MIM FINANCIAL SERVICES
MIM Financial Services PLC (Hereinafter referred to as MIM) has established in the Central Province in the year 1995. Subsequently it had spread its wings to other parts of the country and expanded its business activities. In 90’s MIM Financial Service had become a leading financial company in Sri Lanka.
At present it has a total number of 400 employees. When the company performance has come to mediocre level decision has been taken to hand over the company to professional management.
In this research conducted on overall performance of MIM it was uncovered following weaknesses and setbacks of MIM.
In the research it was found that most of the employees at MIM has been doing the same work over and over again and nature of the work is monotonous and as a result there is frustration and dissatisfaction among employees.
It was found at MIM, there is no proper promotions system for the employees. Promotions had been offered taking into account family relationships, friendships and as a result there is frustration and disappointment among employees.
It was found that there is no proper management strategy to motivate people and make them creative enthusiastic and contribute their abilities and capabilities to the success of the organization.
It was found that there is no proper incentive scheme to encourage and stimulate employees at MIM in order to take maximum productivity and as a result most of the staff members become lethargic.
It was found that there is no proper system in operation at MIM to evaluate employees to assign work according to the nature of employees. Mainly there are two kinds of employees in any organization. They are ;
i. Dynamic employees who prefer to undertake challenging jobs.
ii. Employees who are satisfied with custom or routine jobs.
It is the duty of the management to appraise them according to their nature and assign duties accordingly. This is not in operation at MIM.
It was found that there is no proper practice in operation to recognize employees at MIM. Recognition of employees is vital in an organization to take maximum from employees for the smooth functioning of the organization as well as to career development of the employees.
Creative designations must be given to each and every employee of an organization in order to motivate them and it was found that designations given to MIM employees were outdated, not in conformity with modern practices. Employees prefer to have a better designations as an example Clerk is an outdated designation and it is better to designate Clerk as a Office Executive or Office Assistant. In this way without spending any financial resources employees can be motivated.
Every employee is preferred to go up in his or her career. They must be given the challenge that with working smart or working harder or working creatively they can contribute to the organization and In that way employees will also be benefitted. There is no proper management strategy in operation at MIM in this direction.
In order to motivate employees management should listen and respect the creative ideas and suggestions of employees. Prior to most of the decision making process employees’ viewpoint must be obtained. It is stated that two heads are better than one. In the same way management must encourage employees to give new ideas and this can be done with offering small reward to the right idea. It was found that no such system is in operation at MIM.
Cross Training is critical management strategy. This is not in operation at MIM. Under the cross training employees are given the opportunity to work in different sections and as a result they can get rid of monotonous nature of the work in one hand and the other hand when the employees are trained in different sections when there is absence of employee in one section management can post someone else to cover his or her duties.
It is another vital management strategy is to motivate employees to select one employee as employee of the month or employee of the week or employee of the each section in order to motivate other employees. There is no such a management strategy is in operation at MIM at present.
Financial rewards are another way of motivating employees. Employees regard money as the most important thing and management should introduce a proper financial reward system for employees. There is no such a practice in operation at MIM at present.
Another way to motivate, encourage and inspire employees is non financial incentive scheme. A non financial incentive scheme will not burden the company and there must be a creative scheme to be formulated to get maximum from employees. No such a scheme is in operation at MIM at present.
It should be indicated here that Human Resources department has been handled by Mr.ccccccc Senior Lawyer who had worked in the legal section prior to his assignment in personnel department. In the present scenario legal outlook of the department is not fitting and it is necessary to change the overall Human Resources Department