Communication Structure of Standard Chartered Bank

A report submitted to the Department of English in part-fulfillment of the requirements of the Final Examinations in Business Communications, Fall 2008 Prepared and submitted by SUNSHINE Section: c Tazrin Mst. Nazia Zohora Fatema tuz Islam Md. Atikul Miah Abu Kausar Course teacher Professor Faizur Rashed Gullu Date of submission 4 December 2008 North Global University of Dhaka Page 1 of 25 4 December 2008 Prof.Faizur Rashed Gullu Course Instructor Business Communication North Global University of Dhaka Subject: Submission of our report Dear sir, We have the pleasure to submit our report titled ‘Communication Structure of Standard Chartered Bank’. This was a good opportunity for us to understand and deal with the problem. The study was aimed at knowing the communication structure of Standard Chartered Bank. If any lacking is found, the organization will be able to improve performance. The study will find a chance to know the system of the organization and its communicatio n system which will increase our knowledge and experience.They have very effective communication system. By removing the communication barriers between higher level managers and lower level managers they can do it better. We once again thank you for giving us the chance to do the report. Yours sincerely, Zohora Fatema tuz 08-10489-1 Tazrin Mst. Nazia 07-08937-2 Islam Md. Atikul 07-09137-2 Miah Abu Kausar 07-08446-2 Page 2 of 25 Preface This report is made based on the communication structure of Standard Chartered Bank. Based on case study of some employees of Standard Chartered Bank, the report was made.This report contains the communication structure of Standard Chartered Bank. It also has some suggestions for the Standard Chartered Bank to make their communication process more effective and to make their organization’s performance better. This report has some concept of communication, the process of communication, communication channel, mass communication, communication bar riers, altogether, the concept of organizational communication. And the implications of them in The Standard Chartered Bank that if they are using them properly and what should be done if they are not using them properlyPage 3 of 25 Acknowledgement At first, we take the opportunity to thank The Almighty. Then we express our thanks to our department and authorities for granting us such opportunity in this level. We are very pleased to accomplish the assigned task given by our revered course instructor Prof. Faizur Rashed Gullu sir. While completing this report we faced different problems such as shortage of time, information, convincing the employees of the bank etc. But we have been able to overcome the problems with direct and indirect assistance from our course instructor. We are really thankful to him.Above all, we have to thank the people at the bank who provided us with valuable information, gave us their valuable time and helped us in every way possible. Finally, we are please d to complete the report on the given subject properly and authentically. Page 4 of 25 TABLE OF CONTENTS Forwarding letter Preface Acknowledgement Table of contents List of illustrations Abstract 1. 0 Introduction 1. 1 1. 2 1. 3 1. 4 1. 5 1. 6 1. 7 1. 8 What is communication The process of communication Necessity of communication Barriers of communication Introduction of the organization Objectives Scope Research methodology 1. . 1 Sample 1. 8. 2 Case study 1. 9 Limitations Page no. i ii iii iv v vi 01 01 02 08 08 09 10 11 11 12 13 13 14 14 14 15 16 17 18 19 vii 2. 0 Organization of the report 2. 1 Case studies Case study 1 Case study 2 Case study 3 Findings 2. 2 3. 0 Conclusion 4. 0 Recommendation Bibliography Page 5 of 25 List of illustrations Figure 1. 1 The basic communication process Figure 1. 2 Flow of communications Page-4 Page-6 Page 6 of 25 Abstract The transference and understanding of meaning is communication. No groups can exist without communication: the transference of meaning among its members.It is only through transmitting meaning from one person to another that information that information and ideas can be conveyed. The key parts of the communication process are (1) the sender (2) encoding (3) the channel (4) decoding (5) the receiver (6) feedback. There are three types of communication: upward, downward, lateral. The study was aimed to know the communication structure of Standard Chartered Bank. If any lacking is found, the organization will be able to improve performance. The study will find a chance to know the system of the organization and its communication system which will increase our knowledge and experience.The study has been done with the method case study. The study was done with the help of random sampling. The sample size of the study was 3. Their communication style is very rich. They have very effective communication system. By removing the communication barriers between higher level managers and lower level managers they can do it better. They should enrich their formal communication system. We think that after doing these things they will be improved. Page 7 of 25 1. 0 Chapter 1 : Introduction 1. 