Research Bank Sohar

enquiry Project Contents Table ContentsPage add together Ac familiarityment Abstract deed Plan Chapter 1 INTRODUCTION 1. 1Introduction 1. 2Rationale of the Study 1. 3Objectives of the Study Chapter 2 criticism OF LITERATURE 2. 1 Introduction to the comp both 2. 2 Meaning of the motif 2. 3 Objectives and look for of the question 2. Different types of employee want Chapter 3 mode OF RESEARCH 3. 1 Design of the study 3. 2 Methods of collected cultivation 3. 3 Types of research 3. 4 Sample size used in inter lot 3. 5 Limitation 3. 6 Analyzing the entropy Chapter 4 FINDINGS &038 RECOMMENDATIONS 4. 1 Findings 4. 2 Recommendations Conclusion Bibliography ACKNOWLEDGEMENTSAt the outset, I would deal to thank my result who explained to me most this Research Project in a in truth forgive manner and assisted me at every step in end it success risey, and my thanks ar especi onlyy due to &8212&8212&8212&8212&8212&8212&8212&8212&8212&8212&8212for either his cooperation, in catti ness of his heavy schedules of take a crap, and &8212&8212&8212&8212&8212&8212&8212 the Trainer who was very helpful in providing me with accurate information to use in this Research, and I convey my thanks to both the colleagues who cooperated with me by participating in the research by way of responding to my interviews and to the questionnaires which helped to lead me to findings and conclusions. lastly I thank all the people whoever helped me and stood by me to provide all the needful assistance to my essential. ABSTRACT The productivity of the stave depends upon many factors for the patoising concern. humanity argon complex macrocosms which need continuous cause to plough without being burdened. Therefore, the benignant Resources Department should non only impart motivational triggers besides excessively should encourage the different groups of the supply to maintain a stand foring(a) competition these en surely a continuous boosting of the lags cogency ta ke aims.Dedication and loyalty to the company potbelly alike be elegant by providing faculty with encouraging means to develop themselves as sound as the company. The provide which feels comfortable with the depository financial institution get out unlikely switch oer to other(a)wise(a) margins. Dedicated employees allow foringly work for the curse. By comparing with other bevels, the bank should modify its policys and devices so as to non only attract to a greater extent(prenominal) customers tho also attract more faculty from the other banks. Motivation consequently plays an important eccentric thenly in maintaining a productive mental faculty. A dedicated module go out anticipate not only customers necessarily but also demonstrate to develop bank by dint of innovative ideas. This research is conducted to study the motivational aspects of dep iodine Sohar.The findings of the study demonstrate that proper strategies and upright procedures ar foll owed in this jargon Sohar. ACTION PLAN ID Task Name Start consume Duration 1 Introduction Discussion with the guide about the topic. assure the requirement and objective. Prep atomic number 18 questionnaires. Planning for interview and making interview. Determine and free the research methodology. 2 Literature Review 3 entropy accruement Determine and justify the research methodology. Collection of both primary and alternative dates by impound methods. Selection and preparing detailed and relevant objectives. 4 abridgment of the research project Analysis and interpretation of data and carry the research into specified argonas. Making fall overs with the guide regarding the project. 5 Documentation Prepare the full project in cardinal accept format. Present and evaluate findings and recommendations. 6 Presentation Chapter 1 1. 1 Introduction Bank Sohar was pass oned on 9 April 2007. Although it is a very short cartridge holder since it started its operations, it has been an extraordinary clock beat as this pertly bank changed the ground rules for banking in Oman. Dr Mohammed Abdul Aziz Kalmoor, the CEO of the bank declared this twelvemonth that their in add up of operating profit showed up a 31. 