Strategic Management As A Successful Player In The Financial Service Industry

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An organisation can have the resources to make an impact on its competitors and market. But it is the strategic management that makes the organisation a successful player in the financial service industry. “Strategic management is the set of managerial decisions and actions that determines the long run performance of a corporation. It includes environmental scanning (both external and internal), strategy formulation (strategic or long range planning), strategy implementation, evaluation and control. Strategic management, therefore, emphasizes the monitoring and evaluating of external opportunities and threats in light of a corporation’s strengths and weaknesses. (Wheelen and Hunger, pg.2, 2002) Thus, Strategic management is used by large corporations …show more content…
Organisation needs to be transparent and clear about its objectives. It must involve the employees into the decision making process and make them feel that they are the part of the organisation. Gaining the trust of the employees determines their performance at workplace. If the managers treat the employees equally, honestly and fairly then the employees can engage themselves in the opportunistic behaviour thus, increasing the performance of the organisation (Brown et al., 2015). By giving responsibilities to the people brings in real commitment from the people as there is a constant drive among the people to perform well indirectly they want the company to perform well. The employees feel a sense of achievement by attaining the set targets and add value to the organisation as the employees feel nurtured and valued. (Judith Leary-Joyce, 2010.) A company that sets clear goals with good understanding and communication between the employees and the employers helps the organisation to be successful. Organisational communication is seen as an effective tool in defining and determining solution to a problem within the organisation. (Marques, 2010). Effective management of people can produce substantial results and enhance economic performance of the organisation. Providing employment security and decentralisation of decision making forming the basic fundamental of the company can gain trusts of the employees and result into active participation. Further extensive training of the employees along with sharing of financial and performance information throughout the organisation which ensures that the organisation trusts its people. In return it keeps the employees motivated and hence contribute towards enhancing organisations success. (Pfeffer, 1988) Employees need to be managed differently at different times it is the specific strengths of the people and

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