Citigroup is a leading multinational investment banking and financial services corporation that currently operates in four regions: Asia; Europe, the Middle East and Africa (EMEA); Latin America and North America (Citigroup, 2015). From its inception in 1812, Citi has experienced significant achievements as well as challenges. In 1977, Citi pioneered the modern ATM and in 2014 Citi’s Mexican bank Banamex was engaged in fraud (Citigroup, 2015).
Citigroup or Citi operates under two primary business segments: Citicorp and Citi Holdings. Citi Commercial Bank (CCB) business line falls under the Citicorp business segment. CCB services clients and trade-oriented mid-size companies in over 100 cities worldwide. CCB was recently recognized by the U.S. Small Business Administration as the “Export Leader of the Year” in 2014 (Citigroup, 2015). As the newly appointed Service Manager for the CCB West Texas market, my responsibilities include managing three virtual teams of five client service representatives and meeting the stated goals for the department. How well these teams perform will be a direct reflection of how effectively my leadership skills will influence our organizational culture.
Empowering Leadership and Organizational Culture
The expectations for today’s workforce are as diverse as the workforce itself. With changes in workplace trends driven by new technology and Millennials and Generation Z’ers becoming the largest share of the American workforce, organizations are
Every generation is influenced by its period 's economic, political and social events. From the Great Depression to the civil rights and women 's movements to the advent of television and advanced computer technologies. Thus generational background/situation may also affect the way they work. The key is to be able to effectively address and take advantage of the differences in values and expectations of each generation in the workplace. The current work place consists of four different generations; The Baby Boomers (1946-1964) who are slowly retiring and existing the workforce, The Generation X (1965-1976), The Generation Y or millennia (1977-1997), and the Generation Z who are about to or are just entering the work force. Although these different generations tend to want similar things in a workplace their environment/background has shaped their character, values, and expectations (Hahn 2011).
The most prominent change in the workforce affecting human resources at St. Anthony’s is the rise of a multi generational workforce. Providing different human resource needs for various employees is an evolving challenge. Being aware of different workplace standards between generations is taken into consideration to reduce “pain points” (Calvert, 2015). In the interview, Judie grouped Generation X and Millennials into the same group, and focused primarily on the differences between Baby Boomers and Gen X/Millennials. She described the Baby Boomers as
This research paper will describe Capital One’s general environment, technology and political and legal segments, forces of competition, Predicting and addressing forces, strengths, weakness, opportunities and threats (SWOT) as well as resource capabilities.
The workforce is seeing up to five generations working together for the first time in history. People are choosing to work longer and delay retirement. Ultimately, the workforce could experience up to six generations working together. It’s the role of business leaders to embrace diversity and guide their teams to cohesion. Generational gaps can pose challenges in the workplace, but understanding each generation 's unique characteristics and skills sets will assist in effectively managing diversity to keep a peaceful coexistence.
The 21st century has been characterized by a workforce that has three generations, the baby boomers, the generation X and the millennial. As the baby boomers and the Generation X gradually bow out of the workforce, the millennial is increasingly joining the workforce at all levels including the leadership levels. However, the entry of the millennial who are technology natives having grown up in a technology society is causing a stir in the workplace.
Upon reflecting on the three main generations that comprise the workplace today, a few differences emerge. “Baby Boomers” grew up in a time when movements were prominent, the Vietnam War occurred, key figures were assassinated, the Watergate Scandal occurred, and television was introduced (Twenge et al., 2010; Schullery, 2013). Overall, “Baby Boomers” seem to exhibit a distrust of authority, value hard work, and want to enjoy their achievements (Robbins & Judge, 2015; Twenge et al., 2010). As such, they are results driven and give their utmost effort (Robbins & Judge, 2015). “Generation X” grew up in a time of computers, divorce, two career parents, MTV, and economic uncertainty (Twenge et al., 2010; Robbins & Judge, 2015). For the most part, they seem to exhibit the workplace behaviors of independence and a lack of commitment to employers (Twenge et al., 2010). They value a balance between work and life and place more focus on extrinsic rewards such as monetary compensation (Twenge et al., 2010). “Millennials” grew up in prosperous times with technology dominating the era and over-protective parents (Robbins & Judge, 2015; Schullery, 2013). Generally, they seem to place a greater value on employee benefits, leisure time, teamwork, and open communication (Society of Human Resource Management, 2004; Twenge, 2010; Myers & Sadaghiani, 2010). In addition, they have also been given the labels of “self-centered” and “entitled” (Myers & Sadaghiani, 2010).
