As an operations manager of the XYZ Bank Australia, it has been examined that currently, the bank has been undergoing a major issue of customer attrition. The bank has been operating in the country for the past 12 years and during the past 9 months, the company is facing this issue associated with the customer. This proposal will aim at identifying the key reasons behind this issue of customer attrition and thereby try to provide plausible solutions so as to cope with the problem. At the same point in time, it will also try to trace out the impact that these issues over stakeholders of the company.
The problem bank is facing significant issues as the customers are switching to the competitors of this bank and thereby causing huge losses to the bank. After a thorough investigation aimed at identifying the key reasons behind this customer attrition problem, a few potential problems have been identified. It has been observed that the customers are extremely unhappy with the services of the bank. On the other hand, in comparison to the competitors, the services rendered by XYZ Bank is quite expensive. Furthermore, the behavior of the staff of the bank has also been identified to be a problem that can be regarded as a major problem of the organization. This is mainly because in the service industry when the perceived utility of the clients doesn't match with the actual utility derived that gives rise to dissatisfaction and that can be considered as another reason for which the clients are opting for the other banks.
The basic impact on the stakeholders could be explained with the help of a framework where the stakeholders can be would be categorized into two segments namely internal stakeholders and external stakeholders. For instance, the internal stakeholders that are the employees will certainly lose jobs if the bank continues to experience a downturn it will certainly go for downsizing (Lehtiranta et al., 2015). On the other hand, in the context of the external stakeholders, the customers have already started switching the company. If the situation continues it can be expected that the investors will also reconsider investing in the brand. The shareholders will also get disappointed and the overall scenario will turn out to be a problematic situation.
The company has started an incentive scheme for the employees who are bringing new customers to the bank. In such a context as a remedial measure, the organization should opt for a proper training program through which the employees will be able to gather proper knowledge regarding the customer operations (Reed and Card, 2016). On the other hand, the XYZ Bank will also need to focus on restructuring its pricing strategy so as to cope with its competitors.
On a concluding note, it can be stated that this proposal has successfully outlined the key reasons for which the problem of employee attrition is being faced by the XYZ Bank. However, it can be stated that this proposal has provided a few plausible solutions through which these problems can be resolved.
Lehtiranta, L., Junnonen, J.M., Krn, S. and Pekuri, L., 2015. The constructive research approach Problem solving for complex projects.Designs, methods and practices for research of project management, pp.95-106.
Reed, J.E. and Card, A.J., 2016. The problem with plan-do-study-act cycles.BMJ Qual Saf,25(3), pp.147-152.
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