Table of Contents
How should the collusion reform?
The Bancolombian institution faced several challenges, amongst them unfamiliarity of the new employees of the merger with the different procedures of the different banks. The contract did not define terms of agreement properly, since large firms viewed themselves as supreme, because they had a large market share. The employees were also feeling insecure in their jobs. Management was at its worse, since some of the managers felt superior, such that there is a problem in interaction between the workers. The presiding culture in the management scope spelt trouble. How should the collusion reform? There has to be a change in the systems of administration in order to ensure a smooth management system. The largest firm happens to dominate the whole market, yet it is termed as a merger. This reveals impunity and the business is bound to fail, since the other partner’s site favoritism to one side.
The firm lays-off workers, anyhow such that they do not feel obligated to work for the firm. This depletes the workers’ confidence and security in the firm; hence, lowering productivity of the firm. There was the process of re-strategizing everything to incorporate every facility into all the branches. This made technology systems and knowledge part of the needed facilities. Workers had to undergo a thorough learning process to incorporate the new ideas. This made the workers reduce their productivity, as they were not fully oriented to the new methods of working. Workers felt shocked by the realignment program, where several of their colleagues were sent home on the contrary to their expectations. Training program is not conducted to improve the skills of the employees. There is not proper coordination amongst the managers due to the superiority complex in some of them; especially in those, in the dominant firm, who view their counterparts as minors in the company. This is a breach to the business ethics. How can the collusion reform? Firms ought to come up with the ways of improving relationships among the workers.
The problems result from the poor management of the collusion agreement made as a framework for understanding the modes of relations. As a firm, people ought to work together, which is not the case. They also have to tighten the rules of engagement for mutual benefit. The misunderstandings results from the areas, where some individuals feel superior to others; yet, they are at the same level, something that is a mistake. This situation results from the managers of the Londono Company, who believe that they are superior. They feel they take the biggest shots more, so should be those, who will motivate other workers. They do little to save the situation. This leads to customer dissatisfaction. In the end, the company makes losses, unlike when customers receive quality services. When Londono laid-off its workers without a proper explanation, there was a lot of mistrust amongst the workers, who did not understand the various reasons why this had to be so.
The company should have made employees understand the situation. Errors in accounts brought misunderstandings. Different companies failed to trust one another due to the various errors that were rampant and appeared to have been intentional.
The company ought to define a common strategy respected by all. It should also ensure equal representations in the various powerful sectors like accounts and management. First, they have to establish the management structure, with which they have to define their relationship with one another. A good system of governance in the corporate world requires centrality and in the mode of governing people. Bancolombia ought to invest into the strategies that will see it grow to a modern and strong investment firm. This can happen by ensuring that it has a strategy team that is well paid and focused on coming up with the strategies for the firm. It is possible after ensuring that the chains of command are well-structured, such that no equal partner views himself or herself as superior to the other one. They could also have the roles of the various individuals properly defined in order to ensure that there are no overlapping responsibilities in their tasks (American Bar Association, 1981).
Bancolombia should also ensure regular training of their employees on the market dynamics, as well as on the customer care tactics according to the changing word. This being a proper and necessary step, the firm has no alternative but to take it. After consolidating the inner self, the firm can now start working on improving its products. It be done by coming up with the different innovations to suit the market demand. This will help to counter homogeneities in the market. Its product will appear differentiated and appealing for consumption by the customers. The firm can also conduct retreats for the employees, where they interact with one another and get to know and appreciate themselves. This retreat will help to strengthen the bond between them and show them that they own the firm; thus, they have to feel as a part of the team making things happen (American Bar Association, 1981).
Performance appraisals are suitable in improving the employees’ morale. This is inevitable, since it rewards those, who work hard, and helps to instill confidence in them that all hard work is rewarded. With an aim of encouraging them the company should define the ways of promoting those, who excel in the various areas of work. Many employees get demoralized, when they see unfair promotions through nepotisms or tribalism. This should not find room in this scenario, as it will result to complete failure of the firm. Methods of accessing the progress of the firm in terms of accountability and market coverage ought to be in place. There should be external auditors coming to countercheck the implementations so far. Their recommendations are very important. The organization should take them with utmost urgency to ensure proper and clear way of correcting their mistakes. Since customer orientation is important, there should be proper channels of orienting the customers. This is to ensure that they have an adequate knowledge about the ways the firm works. It should conduct open days, where both managers and simple workers meet and interact as a way of ensuring proper customer relations (American Bar Association, 1981).