Throughout the United States, the workforce has adjusted to fit the many necessities of the employees and the different organizations. It has taken time for these changes to occur, but as shown in the readings, there have been huge changes from the 1950’s to the present.
CIBC has focused its core business on retail and business banking, wealth management, and whole sale banking. They have shown a proven track record of providing there customers with financial services and advice through a group upwards of 1100 branches worldwide. Strategies CIBC has portrayed is to continually find new ways to enhance the experience of the client and to stimulate safe revenue growth. CIBC has put emphases on creating deep meaningful relationships with all clients, constantly trying new ways to improve service and sales prospects and to create relationships with new clients while retaining existing clients for a long period of time (CIBC).
Citibank developed two different strategies for each market segments, some of the strategies for MNCs are secure platforms to access services, local and global which can offer fast and worldwide capabilities. Also provide fraud and identity theft protection, showing the advantages of online real time banking
“The number of employees over the age of 55 has increased by 30 percent; however, the number of 25- to 54-year-olds has only increased by 1 percent” (Claire, 2009). In 2008 the eldest of the 77 million baby-boomers turned 62. Estimates are that by the end of the decade about 40 percent of the work force will be eligible to retire. As people begin to reach the age of retirement there may be not be enough new employees to fill the gap (Clare, 2009). Companies need to find ways to attract Boomers and Millennials. Companies that want to attract Boomers and Millennials need to be creative in their culture, HR policies and work environments.
Many changes are happening in the workforce today. Our labor environment consists of multiple generations, which creates fundamentally differing approaches to everything from work ethics, business management, and co-worker cooperation. The most recent generation, commonly known as “Generation Y” or the “Millennial” generation, is slowly taking over the workforce. Because they bring with them a radically new mindset and opinion of labor, the global business infrastructure should be modified to not only accommodate “Millennials,” but also to remain sympathetic to the business practices characteristic of previous generations. Doing so will provide more harmony and productivity among co-workers of different generational backgrounds.
In the present diversified work force in terms of age ,gender,culture ,work style, the employee demographics consist of the four generations which are Traditionalists, Baby Boomers, Generation X and Millenials
The most connected, classy and educated generation ever is known as Gen Z. Gen Z is part of a generation that is global, social, visual and technological. They are the teens, the tweens, the youth and the young adults of our society. A Generation is generally described through the years of birth. For example Generation Z is 1995 to 2009 and therefore if you are born within these times, you are considered a part of the Generation. Generation Z is about 2 billion of the world’s population and they don’t just characterize the future, they are creating it. Unfortunately Gen Z individuals have been brought into the world during the times of crisis, terrorism and the global downturn and climate change. However fortunately study has shown that Generation Z is assisting human resource managers in many areas such as employment, and the evolution of the work industry. Like the unfortunate era they’re living in, there is a positive turnaround where the students of today, employees and consumers of tomorrow, are experiencing the workforce for the first time and through this experience they have found and displayed new ways that human resourcing can be publically viewed. It has often been argued that Generation Z kids are irresponsible and lack discipline, however when it comes to employment, many managers have agreed that this Generation is the best.
In 1996, Citibank was an emergent banking institution attempting to increase its market share in the competitive Los Angeles area. In order to do so, the bank’s strategy was to focus slightly less on their financial growth, and much more on providing “a high level of service to its customers”. Management viewed this paradigm shift as “critical to the long term success of the franchise”.
According to group´s performance from 2002-2006 identifies that Barclays´ performance underpinnings are represented by its strategy of acquiring other banking (such as ABN Amro and Banco Zaragozano) concerns to expand its retail as well as other banking services through representation in international markets as represented by the bank’s presence in 60 countries. This provides Barclays with the means to sell its highly profitable investment banking services as well as be positioned to service the cadre of multinational companies that utilize its diverse banking financial service packages.