes them face cost effective And appropriate technology solutions aim to provide their customers unparallel value Added services. They view technology as a adjunct. The verity of choices that the internet offers to the business for online communication are: Telecommunication: HSBC permits employee to telecommunicate that provides them to communicate within a very short time. E-mail: It enables users to create, send, and read written message on computer. It can include simple text message to complex file or programs. Discussion mailing list: This tool is also known as liters, these are discussion groups, which provides subscribing to an electronic newsletter to which everyone can contribute. These delivers posted messages to a person. Videoconferencing: Online videoconferencing is used to replace face-to-face meetings. HSBC is working on it to hold meetings with colleagues, customers, and suppliers. File Transfer: HSBC gives its employees an Internet service that is known as file transfer protocol (FTP) that enables them to download files and upload files. FTP also allows them to attach formatted documents to their e-mail messages and download formatted file. Handheld Computer Devices: HSBC gives some employees of higher level some pocket sized, handheld devices that help them to store and organize data such as document and contact information. Employees having PDA (personal Digital Assistance) can work efficiently by updating routes and
  6. 6. schedules everyday and highlighting special account needs along each route.
  7. 7. New software: HSBC’s new software provides auto managers. It has been the cornerstone of most of the central bank reports that are fully automated. 2.2 EXTERNAL COMMUNICATION External communication should support the Bank in pursuing the overall goals as described in its mandate, mission and strategy. The basic mission of the Bank is to promote the sustainable growth of its member countries by providing long-term complementary financing, based on sound banking principles, to projects that strengthen competitiveness and enhance the environment. This creates, first, a natural need to communicate to support lending and funding processes. Therefore customer relations (branding, marketing) and investor relations (name recognition, HSBC as top-rated institution) play an important role in the external relations of the Bank. Second, external communication should promote overall knowledge and awareness of HSBC among different stakeholders. As an international financial institution with goals beyond making profits (competitiveness and environment), HSBC is accountable to its member countries and to the society as a whole. 2.2.1 External Formal Communication As per the banking laws, every year HSBC publishes its Annual Reports, which includes Balance Sheets, Financial Statements, Cash Flow Statements and others. They also participate in National Events by advertising in the news Media’s on occasions like Independence Day, Victory Day or on National Cricket teams’ success. H exchange messages with clients, distributors, competitors, investors, journalists and bank’s representatives-to date constantly. They use this external to keepcommunication to create a favorable impression. HSBC uses their external communication formally and they generally follow the indirect approach.
  8. 8. 2.2.2 External Informal Communication Informal communication with the stakeholders carries an important perspective for HSBC. HSBC is committed to It recognizes society’s greater cooperated expectation responsibilities towards the community. By using the communication tools that we have described above, HSBC communicate with outsiders formally and informally which helps to create a positive image about their organization. 2.2.3 External Communication System Customers O Newsletter O SMS O E-mail O Monthly balance news O ATM booth bill O Bill boards O Call center Shareholders O Newsletter O E-mail O Monthly Report Regulatory Body O Monthly progress report
  9. 9. Competitors O Progress Update for Competitive Advantage Society O Press Conference o Newsletter 2.2.4 External Communication Tools Website: HSBC has a well-developed web site and they post all their updated information and offers so that people can have a clear view about their organization. SMS Banking: With the introduction of sophisticated web technology HSBC is offering any bill payment through SMS Banking. . Their e-commerce projects is offering attractive service like payment for airlines ticket, buying holiday packages through tour operators and share trading through WAP solutions. Telephone: It is the cheapest form of communication tools that HSBC uses to inform outsiders about their current situation. Billboards: They promote their products and new offers through billboards and try to communicate to the people so that they can get attracted and informed about their organization. Television Advertisements: They use the television media to make the mass people of the country know about their product and the different types of features in their organization. ATM services: ATM service has been a successful communication tool for HSBC. Their ATM booths are attracting people by allowing them real time access to their account balances and acting as a communication tool.
  10. 10. 2.3 MEETING PROCEDURES Meeting is a prime tool for solving problems, developing ideas through giving and getting feedback, identifying opportunities resources. HSBC tries to use this tool effectively. In every week there must be a meeting. This weekly meeting helps the organization to solve the problems they face during the whole week and make a plan for the next week. In those meetings attendance is must for the employees, but participation is compulsory. Employees are informed about the meeting schedule and topics by email and SMS. Agenda for the meeting used to send by the bank authority to their employees. 2.4 DEVELOPING COMMUNICATION SKILLS HSBC provides their employees some training periods to improve their communication skills. After the recruitment of an employee they keep that employee into a probation period of three to six months. Between these periods, they are given training to improve or develop their communication skills. For the branch and sales people there is also a Special training period which is called “Certifica for developing the communication skills of the employees. No matter where employees begin their careers at HSBC, they offer professional development; mentoring and training opportunities that can help them develop their talents throughout their careers. Here are just some of the opportunities available: 2.4.1 Formal Skills Training Employees can take advantage of hundreds of business-specific and professional development training resources (classroom instruction, self- study programs, peer training and Web-based training) to help develop
  11. 11. and enhance their skills.
