COMPANY POLICY AND ADMINISTRATION
MCB in order to motivate and satisfy the needs and demands of their subordinates they have made their policies and administrative principles keeping in mind to keep their subordinates satisfies and contented to work and give their optimum results. The company follows policies like promoting their staff, giving instant feed back, job security, future prospectus, giving leaves, breaks accessories like car, house, Mobile phone etc. The policies have been set and high level and hard working staff is pampered so that their interests in the company remains and are motivated to giving better results again and again.
The important polices and procedure follows by MCB are as follow.
1. TECHNICAL SUPERVISION:
Technical supervision is very important in motivating the subordinates. Technical supervision is given to all the subordinates to set their pace and give required help, support and assistance when it is needed. Managers at MCB spend some time with their staff and set their goals that are clearly defined. Managers then spend some time occasionally catching people doing some thing good, praising them, which is a way of providing positive reinforcement. When things go wrong quick feed back is given which helps the subordinates and keeps them on the right track. A supervisor ensues that his subordinates have the chance to learn from colleagues or superiors who have the strengths they lack. IF appropriate he also encourages them to seek formal training or qualification.
Additional supervision is given to subordinates who have problems with their work. Technical supervision from the senior executive prove very helpful and thus by the occasional praises from the seniors motivates the sub ordinates to do well each time.
2. INTERPERSONAL RELATIONS WITH PEERS, SUBORDINATES & SUPERVISOR:
At MCB we noticed that the interpersonal relations between the peers, subordinates & supervisor are good. Open door policy is being used every where. If any subordinates have any problems they are given freedom to discuss and relate problems to their supervisor. Feedback from supervisor to his sub-ordinate is instant. The relation between supervisor and sub-ordinate is friendly and both treat each other with mutual respect. A supervisor gets to know his staff individually and keeps up to date on what is happening to them. He also tries to find out what interest and motivates his staff in and out of work. These factors constantly change there fore the supervisor has to check on how they develop.
The relationship between peers is exemplary and this sense of co-operation amongst its employees is what makes M.C.B what it is today.
3. SALARY:
The pay scale of employee’s of M.C.B is not that good; rather it’s satisfactory. It varies from high level to lower level staff. The high level staff are generally pampered and their salary is quite good with a whole lot of fringe benefits thrown in for good measure.
The salary of lower level staff is not that good. In fact it is rather poor especially for the menial labors. There are seldom any fringe benefits for them. Thus it is found that higher level staff are quite satisfied with their pays unlike the lower level staff.
4. JOB SECURITY:
Job of a person at MCB is usually secure because being a private owned bank the selection of staff is done on a very selective scale. Thus the staff working under MCB is highly qualified so one of its motivational factor involves job security in which there is no threat of losing a person’s job unless a crucial error or mistake takes place.
When the employees of MCB specially the higher level ones retire or leave their jobs they are compensated in a good manner. When a person makes a golden hand shake more than enough incentives are given which satisfies his needs.
5. WORK CONDITIONS:
Much stress is given on making the work conditions of the office exemplary. Taking any branch of MCB it is clearly visible that its office environment is one of the best comparing from other banks. Office accessories like furniture, computers, stationery etc are seen that they are the latest and the best available in the market.
6. STATUS:
Higher level staff or executives are given much importance and treated according to their status. As they are promoted there comes a visible change in which they are treated. Benefits are increased. One of the policies of MCB is to give cars to higher executives. Each year a large number of cars are bought. It motivates them to give their optimum thus in turn motivating the lower level staff also who strive to work hard so that they can be like their seniors.
7. ACHIEVEMENT:
Most employees want the satisfaction of making a meaningful contribution. They are rarely content to plod along mechanically. Therefore managers at MCB provide opportunities for their sub-ordinate to attain their individual level of achievement. Goals are specified and they are employees are made and motivated to perform and give their 100%.
8. RECOGNITION:
Supervisor at MCB tries to give immediate recognition for good job performance by subordinates. They also praise his effort at formal or annual assessments. This is done because praise and feed back stirs people to achieve even more. Recognition is also done on the basis of one-minute managers. The recognized effort of a person lets him know what role or importance he has in the organization.
9. RESPONSIBILITY:
At MCB the supervisor makes his subordinates responsible for a particular task. Upon seeing its output he gives him more responsibility so that he may be inclined towards work and won’t have to be forced. Responsibility increases with the position a person holds in the organization. More and more responsibility is given to capable and hard working employee who has a possible future growth. Thus responsibility holds an important part in motivating people.
10. PROJECTS & ASSIGNMENT:
The middle and high level staff are given special projects and assignment so that they get more exposure. Upon successful completion of that project, the person it was assigned would be highly motivated and would feel that he is an integral part of the group. The person would also have gained experience and gathered knowledge about a particular thing.