1 What is communication? The transference and understanding of meaning is communication. Communication is more than merely imparting meaning.It must also be understood. In a group in which one member speaks only German and another one do not know German, the individual speaking German will not be fully understood. Therefore must include both the transference and understanding of meaning. Research indicates that poor communication is probably the most frequently cited source of interpersonal conflict. Because individuals spend nearly 70 percent of their walking hour’s communicating-writing, reading, speaking, listening-it seems reasonable to conclude that one of the most inhibiting forces to successful group performance is a lack of effective communication.No groups can exist without communication: the t ransference of meaning among its members. It is only through transmitting meaning from one person to another that information that information and ideas can be conveyed. Communication, however, is more than merely imparting meaning. It must also be understood. In a group in which one member speaks only German and the others do not know German, the individual speaking German will not be fully understood. Therefore, communication must include both the transference and the understanding of meaning.An idea, no matter how great, is useless until it is transmitted and understood by others. Perfect communication, if there were such a thing, would exist when a thought or an idea was transmitted so that the mental picture perceived by the receiver was exactly the same as that envisioned by the sender. Page 8 of 25 Communication serves four major functions within a group or organization: control, motivation, emotional expression, and information. 1. Control member behavior. 2. Foster motivati on for what is to be done. 3. Provide a release for emotional expression. 4. Provide information needed to make decisions. . 2 The process of communication Before making too many generalizations concerning communication and problems in communicating effectively, it is needed to know the level of communication and communication process 1. 2. 1 Levels of Communication: †¢ Intrapersonal Top level management mainly takes internal decision, so internal decision depends on them on many sectors †¢ Interpersonal Middle level managers are sometimes allowed to make some effective organizational decision †¢ Extra personal Communication between human & nonhuman being †¢ Organizational In organization higher level employees take decision.In this bank most of the decisions are taken by top level management †¢ Formal Language Those languages which are used inside office. In this bank they usually use to talk one another they simply use brother or sister. †¢ Cross-cult ural In a cross-culture there are two divisions high and low context Page 9 of 25 †¢ Mass: Print Media Electronics Media Organizational Website Before communication can take place, a purpose, expressed as a message to be conveyed, is needed. It passes between a sender and a receiver. The message is encoded and passed by a way of some medium to the receiver, who decodes the message initiated by the sender.The result is transference of meaning from one person to another person. The key parts of the communication process are (1) the sender (2) encoding (3) the channel (4) decoding (5) the receiver (6) feedback. The sender initiates a message by encoding a thought. The message is the actual physical product from the senders encoding. When we speak, the speech is the message. When we write, the writing is the message. When we gesture the movement of our arms and the expression of our face are the message. The channel is the medium through which the message travels.It is selected by the sender, who must determine whether to use a formal or informal channel. Formal channel are established by the organization and transmit message that are related to the professional activities of members. Other forms of message, such as personal or social, follow the informal channel in the organization. These informal channels are spontaneous and emerge as a response to individual choices. The receiver is the object to whom the message is directed. But before the message is received, the symbol in it must be translated into a form that can be understood by the receiver.The step is the decoding of the message. Noises represent communication barriers that distort the clarity of the message. Examples of possible noise sources include perceptual problems, information overload, semantic difficulties, or cultural difference. The final link in the communication process is a feedback loop. Feedback is the check on how successful we have been in transferring our message as original inten ded. It determines whether understanding has been achieved. Page 10 of 25 The communication process model: Figure 1. 1 The basic communication process Communication can flow vertically or laterally.The vertical dimension can be further divided into downward and upward directions. 1. 2. 