Analysis of vision and mission statement free essay sample

A Mission Statement defines the companys business, its objectives and its approach to reach those objectives. A Vision Statement describes the desired future position of the company. Elements of Mission and Vision Statements are often combined to provide a statement of the companys purposes, goals and values. Typically, senior managers will write the companys overall Mission and Vision Statements. Other managers at different levels may write statements for their particular divisions or business units. The development process requires managers to: Clearly identify the corporate culture, values, strategy and view of the future by interviewing employees, suppliers and customers Address the commitment the firm has to its key stakeholders, including customers, employees, shareholders and communities Ensure that the objectives are measurable, the approach is actionable, and the vision is achievable Communicate the message in clear, simple and precise language Develop buy-in and support throughout the organization Mission and Vision Statements are commonly used to: Internally Guide managements thinking on strategic issues, especially during times of significant change Help define performance standards Inspire employees to work more productively by providing focus and common goals Guide employee decision making Help establish a framework for ethical behavior Externally Enlist external support Create closer linkages and better communication with customers, suppliers and alliance partners Serve as a public relations tool Methodology: The banking industry of Bangladesh consists of 30 banks. From those, we have selected 10 banks in a random sampling basis. Those are – Bank Asia Limited BRAC Bank limited Export Import (EXIM) Bank First Security Islami Bank Jamuna Bank Limited Mercantile Bank Limited One Bank Limited Premier Bank Limited Shahjalal Islami Bank Limited Trust Bank limited Analyses: Requirement # 01: Identify the companies’ respective vision and mission statements. I. Bank Asia Limited. Vision: Bank Asia’s vision is to have a poverty free Bangladesh in course of a generation in the new millennium, reflecting the national dream. Our vision is to build a society where human dignity and human rights receive the highest consideration along with reduction of poverty. Mission: To assist in bringing high quality service to our customers and to participate in the growth and expansion of our national economy. To set high standards of integrity and bring total satisfaction to our clients, shareholders and employees. To become the most sought after Bank in the country, rendering technology driven innovative services by our dedicated team of professionals. II. BRAC Bank Limited Vision: Building a profitable and socially responsible financial institution focused on Markets and Business with growth potential, thereby assisting BRAC and stakeholders build a â€Å"just, enlightened, healthy, democratic and poverty free Bangladesh. Mission: Sustained growth in small Medium Enterprise sector Continuous low cost deposit growth with controlled growth in Retained Assets Corporate Assets to be funded through self-liability mobilization. Growth in Assets through Syndications and Investment in faster growing sectors Continuous endeavor to increase fee based income Keep our Debt Charges at 2% to maintain a steady profitable growth Achieve efficient synergies between the banks Branches, SME Unit Offices and BRAC field offices for delivery of Remittance and Banks other products and services Manage various lines of business in a fully controlled environment with no compromise on service quality Keep a diverse, far flung team fully motivated and driven towards materializing the banks vision into reality III. EXIM Bank Limited Vision: The gist of the bank’s vision is ‘Together Toward Tomorrow’. Export Import Bank of Bangladesh believes in togetherness with its customers, in its march on the road to growth and progress with services. Mission: To be the most caring and customer friendly and service oriented banks. To create a technology based most efficient banking environment for its customers. To ensure ethics and transparency in all levels. To ensure sustainable growth and establish full value of the honourable shareholders Above all, to add effective contribution to the national economy IV. First Security Islami Bank Limited Vision: To be the premier financial institution in the country providing high quality products and services backed by latest technology and a team of highly motivated personnel to deliver excellence in Banking. Mission: To contribute the socio-economical development of the country. To attain highest level of satisfaction through extension of services by dedicated and motivated professional. To maintain continuous growth of market share ensuring quality. To ensure ethics and transparency in all levels. To ensure sustainable growth and establish full value of the honourable shareholders and Above all, to add effective contribution to the national economy. V. Jamuna Bank Limited Vision: To become a leading banking institution and to play a pivotal role in the development of the country. Mission The Bank is committed to satisfying diverse needs of its customers through an array of products at a competitive price by using appropriate technology and providing timely service so that a sustainable growth, reasonable return and contribution to the development of the country can be ensured with a motivated and professional work-force. VI. Mercantile Bank Limited Vision: Would make finest corporate citizen. Mission: Will become finest most caring, focused for equitable growth based on diversified deployment of resources and nevertheless would remain healthy and gainfully profitable bank. VII. One Bank Limited Vision: To establish ONE Bank Limited as a Role Model in the Banking Sector of Bangladesh. To