3% gain in 2010 from that of 2009. The banks net loans and advances grew by 14% in the last year. Customer deposits defecate augmented by 20% in 2010.Bank Sohar has introduced friendly financial solutions for everything from the purchase of cars to higher education. Their increase network has given it an added presence and opportunity to r all(prenominal) out their customers. Their new branches in prime locations of the county bewilder given the bank an edge in the market and strengthened its position in the banking sector of the economy. Bank Sohar has veritable a tradition of meeting the customers from dissimilar parts of the country at informal gatherings and road shows. This has turned out to be a sample for modern marketing. Bank Sohar believes that customer blessedness is the critical measure for banks success.All the decision-making processes at Bank Sohar are taken up by its finance team which assists the executive counseling and the board in planning and provides information and critical abstract of the Banks surgery on a continuous basis. It is committed to providing lineament banking solutions to help customers fulfil their financial addresss. A small example is that it is the Bank Sohar which introduced for the scratch line clip the cash deposit facility by means of their ATMs. All other banks in Oman emulated this bank soon. By adopting a lifecycle prelude to the household sector they have created value-added go such as respective(a) savings deposits options, mortgages, consumer lending, insurances and wealth management products etc. In addition, they wait their clientele of small and medium entrepreneurs thoroughly informed of the market developments that may affect their enterprises.Bank Sohar alw ays tries to thin out its operate to suit the requirements of not only individual customers but also potential customer groups like the business communities. Thus they adopt sector-specific approach to integrated banking. As the network of the bank has increased done first step of several new branches, staff strength has automatically increased to over 500 by the end of 2010. Banks Omanisation ratio has steadily improved to 88% year after year. These hitments are due to the efficient management of human resources at the bank. The Human Resource Management (HRM) of Bank Sohar has been strengthening the profile of the bank by implementing its strategic goals through outgo international practices in human resource management.The bank encourages its staff to break dance to the new and rapidly changing areas of banking industry. Facilities for learning and developing professional have sex are on a regular basis arranged by the staff at different trains. In short, Bank Sohar target be described as a bank, deeply committed to delivering excellent services with convenience and integrity to their customers. In no clipping it is sure to achieve their vision statement sensation stop financial super mall having boutiques of products and services across various segments, each with a unique set of propositions 1. 2 Study the rule As an employee in the Bank Sohar, I have the personal knowledge and understanding of the banks organization and its activities. Bank Sohar is he winged upcoming bank in our country. It follows its own strategy to deal with the customers directly. Everybody functional in this bank like me is treated respectfully and cordially. Their treatment can be said to be the main key for the progress of our bank during this short span of five old age. 1. 3 Goals of the study The main goal of this study is to recognize the methods of motivating and encouraging the staff at Bank Sohar. similarly it is to chance on what makes the Bank Sohar a chieve success in all branches in general and in Ruwi emergence in particular. Chapter 2 2. 1 Introduction to the company At Bank Sohar, banking is made easy.All the employees in the bank are committed to making the banking experience much fine-tune and efficient. Bank Sohar is swell-reputed for its open and communicative relationship with the customers. They know that you are the scoop executable source to inform them the best way to cater your needs. present you get specialized divisions ready to serve you. Customers requirement and queries are met by specialized Relationship Manager of the concerned division. They also try to solve all your banking issues with a click. With their e-Channels, your bank has become portable. Accessing your bank account has been made easy as you can entre through the ATMs, Internet.Customers can also have online connectivity to their account through mobile phones. They exsert a wide range of treasury services to grown corporate clients, sma ll and medium enterprises and various government departments and fund managers. RO clearing and resolve RO behavements to Bank Sohar accounts as well as to accounts at other banks having a presence in Oman Treasury and Foreign Exchange related services Local cheque collection Prompt query handling broad(prenominal) degree of automation and straight-through processing On-line view only access to your account 2. 2 The meaning of the topic Employee motivation plays vital role in the development of the company in many ways. ttp//www. managementstudyguide. com/ immenseness_of_motivation. htm 2. 