11. PROMOTIONS:
The opportunity of getting promotion at MCB is quite good for the middle and high level staff but for the lower level staff there is very little chance of moving up. An A.V.P is usually promoted if he meets his objective consecutively for two years. It holds true for other middle and high level staff. Along with promotion come other perks such as company maintained car, new office, Mobile phones etc.
SERVICES & PACKAGES
SPECIALIZED PRODUCTS:
MCB provides Convenient 24-hour banking services through the largest ATM network in Pakistan.
1. RUPEE TRAVELER’S CHEQUES:
Buy MCB Pak Rupee Travelers Cheques the safest way to carry cash for high value cash transactions. MCB Rupee Travellers, the market leader in the Rupee Travellers Cheque market in Pakistan is celebrating nine years of leadership in July 2002. Launched in July 1993, MCB RTCs has been the preferred choice of the Rupee Travelers Cheques target market. With over 1.5 million satisfied customers in five years, MCB has been striving hard to package their product better and better each year. We now have RTCs with maximum-security features, we’ve incorporated Tele verification with the product where customers can call and check whether the RTC is valid. At the same time, our RTC team anywhere in Pakistan ensures superior quality customer service.
2 .MCB MASTER CARD:
The MCB Master Card – It’s the Future of Money. With over 12 million merchants welcoming the card globally, you’ve never seen convenience like this before.
With round – the- clock service and great customer convenience now MasterCard has even more to offer. Use MCB MasterCard and win – win prizes. They call it win – win because all participants will win an exclusive MCB Travel Bag.
3. DINNER CLUB CARD:
The ideal card for the business world, the Diners Club Card provides you access to over 70 airport lounges worldwide.
Double Benefit Offer
Along with enjoying exclusive Diners Club advantages you can now get more out of the Card that is the right answer in any language. Diners Club brings an offer where every entry wins Double Benefits. Yes, every participant gets an exclusive Diners Travel Bag. In addition to that, all entrants are entitled to participate in a Lucky Draw where you win a free return ticket to the shopper’s paradise – Dubai. Or you could end up sitting in your TV lounge in front of a brand new AIWA TV /VCR treating yourself to pure entertainment.
4.REMIT EXPRESS
Remit Express is the fastest way of getting your money across to Pakistan.
SPECIALIZED ACCOUNTANTS
At MCB, you can open an account that fits your requirements.
1. MCB RUPEE MAXIMIZER ACCOUNT:
MCB Rupee Maximizer Account provides you an opportunity to convert your
With the recent changes in the economic scenario MCB launched the Rupee Maximizer Account exclusively for its Foreign Currency Account Holders. MCB Foreign Currency Account holders now have an opportunity to convert their Foreign Currency Account balances into Pak Rupees and earn a profit at the rate of 12.6% per annum. Other features include profits calculated on a daily product basis, no restrictions on the number of withdrawals, no minimum deposit required. Special benefits include one free ATM card and locker facility free of cost. MCB Rupee Maximizer Account is being advertised in leading daily newspapers as well as local papers. Foreign Currency Account into Pak Rupees and earn profit at the rate of 12.6% per annum.
2. PAK RUPEE OR FOREIGN CURRENCY ACCOUNTS :
They provide you with a selection of accounts to suit your needs.
3. KHUSHALI BACHAT ACCOUNT:
Open a Khushali Bachat or Dollar Khushali Account, both require low minimum income deposits plus you receive profit on daily product basis. Get a saving account with current account facilities through Saving 365.Or double your investment through Capital Growth and receive monthly profits through Monthly Khushali.
PROBLEMS
Problems are basically those factors of an organization or a firm who create errors in work, stops the production or leads to draw back of a company. However an organization is good and produces the best products in the world but some where along the line it has to face some problems and drawbacks. These problems when neglected may cause serious damage to the organization in the long run. Upon interrogating the problems occurring in MCB the higher level staff at MCB almost instantly refused and denied that there are no problems in MCB.
But this is quite hard to believe because an organization the size of MCB has to have some problems and some hidden skeletons in their closets. Upon digging and finding out through research I unearthed a few problems that the organization is facing. All these problems concern the lower level staff who is not being motivated properly.
1. LOW PAY SCALE IN LOWER LEVEL:
The low-level staff of MCB is dissatisfied with their basic salary. They are dissatisfied to the extent that in order to get a raise the employee of MCB were even planning to go on a strike. In the present economical condition of Pakistan it is very difficult to survive in a low pay scale there fore in order to meet their ends the staff are trying to get a raise.
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