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10783 Downloads 11 Pages 2817 Words
As per the recent market trend, there is the need of the maintaining a healthy relationship with the internal stakeholders of the company. There are some of the major responsibilities of the company towards the internal stakeholders. The stakeholders are the one who carries the company to its zenith from the bottom of the market. If the market is fluctuating, it is the stakeholders due to whose support the company can easily come out of the uncertain situations. The risks associated with a company are beared by the management and the stakeholders equal (Accounting theories, 2007). It is mandatory for the company to interact with the major stakeholders and consult them as a part of the management. This report will help to understand the major need of the stakeholders in the decision making process of the company. The report will clarify all the major factors that the company needs to consider in developing a healthy relationship with the stakeholders. The report will reflect the communication channel through which the company interacts with the stakeholders on a regular basis.(Adler, 2001).
As per the requirement of the case the Lloyds Banking Group is taken as the organization for the internal audit. The report will also help the analysis the relation of the bank with its stakeholders. The aim of the report is the highlight the issue is related to the internal marketing and to understand the communication channels that help the bank to get in touch with the stakeholders. The report will be a research towards the level of influence the stakeholders put on the decisions of the company.
There is a great and the major role of the internal stakeholders in the company. They are the foremost part of the management who are involved in the decision making process and influence the company. During a financial year company comes through various kinds of the operations that are essential at the initial level of the management. Now all the functions that are performed by the company are affecting the people named as stakeholders (23 Powerful Tips for Working in Multicultural Teams, 2008). For a company it is very difficult to distinguish between the internal stakeholders and the external stakeholders. The internal stakeholders are those who are the part of the company and help the company to plan for the future goals and objectives. The position of the company can be defined by the number of the stakeholders in the company. As soon as the number of the stakeholders increases the goodwill of the company automatically increases (Schneider and Barsoux, 2003).
As per the Lloyds Banking Group, the key stakeholders are the customers, employees, shareholders or investors, Suppliers, Industry Associations, Educational Institutions, Government, Communities, Non-Governmental Organizations (NGOs). The table below differentiates the stakeholders according to their groups (Aggarwal, Edward and Mellen, 1991).
The level of influence and importance of the key internal stakeholder groups
Employees are the major part of an organization. The success of the organization depends upon the employee’s efforts and efficiency. The management of the Lloyds Banking Group is putting the more efforts on the employees of the company rather than putting the importance equally on the customers and the shareholders (Altman, 2012). The company is involved the employees in the management decision making rather than the shareholders of the company.
The organization’s current relationship with the THREE most influential and important internal stakeholder groups and the communications activity currently undertaken by your organization with these THREE internal stakeholder groups
The current relationship of the Lloyds Banking Group is developing with the three stakeholders. The bank is planning for the development of the employees in such a way that they can think them as the part of the bank. The major aim of the bank is to provide a perception to the employees that their existence in the organization is an addition to the value of the bank. The bank has also made some of the programs and the training sessions that can increase the pride of the employees. The build the trust of the employee is the major aim of the bank at the current situations (Corporate governance - an update. 2013). This trust will help to imagine the future growth of the bank in the upcoming years. The learning and the individual personality development are the major section on which Lloyds Banking Group is putting more importance during the year 2013. There are many training sessions scheduled for the benefit of the employees of Lloyds Banking Group. All the key factors associated with the performance of the employee are taken into consideration during the financial year 2013-14.
The management is investing lots of funds for the improvement of the efficiency and effectiveness of the employees at the current situation. The management of the versatile human resource is one of the objectives of Lloyds Banking Group. The employees are building up with the mindset that they can be ready to work in 24X7 environments for satisfying potential customers. The bank has a very extraordinary relationship with the customers (Corporate governance - an update. 2013). As the customers are regularly having a session with the bank for solving their problems, the relation with the bank is getting developed simultaneously. The bank is also having a portal where the customers can upload their complaints so that the bank can be ready for the 24X7 services. Along with this the services or the products are asked and discussed with the customers. These discussions bring up the research of the market demand and help the bank for launching the product that's extremely suits the need of the customers. This kind of the relationship with the customers made an increment in the number of the customers and also retained the existing customers with the bank. The graph is a proof of the relationship of the customers with the bank. The bank is day by day improving the relationship with the shareholders (Corporate governance - an update. 2013). The website of the bank is displaying all the reports related to the shareholders and providing all the information related to the bank. This kind of the website is one of the greatest examples of the relationship with the shareholders of the bank. The shareholders are given the reports like the corporate governance report, annual report and the other reports on the website for the benefits of the shareholders (About Lloyds TSB. 2003).
Your Marketing assignment Manager wants to better understand the organization’s relationship with its most influential and important internal stakeholder groups:
Explains how employee satisfaction is linked to customer satisfaction
As per the recent scenario, there is a direct relation of the employee with the customers. Employees of the company are those who contribute to build the product that can satisfy the customer’s needs and desires (Archive for Determinants of Organizational Culture, n.d). If the customers are attached to the business is due to the hard work and dedication to the potential customers. According to the earlier research there is a clear formula that links the employee satisfaction with the customer’s satisfaction.
