BRIEF HISTORY OF BANK ALFALAH LIMITED
Bank Alfalah Limited was incorporated in June 21st, 1997 as a public limited company under the Companies Ordinance 1984. Its banking operations commenced from November 1st ,1997. The bank is engaged in commercial banking and related services as defined in the Banking companies ordinance 1962. The Bank is currently operating through 45 branches in 21 cities, with the registered office at B.A.Building, I.I. Chundrigar, Karachi.
Since, its inception as the new identity of H.C.E.B after the privatization in 1997, the management of the bank has implemented strategies and policies to carve a distinct position for the bank in the market place. Strengthened with the banking of the Abu Dhabi Group and driven by the strategic goals set out by its board of management, the Bank has invested in revolutionary technology to have an extensive range of products and services. This facilitates their commitment to a culture of innovation and seeks out synergies with clients and service providers to ensure uninterrupted services to its customers.
The bank perceived the requirements of customers and matches them with quality products and service solutions. During the past five years, bank has emerged as one of the foremost financial institution in the region endeavoring to meet the needs of tomorrow as well as today. To continually upgrade the quality of service to the customers, training of team members in all the integral aspects of banking, customer service and IT was specially focused.
The portfolio concentrates on all aspects of conventional banking as well as the financial needs of corporate sector. Dynamic and high value product includes Car Financing, Home Financing, Rupee Travellers Cheques, Credits Cards, Debit Cards, On line Banking, ATM and consumer Durables. In addition to this, Islamic Banking Division is a recent initiative, which operates as separate branch. It offers Shariah
Compliant products through a network of five branches, which will increase to 50 by the year 2007. The bank is committed to combine all it s energies and resources to bring high value, security and satisfaction to its customers, employees and shareholder. The Bank has invested in revolutionary technology to have an extensive range of products and services. This facilitates commitment to a culture of innovation and seeks out synergies with client and service providers to ensure uninterrupted services to it customers.
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In Bank Alfalah, Executive recruitments are done by CEO.
Recruitment of MTO’s (Management Training Officers):
In Bank Alfalah, recruitment of MTO’s is done on Yearly Basis
Recruitment of Internees:
In Bank Alfalah, recruitment of Internees is on
> Letter of recommendation from college
Human Resource Assessment
Bank Alfalah Ltd. has worked hard to build its human resource team and ensure that the quality of newly inducted staff is not comprised with growth. For recruitment and selection bank‘s policy is to hire suitable candidates. By suitable candidates bank refers to candidates having proper educational qualification, experience and background.
Bank Alfalah not only is one of the fastest growing bank in Pakistan, that provides its customers with a number of financial services, but is also a great employer of human resources, that provides its employees with a conducive environment that not only is challenging but also helps them in applying and gaining knowledge.
The above figures show that all prospect employees feel confidence in Bank Alfalah as their prospective employer. Bank Alfalah, as a response to this confidence has three ways of employing prospect employees for their organization.
The orientation program of Bank Alfalah contains:
All employees selected through this process, have to first complete a probation period before given a complete status of a Bank Alfalah employee. The major benefit of this procedure is that Bank Alfalah can employee a large number of employees at a lower cost. The procedure for accepting a batch trainee is as follows:
“The process of teaching new employee the basic skills they need to perform their jobs.”
Basic Steps in Training:
Following are the basic steps in training employees in Bank Alfalah:
• Need Analysis
• Instructional Design
• Evaluation and follow up
- Training Mangers and faculty is hired for training purposes.
- Training Mangers are in their respective head offices
The Training Centers Of Bank Alfalah:
Bank Alfalah’s training centers are in Karachi & Lahore. These training centers are responsible for providing multi-level high quality training programs in following areas:
- Consumer banking operations
- Credit administration/documentation
- Trade finance operations
- Marketing & selling skills
- Customer service skills
- Performance appraisal skills
- Time management & personal effectiveness
TWO SCENARIOS OF TRAINING
In Bank Alfalah, Head office devises a calendar according to which they train their employees
In Bank Alfalah, Branch Manger realizes that specific department lacks in some skill.
TWO TYPES OF TRAINING
On The Job Training:
“Training a person to learn a job while working on it”
Off The Job Training:
“Training an employee to learn a job while providing him a class room environment”
ON THE JOB TRAINING
“On The Job Training” in Bank Alfalah is done by
Management Training Officers (MTO) Training Program:
In Bank Alfalah, MTO’s training program is 3 months On the Job Training & 9 months Off the Job Training.