2 Downward communication Upper level managers are friendly communal to the down level employees. Top level management directly gives any kinds of instruction to the down level manager are called downward communication. Smoothly working down level communication must have needed. Communication that flows from one level of a group or organization to a lower level is a downward communication. When we think of managers communicating with employees, the downward pattern is the one we are usually thinking of.It’s used by group leader and managers to assign goals, providing job instructions, inform employees of policies and procedures, point out problems that need attention and offer feedback about per formance. But downward communication does not have to be oral or face to face contact. When management sends letter to their employees home to advise them of the organizations new sick leave policy, it’s using downward communication. Page 11 of 25 From the team leader to the member of her team, reminding them of an upcoming deadline, is also downward communication 1. 2. 3 Upward communicationGround level officers communicate with the mid-level managers. Mid-level manager communicate with their Divisional Directors. Employees can frankly communicate with upper level managers. When communicated with the Upper level all over observing the rules & regulation. Upward communication flows to a higher level in the group of organization. It’s used to provide feedback to higher–ups, inform them of progress toward goal and really current problems. Upward communication keeps managers aware of how employees feel about their jobs, coworkers and the organization in general.Man agers also rely on upward communication for ideas on how things can be improved. Some organizational examples of upward communication are performance reports prepared by lower level of management for review by middle and top management. Suggestion box, employee attitude surveys, superior – subordinate discussion, and informal ‘gripe’ sessions in which employees have the opportunity to identify and discuss problems with their boss or representative of higher management. 1. 2. 3 Lateral communication Similar level employers also well communicated. Employees freely communicate with colleague’s very casual language, normal behavior.Grapevine is strictly prohibited Political conversation is restricted When communication take place among member of the same work group, among members of work groups at the same level, among managers at the same level or among any horizontally equivalent personal we describe it as lateral communication. Page 12 of 25 Lateral communi cations are often necessary to save time and facilitate coordination. In some case, these lateral relationships are formally sanctioned. More often they are informally created to a short circuit the vertical hierarchy and expedite action.So lateral communication can from management’s view point, be good or bad. Lateral communication can be beneficial, in such case they occur with the knowledge and support of superiors. 1. 2. 4 Crosswise communication Top level management can communicate directly with the ground level. Monthly performance review meeting. Everybody can communicate with everybody in this organization Figure 1. 2 Flow of communications Communication Channel Communication channel means the way of transmitted any kinds of information about this organization. Page 13 of 25 There are two types of communications: a. b.Internal communication channel External communication channel. †¢ Internal communications are: (a) Oral: Telephone, Intercom, Meeting, Presentation , Face to face, meeting (b) Written: Memo, report, graph, e-mail, letter, notice †¢ External Communications are: (a) Oral: Telephone, intercom, Meeting, Presentation, Face to face meeting, Press Briefing (b) Written: Memo, report, graph, e-mail, letter, notice, invitation, annual report, leaflet 1. 3 Necessity of communication The communication shortcoming of employees and the importance of communication in business explain why one should work to improve communication skills.Whatever position one has in business, performance will be judged largely by his/her ability to communicate. If one can communicate well, he/she is likely to be rewarded with advancement. And higher the advancement, more necessity of communication ability. The evidence is clear; improving communication skills improves chances for success in business. Communication is very much important in business; businesses want and need people with good communication skills. Evidence of the importance of communication i n business is found in numerous surveys of executives, recruiters and academicians conducted in recent years.Without exception, these surveys found communication ranking at or near the top of the business skills needed for success. Page 14 of 25 1. 4 Barriers of communication A number of barriers can retard or distort effective communication. Some causes for barriers are, purposely manipulating information for getting more favor, presenting the information based on personal understandings etc. Barriers are 3 types: 1. Intrapersonal 2. Interpersonal 3. Organizational 1. Intrapersonal barriers: Wrong assumptions Varied perceptions Differing background 2. Interpersonal arriers: Limited vocabulary Incongruity of verbal and nonverbal messages Communication selectivity 3. Organizational barriers: Information overload Emotions Language 1. 