China Industrial Bank (Research Paper Sample)

China Industrial Bank Name: Instructor: Affiliation: Course: Date: Introduction The major goals of many business organizations are profit maximization. It is a requirement for the organizations to always have a positive impact on the social lives of its surrounding society. The community members need to perform in any business activity at their own will and have freedom of choice in their areas of specialization. This calls for need to abolish forced and compulsory labor among all business portfolios while at the same time need to ensure the company undertakes the initiative of ensuring that business promotes greater environmental responsibility. This is significant for business organizations for the enhancement of the organization’s public image. On the same note, the organization will be able to attract more customers, workers, investors, consumers, as well as suppliers. This essay will discuss how abolishing forced and compulsory labor among the employees in the organization will have positive impacts to the organization and the society in general. In the same manner, the essay discusses the need of undertaking some initiatives that promote greater environmental responsibility (National Conference on Business Ethics, 1981). Overview of China Industrial Bank The bank started its operations in August 1988, with headquarters situated in Fuzhou City, Fujian Province. This Industrial Bank is one of the first batches that formed a joint-stock commercial banks and hence received approval from the State Council together with the People’s Bank of China. The main business of this Bank includes; deposits taking, provision of loans, local and international payment and settlement, accepting of bills and discounting, issuing of the financial loans, issuing of agencies, the cashing and underwriting of government bonds, the inter-bank placement and borrowings among other key operations that receive approval by the China’s Banking Regulatory Commission (CBRC). For many years, this Bank has been endeavoring itself on offering all-round, top-quality, and high-efficient financial services for its clients on the basis of managerial ideas that stresses on “Developing Together, Growing Together” and “Services Starts with Sincerity”. Towards the end of the June, 2006 period, the Bank’s total assets achieved RMD 532.22 billion, of which the shareholder’s equity amounted to RMD 14.14 billion. The net profit posted RMD 1.746, and all this success could be attributed to good management strategies that the Bank implements on its operations. However, there are other sectors that require consideration, and this forms the part of recommendations (WORLD BANK, 1990). There is need of elimination of all forms of forced and compulsory labour China Industrial Bank is one of the leading domestic banks in the nation and thus has many impacts to the people in the whole nation. For instance, people receive loans at much subsidized rates that enable them to start their independent investments and respective projects. More so, the bank offers employment to the community members who in turn have some income to run their families in the long run. However, the Bank has its set rules and procedures that all employees have to follow and uphold while conducting the bank’s transactions. In as much as this process ensures that the company meets its goals, I would like to propose that the company tries to implement the forms of compulsory labour on its workers. The reason for this proposal is that most people are only pushed to work and fulfill the requirements for the purposes of sustaining their jobs. More so, they are bored in this whole process (International Labour Office, 2008). Removing forced labour will definitely provide room for quality services since people will come up with constructive ideas that will benefit the Bank majorly. Another advantage of using this strategy is that it provides room for identifying the best employees from the underperforming ones, thus making each member of staff to pull up their socks due to the effect of inter-competition. Every will be under pressure to perform in order to receive recognition while at the same time work on willing basis. This type of environment is essential for a strong business and builds a friendly working environment for all employees. The services that these employees will provide to the customers will be of high quality and as a result, more and more people will be attracted to the company. Working in large volumes definitely implies a positive business and thus great returns are subject to receive in the long run. This is a management strategy that has worked for many organizations and financial corporate that is worth giving a try. Undertaking the initiatives to promote greater environmental responsibility Having a healthy working environment is a basic tool in any business operational activities. In many cases, this is where the government comes into play as the regulator in such areas. Businesses tend to misuse and overuse the public properties when they all target at achieving more profits, thus putting a way the concept of “free market” in the current business world. The government introduces some policies that are essential at shaping the business communication and interactions. For instance, it sets some legal frameworks, levies on business and managing the economy. This whole process faces some different opinions from different groups of people, and these results into two groups; the pessimists and the optimists. The pessimists usually tend to invite the government at stepping in to rectify some failings in the market, while the optimists are interested at restricting the government as far as possible and if possible achieve the “free market” (Bernstein, 2003). Having a free will market is dangerous for the economy since many injustices will arise because of this type of management. For instance, the banks will increase the rates fr...