CMC Market Essay
My greatest achievement to date is successfully spearheading the financial operation expansion of CMC Market UK Plc’s European Branches. I was selected to lead this venture for this brokerage firm which was an amazing career opportunity for me. Upon accepting this position, there were several areas of concern that required immediate solutions including: controlling and reporting, long-term vendor agreements, operational costs, and potential operational risks. In response to these issues, I strategically implemented new and effective processes which resulted in more efficiently operating branches.
This essay will describe my efforts during the expansion and how I positively impacted the company’s Continental Europe branches. My greatest influence on CMC Marker UK Plc was the overall reduction of operational costs. Not only was there a decrease in company spending, but also a higher level of cost awareness and an increase in company morale. I began by analyzing the costs of each department. Once I clearly understood every sector’s expenditures, I advised the department heads on how to reduce expenses and still operate efficiently.
At that time, sales managers were reluctant to review their operational costs, only considering revenue as central to their success. However, I educated them that our company’s key performance indicators (KPI)
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Other teams lessened expenses by downgrading their airline tickets from business class to coach. We were able to use the additional money in one unit and invest it into areas that required additional funding. The overall savings of operational costs led to bonus pay increases for employees, which in turn resulted in greater staff satisfaction and a higher degree of motivation at work. In addition to reducing operational costs, I played a vital role in identifying and communicating potential operational risks.
At one particular branch, I reviewed the trading patterns of our derivative trading clients and the products in which they traded, recognizing a decrease in Futures trading. I verbalized to the sales team that our clients had reduced trading with Futures and that they needed to provide them with information on the benefits and advantages of Futures’ products. The sales team immediately responded to this potential risk by educating clients, as well as directing them to online materials about the benefits of Options Trading.
I also interacted with the marketing department, suggesting an increase in advertisement-related spending to attract more clients. These measures led to both an increasing volume of Options Trading and higher revenues for our company. My experience in this position was extremely rewarding. In addition to the accomplishments of reducing operational costs and potential risks, I also set up efficient controlling and reporting processes to oversee the finances of international branches and reviewed our long term agreements with various vendors, negotiating better conditions.
As a result of my efforts in this position, I managed to reduce the total overhead expenses of the branches by 20% compared to the previous year. My commitment to this fantastic opportunity and its’ successful outcome make this position my greatest achievement thus far. 2. Referring to personal and/or professional influences, provide your definition of leadership. Leadership is the process of directing a group towards a shared goal. In my opinion, the leader of a group should be the person who has the necessary skills to influence that group toward goal achievement.
As I have developed as a leader through educational and career advancement, my definition of leadership has also evolved into more than just directing others. I now understand that good leadership also involves inspiration, communication, supervision, management, and delegation. One of my most memorable leadership experiences was being the Senior Manager of a finance department. In that role, I realized the importance of resource management which includes human resources. It was my job to successfully motivate my subordinates to work intentionally and enthusiastically toward our preset goals.
One of the tools that I utilized to inspire my staff was a reward system. I implemented bonus pay opportunities that were linked to performance appraisals. All employees were subject to annual evaluations in which I compared their completed work with specified objectives. Staff members who performed well for the current year were eligible for additional monetary benefits. Employing this system allowed staff to take ownership of their occupational accomplishments and compensation. Effective communication and strong supervisory skills are also essential characteristics of great leadership.
As Senior Manager, I frequently communicated the company’s goals and objectives to my staff, urging them toward target achievement. I created dialogue with my employees concerning productivity, connecting company goal obtainment with their career progression. I also functioned as a supervisor, reviewing task accomplishments on ongoing basis. It was my responsibility to assess job requirements and identify which employees were better suited for particular assignments based on their professional strengths and weaknesses.
I encouraged staff to work together as a team, assisting each other to guarantee success. In addition, I remained accessible and offered my knowledge to my subordinates to help them appropriately complete their assigned tasks. One important trait of quality leadership is the ability to be proactive. As the Senior Manager of the Finance Department it was crucial that I be observant and prepared to provide solutions when necessary. As I became aware of risks occurring within the operation, I identified the potential problem and resolved it before it led to financial loss for the company.
I can recall one incident in which I was in the process of completing a budget forecast of departments and realized that the figures being submitted by the managerial heads were very high. I further analyzed the cost structure and noticed that the budgeted costs were significantly over calculated. Neglecting this problem would have led the company to spend money more than necessary. I detected the problem and decreased the values to match actual expenses, proving my competency as a proactive leader. A successful leader also understands the importance of delegating responsibilities to subordinates.
The proper use of delegation is a valuable tool that can empower employees while allowing the leader to focus on more important tasks. In my role as Senior Manager, I often used delegation to increase employee skills as well as overall productivity. Successful leadership is the ability to effectively guide others towards common goal. Good leaders develop and utilize many interpersonal and intrapersonal traits. Being employed as a Senior Manager allowed me to demonstrate my leadership capabilities and helped me to transform into a more confident business executive.