Financial Sector Crm In The Financial Sector Marketing Essay

Financial Sector Crm In The Financial Sector Marketing Essay Like every other industry the financial services sector is also witnessing a plethora of changes. Facing umpteen challenges, the industry despite its phenomenal growth, has witnessed a slump in some areas. The main reason? Changes, vast competition, increased costs, decreased efficiency, inadequate client relationships and poor sales processes. Something vital is needed to cut through the waves and make the sector boom. Organizations need to basically better their relations with their customers in an effort to sustain them. Financial firms find it almost impossible to have a complete and holistic view of their customers and that puts them at a disadvantage when knowing their customers is a criteria. More often than not selling financial services and products is infinitely more difficult than the work other industries face. The past decade has seen companies in this sector slowly realizing that there is an answer. The financial services industry is now looking at customer focus as a means by which it can achieve lost profits. The result ? An acute focus on customer relationship management CRM. Adopting this strategy has slowly resulted in financial firms, venture capital, private equity, investment banking institutions etc, achieving an increase in overall productivity. CRM for financial services enables the financial firm to know the customer better. In addition it helps uncover potential customers and improves overall customer service. It helps build an advantage over competitors as firms are enabled to increase their intelligence about the customer. CRM manages to provide this information to almost every employee. CRM for financial services endeavors to improve and encourage relationship building with existing and potential customers, the various departments within the organization, management etc. The dilemma that most financial institutions face is that they do not store their valuable customer data in a comprehensible or easily assessable manner. In financial firms this intelligence is generally scattered throughout the firm and is almost unusable. CRM encourages financial services firms in changing their scattered data into something that can be used by every employee in an easy manner. Who does it benefit? Analysts, asset managers, financial professionals all stand to benefit from the implementation of customer relationship management. CRMS BENEFITS TO THE FINANCIAL SERVICES INDUSTRY IN A NUTSHELL ARE: Identification of potential customers Provision of data regarding history and preferences of investors Increase of customer knowledge of employees Provision of an excellent view of customer relationships Encouraging customer relationships Increasing and improving financial productivity Storage and provision of financial data of customers Easy assess to collated financial data Managing financial deals Evaluation of a potential investment Aiding client acquisition Investment selling Tracking and monitoring financial deals Aiding the sales team in the provision of customers needs Encouraging and assisting the increase of cross selling and upselling Enabling the building of trust for brokers, agents and financial planners etc GUIDELINES FOR FINANCIAL FIRMS OPTING FOR CRM: It is imperative to pay additional attention to what other means the organization can adopt in order to maintain and build customer relationships. Every possible means by which this can be achieved should be scrutinized and indulged in. Financial institutions implementing CRM need to realize the importance of online banking and indulge in it. Since almost 55 million is being spent on it firms opting for CRM need to focus more on online banking and understand that it benefits the customer enormously , indirectly giving a hand to customer management. It is highly important for financial institutions to analyze and understand the needs and preferences of their customers. The data that CRM provides should be scrutinized and studied sufficiently so as to really know the customer. Segmentation should be undertaken with sufficient focus being made on each segment and the right communication within the segment .The right marketing efforts should be made as well so that the adequate balance between customer focus and profitability is achieved. Firms need to focus their marketing efforts far more on the customer than on the product itself. It is imperative that sufficient and frequent customer retention programs are initiated. Technology should always be incorporated in all business efforts to ensure the right implementation of CRM. Focusing more on the hottest trend relationship banking will go a long way in the successful implementation of CRM. Sales and service should be carried out only after sufficient customer knowledge is obtained and scrutinized. Holding onto traditional practices is something most banks do. This should be avoided as much as possible. PITFALLS OF CRM FOR THE FINANCIAL SECTOR : The complexity and magnanimity of this particular industry makes it harder to adopt a holistic and integrated customer approach. Financial firms tend to focus more on the product than on the customer. In this respect they are almost oblivious to them. Since most financial organizations are considerably big in size, the cost involved is considerably higher. There are various challenges facing the industry and these all need to be overcome in order to actually succeed at the implementation of CRM. THE BOTTOM