5 Introduction of the organization Standard Chartered Bank started its business in Bangladesh in 1948, opening its first branch in the port city of Chitt agong. The bank increasingly invested in people, technology and premises as its business grew in relation to the country’s thriving Page 15 of 25 economy. At present the bank has 6 offices in Dhaka Chittagong and Sylhet, including the country’s only offshore banking unit inside the Dhaka Export Processing Zone at Savar.Extensive knowledge of the market and essential expertise in a wide range of financial services underline our strength to build business opportunities for corporate and institutional clients at home and abroad. Continuous upgrading of technology and control systems has enabled the bank of offer new services, which include unique ATMs and Phone banking. Standard Chartered’s services in Bangladesh, ranges from Personal & Corporate Banking to Institutional Banking, Treasury and Custodial services. 1. 6 Objectives The study was aimed at the following objectives: A.Primary objective: To learn about the communication structure of Standard Chartered Bank B. Secondary objectives: To identify the communication strategies of Standard Chartered Bank To find out the internal communication barriers (if any) of Standard Chartered Bank To find out their awareness level of the barriers To suggest remedies for improvement To find out the mass communication style or strategies To found out the impact of gender differences inside the organization To find out the impact of cultural differences inside the organization 1. Scope After making the report some benefits will be there for both the organization and us. Page 16 of 25 17. 1 Scope for Standard Chartered Bank: If any lacking is found in their organization the management will find a way to solve their problem after studying our report. They will be able to make their organization’s system of communication more effective and the organization will be able to improve performance. 17. 2 Scope for the researchers: The study will find a chance to know the system of the organization and its communication system very well which will increase our knowledge and experience.Thus it will help building our career. 1. 8 Research methodology of the report Report is a place of factual writing based on evidence, containing organized information on particular topic o Formal in nature and written for specific audience o Discusses the topic at depth and contains conclusions and recommendations if required The study has been done with the method case study. Rather than using samples and following a rigid protocol to examine limited number of variables, case study methods involve an in-depth, longitudinal examination of a single instance or event: a case.They provide a systematic way of looking at events, collecting data, analyzing information, and reporting the results. As a result the researcher may gain a sharpened understanding of why the instance happened as it did, and what might become important to look at more extensively in future research. Case studies lend themselves to bot h generating and testing hypotheses. As we did not have sufficient time to go for questionnaire survey, we followed the method case study. Page 17 of 25 1. 8. Sample Small segment of the total population which is considered to be the representative of the total population is called the samples and the process through which the samples are selected is called sampling or sampling procedure. There are two types of sampling: 1. Random: To take the interview of the person available 2. Purposive: To take interview of people whom one wants to The study was done with the help of random sampling as because purposive sampling was not possible due to unavailability. The sample size of the study was 3. 1. 8. 2 Case study We took face to face interviews.We went to Standard Chartered Bank Islamic Banking Centre Branch which is situated in Gulshan Avenue. We talked to the three people of personal loan section individually. We asked them the same questions and got answers. After getting their answe rs we organized the three cases and studied the cases to reach the decision. 1. 9 Limitations The study was done in a very short time when we and the employees of The Standard Chartered Bank both were very busy. They at first denied talking to us but after assuring that minimum time of them will be taken they agreed to meet.So, we were unable to ask them many questions which might be important for the valuation and proper conclusion of the report. Page 18 of 25 2. 0 Chapter 2 : Presentation of Cases We did three case studies based on the three interviews of the employees of Standard Chartered Bank. The cases are given below: Case study 1 Md. Sajjadur Rahman Product marketing officer B. Sc. & M . Sc. in Mathematics Unsecured loan consumer Banking Division He works in standard charted bank for two years before coming here he worked as a marketing officer in HSBC bank for two years.In this study they said their all communications is face to face. They contact with their higher level bo ss with e-mail and they also said they contact their immediate boss face to face. When they send any e-mail to their boss it just like a SMS there are no unnecessary thighs there. But when they send any e-mail to their boss its takes time to get the reply . In this