Business Assessment Essay
Nationwide building society is the large business on which i am going to complete this assignment on. The branch on which I am going to study is located on the High street in High Wycombe. In order to enable me to complete my assignment I have used books, internet, leaflets, the use of phone calls to the bank and I made an appointment for me to speak to a member of staff in the bank. My assignment will clearly reflect upon the usage of the information I have used.
I will look at the aims of the business and thereafter look more deeply into the business but due to limited information the company can share there is a limit of information for my assignment. The industrial revolution in the 1770’s caused the need for building societies to save for land and materials with which people could build their own houses with. Each member would contribute regularly until all the members’ houses were built up after which a society was wound up.
1880’s saw a rapid extension in which mant societies were formed and interest rates were charged on money loaned to borrowers. Small societies merged to form bigger societies and the origins
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Nationwide has headquaters in Swindon and a second administrative centre at Northampton and now offers a wide range of retail financial services. MORTGAGES, SAVINGS, CURRENT ACCOUNTS, LIFE ASSURANCE, INVESTMENT PRODUCTS, PERSONAL LOANS and HOUSEHOLD INSURANCE are all available from Nationwide. Nationwide has mutual status, which means that it is owned by its members and is run day-to-day by an executive management team overseen by an elected board of directors. The societies basic aims are to attract as many customers as possible and remain a good reputation like they have at the moment.
Nationwide are always looking into new ideas and competing with other building society to provide the best service for their customers and competitive interest rates. If they can reach these aims they will remain top of the league. HOW EMPLOYEES INTERACT WITH EACH OTHER WITHIN NATIONWIDE Employees within Nationwide use E-mail mainly to communicte with each other from different branches. The use of telephones anATION IS PASSED ONTO CUSTOMERS IN THE FORMS OF AN ANNUAL REPOT UPON WHICH CUSTOMERS DECIDE WHO TO ELECT TO BE PART OF THE BOARD OF DIRECTORS.
By following these procedures and by employees of Nationwide interacting with each other the business runs as smoothly as possible from a day to day basis, except for on odd occasions on which minor mistakes are made but normally corrected. Regular briefings ansd conferences keep members of the business informed of what is going on and hence motivate members of staff to work better. DEPARTMENTS WITHIN THE BUSINESS Nationwide believes in equal oppurtunities and does not judge people by their race or gender but by their ability to work.
The basic employment process for a cashier is to first omplete a telephone interview which consists putting applicants into situations and asking them how they would deal with it. This helps the employer to find out if the applicant is suited for the job and he or she’s speaking skills. If applicants complete this process successfully they are sent an application form if tis part is alsom successful the applicant is called in for another interview and then a decision is made.
Nationwide do not give out personal details about there employees as they are safeguarded by the Data Protection act and they take full liability caused due to there fault at work. Employees are given days off for grievance, maternity leave,sickness etc this goes to prove that they follow the employment law. Safety procedures are carried out at work and regular fire alerts are carried out. Nationwide makes sure its employers are working in a safe and friendly environment. COMPARISON OF ORGANISATIONAL STRUCTURE OF NATIONWIDE WITH CONTRASTING STRUCTURE AND COMMUNICATION FLOWS CONCLUSION:
Nationwide overall is a strong large capitalised business and is nowhere near an unachieving business. Its assets a good and with a wide range of services offered to customers i cannot go wrong. If the business carries on achieving its goal and competing with its competitors it can carry on bieng an excellent business. If the business was to loose out on some part of the business it would have enough to keep it going due to the amount of services offered which customers have taken up. Looking into the future i cannot see this business falling downhilll it has expanded to much to weaken.
SOURCES OF INFORMATION
2.Phonecalls made to nationwide.
3.Speaking to a member of staff.
4.Business for GNVQ book.
5.Leaflets from Nationwide.
6.Asking a couple of customers on what they think of the business.