meet the needs of our Customers, provide fulfilment for our People and create Shareholder Value. Mission: To constantly seek ways to better serve our Customers. Be proactive in fulfilling our Social Responsibilities. To review all business lines regularly and develop the Best Practices in the industry. Working environment to be supportive of teamwork, enabling the employees to perform to the very best of their abilities. VIII. Premier Bank Limited: Vision: â€Å"The Bank has a clear vision towards its ultimate destiny- to be the best amongst the top financial institutions. † Mission: The mission of the Bank is To be the most caring and customer friendly provider of financial services, creating opportunities for more people in more places. To ensure stability and sound growth whilst enhancing the value of shareholders investments. To aggressively adopt technology at all levels of operations and to improve efficiency and reduce cost per transaction. To ensure a high level of transparency and ethical standards in all business transacted by the Bank. To provide congenial atmosphere which will attract competent work force who will be proud and eager to work for the Bank. To be socially responsible and strive to uplift the equality of the life by making effective contribution for social development. IX. Shahjalal Islami Bank Limited Vision: â€Å"To be the unique modern Islami Bank in Bangladesh and to make significant contribution to the national economy and enhance customers’ trust wealth, quality investment, employees’ value and rapid growth in shareholders’ equity. † Mission: To provide quality services to customers. To set high standards of integrity. To make quality investment. To ensure sustainable growth in business. To ensure maximization of Shareholders’ wealth. To extend our customers’ innovative services acquiring state-of-the-art technology blended with Islamic principles. To ensure human resource development to meet the challenges of the time. X. Trust Bank Vision Build a long-term sustainable financial institution through financial inclusion and deliver optimum value to all stakeholders with the highest level of compliance. Mission: Long Term Sustainable Growth diversified business with robust risk management Financial Inclusion bring unbanked population into banking network through low cost technology-based service delivery Accountable to All Stakeholders customers, shareholders, employees regulators Highest level of compliance and transparency at all levels of operation Requirement # 02: Identify whether CSR or business ethics have been disclosed in their statements. Corporate social responsibility (CSR, also called corporate conscience, corporate citizenship, social performance, or sustainable responsible business/ Responsible Business) is a form of corporate self-regulation integrated into a business model. CSR is a process with the aim to embrace responsibility for the companys actions and encourage a positive impact through its activities on the environment, consumers, employees, communities, stakeholders and all other members of the public sphere who may also be considered as stakeholders. CSR activities of a firm may include Sustainable environmental program Educational program Community development program Disaster management program Aid in Sports, art and culture Other Corporate social responsibilities Business ethics are moral principles that guide the way a business behaves. The same principles that determine an individual’s actions also apply to business. Acting in an ethical way involves distinguishing between â€Å"right† and â€Å"wrong† and then making the â€Å"right† choice. It is relatively easy to identify unethical business practices. For example, companies should not use child labour. They should not unlawfully use copyrighted materials and processes. They should not engage in bribery. Whether the selected banks have disclosed CSR and business ethics through their mission statements have been analysed below: I. Bank Asia Limited Bank Asia Limited has a significantly distinguished expression of interest in the field of fulfilling its CSR directly identifying the urge to endeavour for establishing a poverty free prosperous country both in its Vision and mission statement. Mentioning specific arenas with emphasis, the bank has expressed strong desire to remain committed to the vast area of CSR. Again there are several specific emphases of separately mentioned Business Ethics disclosures along with principles related with the insurance of transparency in all levels is the Business Ethics. II. BRAC Bank limited BRAC Bank Limited shows its commitment toward the society in its vision and mission statement. It is committed to build an enlightened, healthy, democratic and poverty free Bangladesh which can be inferred from the vision statement. The issue of business ethics is highlighted on the mission statement indirectly by promising to provide quality product issue of CSR activities is highlighted indirectly in terms of â€Å"Sustained growth in small Medium Enterprise sector†. Sustained growth will only be possible when the organization will act in an environment friendly way as well as it will give priority to the overall development of the society. III. Export Import (EXIM) Bank EXIM Bank Limited has indirectly identified it’s CSR in mission statement. One of its mission is to ensure sustainable growth, and we know sustainable growth is possible only when it will be financially viable, committed to the society and environmentally friendly. To ensure ethics and transparency in all levels is the Business Ethics of EXIM Bank Limited which has been clearly mentioned in its mission statement. Vision statement of EXIM Bank Limited doesn’t include any issues regarding their CSR activities and Business Ethics. IV. First Security Islami Bank Do not describe about CSR but describe about business ethics in the mission