Assignment on the United Overseas Bank Limited (UOB)

A.    General Statement of United Overseas Bank Limited (UOB)

The United Overseas Bank (UOB Bank) offers financing and banking services in the market of Singapore. The bank is working based on a customer-driven operational strategy for many years as the bank offers the services which are highly demanded by the customer market. The present is about the organizational analysis of UOB Bank. The present work will explain the policies and practices of the bank towards performance measurement, culture, organizational behaviour, and rewards systems.

B.     Thesis Sentence of United Overseas Bank Limited (UOB)

The three important points concerning with the present work are stated below:

1)      Organizational culture can cause challenge and conflicts if ethical and appropriate policies are not developed in the workplace.

2)      Performance appraisal and evaluation are important to identify the gaps for improvement at the workplace.

3)      The rewards and recognition policies can increase employee’s motivation and satisfaction towards work which is important for organizational profitability.

C.    Outline of the Essay of United Overseas Bank Limited (UOB)

The essay starts with the general introduction and thesis sentences. Then in the organizational analysis section, three main headings are discussed. Measurement of performance, rewards, and organizational include information about the analysis of UOB bank. While at the end the whole discussion is summarized in a conclusion section.

Organizational Analysis of United Overseas Bank Limited (UOB)

1)      Measures of Performance of United Overseas Bank Limited (UOB)

              The performance measurement enables the organization to identify gaps for improvement in the employee's performance and overall organizational performance. The UOB Bank is working in the market of Singapore which has many other financial institutes and banks. The easy to access alternative options and substitutes have increased the competition in the targeted market of UOB Bank. Considering this, the bank needs to be more efficient with the passage of time. According to the analysis of UOB Bank, the bank administration is specifically focused on the performance measurement systems and approaches. Bank administration and finance department has the responsibility to develop annual profit reports with benchmark performance. UOB Bank controls such issues by the development of appropriate strategies and policies. Critical analysis of UOB Bank also suggests some changes in the organizational policies and strategies towards rewards and recognition. Thus, the companies compare its most recent performance with the benchmark performance to identify improvement level and changes required in the operational processes (Härtel & Fujimoto, 2014).

              Apart from this, the management of the UOB bank is also concerned towards employees’ performance outcomes. Considering the research findings, employees performance directly draw an impact on the overall organizational profitability and cost-effectiveness. Therefore, UOB bank follows up employees performance appraisal systems for the identification of gaps and margin for improvement. According to the company’s policy and code of conduct, UOB Bank employees are required to show the best performance outcomes while utilizing their knowledge and skills regarding daily work responsibilities. Following the information shared at the company's website, Bank managerial staff uses the performance appraisal system in which all employees are assessed based on their behaviour. A bank should introduce more monetary incentives and benefits programs at the workplace to increase the employee's motivation and engagement towards the organization as a result of this the overall employee's performance and organizational profitability will get improvement.  The bank is achieving this performance excellence target by providing rewards and incentives to their employees based on the performance appraisal and evaluation systems. 

 For instance, managers evaluate and check whether the behaviour of an employee is aligned with the corporate values (goals and objectives) or not? Any employee who does not comply with the code may be subject to disciplinary action. The code is reviewed periodically for continued relevance (Uobgroup.com, 2020). Conclusively, it can be said that UOB Bank is specifically focused on its corporate goals and practices of its strategic outcomes therefore they measure the performance of employees and overall organization.  

2)      Rewards and Recognition of United Overseas Bank Limited (UOB)

              The rewards and recognition are really important in organizations to increase employees satisfaction level and to bring improvement in their performance outcomes. Rewards and recognition can be further divided into two main categories of monetary rewards and non-monetary rewards. UOB Bank is highly focused on the employee's satisfaction level in the organization therefore they determine the employee's performance based on values and worth of jobs. Considering the importance of employee’s satisfaction UOB bank has a fair policy of pay-for-performance. According to the information shared by the UOB Bank, the bank has earned several awards in last few years because of the excellent performance of their employees and corporate strategies (Davila & Elvira, 2009; Bass & Bass, 2009).

