Barclays PLC is an international organization responsible for providing financial services to various people and companies across the world. In addition, the company has approximately 30,000 workers who are actively involved in retail and profitable banking. Additionally, the organization is also involved in the sale of credit cards, asset banking, control of wealth, and asset management services. Barclays PLC is also functions within the six business sections. The organization was able to expand its banking business activities in the United States by when it attained the American business of Lehman Brothers. Actually, this happened in the year 2008. Since its acquisition, the company has been gradually improving the image of Lehman Brothers business in the United States. In addition, the acquisition was to make the company become an international bank. The asset banking trade, Barclay’s investment and the business involved in managing the capital, business capital and the Barclays international investors are controlled by Bob Diamond. He is responsible for ensuring that all the organization’s events run smoothly. Moreover, he is also responsible for the prosperity of the organization.
The Challenges Faced by Barclays PLC After the Acquisition of Lehman Brothers
Although Barclays PLC has been fairing on well since it acquired Lehman Brothers, it has also been faced with a number of challenges. Additionally, the issues have greatly affected the effective implementation of the organization’s goals and objectives. One of the biggest challenges was the incorporation of the American Lehman Brothers into the main business to actively come together in terms of management. This operation had to be done within the shortest time possible to avoid interfering with the business activities and to make the transfer of workers from one bank to the other easy. Consequently, this was a great challenge since the time span was not enough for the managers to execute all the duties and ensure that the objectives of the company are met.
The other challenge is that the workers of the American Lehman were not quick to adapt to the quick changes that were being made in the organization. Consequently, this resulted into some of the workers shifting to other organizations since they were not able to quickly adapt to the new changes in the organization. The external environment did also not favor the advancements that were supposed to be made but created more problems in the financial market. Moreover, there were some doubts to the changes that were being made to the organization. The management of both organizations had greatly played an important part towards ensuring that the two companies come together but they both started experiencing challenges since both did not have similar ideas and development culture.
Since the two organizations did not have similar culture, the working staff did not have similar ideas. Consequently, this resulted into the slow integration of the two organizations. The accomplishment of the incorporation would be determined by the number of workers who remained in the new formed organization. Since some were able to leave, it was difficult for the organization to fully integrate within the stipulated time. Additionally, some of the workers from Lehman claimed that they had left the company since they were not included in the implementation of some vital rules that would guide the operation of the newly formed company.
Another issue that created a lot of controversies was the motivation of the workers of Lehman Brothers. The working staffs were not only obstructed by the inability of the bank to integrate their culture with that of Lehman but also incorporation of the Lehman workers also created some uncertainty in the whole working staff. Statistics indicate that many workers had left the new company fifty days after its formation. Additionally, the workers who had remained behind did not find it easy since they were not fully incorporated into the operation of various roles that existed in the new organization. The incorporation of the two organizations also affected Lehman workers in that it had affected their personal and professional life. The incorporation the two organizations mainly affected the Lehman businesses and workers.
The above information was attained from some of the workers who had left the organization after the integration hence is considered to be first-hand information. Consequently, the ideas presented above are the real factors that contributed to the slow integration Barclays PLC and Lehman businesses. Motivation of workers is an important factor in the working environment as it is directly connected to their work satisfaction. Consequently, the issue of motivation should be handled with a lot of activeness, appropriately and effectively. For instance, an employee who reports late to work should be held responsible hence it would be vital to recognize the reasons for the lateness. Additionally, the management should then clarify to the worker the importance of coming to work on time.
Recommendations on how the management of the newly formed organization can effectively move forward without losing key management staff, intellectual property and knowledge created at Lehman Brothers while they were still operational
To avoid losing some of the important people in the management staff, intellectual property and knowledge created at Lehman Brothers while they were still functional, the newly formed organization should take a number of factors into considerations. Additionally, the leadership in Barclays and the resulting company should ensure that the workers of Lehman are loyal for the Barclays Company. Consequently, the method of management and commitment of the company will have to play an important role towards ensuring that all the workers, regardless of the company they had come from, are stress free. This will also ensure that the incorporation of the businesses has a constructive effect. Additionally, the style of management and commitment of the newly formed company will also play an important role towards changing the emotions of workers.
Emotion is an important factor to be considered in an organization since it is the major factor showing whether workers are able to easily cope with the new changes that have been introduced into the newly formed organization. Arguably, stress on the workers will majorly have a significant effect on how workers from Lehman businesses will respond to the integration process. The management style in Barclays will be considered to be an important factor in ensuring that there is adequate leadership. Moreover, it will ensure that the performance of the newly formed organization is able to gradually improve.The management should show to the employees that they are important to the organization through their contributions. Additionally, the needs of employees should also be taken into consideration by organizing some healthcare programs and other uncommon policies that would ensure that they are adequately protected.
Furthermore, the management will be required to carry out massive education on the importance of embracing different cultures in an organization. This will eventually ensure that all the workers from both organizations are able to incorporate their different ideas to bring important changes to the organization.The management of the newly formed organization can effectively move forward without losing key management staff, intellectual property and knowledge created at Lehman Brothers while they were still operational by ensuring that the organization’s goals and objectives are linked with the employee’s reward system. This will be achieved by making clear prospects on how to reward the workers who are able to perform. The newly formed organization should also look for the workers who had left and find out the reasons why they had to live. Consequently, the reasons obtained can be used to make vital changes to the working staff to avoid re-occurrences of such mistakes.