  12. 12. 2.4.2 Management Training Programs Through several management training programs in their business units, they offer rotational job assignments, mentoring, networking and formal training to high-potential employees to help them become leaders. 2.4.3 Mentoring They believe that mixing new and highly experienced employees is a recipe for success. Their business and operating units have implemented special mentoring programs that pair high-potential individuals with business-savvy senior managers to provide advice, collaborate on career development and increase visibility with the HSBC leadership team. 2.4.4 Performance Management Process Manager’s work with their employees to set performance goals and expectations and evaluate progress toward the employee’s pr coaching, recognition and feedback give the opportunity to improve and excel. 2.4.5 Training Libraries At their larger locations, employees can learn more on their own by visiting corporate libraries stocked with books, tapes, periodicals and, in some cases, internet-ready personal computers. 2.4.6 Tuition Reimbursement They support educational endeavors for the employees by offering a generous tuition reimbursement program. Eligible part- and full-time employees, who take graduate college courses such as MBA, are reimbursed up to specific limits each year, until the entire cost of the tuition is reimbursed.
  13. 13. 2.5 COMMUNICATION CLIMATE There is an open communication climate stays in the HSBC. In this bank there are no barriers to communicate with the other employees or employers. Everybody within the organization can make a conversation with each other in a very open communication climate. They encourage their employees to communicate freely because it will help the organization to get an improved working force. 2.6 CULTURALLY DIVERSE WORKFORCE More and more businesses today are crossing national boundaries to compete on a global scale. HSBC always welcomes this culturally diverse workforce. Increase globalization and workforce diversity mean that employees must understand the laws, customs and business practices of many countries and be able to communicate with people who speak Other languages. In our country there’re p provide equal respect to every culture and This helps to increase the morale of the employees and the employees remain happy with the organization. Diversity and Inclusion lies at the heart of the Bank's values and represents our incomparable advantage in driving our growth. As one of the world's most international banks, Standard Chartered Bank employs almost 50,000 people, representing over 90 nationalities worldwide. Approximately half of the Bank's staff is female and senior management represents over 50 nationalities. Standard Chartered Bank is a truly diverse organization. The Bank's growth aspirations, diversity and inclusion ambitions and changing demographics in our markets present many opportunities. The Bank's commitment to Diversity and Inclusion helps make it a great place to work.
  14. 14. 2.7 FEEDBACK FACILITATION HSBC Bank is always committed to the societies and their customers. So they always try to find their strengths, weakness, opportunities and threats. It can be determined only by the evaluation of the feedbacks of the customers or other stake holders. HSBC always encourages feedbacks. It helps them to improve their skills and opportunities. At Standard Chartered they are passionate about aspiration of ‘Leading the Way ‘expertise they to have out perform their competitors, delivering a higher level of service. The Bank is Consistently offering innovative products and services to customers. Standard Chartered Bank encourages customer’s feedback by, Asking specific questions to their customers about any problem or advantages they found in their services. They encourage their customers to express general reactions They are very much respectful to their that by doing this they can gain useful information. To encourage feedback, HSBC uses techniques such as, Employee surveys Open-door policies Bank newsletters Memos E-mail Task forces
  15. 15. 2.8 CUSTOMER RELATIONSHIP How they treat customers, where they choose to operate, who they provide financial support to and how they respond to customers financial needs all have an impact on our reputation and ultimately their financial success. Understanding and responding to their customers' needs is fundamental to the way they do business. As social, ethical and environmental issues gain prominence, it is increasingly important that they understand how their customers meet these challenges and how that is affecting the way they work. Their reputation also depends on us operating to the highest standards of conduct. Their challenge is to uphold consistent standards of conduct across the world, while still respecting the culture, local requirements and varying business customs of the individual countries where they operate. Financial products and services are increasingly sophisticated tools. Selling them calls for knowledge, skill and judgment. For their employees, the basic rules are: Do not sell an unsuitable product to a customer - that is, a product that does not meet his or her needs Know enough about HSBC's products and about the customer (risk appetite, objectives, finances and personal circumstances) to judge the effect which the products will have, and whether they will meet his or her needs Make every effort to ensure that the customer understands more complex products and their risks, properly Explain product features clearly both face-to-face and in any marketing literature and software
  16. 16. Employees must adhere to the following key principles: Customer identification - the identity of every customer must be established from reliable identifying documents Know your customer - our staff must know enough about their customers to be able to identify transactions which are inconsistent with their business or personal status, or which do not match the normal pattern of account activity Reporting of suspicions - suspicious transactions must be reported immediately
  17. 17. 3.1 CONSTRUCTIVE CRITICISM One of the great advantages of HSBC is constructive criticism which helps them to improve their performance and skills. It makes them to realize what is good for the organization and what makes an organization less productive. It helps employees to avoid making costly mistakes on the job. It also provides the communication practice that help their employees to improvise their performance, boost up their confidence level and encourage them to do something more for the bank. 3.2 RECOMMENDATIONS After this research we were able to find s system. And so we would like to advise some possible recommendations as follows: They should reach more on mass banking in Bangladesh They should invent custom software for use in their network to get: O Continuous feedback from the managers and employees. O Constructive feedback from the stakeholders. Increase the number of ATM booths for increased customer service. Adapting more banking technology from communication process in Bangladesh Increase in compensating systems
  18. 18. 3.3 LIMITATIONS OF THE RESEARCH Time constraint. Lack of pertinent information. Lack of co-operation from managers & subordinates for their confidentiality. Less information due to brisk interview.
  19. 19. APPENDIX & BIBLIOGRAPHY
  20. 20. PRIMARY SOURCES TAMANNA QUADRY; CUSTOMER SERVICES OFFICER, HSBC DHAKA, GULSHAN BRANCH. MD. JUBAIDUL HAQUE; CUSTOMER SERVICES OFFICER, HSBC DHAKA, GULSHAN BRANCH. SECONDARY SOURCES www.hsbc.com.bd

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