3Objectives and research of the topic Bank Sohar provides the opportunities improvement to the productive staff. Its in general try to recognize the achievements and to earn more profitable results which depends on the on the quality of staff performance, thats why it always tries to provide their employees a amusement park environment in order to promote personal growth. Bank Sohar gi ves importance to the group interest which is placed above the individual level. The officials at the bank always treat their customers, suppliers and even their colleagues very fairly and objectively.Behind all of the mentioned above, the succeeding(a) points are the main objectives of Bank Sohar which they are always nerve-wracking to keep specific principles to help in improving their performance allow for healthy and safe workplace. Make sure that the work environment is preventing the change people work practices and dont present the prejudices and unreasonable barriers for which they are qualified within the bank. Decrease the number of contribution for employees which can be made to the organization. Recruit and return the right staff at the right time to the right place to work. Promote the qualified and skilled staff based on there performance very fairly, which provide establish their trust of fair treatments. 2. Different types of employee motivation 1. Thanks award garner Bank Sohar awards their staff monthwise by choosing the employee of the month, quarter and end of the year ,so that it provides them a voucher and including a Shukran (Thank You) Award Letter. Example Mr / Ms Bank Sohar, Danq split NSC Department ,Oman 20 February 2010 Dear, Shukran (Thank You) for your initiative and estimable nutrition. Congratulations and thank you for your securely work. We hope that your ordainingness and initiative serve as an example to your colleagues. We appreciate your payload and dedication in cooperating the department in the absence of two staff who have re subscribe.You demonstrated that you were pass oning to shoulder additional province and support the smooth running of the department. In token of our appreciation, this Bank Sohar awards you a Shukran security, Smiley mark and a Gift voucher. Yours Sincerely, HEAD HUMAN RESOURCE DEPT. 2. Long termination Services Award Upon the completion of 10, 20 and 30 years, staff will be give n the future(a) awards 30 Years Certificate sign by the Group Chairman, a gift of the employees choice (Approximately cost USD 1,000) and one months basic salary. 20 Years Printed Certificate signed by the Deputy Chairman &038 CEO, Bank Sohar. 10 Years Printed Certificate signed by the Area CEO. 3. Training Overall AimTo establish and maintain a key competitive advantage, Bank Sohar is committed to commit in human resources development through relevant ,planned and systematic learning and other activities, which will contribute directly to the achievements of Banks business objectives, as well as meeting the demands of the Omanisation process. The basic training will be conducted by the Learning and information Manager. Where necessary, regional training centre trainers at muscat grape will conduct arguments throughout Oman depending on the training needs. In addition, staff may be nominated to attend various training course held in muscat grape and the group training at the Management Development Centre, Liverpool ,UK.External training may also be provided mainly through College of Banking and Financial Studies and other topical anesthetic institutes in Muscat, Salalah etc. On the craft training may also be arranged, if line managers identify any such needs. Details of the training courses are available on the intranet or may be obtained from the Learning and Development Manager. 4. Career Development Employees untalkative within two years from the date of drawing up or canvassing the rotation plan will be exempt from further clientele rotation unless it is deemed necessary to permit the rotation of others. Should line managers be otiose to rotate any of their staff in accordance with these guidelines he or she must justify the exceptions ensuring that the department head supports the exceptions made. In small or specia discover departments such as HR,TSY, Legal, IT or for translators , think over rotation may have to be less frequent than the g uideline suggested above. 5. Retirement Staff will retire from Banks employment on attaining 60 years (for male staff) and 55 years (for female staff). This is not applicable to maverick employees. Your age is the number of years elapsed since the date of your birth as stated in your identify cards, birth certificate or passport. The bank will write to you not less than one month in advance confirming the date on which you will retire. End of services benefits will be handled in accordance with the laws regulations of Public Authority for kindly Insurance. 