statement. V. Jamuna Bank Limited The vision of Jamuna bank Limited. is to â€Å"play a pivotal role in the development of the country†. It will carry on its CSR activities in the way of developing the country. Nothing is mentioned in the mission statement in relation to CSR or business ethics of the bank. VI. Mercantile Bank Limited The vision and mission statement of Mercantile Bank Limited doesn’t include any issues regarding their CSR related activities and Business Ethics. VII. One Bank Limited One Bank Limited has directly identified it’s CSR in mission statement. Regardless of mentioning specific arenas with emphasis, the bank has expressed strong desire to remain committed to the vast area of CSR. There are two separate statements under Vision which highlight the bank’s desire for being a bench mark in the banking sector ensuring high-level customer as well as employee satisfaction. There is no specific of separate mentioning about ethics and transparency in all levels is the Business Ethics of One Bank Limited. VIII. Premier Bank Limited Premier Bank Limited. In their mission and vision statement identified CSR and business ethics issues. Their commitment to CSR is expressed with the statement –â€Å"To be socially responsible and strive to uplift the equality of the life by making effective contribution for social development. † In their statement they expressed the eagerness–â€Å"To ensure a high level of transparency and ethical standards in all business transacted by the Bank† as a commitment to uphold business ethics. IX. Shahjalal Islami Bank Limited Shahjalal Islami Bank Limited. In their mission statement did not identified any CSR related issue. But they have identified Business Ethics in their statement by stating their mission as – â€Å"To set high standards of integrity. Trust Bank limited Described about business ethics in the mission statement. Requirement # 03: Make a company-wise evaluation as to how responsive these companies are in respect of their philosophy and public image concept. SL# Name of the Bank Components of Mission Statement Philosophy Concept for Public Image I. Bank Asia Limited II. BRAC Bank limited III. Export Import (EXIM) Bank IV. First Security Islami Bank V. Jamuna Bank Limited VI. Mercantile Bank Limited VII. One Bank Limited VIII. Premier Bank Limited IX. Shahjalal Islami Bank Limited X. Trust Bank limited Requirement # 04: Evaluate how appropriate these companies’ disclosures are in regard to CSR or business ethics disclosure requirements. As a part of the regulatory requirements by Bangladesh Bank, all the banks are to provide CSR related disclosures in their annual report. The disclosures provided by the selected sample banks are as under: I. Bank Asia Limited Bank Asia always continues its efforts to look beyond short-term quantitative gains, and to concentrate on issues that make the institution socially responsible and have given all out efforts towards sustainable balanced growth. It considers socially responsible activities as an important part of its culture, identity and business practice. So, it contributes to improve the livelihood opportunities of the less fortunate, provision of facilities for education and health, protection of the environment, and encouragement of cultural and social activities in the rural as well as urban areas. II. BRAC Bank limited BRAC Bank, through its CSR activities, is trying to build better relationships with all stakeholders by paying closer attention to how to fulfil its social, economic, environmental and ethical responsibilities. CSR practice allows the bank to align its operations with standards and expectations that are increasingly important to its shareholders, employees, customers and communities where it operates. III. Export Import (EXIM) Bank The bank’s CSR activities mainly involve contribution towards building up an enlightened and prosperous nation. In view of it, it has taken patronization of education as its core CSR activity, whereas disaster management and alleviation of poverty is much emphasized. IV. First Security Islami Bank FSIBL keeps on discharging its CSR activities as a part of social entity for the greater interest of the entire society. The bank has always extended its support to the development of the community through promotion of sports, culture, health educational programs, disaster relief etc. V. Jamuna Bank Limited Jamuna Bank is committed to discharge its duties for the service of downtrodden people of the society. The bank’s CSR activities are about addressing the needs of all the stakeholders in an appositive and meaningful manner. VI. Mercantile Bank Limited MBL is fully committed to conduct its business activities in economically, environmentally and socially sustainable manner. It fosters the motive in mind to build a long-term good relationship with the customers, shareholders, the regulatory bodies and other stakeholders of the bank. VII. One Bank Limited The bank has decided to constitute One Bank Foundation to enable the bank to undertake CSR more proactively by taking planned initiatives and serve the needy and distressed community at large. VIII. Premier Bank Limited The bank is earnestly committed to its Corporate Social Responsibilities and out of these responsibilities it is conducting various charitable, social welfare and development activities. IX. Shahjalal Islami Bank Limited With a view to providing financial assistance to the poor and needy people of the society and also for the welfare of the community, the bank has established a separate foundation. Its objective is to provide health care, relief rehabilitation, education, humanitarian activities etc. X. Trust Bank Limited Corporate Social Responsibility holds the bank accountable for the social, environmental and economic impact of its operations. TBL designs its policies and business practices to reflect the highest standards of corporate governance.