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The Bank of Toroda is a financial institution that provides various banking services such as :
- Receiving and issuing of deposits,
- Microfinance services,
- Loans with lower rates.
What is a Stakeholder?
- Freeman (2004) defines stakeholders as groups that are significant for continuity and success of any institution.
- Freeman (1984) describes stakeholders as any individual, or organization which can have an impact or experience an impact, due to the attainment of the institution objectives.
How does the Bank of Toroda Define a Stakeholder?
- Stakeholders are persons, organizations and groups that have to be considered by managers, directors as well as front office workers.
- Stakeholders may influence the activities of a bank.
- Stakeholders may have an impact or experience an impact, due to the attainment of the organization objectives.
- Stakeholders are involved in formulating the bank’s strategic directions.
Identify Stakeholders at the Bank of Toroda and what makes them Stakeholders at the Bank
The Employee
- Employees at the Bank of Toroda play a significant role in ensuring that the organization attains its long term goals through enhancing performance in the organization.
- Employees must be involved in formulating the organization strategic direction, since the role of executing strategies becomes entrusted to the employees.
- Employees have direct contact with customers, and thus, they can easily identify customers’ needs.
- Unless the employees conduct their roles adeptly, the bank cannot obtain its profit and revenue potential.
The Supplier
- Suppliers at the Bank of Toroda obtain complete integration into the strategic planning process.
- Suppliers are significant in this organization as they create a customer relationship which is extremely beneficial.
- The ability of the bank to provide for services ordered by customers on time and create quality products depends on the competence of suppliers and service providers.
- Another role of service provider entails introducing new solutions and systems to the bank.
- Suppliers can make the bank incur reduced cost while offering more efficient services, which boosts its profit and revenues.
The Customers
- Customers are significant stakeholders at the Bank of Toroda because they promote the reputation of the bank externally.
- At the Bank of Toroda, we recognize that the core function of the company is to offer services and products that cater for the needs of the target customers and ensure that they gain from this product and services a significant way.
- We also recognize that the position of customers is crucial to the success and survival of this institution (Philips, 2003).
- At the Bank of Toroda, we use customer feedback to enhance product and services offering and new solution depending on customer requirement and desires.
The Government
The government is a key stakeholder at Bank of Toroda because of its regulatory role through its various bodies.
- The government, through the Central Bank, issues the bank with relevant certificates, which authorizes us to carry out diverse business activities.
- The Central Bank has the mandate to oversee regular banking activities. Further, the government comes in handy using its taxation authorities, which collects taxes from all business organizations.
Local Communities and Societies
At the Bank of Toroda, we recognize the function of the local societies as stakeholders.
- We ensure that the bank obtains the value from community members through helping these members to appreciate the benefit that the bank can deliver to their society.
- We recognize communities as stakeholders since we source the workforce from these communities.
- We know that community members, as well as media agencies, usually keep a close watch at us, in order to ensure that we are sensitive to the environment.
Business Communication with Stakeholders
At the Bank of Toroda, we follow these steps to see that efficient communication occurs:
Identifying Stakeholders
- Any individual or group that interacts with the bank directly or indirectly.
- Most common individuals and groups include employees, customers, suppliers, the government and local communities.
- We assess the significance of every stakeholder group ahead of formulating the communication program, in order to identify the most proficient ways of reaching them appropriately.
Planning Objectives of Communication
- Ahead of structuring a messaging campaign, we clarify the rationale at the back of the communication.
- The communication plan usually depends on the ultimate goal of communication.
- Clarifying the rationale behind communication at the bank enables us to come up with the most appropriate ways of communicating to the stakeholders.
Constructing Messages
- We consider both the target audience and goals of communication.
- We ensure that communication considers the concerns of every group.
Communication Design
The design to be used in communication depends on the target audience, and the goals of communication. We normally use:
- Two way communications such as telephone contact, when the objective of communication is certain.
- One way communication when we want to create awareness about products (such as newspapers, television, radio and advertisements).
Obtaining Feedback from Stakeholders
- We conduct surveys following a critical advertisement in order to establish whether stakeholders have received the message and acted in accordance to the ultimate goal of the communication.
- We carry out such surveys through emails, telephone and the customer review at the bank’s website.
Corporate Social Responsibility at the Bank of Toroda
The Bank of Toroda has focused on ensuring that young people get the best education possible in the world. through:
- Establishing a scholarship program called Flying Eagles.
- The program aims to provide 20, 000 secondary school scholarships by 2017.
- Other supporters of this program include USAID, UKAid and KFW.
- The program has benefited over 4200 students.
- Establishing a university scholarship program.
- The program pushes the best boy and girl in every province to the next level.
- Offer graduate jobs.
- Provides rigorous internship and leadership development program for top-achieving Australian students.
- Established a program on entrepreneurship.
- Aim: to see one million Australians receive 13 weeks of financial literacy training for free.
- A new mentorship program.
- Aim: to offer training and mentorship to small and medium sized businesses for one year.
Other Areas of Social Corporate Responsibility
- We comply with all state and local regulations.
- We comply with environmental regulations regarding noise pollution and general protection of the environment.
- We provide for the needs of the society by offering banking services at affordable prices.
- All activities of the bank become implemented in a manner that is regular with expectations of communal mores and ethical principles.
Social Issues Facing the Bank
- Managing waste
- Last month we faced a lot of criticism from the media and environmental bodies because of how we dispose paper waste.
- Robbery after customers withdraw money from the bank
- Most customers, despite having security systems at the bank, report cases of robbery immediately after they leave the bank.
Valuable Solutions
- Efforts to train aged customers on using computerized systems are ongoing.
- Security systems have been deployed to escort persons who withdraw large sums.
References
Freeman, R.E. (1984). Strategic management: A stakeholder Approach. Boston,MA: Pitman.
Freeman, R.E. (2004). A stakeholder theory of modern corporations. London, England: Sage.
Philips, R. (2003). Stakeholder theory and organizational ethics. London, Englan: Berrett-Koehler Publishers.
Do you need this or any other assignment done for you from scratch?
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NB: All your data is kept safe from the public.