Assignment 2: Motivation and Performance Management

Running Head: THE BEST WORKPLACE 1

The Best Workplace 4

Denise Childs

Operational Management

The Best Workplace

Strayer University

7/21/2019

The Best Workplace!

Introduction

Each individual has got specificity when looking for an organization to work in. Salary is the focus point for most individuals. It is however advised that one identifies with the whole compensation package, organizational culture and the slightest advantage for career growth. Leadership and mentorship is another factor that one should look for in an organization and check for a brand with a reputable name and not only in the United States of America but globally. Through a keen research, I have finally settled for JP Morgan Chase bank. The paper is going to tackle the reasons why JP Morgan remains to be the best place to work and with what reasons.

History

JP Morgan chase bank is an organization that was established over one and a half centuries ago. It was founded by two individuals, P Morgan and Anthony Drexel. The company’s name was created from using one of the founders’ name; P Morgan. The organization is reputable and is popular within and over the boarders of the United States for its ability to offer investment management, wealth management, banking, and risk management (Varma, 2017). By the end of the year 2017, the bank had established workforce of over 300,000. This was a strategy for creating more branches spread all over the country and the globe as well.

The customer care strategy in the J.P Morgan Chase Bank is regarded as excellent since it meets the financial needs of its customers. The organizations’ employees are well established and can handle their positions productively. The year 2017, was a hallmark of fame for its top services in the United States.

Operations

Every employee or any individual that yearns to work for the company should be aware that the organization is not only operating in the United States but also spread over the world. The branches over the world make it global and therefore it has embraced the need to include workforce diversity in its culture. The bank gets its employees from all over the world. They employees are from different races, cultural backgrounds and practices not any form of discrimination. The company is preserved by its core values and highly focuses on operational excellence and responsibility.

The financial aspect of the organization gives the reasons for including ethics and morality for its daily operations. The banks operation needs to operate on trust worthy grounds and therefore mandated to exalt it in its cultures in order to gain the customers’ trust. (Weinstein, 2015). Giving exceptional excellence, the bank embraces innovation and technology in all aspect of operations. The company has updated every branch and office to function with latest technology equipment. Technology is a daily move within the JP Morgan Chase bank. (Business Insider Intelligence, 2017).

Policies and Practices.

This bank practice a guided code of conducts that promotes for responsibility and fairness. The code of conducts is a symbol that signifies the fact that the company needs to cultivate on its behavior in order to develop on ethical grounds. The company therefore necessitates the need to cultivate the ethical character on its employees, board of directors, as well as its clients. (Jay & Casuga, 2016). Transparency and accountability is highly emphasized based on the factors of business handling in a specified code of conduct. The code of conduct also goes in line with laws of the land and therefore it rules the fact that the organization should operate as per the law. The laws of the land are a landmark for all the organizations operations and therefore it must hold its rules with high esteem and with strict adherence. The law is to help maintain the organizations good brand and reputation.

Compensation Strategy

One reason why I find JP Morgan to be my best organization is that it has a very good compensation strategy. The corporation divides its compensation, which are fixed compensation and annual variable compensation. The fixed strategy is a type of compensation that comprises of the basic salary paid monthly and it is dependent on the employees’ position in the organization. To satisfy any obligation, such as financial of living obligation of the employee is the function of fixed compensation strategy.

Another example of a performance based compensation plan is the annual variable compensation strategy. It goes in line with the incentives plan, which varies yearly depending on other factors as discussed by the bank committee. The Annual variable, basically, is divided into two types. The deferred awards are majorly based on restricted stock units. Deferred award in most cases is not secured since it is dependent on the organizations profit making strategy or levels. The other type of award, upfront award, focuses its compensation plan on equity and cash. This type of award is paid at the start of the year and is dependent on the performance of the company in the previous year.

The surveys, specialist and experience, area wages rate and surveys are the determinant factors for the base paid out in the company. Research develops on the industry and market rates, which includes the compensatory offer given by similar industries. JP Morgan Chase Bank also considers the employees’ skills and their productivity in the institution. Employees with the specialized skills in a department are paid more than the ordinary or common skills. The base pay in JP Morgan Chase Bank is also determined by the work experience in the industry. Those with long work experience are paid more than those with low work experience.

The determinants of the base pay have been a strategy since to help create a traditional base for its employees. The compensation packages as observed in the company make it one of the most lucrative companies to be work for in the US. The company focuses on the base pay to help retain most of its talent and thereby reduces the employee turnover expressively.

Strategies of addressing organizational attitudes that are greatly affected by diversity

Organizational diversity is a challenge that is likely to be tackled during work. A diverse workforce comes with challenges such as age and cultural diverse workforce. The company strategizes on these challenges and therefore overcomes them by creating a stronger organizational network for the purposes of communication across the different levels of employment and all generations. Another strategy to help kill the problem that comes with diversity is to engage in nurturing its employees by investing keenly on time. The third strategy is to promote teamwork to help bring different mind s together and harmoniously give a good record of services. On the interest of unity in the organization, the company can adopt a fourth strategy, which is to involve proper conflict resolutions techniques and base the interest on all its employees. A harmonious team comes to be the most productive team. Engaging the four strategies; better conflict resolution, team work, proper communication network, and investing on time helps counter majority of the organization attitudes that are most affected by diversity. Diversity is the reason for an organizational success and any form of downfall should take keen of the four strategies.

Reference

Business insider intelligence, (April 6, 2017) JPMorgan’s fintech technology. Retrieved from https://www.businessinsider.com/jpmorgans-fintech-strategy-2017-4?IR=T

J.P. Morgan Chase & Co. (2017). The history of JP Morgan Chase: Leadership in finance since 1799. New York: JP Morgan Chase & Co.

Jay Anne B. Casuga (2016), JPMorgan Managers’ Nationwide FLSA Action Proceeds. Retrieved from https://www.bna.com/jpmorgan-managers-nationwide-n57982076886/

Varma, J. (2017). JP Morgan Chase and the London Whale.

Weinstein, A., Clasen, W., Lorenzo, E., & Roberson, E. (2015). Bank of America customer service: Good is just not good enough. Journal of Business Cases and Applications, 14, 1.