For the company both the satisfactions are equally to maintain the equation given above. Now employee satisfaction is the basically providing the employee with the services and the facilities that contribute to the individual growth of the employee. For the employees there are some of the key necessities. Among them some of them are healthy compensation, benefits such as health insurance and reimbursement, job security, freedom of exploring the skills and abilities and the safety working environment. Being in the time period of the modernization these factors matter a lot for the employee (Axinn and Pearce, 2006). When the efficiency of the employee increases, the company can be able to renovate the existing products according to the demand of the market and can retain the customers for a long period of times. The loyalty and commitment express the level of the satisfaction the employee is getting from the company.
As per as the customer satisfaction is concerned it is the eagerness to purchase the product of the company that meets the demand and desire of the customers easily. If the customer is fully satisfied then he will be a loyal committed towards the particular products and the fluctuation of the price is the product will not influence the customer’s perception (Azzone and Maccarrone, 2001). As soon as the customers of the company gets the actual satisfaction the level of profit will automatically increase and will be an advantage for the employee to get maximum benefits. As much as the employee get satisfied with the job the level of the services
Your Marketing Manager has asked you to produce a discussion paper that can be presented to other managers in the organization, on the subject of introducing and/or improving internal marketing communications throughout your organization:
Evaluates how internal marketing communications can be used to help the organization achieve its desired relationships with each of the THREE most influential and important internal stakeholder groups, as identified within the audit
As per the recent market trend, the company needs to put major attention on the stakeholders of the company. The stakeholders are the major part of a company. The success of the company depends on how the management treats the stakeholders. It can be external or internal stakeholders, the management need develop a process of communication through which the information can be transferred from the company to its specific stakeholders (Francesco and Allen, 2005). The rights and duties regarding the process of communication are mentioned in the memorandum of association and article of association.
According to the professional business communication analyst, the internal communication is a type of the business communication that help the organization to built the bonding between the internal stakeholders. The communication that is running between the employee and the employer and between the employee and the other employee are excellent example for internal communication (Brink and et. al., 2006). The process of the internal communication has been famous for the time of origin of communication process in the business field. For a business the employee are the first pillars who are responsible for the presentation of the company in front of the market. As per the need of the business, the process varies from one form to another but the effect remains the same. The concept of the internal marketing communication is defined as the communication in which the organization provides all the information to the internal stakeholders of the company through a channel or process of communication. This transfer of the information is helpful for the company to achieve the goals and objectives which are pre-decided (Gan, n.d).
As per the case of Lloyds Banking Group, the internal marketing communication plays a vital role for the improvement of status of the bank in front of the customers, employees and shareholders. The major impact can be seen on the internal stakeholders such as the employees, shareholders and customers (Newman and Benz, 2012). For developing a better relationship Lloyds Banking Group with each of these three stakeholders the internal marketing communication is obligatory. The justification for the statement is given below:
Better relationship with the employees
The internal marketing communication is helpful in attracting employees from the market. As per the thought process of the recent market trend the employees are the face of an organization. The performance of the employee matters a lot for the company. Due to implementation of the internal marketing communication process, the extraordinary talents from the market will be attracted towards the company and will be eager to join the Lloyds Banking Group (Groppelli and Nikbakht, 2006). As the company is in the process of building new leaders from the internal of the organization only, so this communication process will be an advantage to the bank. Secondly the development of the employee is mandatory of the every organization. Due to the effective internal marketing communication process the bank will be able to rectify the factors where the employees are lacking behind. After rectifying the errors, it will be beneficial for the bank to manage various programs as per the development required. Due to this kind of the development the retention of the employees will automatically increase. Due to the continuous development of the employee, the risk factor in the mindset of the employees will change and they will definitely try to achieve the objectives planned by the bank. Thirdly the motivation factor which is the foremost part get enhancement due to the internal marketing communication process (Haka, 1987). The factor of motivation helps the employee to work for the development of the bank and fulfill the requirement of the customers of the bank. The major need of the employee are healthy compensation, benefits such as health insurance and reimbursement, job security, freedom for exploring the skills and abilities and the safety working environment. Due internal marketing communication, there is a proper interaction between the employees and the employer of the bank. This internal marketing communication process will bring up the issue related to the salaries paid to the employee. The employee will be able to freely discuss the salary issue and can get it solve as soon as possible (National culture v/s organizational culture, 2009). It will be helpful for the employees to solve the issues related to the benefits such as health insurance and reimbursement. The internal marketing communication process develops a trust among the employee regarding the job security. The employee will be getting a transparency form the management of the bank. Due to this kind of the communication process the employee get explore the views related to the future benefits and the also help the bank to design the forecasted growth structure (Hammersley, 2012).
Better relationship with the customers
The present report is learning for the researcher about the internal marketing communication. The report helps to understand the importance of the stakeholders in an organization. The way the stakeholders influence the decision of the organization can be clarify through this research topic. The major impact of the internal marketing communication on the Lloyds Banking Group is done for the clear study of the circumstances (Mackey and Gass, 2005). The report also explains the importance of the internal communication for the improvement of the relation with the stakeholders and especially with the internal stakeholders such as customers, employees and the shareholders. The report helps to clear the perception regarding the weakness of the Lloyds Banking Group and the process of the communications that can improve or fill the gap of communication (Mao, 2012).
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