Factors of Production to Carry out Business Activity Business Essay

A business employs factors of production to carry out its business activity. It is very important for a business to be sure that all its resources are allocated efficiently in order to be profitable. The most important, vital and significant resource of a company is the people it employs. Due to increasing globalization and competition, the productivity of labour has become increasingly important for the companies in determining its efficiency. Businesses, like those in service sector, whose staff deal directly with its consumers need to be very conscious about he motivation level of their employees. Motivation has become important for the business to gain competitive edge by attracting the best recruits. They must be aware that to win completion, it is important for them to attract and retain the best labour possible. Motivation is a set of various activities that determined a person to engage in particular behaviour. A motivated labour force helps business to achieve its goals profitably. An unmotivated labour may not work quickly, efficiently and provides the minimum of what is expected of them. Motivation for work is one of the elementary determinants of organizational and individual performance. Motivated labour is the cornerstone of all organizations and this holds true in, non-profit sectors, the public and the private. many of the studies( Eskildsen & Dahlgaad 2000) show that a happy labour force is highly motivated work more efficiently and effective, have good spirit at work ,have good morale at work and work more effectively and efficiently and hence worker satisfaction, therefore, directly impacts process quality. Process quality then determines customer satisfaction and quality cost. Research shows, in Pakistan, it has become a major challenge for the commercial banks to encourage employees to provide quality services. This is because there is a strong struggle among the banks in Pakistan to assure best quality services to their clientele. The commercial banks have a vital role in the global economy and employees are the major source of delivering goods and services to their clientele. The excellent service offered and provided by the employees has the ability to create a positive and a long lasting image in the eyes of consumers.

Introduction to the company:

Company history and background:

Habib bank, also commonly known as HBL is headquartered in Habib bank plaza in the city of Karachi, pakisatna.HBL is the largest bank of Pakistan with a huge network of 1425 branches within Pakistan and 55 branches around the world. Habib bank holds a domestic market share of approximately 40% and has continued to dominate the commercial banking sector. Overseas it operates in the following countries: Australia, Afghanistan, Belgium, Bangladesh, china, Canada, France, Iran, Hong Kong, Bahrain, Lebanon, Maldives, Kenya, Nigeria, Singapore, Sri Lanka, Oman, UK, USA, UAE, Turkey, Nepal and Netherlands.(scribd.com) 250px-Location_of_branches_of_Habib_Bank The founder of Pakistan, Mohammad Ali Jinnah realized how important was the establishment of financial intermediation as his campaigned for the creating of Pakistan. Jinnah persuaded the Habib family to establish a commercial bank with its headquarters in Mumbai. The efforts resulted in the creation of Habib bank in 1942 with a fixed capital of about 25000 rupees. Habib bank played an important in financing the campaign of all India- Muslim leagues that aimed to establish Pakistan. This bank also played a significant role in channelling relief funds to those people that got hurt in the day to day communal riot that preceded the departure of the British from the land of India After the establishment of Pakistan in 1947, Jinnah urged Habib bank to move its head quarter to Karachi, the first capital of Pakistan. This gave the newly formed state, Islamic republic of Pakistan, its first commercial bank in Karachi. Habib bank limited was incorporated on august 25th 1941 operating in the private sector until in 1974 it was nationalized.

Services offered by the company:

Habib bank provides the basic range of banking services to its clientele that includes corporate, commercial, retail banking and investment, Islamic banking and treasury. Company description: The banking company, Habib bank limited is engaged in retail and commercial banking and related services in domestic and overseas market.

Brand of HBL:

HBL states: our brand identity is an expression of what we are standing for as an organization. This is expressed by our mission statement, our vision and all is supported by our values.

Vision:

"Letting people to advance with success and confidence"

Mission statement and the ultimate mission of HBL :

To be Pakistan's leading financial institution and largest bank that emerges in the international market, providing its customers with exceptional innovative services while granting superior value to the employees, customers and shareholders of the company. "To create a good value for shareholders, let the staff excel and make our customers precious prosper.

Values of HBL:

It's the company's values that makes it unique and define its excellent culture. It includes: Excellence Customer focus Integrity Meritocracy Progressiveness

Research Objectives

The purpose of this research is to use the different approaches/methodologies to achieve the objectives of my research. To evaluate the possible effect of motivation on employees work performance. To critically appraise current motivation strategies and their effectiveness in Habib Bank Limited. To make recommendation for the design and implementation of organizational motivational policies in Habib Bank Limited in order to improve productivity.

Research Questions

What methods does Habib Bank Limited currently use to motivate staff? How can the effectiveness of motivation strategies in Habib Bank Limited be measured How effective are Habib bank motivation strategies and what recommendations can be made for their improvement?

Rational:

Choosing a research topic is not as easy. It requires extensive study and research before any conclusions can be reached. For my research, the process involves identifying factors that may leave an impact upon motivation level. Next step was to measure the motivation (highly motivating, moderately motivating not motivating) and then measuring he impact on work performance. As employee work performance is an essential element of banking sector, this research will provide me a deeper insight into the complexities and problems that our service sector specially banks encounter. This will also allow me to deeply study Pakistan's largest bank which will be add greatly to my knowledge.

Personal motivation:

I took a keen interest in Human Resources Management during my college days but I took admission in M.Sc (Physics), I completed my Masters ( Physics) in my home country (Pakistan) and started work as a teacher in college. When I came here (UK), most of my colleagues completed their MBAs in their respective fields. I contacted them and enquired about the subject .At last I took admission in Kaplan (London) which is famous for imparting quality education worldwide. After completing my degree ,I will choose Human Resources Management as a field in the future and I hope it will also expand my vision and will impart me the qualities which are important for a Human Resources Manger. It is readily accepted that Human Resources Management is an important branch for any organisation and for its success to achieve the goals. Therefore, there is a demand for qualified and well trained Human Resource Professionals in all branches. It is an extremely competitive region and for this purpose, I will increase my qualification in this field. Therefore having a strong background in Human Resources I would like to start a new field for myself as a human resource expert in the future and this topic will give a vast exploration in this field and will broaden my knowledge in this field.

Significance for Habib bank limited:

It is hoped that the conclusion of this study will be of immense significance to management and policy maker of the Habib Bank Limited. It will not only provide them an advantage to reassess their organizational policies but will also allow them to address the minor problems and existing dissatisfaction in its employees that have been revealed through this report. Not only this, but HBL can also take advantage of the questionnaire that had been designed for the purpose. It will let them know what the maximum of their employees feel about their organisation and work. They can also measure their responsiveness to the set questions and respond to the needs practically.

ACADEMIC UNDERSTANDING

From an academic point of view, this research will contribute to the present opinion and will help many other students and researchers. it will be provide a comprehensive foundation for further study. It will not only highlight and explore factors that determine motivational strategies and their impact on the motivation of employees but will also identify endeavours that will help influence the commercial banks for a consideration of a more structured and systematic approach, acknowledge employees' efforts which would then flourish culture of high performance in Pakistan's commercial banks.

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