LINE? Is CRM for financial services actually benefiting the financial services sector? The answer is yes. Obtaining, maintaining and basically utilizing a customer database in an effort to maximize or improve customer relationships will go a long way in increasing overall productivity. A failure to focus on these relationships can prove detrimental while knowing and indulging your customer preferences can go a long way in securing and raising profitability. The financial services sector has been perceived by many as leading the adoption of CRM, and defining many leading practices, and there are certainly case studies to support this notion. However, while financial services companies, have pioneered in some cases, in others they have fallen victim to common mistakes in there approach to CRM investments. I would generally categorize these short comings as relating to how they went about applying CRM services to their CRM program, and on what objectives they focused these activities. THEHOW: A recently published global survey (conducted by IBM Business Consulting Services in conjunction with The Economist Intelligence Unit) revealed the primary culprits responsible for under performing CRM programs. The study was able to statistically define 79% of the difference between success and failure, and of this percentage, 70% of the difference between high performing and low performing CRM initiatives were attributable to how well, or badly they executed in the below five dimensions of a typical CRM project approach: à ¢Ã¢â€š ¬Ã‚ ¢ CRM strategy and value prop development (22%) à ¢Ã¢â€š ¬Ã‚ ¢ Budget process management (20%) à ¢Ã¢â€š ¬Ã‚ ¢ Process change (12%) à ¢Ã¢â€š ¬Ã‚ ¢ Governance (9%) à ¢Ã¢â€š ¬Ã‚ ¢ Change management (7.1%) What immediately jumps out of this analysis is that project execution in areas like IT implementation, and customer data integration and data ownership had a much lower impact on success or failure of the initiative, yet, most would agree that these were the precise areas where most of the CRM services investment was made. The What: So, one might conclude that shoring up the services effort in the softer project dimensions would make CRM the sustainable competitive advantage it was promised to be. Unfortunately, emerging research suggests that this will not be enough, and that competitive advantage depends increasingly on what the company defines as the ultimate aims of the CRM program. Most of the CRM investments to date have focused on improving internal measures of customer management success such as cross sell conversion rates, and sales force productivity. To be sure, these are worthy goals, and have delivered much in terms of the efficiency and reliability of customer facing operations. One might call these the hygiene aims. Over time, however, these efforts have become table stakes in how a company interacts with a customer, and have proven to be easily replicable by competitors, therefore producing little sustainable competitiveadvantage. So to move ahead of the pack again, leading financial sector companies are beginning to direct attention, and CRM services effort to gaining deeper insight into what motivates a customer to become a true advocate of the company and its services. These are often referred to as the emotive attributes of the customer relationship. New customer insight techniques, enterprise communications frameworks, and human performance programs are the means to this end. Understanding and applying CRM services investments to these areas are where the financial sector will gain real competitive advantage.

Jack Hayward High School Essay

Jack hayward is a very large school. The school is located in Pioneers loop. Jack Hayward is the largest government school in Grand Bahama. The color of the school is yellow. At the school we have about 60 classrooms in the entire school. In 2010 the school was divided into two divisions the junior high school which ran from grades 7-9 and the senior high school which were from grades 10-12. However, the government decided to rejoin the two school back together in 2012. On the school property we have our course area, an activity field where we do our outdoor activities. On the school campus we have a volley ball court, basketball court , soccer field and a gymnasium. The student body of Jack Hayward is avery different set of students. Each student has a different personality; some students are quiet while on the other hand the other students are very loud and boisterous. The students of Jack Hayward has grown to more than just a student body over the years, they have grown to be a family. And like every family we have our problems. Some students at Jack Hayward are very short and some are tall. The students of Jack Hayward are a set of well educated students. The teachers of Jack Hayward are highly educated, and they believe that no child should be left behind either work below their potential. Each teach wants to help their students and would do whatever it takes to get the child’s mind flowing. The teachers at the school makes sure that the student gets all of his/her work done. Some teachers take time out of their personal time to help a student with work. And that’s what it’s all about at our school.At Jack Hayward we have a large variety of extra curricular activities such as the Governor General Youth Award or better known as GGYA, Elite Girls Club, Junior Elite Girls Club, the karate club and so much more. We even offer after school classes for students that need extra practice with their school work.

