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The Best Place to Work for

Introduction

There are various things that one needs to look at when looking for an organization to work for. Most people look at the salary that an organization pays, however, it is advisable that one looks at the whole compensation package, looks at the organization culture, checks to see if there is a probability of growth career wise, looks if the organization mentors its employees for leadership and finally check if the organization is a good brand that has a reputable name not in the United States of America but all over the World (Alnıaçık et al., 2014). I have researched on which is the best place to work for and I have settled for JP Morgan Chase Bank. This assignment is going to look at what makes JP Morgan Chase bank the best place to work and why.

History of the organization

The corporation was founded over one and a half centuries ago by two people by the names J.P Morgan and Anthony Drexel. The bank got its name from one of the founders, J.P Morgan. The organization is known all over the US as well as internationally for offering services in banking, risk assessment and management, wealth management as well as other wide services in investment management (Varma, 2017). As of the end of 2017, the bank was recorded to have over 300, 000 people working for it. The employees were spread out in bank offices and branches spread all over the country as well as the world

JP Morgan Chase bank is known all over the world for its excellent customer care services that it offers while meeting the financial needs of its clients. The employees of the organization can take full responsibility for the position that the organization is. As of the year 2017, the bank was amongst the top organizations to work for in the US.

JP Morgan Chase bank operations

If one chooses to be an employee of the bank they should be aware that the organization does not only have a presence in the US alone but it has a presence all over the world. This makes the organization a global organization and due to this, the organization has embraced diversity in its culture. It employs people from all over the world. People from different cultural backgrounds and people from all races; the organization does not discriminate. The institution's culture is enshrined in its core values. Its core values emphasize integrity, operational excellence and responsibility. The organization is big on employing a willing, cheerful and motivated workforce.

Being that the bank operates in the financial sector; the organization is keen on ethics and morality as it is important for the organization to be trusted. The financial industry operates on trust and if a trust culture is not exalted from within the organization then the bank’s customers will not trust the bank (Weinstein et al., 2015). In its bid to offer operational excellence, the organization has embraced technology and innovation for all its operations. All employees work from state of the art offices and branches. Technology is part and parcel of JP Morgan chase bank as this can be seen on its embrace of state of the art banking systems such as ATM’s mobile and online banking (Business insider intelligence, 2017).

JP Morgan chase’ bank’s policies and practices

All employees of the organization are guided by a code of conduct which advocates for the highest levels of fairness, responsibility and integrity. The organization is aware that ethical behavior does not just happen but it is something that is cultivated. It is for that reason that the organization, repeatedly affirms the cultivation of ethical behavior by its employees, its board of directors as well as by customers of the organization (Jay & Casuga, 2016). The organization’s code of conduct emphasizes the employees handling their business with the highest levels of accountability and transparency. Other than the code of conduct, the employees of the organization are guided by the laws of the land. The organization holds the laws of the land dearly and emphasizes a strict adherence to the law as this important in maintaining the organization’s good reputation and brand.

JP Morgan chase bank’s compensation strategy

The organization’s compensation strategy is one of the reasons as to why I would wish to work for the organization. According to the corporation’s compensation strategy, there are two main types of compensation that the corporation does. The first compensation is fixed compensation. The fixed compensation comprises of the basic salary paid every month depending on the position and role of employee. The fixed compensation facilitates the employees of chase bank to meet certain financial obligations as well as living obligations (J.P. Morgan Chase & Co, 2017).

The second compensation type is the annual variables compensation. The annual variable compensation is a performance based incentives that vary from year to year depending on several factors considered by the committee. The annual variable compensation consists of two compensation types. The two compensation types are the deferred awards and the upfront awards. The deferred award is a compensation award that is awarded in the form of restricted stock units. This particular compensation is not secured as it is dependable on how the company operates; on the profits it makes. The upfront award is cash and equity based compensation that is paid at the beginning of the year following the performance of the company the previous year. The cash is first paid out then the equity portion is awarded shortly afterwards.

The corporation’s compensation strategy incorporates several principles and practices. The practices and principles include; an emphasis on shared success culture and recognition and compensation that helps to attract and retain the best talent for the company.

Base pay paid out by the company is determined by several things such as surveys, area wage rates, specialty and experience. Over the years the bank has taken several surveys and other research processes to establish the best base pay for their employees. In the research, they have included market rates as well as industry rates; what other institutions in the industry offer for the same job. The corporation has also factored the specialty or the skills that an employee offers the institution. Employees with special skills are likely to get paid more than employees with ordinary or common skills. Another determinant of the base pay that an employee gets at JP Morgan chase bank is their work experience. Employees with high work experience get paid more than those with low work experience.

Through the use of these determinants, the corporation has been able to come up with an effective traditional base pay for its employees. According to research JP Morgan chase bank is among the top 100 companies that compensate best in the US and this is only on base pay compensation. Add the other compensation packages present for the institution and JP Morgan chase bank joins the list of most desired companies to work for in the US. The company’s traditional base pay has helped the company recruit and retain most of its talent and thus reducing employee turnover significantly.

The corporation’s compensation strategy incorporates several principles and practices. The practices and principles include; an emphasis on shared success culture and recognition and compensation that helps to attract and retain the best talent for the company.

Strategies of addressing organizational attitudes that are greatly affected by diversity

The organization employs a diverse workforce and for that reason is likely to encounter challenges that come with the diversity. Top of the challenges that they are likely to encounter include dealing with an age diverse workforce and dealing with cultural diversities. In order to overcome the above challenges, the organization can first facilitate stronger networks of communication not only across generations but also across levels of employments as well. Secondly, invest in time for nurturing employees. Thirdly promote team work. Fourthly, the organization can adopt conflict resolution styles and techniques that look for the best interest of all employees.

References

Alnıaçık, E., Alnıaçık, Ü., Erat, S., & Akçin, K. (2014). Attracting talented employees to the company: Do we need different employer branding strategies in different cultures?. Procedia-Social and Behavioral Sciences, 150, 336-344.

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.