6. End of services benefits For the OmanisPension Scheme Bank will pay 10% of the monthly deducted salary and contributes to the pension scheme of the retired Omani employees who will be receiving their monthly pension as per the rules and regulations of PASI. For the Expatriate employees Terminal value Bank will pay the expatriate employee a gratuity at the of half a months basic salary for the first five years of service, whi ch will be granted at the time of quitting the job. 7. Occupational Health &038 Safety at Work Making sure that they protect there staff health and sentry go at work is essential . We make the same commitment to our customers and any other visitors who come into our branches or offices.Its the Banks objective is to promote a healthy working environment and a high level of safety management and fire prevention. As an employee of the bank, you have a major responsibility for maintaining health ,safety and fire precaution guidelines of the work place. These are essentially to coach reasonable care for your own health and safety and those who may be affected by your action. To follow any laid down procedures and guidelines communicated to you. To hold to the attention of management any defects in the building, electrical system and machinery. Chapter 3 3. 1 Design of the study Primary Data This is the data acquired through the distribution of questionnaires and from the personal inte rviews.The personal interviews are always not possible and require more time. Therefore, Primary data is the un-analysed data obtained from research methods. secondary coil Data The data which on analysis gives perception and information to the yard of research is called Secondary data. This data is classified into qualitative and quantitative wherefore the Secondary data is important for the formation of new grounds in the research. 3. 2 Methods of the collecting data Primary Data 1. Questionnaire It is a list of questions containing all the possible parameters that the research worker wants to consider. It is the easiest and fastest way to do a research.The advantage is that only desired fields are considered and hence the data obtained is more focused. 2. Interview In this type, the researcher communicates with the employee or customer for their opinions and thus researcher can obtain personal opinions of the fields that the researcher wants consider. tho the data is not focu sed. 3. Observation Observation is the method in which the researcher observes the fields without interfering with the process. The researcher deduces the data from his honoring. This does not require prying for contacts. 4. Experimentation Its a technique used to do the investigations, which will observe the changing and find out where the influences are including the regards. Secondary Data Magazines - chore Today Magazine (April 2011) Times of Oman (dated 23 April 2011) Internet websites www. banksohar. com www. zawya. com www. ameinfo. com (http//www. humanresources. hrvinet. com/questionnaire-method/) Books Booklet of aestival review of Bank Sohars Brand and Values in 2009 (Provided by the HR) 3. 3 Types of research Questionnaires In Bank Sohar, the service quality is of net importance. To achieve this many strategies are used. The Human Resources Department of Bank Sohar broadly uses questionnaires to collect the data from both the employees and customers. This method, as mentioned above, is easy and efficient.The data thus collected is then further analysed. Such method helps the bank to review its performance and also to know of the popularity of its various services. 1. In comparison with other banks does Bank Sohar provide you best way to get staff motivation A. Yes B. Some times C. No D. At all 2. What do you think Bank Sohar should focus to achieve more staff motivation? A. Promotions B. recognize system C. Salary review D. All above 3. Is Bank Sohar providing the following selections to their employees fairly? A. Yearly bonus B. Promotions C. Increment of allowances D. Pension 4. Compared with other local banks, Bank Sohar provides good conditions to ts staff? A. Yes B. No C. No comments D. No function 5. What makes you feel lofty to work for Bank Sohar? A. Work environment B. Policies and conditions C. group Work D. Rewards system 6. Does your current position satisfy your motivation level utilize the specific conditions? A. Yes B. No C. Sometimes D. No comments 7. Which of the following banks would you like to pass in future? A. Current bank (Bank Sohar) B. Bank Muscat C. HSBC D. Nothing from the above. 1. Do you think that the bank is providing you a very fair performance appraisal? Yes they are discussing with us before confirming Human Resources about the final performance results. They are using a very fair system where you can load what you have done during the year including the extra improvements, so it will be very clear for them to suggest each one among the bank. 2. Is Bank Sohar setting a fair targets for each staff? Actually there are some people in the management departments dividing the work not in order to be cover by all staff, so in this some of the staff will feel demotivated as he will be pressurized in comparison with others. 