Cheap Labor & Violation of Workers Rights Continue to Exist Essay

Abstract This paper explores the way in which sweatshops, cheap labor, and violation of workers rights continues to exist throughout the world. Providing inside information that the average individual might not know about the products they purchase and use everyday. This paper touches on what goes on in these sweatshops, which the most common workers are, and what countries are receiving the lowest wages for their work. Some of the most popular companies who have been recognized as abusers of labor laws are addressed, along with an update on how they’ve fared since being accused. As the paper draws to a close different solutions to stopping this abusing form of labor are revealed. If the average individual were to take a look around their home, one would find all sorts of objects and clothing produced in different areas from all across the globe. Majority of the time, these items are taken for granted and strictly valued depending on what they can do for us. This is quite unfortunate when we take into consideration the conditions most of these objects were manufactured in. It’s very seldom that we picture the blistering hands of the child who slaved over our designer tennis shoes as we slide them on as the finishing piece to that new designer outfit. It is ironic how the things we pay the most for in life are often times produced under the harshest working conditions by individuals paid incredibly low wages. Children and women’s rights are violated day in and day out for these companies to save a couple of dollars, yet we continue to ignore the issue and send our hard earned money to these corrupt companies and corporations. According to dictiona ry.com, a sweatshop is a â€Å"shop employing workers at low wages, for long hours, and under poor conditions† (Collins English Dictionary). Despite the adversity and embarrassment that some of the most popular companies have received for producing their products in sweatshop, cheap labor and exploitation of human rights still remain prevalent. Some  individuals feel that the use of these sweatshops allows for a healthy balance in the economy, or that working for these wages is the best possible option for citizens of third world countries, concluding that we need not tamper with the means of production for the economy’s sake. Many of these ideas are addressed in Arnold D. and N. Bowie’s Sweatshops and Respects for Persons, as they discuss exactly why these allegations or theories are dysfunctional untruths. There are definitely alternatives to sweatshop labor for companies to produce their products. For example in Paron and Reemes’s, â€Å"Beyond Cheap Labor† they propose a solution to these countries’ low wages; â€Å"to justify higher wages in a globalized economy, middle-income na tions must find their comparative advantage† (Paron & Reemes 2005). If these nations find something they can offer, then they can create a job market for their workers, resulting in higher wages. Granted this is a very hard task and may be perceived by many as unachievable, but there is no amount of revenue worth sacrificing our morals or these individuals’ rights as humans. Cheap Labor & Exploitation According to the United States labor law, there are certain wages that must be provided to individuals for performing services; when these laws are violated, there are severe consequences to whoever is deemed responsible (DOL, 2009). Cheap labor is when an individual provides labor for unreasonably low wages, long hours, usually under harsh or extreme working conditions, and many of the female workers are subject to sexual harassment along with all the other violating activity that occurs. Unfortunately, many women and young children are victims to these violations of labor laws for a company’s benefit, all to save a buck. According to Snyder in his article Exploitation and Sweatshop Labor â€Å"The most common understanding of exploitation in the literature on sweatshops interprets exploitation as taking unfair advantage of workers† (Snyder, 1991). The rights of these workers are exploited for economic advancement from both structural and organizational perspectives. The organizational aspect of the exploitation is tied into the market power received by the organizations that exploit these individuals in order to increase profit margin. The structural aspect pertains to exactly where these sweatshops are  located; production warehouses employ large groups of individuals concentrated in certain societies or communities in order to maximize production. The cheap labor provided for businesses through the use of sweatshops is nothing more than a loophole in order to save the companies’ money. It is a complete disregard for human rights, yet people continue to selfishly turn the other cheek on this issue. Violation of Workers’ Rights According to Sweatshops and Third World Living Standards: Are the Jobs Worth the Sweat; Bangladesh workers are bringing in roughly $0.13 an hour, the next lowest is Vietnam at $0.26, followed by China at $0.44 (Powell & Sharbek, 2004). Here are some of the lowest wages in the world, all found in sweatshops: These numbers are well below the minimum wage; the minimum wage required for