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Organisational Structure of BB&T Corporation
Organisational Structure of BB&T Corporation - February 2nd, 2011
Organisational Structure of BB&T Corporation : BB&T Corporation (Branch Banking & Trust) (NYSE: BBT) is an American bank with assets of $165.3 billion (June 2009), offering full-service commercial and retail banking services along with other financial services like insurance, investments, retail brokerage, mortgage, corporate finance, consumer finance, payment services, international banking, leasing and trust. Based in Winston-Salem, North Carolina, BB&T operates more than 1,850 financial centers in the United States of North Carolina, South Carolina, Virginia, Maryland, West Virginia, Kentucky, Tennessee, Georgia, Florida, Alabama, Indiana, Texas, and in Washington, D.C..
It is also notable for certain ideological stances taken by its management, and for its financial support of academic programs concerning the "moral foundations of capitalism."
In June 2009, its chairman, John A. Allison IV delivered a keynote address to a meeting of the center-right Competitive Enterprise Institute, where he said government regulation caused the 2007-2009 financial collapse. The bank had recently been forced to accept $3.1 billion in bailout money through the U.S. Treasury's Troubled Asset Relief Program.
Earlier, in 2006, BB&T said it wouldn't lend money for commercial projects on property acquired through eminent domain. This was a reaction to the United States Supreme Court's decision in Kelo v. New London in 2005 that such transfers are permissible.
The fourth step is the Solution Phase, which matches appropriate solutions to be taken as a consequence. This stage goes hand-in-hand with the fifth stage, the Intervention Phase, where the strategy, approach, program and organized improvement designs are being implemented. Lastly, the last stage in the steps of Organizational Development is the Feedback and Evaluation Phase, which involves the evaluation of the results or performance of the used interventions or solutions, based on the identified problems of the organization (2004). This would be applicable for both the structure and cultural aspect of the organization because these models address all kinds of problems in general.
3.1. Recommended Organizational Structure
Based on the analysis of the structural problems, it is proposed that the best structure in the view of the author is a matrix structure, rather than a functional structure. The matrix structure is used and implemented in an organization when there are standard and innovative products or services, or stable and changing markets (2004), and based on a dual chain of command. In this regard, the matrix structure is seen as a way of bridging the advantages of the functional and divisional structures (1986). The change process would be done through constant group discussions that would remind the top management of the new proposed structure, thus, allowing continuous coordination and communication among the members. Through the passage of time, members would be practicing communication and coordination among the other members of the organization.
The matrix structure is recommended for several reasons (2000; 1985). Primarily, the matrix structure would allow the company to focus on multiple business goals. As the company further develops and expands, division of labor and the formation of different business groups tend to happen, leading to multiple business goals. In this regard, the matrix structure would enable the company to pursue multiple business goals with equal focus. Second, the matrix structure would facilitate effective management of information. This is because this structure allows rapid communication across products and geographies to resolve technical and customer issues (1998). In the current traditional hierarchical structure of the company, information flows vertically through selected communication points that filter and distribute
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