Internal and External Factors
Internal and External Factors
Capital One is a successful business. The bank has applied the four functions of management which are planning, organization, leading, and control to aid in their success. Each component is important and it is hard for one to function without the other. There are internal and external factors that affect these four functions of management. The following will explain how these factors affect the functions of management in Globalization, Innovation, Diversity, Ethics, and Technology.
Capital One Bank, as a credit card giant and one of the worlds’ strongest banks, has evolved with the current market. ...view middle of the document...
By allowing a diverse atmosphere of employees, they are able to break the boundaries of race, creed and language.
In 2012, Capital One made a step into bringing innovation to their staff. This particular move was in the planning process of 2011. Here you see Capital One already in the process of planning as stated in the functions of management. Since Capital One is a US based business, the recession affected every entity of the economy. This external factor presented businesses with layoffs and job elimination. Heath (2012) states the following:
The president of Capital One Bank, the McLean-based credit card giant, is leaving her job at the end of the year and the position is being eliminated in an executive reorganization. Lynn A. Carter, 54, will leave the post Dec. 31, and will remain with the company until March in an advisory role. Capital One, the largest bank headquartered in the Washington area, said Carter’s departure is part of a broad executive restructuring aimed at building up the bank’s commercial and retail arms.
Even bringing innovation brings the cost of downsizing. Management leads by example, especially in Capital One Bank.
According to Merriam-Webster (2012), diversity is the inclusion of different types of people (as people of different races or cultures) in a group or organization. Capital One is committed to making supplier diversity an essential part of the way it does business. This organization creates many valuable relationships with minority, women-owned, and LGBT companies. The goal of their program is to include diverse suppliers, in every sourcing opportunity wherever available Minority/Women Business Enterprise Developments (M/WBE) are (Capital One, 2012). Capital Ones supplier program has received acknowledgment for their inclusion of M/WBEs in their supplier chain and obtaining operations. In 2010, Capital One received several awards for being an outstanding corporation by advocating for inclusion of diversity suppliers and was named Top 201 Business by Diversity Business.com. Since developing this program, the company has continued to grow and build many respectable relationships. Even though Capital One strive to build diverse relationships with suppliers, according to Rob Keeling, Vice President of Diversity at Capital One, Capital One strive to deliver a culture where every associate feel valued, supported and connected, so that every associate can contribute to the success to the company (All Business,2012). Capital One has executed a wide-range of programs to drive diversity throughout the company such as mentoring and leadership opportunities. In having, such a range of talents and backgrounds provide irreplaceable asset for their company, which helps them serve the customers better.
A bank that has no ethical value would not be a place one would choose to deal with. Business ethics are written and unwritten codes of principles and values that govern...