Are Long-term Objective (LTO) and Strategic Issues good and how to add them in the table Strategic
Question:
Are Long-term Objective (LTO) and Strategic Issues good and how to add them in the table
Strategic Issues:
1.Increasing competitors: Increasing competition in the banking sector, in addition to exchange companies.
2.High expectations: The customer has become more aware and smart, the consumer wants the service to reach his position through the phone. Electronic payment has become a goal that must be applied to confront technology.
3.Training and incentives for employees: Training employees increases the possibilities of customer satisfaction. In addition to providing incentives.
4.Security breaches: With a series of high-profile breaches over the past few years, security is one of the leading banking industry challenges, as well as a major concern for bank and credit union customers. Financial institutions should invest in the latest technology-based security measures to keep sensitive customers safe.
Long-term objective (LTO):
1.Introducing 10 new products by 2023 that will keep customers, especially since the competition is strong.
2.Providing electronic services and establishing networks and communication channels with customers by 20% before the end of 2023.
3.Providing support to employees helps to understand the role they play within the organization and thus achieve customer satisfaction in a way that reaches 95%.
4.Providing secure financial services is a reason to keep the institution in the market for another five years.
Activity | Who | When | Resources | Methods | 3. Metrics | Assumption |
1.1. Organizing a training program with instructor of marketing, entrepreneurship and business development participating 1,2. Recruitment and hiring of a business incubator curriculum development expert from overseas 1.3. Purchase of software and business incubator kits and make them instructors and students | Staff Development Office; The R&D Office Human Resource; setting up a committee recommending the selection, identify a PR firm specializing in BI trainers, IT unit; Principal’s Office | 6 months for development of training curriculum (with two regular trainings through the life of the strategic plan) 3 months for the recruitment followed by a three-month assignment It will take place in year 2 of the strategic plan | 2 TEACHER TRAINERS Budget for two part-time contracts (2k each); Reserve a training facility for 2 months; Transportation A 5k contract for the period od 2020-2021; accommodation, flight ticket, transportation, health insurance, visa costs 3. 6 training kits, photocopying | 1. 10 half-day workshops, follow-up meetings on monthly basis; creating a taskforce to evaluate training impact. Announcement of vacancy in local newspapers, word of mouth, engagement of HR office in background research; invite the top two candidates for a community visit Amazaon.com, Sage; offering training packages to all teachers at beginning of the year |