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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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Executive Recruitments:

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

> Walk-ins

> 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.

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OREINTATION

The orientation program of Bank Alfalah contains:

  • Introductory Lecture
  • Printed “ Employee Hand book” in Bank Alfalah
  • Time Duration
  • Familiarize new employees with their new jobs, work units and organization in general.
BATCH TRAINEES

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:

TRAINING

“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

• Validation

• Implementation

• 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

Training Calendar:

In Bank Alfalah, Head office devises a calendar according to which they train their employees

Need Basis:

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

  • Making teams of new employees with a few old specialized Employees.
  • Contribution to overall productivity.
  •  Lower cost
  • Lower Time

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

  • In-house training ,done at least once a year
  • Employees from all over Pakistan attend seminars and courses.
  • Employees are tested after the completion of the course
  • Specialist trainers are hired
  • Provide a proper learning environment to the employees
  • Professional faculty is hired
  • Increases employee loyalty
  • Labor productivity is zero
  • Cost is high
  • Time is consumed

 

Training & Development:

In Bank Alfalah, employee is trained & developed in following different operations:

  • Consumer Banking Operations
  • Credit Marketing & Credit Proposals
  • Credit Administration/Documentation
  • Trade Finance Operations
  • Marketing & Selling Skills
  • Customer Services Skills
  • Performance Appraisal Skills (Self Appraisal)
  • Time Management & Personal Effectiveness

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

  1. Self Appraisal Method

· Ratting

· Evaluation

  1. Problems During Appraisal

· Unfair Assessment (Bias)

BEHAVIOR APPRAISAL

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:

1-Demonstrates Commitment

2-Aligns Activities

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:

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:

  • Basic Salary
  • Bonuses
  • Medical Facilities
  • Allowances

Incentive Plans:

In Bank Alfalah, incentive are provided to

  • Managers and Executives
  • Middle and Lower Level Employees

EMPLOYEE BENEFIT & SERVICES

The employee benefits & services provided by Bank Alfalah are

  • Health & Life Insurance
  • Paid Annual Vacations, Leaves, Holidays
  • Health Insurance Of Parents
  • Pension & Provident Fund
  • Discount On Company Products
  • Annual Bonuses
  • Educational Plans
  • Social Events
  • Customized Services
  • Creative, Learning & Healthy Environment
  • Highly Qualified, Experienced & Committed Staff
  • Profit & Gain Sharing Plans

Financial Benefits:

The financial benefits provided by Bank Alfalah to its employees are

 

Severance – Pay

Severance Pay is given according to

  1. Policy
  2. Give Full & Final Settlement
  3. Half Salary As A Complementary (Optional)

 

Supplemental Unemployment Benefits

Supplemental Unemployment Benefits are given

  1. During Annual Routine Audits
  2. Other Privileges

Insurance Benefits:

Bank Alfalah gives insurance benefits on

  • Worker’s Compensation
  • Complete Life Insurance
  • Hospitalization & Medical Insurance

Other Benefits:

Other benefits provided by Bank Alfalah to its employees are

  • Pregnancy Compensation
  • 2 – Bonuses For Each Employee
  • Faster Promotion
  • Introduction Of MENTORS
  • Bank Alfalah MOHTISIB
  • Staff Suggestion Scheme
  • Family Community Concept
  • Salary Of Own Choice
  • Job Rotation Facility
  • Prizes & Gifts
  • Refreshment Packages
  • Short Courses & Trainings + Training Material
  • Traveling & Stay Allowances
  • Communication Benefits

Retirement Benefits:

Bank Alfalah gives retirement benefits on the basis of

  • Age
  • Pension Plans
  • Provident Fund Facility
  • Early Retirement Window
  • No-golden Offerings & Defined Contrib. Plan
  • No-social Security & Deferred Profit Sharing

Services Benefits:

Following services benefits are provide by Bank Alfalah to the employees:

  • Introduction Of MENTORS (HR – REPRESENTATIVE)
  • Counseling Services -

Financial, Career, Job-placement, Grievances

  • Bank Alfalah Mohtisib
  • Lunch & Learn Program
  • Employee Transportation
  • Educational & Training Subsidies
  • Flexible Benefits Programs (Few-limitations)
  • No-subsidized Child & Elder Care

EMPLOYEE SAFETY & HEALTH CONTRIBUTION

Bank Alfalah is

  • Strict About Occupational Safety Laws
  • Obeying The OSHA – Standards
  • Major Responsibility – Br. Manager
  • Routine Safety Audits
  • Inspection & Citations By Head Branch
  • Managing Proper Responsibilities & Rights Of
  • Both Employer & Employee

Avoiding the Causes Of Accidents:

Bank Alfalah’s management plays an important role in avoiding the three causes of accidents

  • Unsafe conditions
  • Unsafe acts
  • Accident prone people

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

  • Smoke Free Environment
  • Role Of Mentors ; Regarding
  • Job-stress , Burn-out , Health Conditions
  • Remedies For VDTS & Other Tools
  • Vaccinations & Health Treatments

Other Precautionary Measures:

Other precautionary measures taken by Bank Alfalah for the safety of employees are

  1. Personalized Attention To Employees
  2. Angry Employees Management
  3. Temporary Stop The Working
  4. Counseling
  5. Real Root Problem
  6. Use Of Personal Skills
  7. Professional Attitude Adopted
  8. Future Avoidance

SWOT ANALYSIS 

BAL is one of the fastest growing banks in Pakistan. In the light of these situations we can make an analysis.

Strengths:

· 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

Weaknesses:

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

Opportunities:

· Extension of International network of the branches

· Introduction of innovative products

· Growing market

· ATM facility for all customers

Threats:

· Uncertain economic conditions

· Action taken by competitors

CONCLUSION

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.

RECOMMENDATIONS

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.

References

References

Personal Refernces

 

· Mr. Zulfiqar, Accounts Officer.

(Bank Alfalah Ltd., Wah Cantt Branch)

· Mr. Waqas, Customer Services Officer.

(Bank Alfalah Ltd., Wah Cantt Branch)

Web Resources
Reports & Papers
  • Annual Report Bank Alfalah 2008
  • Issues in Pakistan’s Economy by S. Akbar Zaidi
  • International Finance by Maurice D. Levi
  • Bank Alfalah Limited. (2009). Alfalah Mahana Amdan Plus [Brochure].
  • Bank Alfalah Limited. (2009). Alfalah Quick Finance [Brochure].
  • Bank Alfalah Limited. (2009). Alfalah Milkiat Finance [Brochure].
  • Bank Alfalah Limited. (2009). Alfalah Karobar Finance [Brochure].

JS bank ka intership report mil sakta he brthr urgantly on bases of HR...

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