3. Does you line manager update you about your performance from time to time? Yes, whenever any mistake is done he will keep me updated and subvention that it wont h appen again. 4. Does Bank Sohar provide you a pass to develop your skills? Actually, they are always promoting an online courses which you can go through it any time, but before the due dates. They are send their staff for orthogonal courses in the College of Banking and Finance. In addition they also provide us chances to alumna with higher diploma certificates for such specialized subjects. They are rewarding their staff annually one person from one department by sending them for an attachment to one of the Europe branches, in order to learn more and gain more knowledge. 4. What are the returns which you can provide to the bank if you are satisfactory with them? I will do my best to increase the number of quality customers which will help in increase the profit of the bank.Also I will be proud in front of my family and friends to work for the bank in order to keep a good view for people who are thinking to apply for the same bank particularly qualified and experienced people. 3. 4 Sample size used in interview method as follows Sl NoOrganisationDesignationName of the Employee 1. 2. 3. 4. 5. Loan Department Salary &038 lodge Cards Department Corporate Department Remittance Assistant police officer Manager Officer Manager Ibrahim Issa Ibrahim Al Zidjali Yusuf Suleiman Salem Al Wahibi genus Anas Hamad Seif Al Wahibi Juma Rashid Juma Al Saadri Fahma Al Mugheini Sl. noLocationCustomer/StaffName of the Employee 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 chief(prenominal) setoff briny peg main(prenominal) ramify Qurum Branch Qurum Branch Main Branch Al Sarooj Branch Al Khuwair Branch Al Khuwair BranchMain Branch Al Khuwair Branch Al Seeb Branch Al Khuwair Branch Al Khuwair Branch MQ Branch Main Branch Al Khuwair Branch Qurum Branch Qurum Branch Main Branch MQ Branch MQ Branch MQ Branch Main Branch Al Seeb Branch Al Seeb Branch Main Branch Main Branch Main Branch Qurum Branch Employee Employee Employee Emplo yee Employee Employee Employee Employee Employee Employee Employee Employee Employee Employee Employee Employee Employee Employee Employee Employee Employee Employee Employee Employee Employee Employee Employee Employee Employee Employee Eyas Sayid Saud Al Mashri Sara Teasdale Iman Seif Al Lamki Tariq Mohd. Al Balushi Assim Ahmed Ali Al WahibiAbdul Aziz Abdullah Al Wahibi Abdullah Ahmed Al Wahibi Abdullah Siddik Al Balushi Narjees Saad Al Harthy Abdullah Mohd. Al Balushi Amina Seif Al Mussallum Majd Salem Saleem Al Wahibi Mohd. Salem Khamis Al Saithani Mohd. Salem Mohd. Al Wahibi Mohd. Mubarak Sayid Al Oufi Mohd. Mousa Yahya Al Harbi Mohd Nasser Humeid Al Badaae Masoud Salem Al Harthy Frhat Ali Al Zidjali Nadia Issam Al Balushi Dawood Ibrahim ASalmi Ali Salem Al Shammaqi Salem Manal Al Tourqi Juma Rashid Juma Al Saadri Hussain Sayid Al Lawati Saad Salem Al Balushi Sayid Rashid Mohd Al Oufi Saifuddin Hisham Aziz Diwidaar Seif Sayid Nasser Al Wahibi Yusuf Yaqub Al Alaawi 3. 5 Limitati onNo matter what method the researcher uses, there are always certain disadvantages. And moreover, in nearly cases the time is limited and therefore it becomes hard to manage the collection and analysis of data. Other limitations that I faced are Some information about the bank is not accessible and is difficult to find As I chose the method of interview I got mixed up answers. As the level of knowledge and skill differ from one person to another, the responses varied greatly. In order to trace the trend in my data, I had to use large numbers of samples or interviewees. 3. 6 Analyzing the data 1. In comparison with other banks does Bank Sohar provide you best way to get staff motivation?Conclusion In the above chart it shows that most of the staff was slaked with the motivational level which is been provided by Bank Sohar, as the negative answers are least chosen by the employees question (represented by C and D series in graph) are not very satisfied with motivation. 2. What do y ou think Bank Sohar should focus more in order to achieve staff motivation Conclusion Bank Sohar, staff are not smart with their salary as it wasnt a good review for their salaries, but at least the rewarding system was playing a good part in their emotions. This can be well tacit by looking at the number who was happy with their salaries. 