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People feel better when they realize the business tackles their needs on a one-on-one basis. They should come up with a consumer based mechanism that seeks to ensure that the consumers are satisfied, as a part of their improvement strategy. They should also share the profits equally and ensure that all the partners benefit from the additional profits acquired, as this will make everybody feel part of the changes. If possible, the firm should also consider rebranding to give itself a new look (American Bar Association, 1981).
|Restructuring the system of governance||Highly|
|Having a strategy team||Highly|
|Training their employees||Medium|
|Differentiating their products||Medium|
|Conducting staff retreats||Medium|
|Open days (customer orientation)||Medium|
Restructuring the system of governance of the firm could have some advantages in the long term, as there will be discipline and proper coordination. Discipline and proper coordination are vital ingredients for success in an organization. This is because everyone conducts himself or herself in the best way possible. However, in the short term, those are bound to the heavy expenses. This method is preferable, since it will restore order and proper coordination in the firm. Most of the work depends on the management, as it is the engine, which necessitates a strong management for the proper coordination of all the activities of the firm (Gugler, Yurtoglu, 2008).
When the management is properly working, it is important to have a strategy team. This team comes up with the ways of improving the sales. It also underscores the importance of working with the estimates in the budget. Moreover, it orients the workers on the best strategies that the company will apply, so that it can achieve the said goal. The team ensures that targets are up to standard and are competitive in the market, especially in the long term. This will ensure that decisions made by the firm are in line with the proper goals of the business in the long term (Gugler, Yurtoglu, 2008).
The core area of success in business is training your employees, so that they are able to deal wisely with customers and the different situations that face them. This may not be advantageous in the short term, but in the long run it is beneficial to the market. Training may happen in seminars and organized meetings. It may be an internal affair or inter-institutional. Moreover, the company should provide reading material and motivational tips for the employees. Employees may spend a lot of money in training in the short run but the situation changes afterwards, as the results of training start to give birth to the fruits of success. This is important to the firm though not agent, but it is necessary as time goes by (Gugler, Yurtoglu, 2008).
Product differentiation is necessary when there is much competition of homogenous commodities. The company can apply differentiation in the various areas, such as pricing and branding. This gives the company some unique characteristics different from other companies. It has a long term advantage of ensuring higher sales though not that urgent. Open days for staff are very important, as they make them feel part of the organization. Out of this, they get encouraged to work hard and improve the firm. This translates to the long term benefits of the firm. Customers also have to be oriented on the activities of the firm, so that they become conversant with the systems and the ways they work. This prevents them from moving away to other firms. External auditors help to reflect the firm’s image. They also give a credible outlook of the firm that is not biased. They are necessary for accountability purposes (Gugler, Yurtoglu, 2008).
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Bancolombian ought to re-structure its management systems and ensure that there is a proper command chain. This will restore order for the people and ensure proper management of the employees, which will translate to a very high percentage of productivity. The accounting system will only be upright if the management scrutinizes all the reports it gets from the accounts department. This will condemn mistrust amongst employees. In turn, it will help to create a cohesive environment. This is a vital environment for performance in an organization.
Action and implementation plan
The firm should get back to the drawing table and come up with individuals within the proper chain of command. This will ensure that junior managers respect their seniors, whichever company they come from. After this, the firm should orient its workers on the new working structure and ensure they understand the penalties for breaking the rules. This ensures that they follow the chain of command and respect their bosses (Gugler, Yurtoglu, 2008).
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The firm should ensure they are aware of their awards upon exemplary performance. This ensures that they work hard knowing that the company rewards their efforts. The firm should then work to ensure they have the necessary equipment for undertaking their tasks. This ensures they work efficiently and no time is wasted. The very last but most important thing is ensuring that the customers are aware of the firm’s activities. They also need to understand all the occurrences within. This ensures that all the customers have the same interest in the company and they do not move to other firms. Concentration on attraction of customers is a very important issue having in mind that the high number of customers means an increase in the profit margin (Gugler, Yurtoglu, 2008).
The customers should feel that they are part of the team driving the firm to success. They should identify themselves with the success of the firm. One way of achieving this is through interactive programs. Senior administrators should see to it that the company implements an online interaction program. The programs will ensure proper release of information to the public for healthy practices. The programs will help to sample together views of the customers. Social media may also help. Facebook and Twitter are good examples. There should be implementation of the possible ones. The programs will also ensure that customers’ questions get answers for any queries on time and without any delays. The firm should even come up with the incentives through its strategy team that are going to attract the customers and hold them there. The strategy team should compile this plan and hand it over to the CEO. The CEO should take personal responsibility in overseeing that all of this happens accordingly.
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