compensation of work is determined based on the economies output divided by the number of working and non-working people. In fact it is often argued that the minimum wage determined in the U.S isn’t enough for most individuals to survive independently on, especially single parents. In addition to that, sweatshops fail to pay their workers on time for their labor if they pay them at all. Cheap labor is just one of the violating aspects of human rights that takes place in sweatshops. Along with not being properly compensated for the amount of labor the workers produce they also work long excruciating hours. Some workers may work anywhere from eighteen to twenty hour shifts consecutively under hazardous conditions, without breaks for food or water. They work extremely long hours in order to make a wage that isn’t sufficient enough to live on. â€Å"Workers work long hours in which they aren’t compensated for, under unsafe living conditions, and women are often sexually harassed†, there isn’t a single characteristic of a sweatshop that is safe or complies with labor laws and regulations. (Snyder, 1991) Women and children often make up majority of these sweatshop employees; it’s  hard to imagine an adult working sixteen hours under unsafe conditions but sweatshop managers don’t treat these children any differently, nor do they show any sympathy. Women are often sexually assaulted, abused, not paid for their labor, and in many instances stripped of their employee status and forced into servitude. â€Å"Lured by recruiters who promise wonderful opportunities in foreign lands, young women often pay thousands of dollars in recruitment and contract†; after being taken advantage of these women end up working for low wages in order to pay back these huge debts, consequently they become property until they can escape or pay off all the debt, both are highly unlikely (Snyder 1991). Women are treated as if they aren’t human beings, for example: â€Å"In some Indonesian sweatshops, women were forced to take down their pants and reveal to factory doctors that they were menstruating in order to claim their legal right to menstrual-leave† (Morey, 2000). When discussing the cheap labor industry third world countries often come to mind but these same things occur right here in the U.S, † The Department of Labor indicates that 50% of garment factories in the U.S. violate two or more basic labor laws, establishing them as sweatshops†; sweatshops exist when individuals who cant stand up for themselves have their rights taken advantage of (Morey 2000). The Violators Not many people are aware of just how many of our every day items are produced by cheap labor. If one were to take a look around their home they’d be astonished by just how many objects come from sweatshops; there are factories for clothing, technology, furniture and other items that you would never expect. Nike is what comes to mind first when the topic of sweatshop labor is at hand; mainly due to their being accused of producing their shoes and shoes under the air Jordan line in China. Nike claims that all of their factories employees compensation complies with the U.S labor laws and any individual who is interested is welcome to visit any Nike manufacturing shop, however this has yet to happen and their has been no footage released of their  factories. Nike doesn’t own any of its accused sweatshop factories, they pay factory owners and those owners are responsible for paying the workers their wages, not Nike. Many say this is just a loophole to escape labor laws in order save money. When the founder of Nike Phil Knight was asked, â€Å"why doesn’t Nike start its own factories in the U.S† he replied: â€Å" I honestly believe that U.S citizens don’t want to make shoes, they don’t want to do that job† (Jilani, 2011). It’s quite obvious that Nike isn’t interested in the people, Phil Knight and he collogues are strictly focused on maximizing the companies net income, even if that means sacrificing the rights of workers and passing up the opportunity to produce more jobs right here in the U.S. however Nike is the only familiar household name that has suffered from sweatshop accusations. Six years later technologies peoples champion Apple still carries the negative stigma from its labor law violations in its sub-contracted factories. â€Å"More than half of the audits revealed problems, including employees regularly working more than 60 hours a week, underage workers, falsified records, wages below minimum levels, pay withheld as punishment and improper disposal of hazardous waste† (Walters, 2012). The wages and long hours was the least of Apples worries; workers were suffering from severely swollen legs to the point where they could barely walk, being exposed to poisonous chemicals & factory explosions, some were even killed do to these conditions (Walters, 2012). Although Apple received much criticism for producing it’s products in sweatshops under these conditions somehow over the past six years they have managed to become the leader in technology, outselling all competitors. Apple’s ITunes is also the largest music retailor in the U.S, follow ed by Wal-Mart whom is also been accused . This goes to show that this subject isn’t taken serious enough; if so the purchase of