study they also said they call their male employees as brother and female employees as sister. There is no sir or madam addressing through the whole organization.In this study we also see that they follow the communication channels are up ward, down ward and lateral. Most of time they use the verbal communication to their employees and it is face to face. He also said there is no non verbal communication use their company. But sometime they use only e-mail for their boss in urgent situation. Some time they go for tour in different countries but every one does not get chance. The person who fill a minimum credits only they can join the tour. In 2006 he tour in Thailand. He is satisfied of there communication style. Page 19 of 25Case study 2 A. M. Sadeeque Hassan Product Marketing Officer BBA, MBA Major in Marketing Unsecured loan consumer Banking Division In this study they said there are very little bit barrier to their company for example they do not call their boss with unsuitable time. Higher level boss reply their e-mail very late. In this study we also known female are more active than male. Even female work on Friday when male are relax there time by visiting or gossiping. In last month one female are getting award by doing her best performance. She process 454 file in one month.It is a friendly work environment as a result it plays a significant role in communication process. There are also some internal communications to employ to employ like face to face, telephone, mobile. He was also fill the credits as a result he could join the tour of Thailand in 2006 . He is also satisfied of there communication style. Case study 3 Md. Fayssal Hossain Assistant Product Marketing officer Honors Masters in Marketing Unsecured loan consumer Banking Division In this study they said that they can talk to their higher level authority direct face to face or phone. There are also down ward, upper ward and horizontal communication.In standard charted bank all work has been done by group work and every group join as a team. There are a leader of each team and all the group follow the leader. Page 20 of 25 Some time they arrange picnic or party and the entire members attend the party or picnic. It helps to communicate with other and remove the communication barriers with upper level and lower level employees. In this time boss are free with their employees. That recreation system is effective for better employee employer relationship He was also filling the credits as a result he could join the tour of last year in china with there official tour.He is also satisfied with there Communication style. Page 21 of 25 3. 0 Chapter 3: Analysis After studying the cases we came to know about the org anization’s communication structure. Their communication style is very rich. They have very effective communication system. All of them agreed with their answers. That symbolizes their unity and effectiveness of communication. They all agreed that their organization follows face to face communication most of the time. Telephone is also a main communicating element. Oral communication is used more that’s why they are freer.They use face to face communication they also said their male employees as brother and female employees as sister. There are no sir or madam addressing through the whole organization. Most of the time they use the verbal communication There is also downward, upward, and horizontal communication. It is a friendly work environment as a result it plays an important role in the whole communication process. Some time the organization arrange picnic or party the entire member attend the party. The recreation system is effective for better employee employer relationship.Some they go for tour in different countries. Although they are satisfied with their communication style but still there are some barriers to communicate with their higher level boss. Their formal communication style is not perfect through which they communicate with their boss. Page 22 of 25 4. 0 Chapter 4 : Conclusion The report on ‘The Communication Structure of Standard Chartered Bank’ was very useful to us for our experience. We came to know about the communication structure of a renowned organization. Their communication style is very rich.They have very effective communication system. The communication style of every public organization should follow the structure. We are grateful to our course instructor for giving us such an opportunity to do the report and enrich to our knowledge to a great extent. Page 23 of 25 5. 0 Chapter 5 : Recommendations Based on our findings, we now recommend the following†¢ They should remove the communication barrie rs between higher level managers and lower level managers †¢ Their men should work equal to their women †¢ They should enrich their formal communication styleBibliography Raman, M. , & Sharma, S. (2004). Technical Communication: Principles and Practice. New Delhi: Oxford University Press Research. (2007). Retrieved on December 3, 2008 from http://en. wikipedia. org/wiki/Research Robbins, S. P. , & Judge, T. A. (2007).Organizational Behavior. New Delhi: Prentice Hall. StandardChartered Bank (2004). Retrieved on 3rd December 2008 from http://www. standardchartered. com/bd/ Page 25 of 25