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LEADERSHIP & MOTIVATION THEORY OF BANK OF MALDIVES

CONTENTS Introduction to the topic Introduction to the Organization (Bank of Maldives)  Motivational theories of Bank of Maldives Motivational Approaches followed by bank Of Maldives Likert’s system 4 model Leadership Style Motivation and Leadership Recommendations Conclusions

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Leadership In its simplest form it means making people to things willingly or desirably. It can be used as a status attribute, or as a characteristic. Because of personal wisdom or knowledge. Leadership can be focused on a leadership role. appearance, or it can be used as a behavioral category.

Motivation Motivation is a cause for behavior, purpose, and ambitions.  Motivation comes from the word motive, or a need that requires fulfillment.  Such desires, wishes  may be acquired through the influence of culture, social structure, lifestyle, or may be inherent in general.

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MISSION-  "We will lead the way through quality of service and dedication of our staff. We will serve all our communities to the best of our ability, strive always to listen to your needs and so build total customer confidence and satisfaction“ VISSION- To be the leader in the financial industry in Maldives, spreading its presence in all key economic geographies in Maldives  Bank of Maldives Plc (BML) is launched on 11 November 1982 as the leading financial institution in the Maldives. They are a full-service bank with 285,000 clients engaged in the entire range of personal, business and corporate financial services. The Bank of Maldives has a large network of branches, agents, online banking facilities and relationship managers.  They are the largest employer in the banking sector in Maldives with over 950 dedicated employees. Among these 99% of employees are locals with almost one third employed in the Atolls.

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Employee motivation is characterized as the excitement, level of energy, dedication and the amount of creativity that an employee brings on a daily basis to the organization.  There are two types of motivation- Intrinsic & Extinctic motivation Bank of Maldives use both types of motivation to motivate the employees.  As per Bank of Maldives they offer an extra bonus for extra working time. As a punishment employee can fire the employee for not completing the job. In Bank, if an employee fails to do the job or if being care less with the job, they will advice the employee and if not corrected, the employee will be fired from the job.

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Motivational Approaches followed by bank Of Maldives

Bank of Maldives follow all the Maslow’s hierarchy of the motivation and approaches it by making teams and separate working departments and recognition or coaching.  Tanning programs are held to develop and motivate. According to a senior staff of Bank of Maldives, the employees are giving a living wage if they are working out of the island born.  They introduce special trips like picnic for office staff. In Addition, sports activities are held every year.  Consider approaching extrinsic motivation until the most important intrinsic requirements are fulfilled by creating competition with other banks in town, holding Events for Acknowledgement, raises, Mentoring and coaching.

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Together with his colleagues at the University of Michigan, USA,  Rensis  Likert conducted studies over three decades to analyze the behaviors and styles of managers across 200 organizations and created a four-fold management structure model that helped to explain the actions of leadership. 1. Exploitative Authoritative System:  Bank not follow this system 2. Benevolent Authoritative System:  Bank use this system 3. Consultative System:  This systems are followed by the small branches 4. Participative System:  Not followed by the employee

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When directing, encouraging, guiding, and handling groups of individuals, a leadership style refers to the stereotypical actions of a leader. Great leaders will encourage social reform and democratic movements. They can also encourage others to act, create, and innovate. In this analysis bank of Maldives follow Benevolent Authoritative System and consultative system of leadership.

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The leadership of Bank of Maldives has accomplished a set of programs to   motivate the employees.  These include:  Award Functions (Annual Staff Awards, Long Service Awards & Employee Star Awards),  United BML - Recreational staff club (Staff Movie Night, Sports Tournaments) Fun with team projects & Refresher Trainings focused on Atoll, Discount Programs for BML Staffs Based on individual target achievements and employee attitudes, the management assesses their employee success comprehensively.

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The leading financial institution, the Bank of Maldives, is built on 2 strategic pillars. Which is customer service, company and financial support.  As they strive for excellence, it is essential that their staff are committed to the values and act on them. Therefore, the bank is always looking forward to engaging and inspiring its staff by various means.  It involves various training sessions and various club activities. Even so, even after the initiatives, the turnover of employees over the years has been high and consistent.   In response to this problem, our study proposes to investigate how motivation is linked to the performance of employees and what could be done in addition to current programs to achieve the ultimate goal, which is to provide the best customer service to high-performing motivated employees.

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Bank of Maldives employees are happy with the leadership and management styles followed.  Since they are being involved in leadership and being motivated with rewards, recognition, promotion and high pay with annual bonuses.  The employees do not take the styles of leadership theories any consideration as long as they get the best motivations and good salary with other happy benefits.

LEADERSHIP & MOTIVATION THEORY OF BANK OF MALDIVES

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