Apple products would have drastically decreased. Here is a chart of Apple’s yearly earnings since the unveiling of their sweatshop production (Powell, 2011): If people continue to show that they aren’t concerned with how the products they purchase are produced then companies will continue to manufacture their products by these inhumane means. It’s almost as if these companies need to  be taught a lesson, show them that cheap labor is unacceptable by not purchasing their goods and they will change their methods. There is no reason why Apple should have flourished in such a way after being exposed for its production methods. Sweatshops Effect On the Economy Some Economists feel that without sweatshops many of these workers who are now employed in third world countries would be without work and consequently be worse off then they are working for low wages; â€Å"We find that most sweatshop jobs provide an above average standard of living for their workers† (Powell & Sharbek, 2004). Hypothetically speaking, if one were to assume that this is correct and the standard of living is above average this still doesn’t justify the treatment and conditions these workers endure. Just because an individual has no other choice doesn’t give anyone free reign to destroy all regard for their rights. Cambodia for example has nothing to offer economically, so sweatshops are one of the only choices for many of it’s natives; this wouldn’t be a problem if workers rights were respected and at least received a reasonable wage for the amount of work produced. This would be a great solution to the problem, without ruining compa ny’s production, without violating workers rights, and without disrupting the economy whatsoever. Possible Solutions to the Issue When it comes to the task of stopping sweatshops, cheap labor, and exploitation there are two major methods that can be taken. The first and the most unlikely method to succeed is to place the responsibility on the third world countries economy; second would be for people to refuse to purchase goods or products that have anything to do with sweatshop labor. â€Å"Take the attention off of the low-wage assembly jobs and focus on higher valued jobs and comparative advantages† (Farrell & Paron, 2005); this is a great proposition but we have to take into consideration the likelihood of this happening. We can’t expect third world countries to completely diminish their basic means of employment because it is unrighteous or violates  rights. This is why many economists say that sweatshops provide a better income and living to many individuals who otherwise would be unemployed; however there is an alternative method that poses a huge threat to the sweatshop industry. People can perform a number of actions in order to ensure companies start to produce their products the correct way. The first step is for people to demand sweatshop free products where they shop or not to shop there at all. People can also by union made and second hand products, as well as purchasing fair trade products. The next step is to spread the word and encourage others to do the same until cheap labor is non existent, this wont happen over night but it will show companies that the stigma that comes with producing their products in a sweatshop can ruin business. Conclusion Although over the past decade the use of sweatshop labor by many popular companies has been brought to the light, there has been no action taken by government, nor have people taken it upon themselves to boycott these companies. The excruciating circumstances these individuals work under are hard to stomach yet people continue to turn the cheek on the issue. Stopping this ridiculous treatment won’t be easy, but it can be done if people start to take action but caring is where it must start! Work Cited Skinner, B. E. (2012, March 30). Slaves put squid on dining tables from south pacific. Retrieved from http://www.bloomberg.com/news/2012-02-23/slaves-put-squid-on-u-s-dining-tables-from- south-pacific-catch.html Powell, B., & Sharbek, D. (2004). Sweatshops and third world living standards: Are the jobs worth the sweat?. Independent Institute , working paper number 53, 1-15. Retrieved from http://www.independent.org/pdf/working_papers/53_sweatshop.pdf Snyder, J. (1991). Exploitation and sweatshop labor: Perspectives and issues. Business Ethics Quarterly, 20(2), 187-213. Kristof, N. (2009, January 15). Where sweatshops are a dream. The New York Times, p. 35. Ballinger, J. (2009). Finding an anti-sweatshop strategy that works. Dissent , 56(3), 5-8. Smit, B. (2011). Trafficking in human beings for labour exploitation. the case of the Netherlands. Trends in Organized Crime , 14(2/3), 184-197. Farrell, D., Paron , A., & Reemes, J. (2005). Beyond cheap labor: Lessons for developing economies. McKinsey Quarterly , 1(1), 98-109. Powell, B. (2011). The end of cheap labor in china. Time , 177(26), 1-4. Arnold, D., and N. Bowie. 2003. â€Å"Sweatshops and Respect for Persons,† Business Ethics Quarterly 13(2): 221-42. Arnold, D., and P. Hartman. 2003. â€Å"Moral Imagination and the Future of Sweatshops,† Business and Society Review 108(4): 425-61. sweatshop. (n.d.). Collins English Dictionary – Complete & Unabridged 10th Edition. Retrieved April 24, 2012, from Dictionary.com website: http://dictionary.reference.com/browse/sweatshop DOL. (2009, September). Wages and hours worked: Minimum wage and overtime pay. Retrieved from http://www.dol.gov/elaws/elg/minwage.htm Woolf, L. (2011). women and global human rights. Retrieved from http://www.webster.edu/~woolflm/sweatshops.html Woolf, L. (2011). women and global human rights. Retrieved from http://www.webster.edu/~woolflm/sweatshops.html Jilani, Z. (2011, July 13). Thinking progress. Retrieved from http://thinkprogress.org/economy/2011/07/13/267520/nike-workers-humiliation/ Walters, S. (2012, February 4). Apple still shamed by china [Web log message]. Retrieved from http://www.dailymail.co.uk/news/article-2096551/Apple-shamed-Chinas-iPod-sweatshops_ SIX-YEARS-expos.html