            The awards earned in 2019 are Amity Foundation partner Award, Best of the Best Awards 2019, ABF Corporate & Investment Banking Awards 2019, ABF Wholesale Banking Awards 2019, and Best Bank Awards 2019 by Asiamony. The awards of best performance are the result of the collaborative workforce of the UOB Bank. Therefore, UOB Bank is all time focused on its employees and retention policies. Employee rewards and recognition can increase employees motivation and engagement toward the organization. UOB Bank offers monetary and non-monetary rewards to the workforce [from bottom to top-level workers]. Additionally, the analysis also represents that the bank evaluates the performance of the overall organization and its employees in accordance with the tendency of alignment with the corporate goals and values. Cultural norms and values are also given specific importance by the managerial staff and administration of the UOB Bank. Bank staff interacts with international and local customers while delivery banking services therefore diversity-related issues are also common at the workplace. UOB Bank controls such issues by the development of appropriate strategies and policies. Critical analysis of UOB Bank also suggests some changes in the organizational policies and strategies towards rewards and recognition. The bonuses and additional compensation packages are common examples of the monetary rewards given by the UOB Bank to its employees for their performance excellence. Although, recognition and appreciation are the common examples of the non-monetary rewards given by the UOB Bank for its employees on an outstanding performance. Somehow, still, the bank needs to make further improvement in its monetary rewards policy. The overall analysis represents that UOB Bank can improve employees satisfaction level and performance outcomes by motivating and encouraging employees to outperform in the attraction of monetary and non-monetary rewards (Uobgroup.com, Awards & Accolades, 2020).

3)      Behaviour and Culture of United Overseas Bank Limited (UOB)

           Organizational behaviour and culture are the two important concepts to be considered by the organizations as it can enable them to build a competitive advantage in the human resources of an organization. Workplace culture mainly depends upon the organizational policies, leadership styles, and employees behaviour. The UOB Bank is required to interact with international culture. Even the workplace is diverse which create challenges for workplace management. In diverse workplace conflicts and managerial issues are quite common. Somehow, analysis of UOB Bank suggests that UOB Bank is considering the importance of organizational culture and behavioural aspects. Corporate managers offer free training programs and sessions in the UOB Bank to develop collaborative behaviour in the organization. Moreover, unethical practices such as discrimination and stereotyping are also influencing factors for the organizational culture. In the UOB Bank, managers have developed strategies and policies for organizational behaviour to reduce unethical practices at the workplace. The UOB Bank is following consistency corporate culture because of its internal strategic focus and stability in the needs of the environment (Schein, 2016; Al-Abdullat & Dababneh, 2018).

             UOB Bank is following equal work opportunities related laws while providing training options and incentives to the female and male employees. A survey by Indeed.com represents that 113 employees from 294 rate UOB Bank 4.Rating about organizational culture represent that employees and workers are satisfied towards the organizational culture (Indeed.com, 2020). Employees review project that employees are not having ethical issues and diversity-related problems at the workplace. Furthermore, the analysis also suggests that employees understand the organizational culture and core values of the culture in UOB Bank. According to the information shared by the UOB Bank, all employees working in the organization are the team members. These team members are required to follow up four core values including trust and respect, performance excellence, teamwork, and integrity. Employees in UOB Bank have to comply with the highest standards regarding ethical, legal, and moral values while interacting with other employees and customers at the workplace. Moreover, all employees are required to work as a team in which everyone, even the most brilliant, is united to reach the corporate goals of the UOB Bank through cooperation and mutual loyalty with other workers and colleagues. In the competitive market, sustainable business growth is the greatest challenge which can be only handled by the appropriate policy and strategy development. In UOB Bank, managers are required to focus on these areas for the improvement and profitability of the bank.  (411 words)

Conclusion of United Overseas Bank Limited (UOB)

The whole discussion concludes that UOB Bank is a leading bank in the market of Singapore. The analysis of UOB bank represents that bank is having trouble to meet its competitive market requirement therefore excellence in employee’s performance is essential. The proper performance evaluation system is employed by the UOB Bank to avoid unethical issues and discriminative practices with the workforce. Summarizing the main points about organizational culture, UOB bank is having a consistency culture in which managers are concerned with continuous improvement and stability. (85 words + introduction 201 words = 286)