To avoid making the workers feel that work is not in line with their profession, the management should ensure that they make the workers feel part of the system by training them on how to adapt to the newly created operational system. Through offering reasonable salaries to the employees, the newly formed organization will be able to retain its workers, intellectual property and knowledge created at Lehman Brothers while they were still operational hence move forward without any challenges. Another vital recommendation is mentoring of the workers. This will ensure that there is a strong relationship between employees and the company. Additionally, workers will not be willing to move to another company since the mentoring program is in line with their personal and professional goals.
The newly formed organization should also create cultural values like honesty, respect and cooperation as part of their working system. Subsequently, an organization that has embraced the right culture will be able to attract and maintain their workers. They should also apply the use of effective communication to create some trustworthiness within the working environment. The organization should create some system which will ensure that workers opinions reach the top management on time. This will ensure that the workers are served according to their demands and on time hence they are able to remain in the company. One of the most important recommendations on how the management of the newly formed organization can effectively move forward without losing key management staff, intellectual property and knowledge created at Lehman Brothers while they were still operational is the provision of growth opportunities.
For instance, the company should be able to make available some workshops and software. This will assist the workers who are willing to improve their careers and objective-setting efforts. Some job challenges should be made available to the workers so that they will be able to develop their understanding in various field of work.When there is an adequate management in the newly formed organization, the workers will be entirely engaged in performing their duties hence the company is also able to heavily invest in them and their career advancement.
Concurrently, the management can also enhance the prominence of the company through viable practices ranging cultural diversity management and viable HRM practices. Workplace diversity is a critical provision in numerous organizations. Evidently, various companies have implemented varying strategies to effectively address the challenges and opportunities of this phenomenon. While referring to the best practices (used by Barclays PLC), numerous strategies emerge. The first strategy is to recognize and appreciate all forms of distinctiveness within the workforce. This will help in addressing the challenges and opportunities of workplace diversity with effectiveness. Such distinctiveness can be harnessed to promote prosperity and expansion of the company. In this context, diversity acts as an opportunity, which an organization can utilize to prosper tremendously. Additionally, challenges faced in operations, market trends, business prosperity, and future growth can be handled effectively. This is only possible when diverse, qualitative, and novel opinions among employees are utilized profitably. It is feasible to have numerous options for handling various challenges within an organization. Hence, a focused organization should appreciate and enhance diversity within its premises as evident in the Emirate Airlines’ case. This will help in handling challenges and opportunities within an organization.
Another evident strategy is the eradication of discriminative acts within an organization. Discrimination leads to demoralization of employees with a consequent reduction in productivity, job satisfaction, and organization’s output. Treating every employee fairly is important in enhancing efficiency and job commitment. Additionally, it is crucial to train employees on the importance of diversity within the workforce and how it can be harnessed for the betterment of the company. Evidently, employees need each other in order to grow, attain their objectives, and propel the company into prosperity. Training employees to realize this provision is an important phenomenon. It makes them think differently and start valuing each other for mutual benefits.
Concurrently, prosperous organizations have employed equality and fair remuneration in their operations in order to enhance impartiality and eliminate prejudicial acts within the company. Providing the Barclays PLC employees with equal treatments regardless of their racial, cultural, age, religious, and sexual orientations is critical and considerable. Paying equal salaries to employees in similar portfolios regardless of their distinctiveness has been important in various contexts. Previously, women were paid less than men even if their job specifications were similar. This is no longer the case in companies, which embrace diversity. This has helped in motivating employees hence using this provision as an opportunity to prosper. Motivated employees are quite productive as indicated earlier. It is important to pay employees based on their qualifications, job specifications, and roles assumed rather their cultures, races, sexes, and other prejudicial provisions. This has helped in addressing the challenges and opportunities of workplace diversity with value.
Another evident strategy is the fair recruitment and staffing of employees. This helps in getting the best and qualified staff regardless of their discriminative status within the Barclays PLC’s workforce. Most local and globalized organizations execute their recruitment’s and staffing activities transparently to avoid mishaps and undue favors. This has allowed potential women to attain lucrative jobs and positions in numerous organizations based on their merits, capabilities, and qualifications. This occurs regardless of age, race, and physical disabilities. Additionally, promotions are also handled fairly and only deserving candidates are promoted. The supremacy and effect of businesses and corporations is great in the present society than ever before. There are evidences that suggest that some members of the public are against this kind of advancement. Business ethics, as a subject, helps in the analysis of this situation. Businesses and corporations has an enormous potential of making a contribution to the society, in relation to creating the goods and services required, offering employment opportunities, paying taxes, and spearheading economic growth of a country amongst many others. How, or actually to what extent, this contribution is made nurtures substantial ethical subjects that gets to the focus of the social role in commerce in the modern society. Business abuses to the ethical and moral obligations have the capacity to inflict great harm to individuals, societies and on the environment.