Federal Government Small Business Set Aside Programs

Every federal government purchase anticipated to be valued from $2500 to $100,000 is automatically set-aside for small businesses as long as there are at least 2 companies that can provide the product/service. Contracts over $100,000 can be set aside if enough small businesses are able to do the work. Contracts over $500,000 have to include a small business subcontracting plan so that small businesses can get work under these large contracts. Small Business Contracts less than $100,000 or those where 2 or more small businesses can fulfill the contract can be set aside for small businesses. This is typically a contracting officer decision after they perform market research. Contracts can be fully set aside or partially set aside (large company and small company). The SBA’s definition of a small business varies based on industry but typically is less than 500 employees or less than $5,000,000 in revenue. The government has an overall goal of 23% of prime contracts flowing to small businesses and in 2006 the actual was 23.09%. HUB Zone The HUBZone program is to encourage small businesses located in designated high unemployment, low-income areas through set aside contracts. HUBZone stands for â€Å"Historically Underutilized Business Zone†. To qualify a company must be a small business, owned and controlled 51% by US citizens, have a  main office in a HUBZone and have at least 35% of employees living in a HUBZone. The governments contracting goal is 3% of all prime contract dollars being awarded to HUBZone businesses. There are also sole source contracts possible and 10% price preference (HUBZone company prices can be 10% higher and still be considered competitive). To become HUBZone qualified the company must submit an application and supporting documentation to the SBA. In 2007 $1.764 billion was spent on HUBZone contracts. SBIR/STTR The SBIR/STTR program was established to provide small companies with funding to develop products which have government and commercial potential. SBIRs are research grants to fund research and development efforts. In 2005 federal agencies spent $1.85 billion on SBIR awards. STTR is similar to SBIR except the company must partner with a university under an STTR. Federal agencies with RD expenditures over $100 million per year set aside 2.5% of the RD funds for the SBIR program. Twenty percent of the SBIR award companies were founded entirely or partly based on SBIR contracts (â€Å"An Assessment of the SBIR Program†). SBIR is a three-phase program. Phase I is worth up to $100,000 and is to explore whether the proposed solution will work. Phase II can have a budget of up to $750,000 and is to develop a proof of concept. Phase III is to commercialize the solution and has a mix of government and private funding. 8(a) Small disadvantaged businesses may apply to the SBA 8(a) program. To qualify a business must be owned by socially or economically disadvantaged people, in business for at least 2 years and owners must have a net worth under $250,000. Once certified by the SBA 8(a) companies have set aside contracts available. Women-Owned There is no formal certification for women-owned small businesses – it is self-certified. The government contracting goal is 5% to women-owned businesses but there are no specific set aside programs. In 2006 the government awarded 3.4% of contract dollars to women-owned businesses. Service-Disabled Veteran-Owned (SDVO) Veterans who are certified as service-disabled and own a company can be qualified as a service disabled veteran owned company. There is no formal certification process (self-certified) other than the Veteran’s Administration qualifying them as service disabled. The government-wide contracting goal is 3% to SDVO. Just 0.12% of total prime contract dollars were to service disabled veteran-owned businesses. Veteran-Owned Veteran-owned companies is a self-certifying designation when at least 51% of the company is owned by veterans. There are no specific set aside programs for veteran-owned. Just 0.6% of total prime contract dollars were to veteran-owned businesses. Small Disadvantaged Business Small disadvantaged businesses are 51% owned and controlled by African Americans, Hispanic Americans, Asian Pacific Americans, Subcontinent Asian Americans, and Native Americans. This designation is self-certifying. Native American Native American (including Alaskan and Hawaiian) can have contracts set aside and sole-sourced to them.