OFF THE JOB TRAINING
In Bank Alfalah, Off the Job Training is done by
Training & Development:
In Bank Alfalah, employee is trained & developed in following different operations:
PERFORMANCE APPRAISAL SYSTEM
“Evaluating an employee’s current and / or past performance relative to his or her performance standards”
The performances of employees are appraised yearly at Alfalah Bank. HR head said that
“Performance appraisal helps us in estimating employee’s current performance, setting work standards and then providing feedback to employees with the aim of eliminating performance deficiencies”.
APPRAISAL METHOD AT ALFALAH
The Appraisal Methods at Bank Alfalah are
· Unfair Assessment (Bias)
In this service oriented industry behavior is as important as performance on job. To manage behaviors and appraise company has devised a managing behavior system to evaluate their core values. Each employee in such a system is rated against the behavior performance achieved, against the required benchmark applicable, depending on the Job Grade.
PERFORMANCE STANDARDS AT ALFALAH
Alfalah Bank Has laid down the following Performance Standards:
3-Promotes Alfalah Long Term Objectives
MANAGING CAREER & FAIR TREATEMENT
In Bank Alfalah, Managing Career & Fair Treatment is based on:
· Promotion Decision
· How To Handle Transfer
· Communication At Alfalah
· Manage Dismissals
PAY PLANS & INCENTIVES AT ALFALAH
Pay plans Alfalah are establish on the basis of job ratings. All jobs are ranked from top to bottom, on the bases of compensable factor. Employee with higher rank gets highest pay and incentives.
Compensation Plans for Employees:
In Bank Alfalah, compensation plan for employees includes:
In Bank Alfalah, incentive are provided to
EMPLOYEE BENEFIT & SERVICES
The employee benefits & services provided by Bank Alfalah are
The financial benefits provided by Bank Alfalah to its employees are
Severance – Pay
Severance Pay is given according to
Supplemental Unemployment Benefits
Supplemental Unemployment Benefits are given
Bank Alfalah gives insurance benefits on
Other benefits provided by Bank Alfalah to its employees are
Bank Alfalah gives retirement benefits on the basis of
Following services benefits are provide by Bank Alfalah to the employees:
Financial, Career, Job-placement, Grievances
EMPLOYEE SAFETY & HEALTH CONTRIBUTION
Bank Alfalah is
Avoiding the Causes Of Accidents:
Bank Alfalah’s management plays an important role in avoiding the three causes of accidents
HEALTH PROBLEMS & REMIEDIES
Following are the steps that taken by Bank Alfalah’s HR Department to solve the health problems in the organization and make possible remedial changes
Other Precautionary Measures:
Other precautionary measures taken by Bank Alfalah for the safety of employees are
BAL is one of the fastest growing banks in Pakistan. In the light of these situations we can make an analysis.
· Bank is in its growing stages so there is good financial position.
· Professional and Committed workforce
· Low cost than other major banks
· Increasing the number of branches in the country
· Successfully launching new Product Lines
· Well experienced and quality staff
· Efficient internal communication system
Although the bank is growing fastly but it has some weaknesses which it should remove to make itself further strong.
· Less Advertisement
· Slow in introducing new products
· The staff is not satisfied with the salary structure
· Gives its staff less benefits
· Extension of International network of the branches
· Introduction of innovative products
· Growing market
· ATM facility for all customers
· Uncertain economic conditions
· Action taken by competitors
HRM managers at Bank Alfalah are performing a great job as far it is concerned
Motivating them and looking after them. Along with the other managers and employees
HRM managers are also doing a great job in achieving company goals and objectives. There is a very calm and friendly atmosphere at Bank Alfalah because of the HRM department and their policies for keeping their employees happy, productive and efficient.
Ø It is observed that the employees were overburdened so they have to stay at branch till late at night. In this way their efficiency is affected and hiring more employees can reduce their work.
Ø The employees should be signed jobs for specific period and than they should shifted to other department so that they gain knowledge of other jobs.
Ø Bank Alfalah Limited should properly advertise and Communicate to public about the services provided by it, so that more customers will be attracted.
Ø The bank’s management should give more incentives and pay scale of officers should be revised & improved.
Ø System and operations should be more defined and organized.
Ø IT draw backs should be improved.
Ø Administration drawbacks should be improved by the strict control of general issues.
Ø Some employees waive the bank charges (Statement charges, cheque book charges etc) that decrease the income of the bank.
Ø Lockers, ATM, all these facilities should be provided to attract more customers.
Ø Expenditures must be control, which are very high.
· Mr. Zulfiqar, Accounts Officer.
(Bank Alfalah Ltd., Wah Cantt Branch)
· Mr. Waqas, Customer Services Officer.
(Bank Alfalah Ltd., Wah Cantt Branch)
JS bank ka intership report mil sakta he brthr urgantly on bases of HR...