3.Is Bank Sohar providing the following selections to their employees fairly? Conclusion Bank Sohar staff are not happy at all with the pension policies,where the level of satisfaction in the every year bonuses was covering that percentage of motivation level which follows the promotion level, then it decreased again in the allowances increments. 4. Compared with other local banks, Bank Sohar provides good conditions to its staff? Conclusion Bank Sohar staff is happy with the conditions which are provided to them as the advisement was very high in that level. Where some of them only are not satisfied at all, and at the lowest level was calcu lating in no nswers as most of them didnt answer the question. 5. What makes you feel proud to work for Bank Sohar? Conclusion The level of team work satisfaction was very high surrounded by Bank Sohar staff as one of the banks aims is to create a good environment and a strong team work, as it shown in the results that they are happy with that strategy. 6. Does your current position satisfy your motivation level using the conditions? Conclusion Bank Sohar staff are very happy with the conditions provided to them in their current passion where it was fluctuating between no answers and no comments, but in general they are happy with the conditions provided to them. 7.Which of the following banks would you like to apply in future? Conclusion The staff are mostly satisfied and wish to continue working in the same environment in Bank Sohar. They are not satisfied to work with other banks in comparison. The highest result was calculating for Bank Sohar, so in general they are satisfied w ith the future chances which are provided to them. Chapter 4 4. 1 Findings On referring the observation depicted in the graphs, the human resources department of Bank Sohar is taking appropriate steps for maintaining the motivational levels of the employees. It closely monitors the employees and then relates their levels to their performances.The staff is happy with the policies and conditions provided to them and the staff satisfaction is in high levels. Highest levels of staff satisfaction in the bank can be achieved through continuous comparison the facilities which are provided to their staff with those of other banks, thus the bank will be able to identify the commanding triggers which attract employees and consumers. The bank through this can identify its jerry-built areas. Therefore the bank should look after other banks issues seriously and try to learn to not commit same mistakes and plan wisely to leap in the market. Some other measures to ensure staff motivation include The bank should do salary review from time to time. By improving the level of motivational facilities such as increase the level of allowances, promotions, more development skills programs and rewarding system show positive levels of motivation. Throughout the year, the staff is to be updated regularly about their performance. The bank needs to do more comparison with its competitor banks in term of motivating their staff. In general Bank is doing a very good job and they are always trying to motivate their staff and try to keep them for ever specially the experienced and skilled people. 4. 2 Recommendation 1. continual surveying is necessary to measure the motivational levels of the staff. This enables management to update various hindrances which cause de-motivation. 2.Personal opinion gatherings are essential to make the bonds between the management and employees which is essential for long term performance development. 3. By increasing the factors that cause the motivation, t he company can instill motivation. For example vouchers limit can be enhanced. 4. By involving various levels of employees in the meetings to induce motivation into the frown levels of employees and help in overall staff development. 5. By sending the staff to other institutions for development and other educational programs, the motivation levels can be increased. Conclusion Motivation level can be developed easily in Bank, as the management should keep in their minds that they are relations with humans who need a special and very respective measurement level.Generally management should follow a proper strategy in treating their staff by following the right procedures so as to heighten motivation and competition. Bank Sohar prioritizes the motivation of the employees as an important aspect in the whole banks functioning. The Human Resources Department of the bank regularly surveys and finds various ways to ensure the continuity of the motivational levels among the staff. The ba nk well understands that healthy competition and motivational are vital for dedicated performance. Bibliography www. banksohar. com www. zawya. com www. ameinfo. com http//www. humanresources. hrvinet. com/questionnaire-method/ Business Today Magazine (April 2011) Times of Oman (dated 23 April 2011)