Recruitment and Induction Process at GT Bank

The Hong Kong Polytechnic University

Department of Management and Marketing

2019-2020 Semester One

MM4782 Sales and Distribution Management

Submitted by ?Tanja Toivonen 19023545X

Individual essay

Recruitment and Induction Process at GT Bank

Recruitment and induction process at GT Bank.

1. Introduction

Guaranty Trust Bank plc (GT Bank) is a Nigerian multinational financial organisation that provides wide range of financial services such as corporate banking, online banking, Asset management services, retail banking, and investment banking (Guaranty Trust Bank, 2013).

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GT Bank was established in 1988 by young Nigerian youths, with the directors being Fola Adeola and Tayo Aderinokun.

It was mainly formed to offer financial and banking services to domestic Nigerian residents, but it later expanded its services by providing commercial services to Nigerians after its integration in 1990 (Maklan & Knox, 2006). In 2002, GT Bank was given a universal banking license and marked as a settlement bank in 2003 by the Central Bank of Nigeria. In 2007, it became the first Nigerian company to be listed on Deutsche Borse and London Stock Exchange (Guaranty Trust Bank, 2013). In 2008, the bank was issued with a banking license for the United Kingdom by the Financial Services Authority (Maklan & Knox,2009). The expansion of the bank has increased its connection with international countries such as the USA and UK, and it has also maximized its profits by selling Eurobond to investors in different parts of Africa, Europe, and Asia. The company's success over the past years has been steered through its vision and mission statement that are both aimed at providing the best financial services to its customers across the globe.

2. Description of the sales force management of the GT Bank

GT Bank started as a small company with very few employees since there was less competition, and the concept of banking services was still new to general citizens, businessmen, and merchants. Currently, advancement in technology has made it easier for people to learn new ideas faster and to look for better options to secure their finances. GT Bank has also embraced

the concept of technology by increasing the number of its employees as well as its sales force management as a way of increasing its competitive advantage. Salesforce management comprises of a team of employees that have undergone through a thorough recruitment and induction process to ensure that they attract more customers (Pearce & Robinson, 2010). The salesforce management of GT Bank selects a team whose talents and abilities align with organizational goals, and their characters increase customer relations with the company. Salesforce for GT Bank consists of candidates that have unique skills and abilities.

3. Analysis/ critique

The recruitment process of salesforce employees at GT Bank begins with coming up with a draft regarding the sales force, the responsibilities required for the job, experience, educational qualifications, and the salary (Emmanuel & Adebayo, 2013). The plan is often written on a rough draft before being posted online, and it mainly targets the youths with comprehensive knowledge in marketing. Experience required when drafting the plan is for an individual to have experience in working with microfinance banks and other lending organizations. The recruitment process in GT Bank also entails checking the available resources in the organization that will facilitate selection, induction, and training of sales force team. Once the funds have been identified, the required number of employees is also included in the draft.

The strategic development of GT Bank during the recruitment process is often determined based on geographical location where youths living in urban areas are highly preferred as opposed to young adults from rural areas. (Brews & Purohit, 2007). Only online applications are accepted during the process and feedback given through online platforms. Reliance on the use of internet makes some of the candidates who lack frequent access to internet disadvantaged. Possession of a smartphone is another factor considered during the recruitment process with the argument that it will help to market the company's products and services.

The bank does not allow any form of personal relationships among workers, and thus external

sources are used intensely during the recruitment process. External sources are used through posting of the draft plan on different platforms on the internet and waiting for the applicants to make their applications and to share with others. Successful applicants are then screened through a practical interview of demonstrating how they would relate with customers to increase sales of the company.

The induction process is done to successful recruits, and it involves sharing with the recruits about the history of the company and its evolution. Hires are then made familiar with administration of GT Bank by letting the management team greet them, introduce themselves and share a few words with them. The Human Resource department then shares with the recruits about the cores, norms, values, and beliefs of GT Bank and the consequences of disobeying such rules. The recruits are also taken through the terms and conditions of GT Bank to the new and existing employees.

4. Recommendations

I would recommend GT Bank to consider sourcing employees from both internal and external sources to increase the competency of its sales force. I would also recommend GT Bank to incorporate the use of questionnaires during the interview of employees to test the logical thinking of applicants regarding the work of sales.

5. Limitations

The sales force of GT Bank is imbalanced since it lacks employees who are talented all-round, both practically and logically.

Recruitment and induction at GT Bank have led to hiring employees who focus more on customers than provision of services, which has led to high concentration risk in client base.

Recruitment and induction only focus on hiring youths who lack vast experience in expanding the company in different ways, which have made the competitors of GT Bank have stronger distributors of their products and services.

REFERENCES

Brews, P., and Purohit, D. (2007). Strategic planning in unstable environments. Long Range Planning, February, 64-83.

Emmanuel, O. S., and Adebayo, A. A. (2011). ICT's, service delivery, and operational performance in Nigerian banks: A survey of empirical research. African Research Review, 5(4), 44-59.

Guaranty Trust Bank (2013). About GTBank. Lagos, Nigeria: GTBank.

Maklan, S., and Knox, S. (2006). Guaranty Trust Bank of Nigeria (GTBank): Building a trusted brand in financial services. Thunderbird International Business Review, 47(6), 737-755

Maklan, S., and Knox, S. (2009). The Guaranty Trust Bank of Nigeria (GTBank): From niche positioning to mass-market branding. Thunderbird International Business Review, 51(4), 385-401.

Pearce, J. A., and Robinson, R. B. (2010). Strategic management formulation, implementation, and control (12th ed.). Boston, MA: McGraw-Hill.