TD Bank Environmental Change Initiative. Economics sample

Free EssaysEconomicsTD Bank Environmental Change Initiative
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According to recent researches, organization managers put a lot of efforts in the quest for a change initiative within their businesses; however, they often fail. This is because the change initiatives are normally met by hostile employees or extremely unwelcoming organization cultures. For this reason, most of the firms end up relying only on the old and sometimes out-dated business procedures due to inability to install new ones. In other occasions where some of the change initiatives make their way into the organization they fail to attain the expected results. This is because people who are given the mandate to implement are faced with a lot of oppositions either from within or from outside the organization. According to the recent surveys, it has been found that about 75% of the managers’ organization change efforts do not yield the expected results rather they often produce a stream of unintended and unhelpful repercussions. This paper will explain the recent change initiative in TD Bank in the United States of America. Under this organization, the report will consider such factors as the adaptability of the organization’s culture to the change initiative. The paper will also explain any indicators of resistance to the initiative, as well as the ability of the organization to sustain and anchor the change. Moreover, this paper will offer more information on whether the change initiative is of any importance to the employee’s relations. It will also focus on whether the organizations performance is evaluated either at the departmental level or at the individual level upon the implementation of the change.

TD Bank Group the U.S arm of Toronto is a financial giant as compared to other banks in the region. The bank is doing an amazing job through its wonderful initiatives that has been advocating and putting its efforts towards. Among the initiatives that have hit the news about the improvements that this bank has brought into the country and to its large pool of employees who numbers to more than 27,000 workers, is an environmental awareness initiative. The bank has been in the front line in encouraging the creation of environmental awareness to as many environmental ambassadors as possible. The bank is achieving this agenda by the Net Impact and GreenBiz Group. The project was spearheaded by the TD bank in order to create awareness of the benefits of being environmental friendly to the community (Jackson, 2012).

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Since the program was started at around 2012, TD Bank's environmental workers’ engagement program has greatly reduced the use of paperwork. In addition, about 40% of the bank staffs have signed “The Green Pledge.” They will be taking several actions to ensure that the company has become environmental friendly. A large number of high-rank employees have been inspired to put more emphases in encouraging paperless working stations. It has also improved the level of commitment of the workers who have taken it positively. In addition, the initiative has yielded a ground upon which the employees-to-customers relation can be upgraded. Through the program, customers find it easy to connect with the company’s employees without any fear or intimidation of job titles.

The head of the Environment department in the TD Bank stated that: "When we showed these results to our CEO, it was the pride and commitment levels that really struck a chord, because we are a service culture and those are believed to be indicators of retention and customer satisfaction, which in turn support TD Bank's core business goals of revenue and profit” (Ooi, Auld & Denham, 2009).

Moreover, the programme has resulted in more benefits to the TD Bank and to the community at large. Specifically employees have embraced the programme with a lot of enthusiasm and positive mind in order to make the bank competitive worldwide. In addition, the bank has involved the society within its vicinity in one way or another to accomplish its goal of ensuring that the environment is well sustained (Ratnovski & Huang, 2009).

Another point worth noting about the TD Bank change initiative programs is that, through the company’s various stores, which are more than 1300 all over the country, people have embraced anti-racism workforce distribution. This is because the bank distributes its workforce all over the country without any discrimination or prejudice. The workforce is scattered in all directions from Florida to Maine. The bank has also been classified among the best ground for workers, without mentioning being the best employer, as well as the most outgoing employer. The bank is considered among the best employers in the United States because there are several programs and benefits that employees enjoy. Primarily, the employees are paid a competitive salary. Staffs also participate in making critical decisions in order to achieve the long-term and short-terms objectives of this bank. The bank also promotes creativity, and encourages employees to interact with others freely. Therefore, motivation of staffs means that they will work hard to achieve both their personal and organizational goals. TD bank has been able to reach out to so many peoples’ hearts and minds as far as the strategy of maintaining a sustainable environmental control is concerned.

Focusing on this environmental change initiative TD bank has outlined metrics that can be used to show the direction and the projections that the bank aims at achieving. For instance with the introduction of this program the Bank aimed at reducing the paper consumption by about 20% and lowering the levels of carbon dioxide that is emitted in the environment by about 25%. In line with this objective, the bank has been able to make splendid achievements as far as the agenda is concerned. For example, TD bank was the first bank to become carbon-neutral in 2010. It was also able to open the first net-zero bank branch in Florida. There have been many other achievements that the bank has been able to make that are in line with the organizational objectives regarding the environmental sustainability (Olsen, 2010).

Another extremely interesting aspect of the TD bank promotion strategies is that it aims at all of its customers across the nation. By so doing, the company through its initiatives can influence as many people as possible. Every worker in the company is evaluated at the individual level on the ability to deliver the set objectives. In addition, the ability to attain his or her personal objectives as far as the general agenda of the company is concerned. Then the cumulative performance of each department is evaluated against the set objectives to test whether the unity among the staffs in the same category has been embraced. Moreover, the bank recognizes every effort that is channelled towards the success of the company. None of the employees goes unrewarded for his or her work. The appraisal for the employees’ performance is conducted more often to ensure that the efforts that a worker portrays in his or her services delivery are recognized and rewarded.

Even though the company’s management is focused at attaining the best in environmental sustainability, some sacrifice should be made. There are several expectations for TD bank to accomplish, it was forced to become fully involved in to emerge successful. For example, the Bank ensures that every employee thinks widely, but they use short-term wins in order to build up momentum that propels the company forward.

The bank goes a mile ahead in what other companies may not imagine. For example in the environmental sustainability change initiative, the Bank took up the mandate of gluing people to several specific and discrete actions right away. For instance, holding paperless meetings, turning off computer monitors, printing double – sided papers whenever possible and even unplugging unused chargers (Ooi, Auld & Denham, 2009). Therefore, the company directly participated in ensuring that the environment was maintained, and any form of environmental contamination was done away. By becoming involved directly in the process of attaining an environmental friendly business world, the company was able to influencing so many people especially its widely distributed customers.

One more important contribution to the success of the TD Bank in the implementation of its change initiative programmes is the involvement of well-respected and recruited leaders who act as the company’s base of support and the trumpet of their cause. The Bank ensures that both its executives and senior managers are in the front line as far as the plan is concerned. This has helped in inspiring the formation of the United States Green Council. This council is formed by a team of about 19 leaders who are sourced from various prominent positions in the country. For example, the team consists of such people as the finance and technology experts, and personnel who are in charge of the various revenue-producing business sectors. The founder of this team was the president of the United States real estate, Mr Gerry. Before them Mr Gerry had been involved in advocating green building practices within the bank for a number of years (Erel, Nadauld& Stulz, 2011).

Finally, it is important for a company to know its audience well so that it focuses on their specific desires, thus reaches their hearts and works together without much pressure. For example, TD Bank was certain that, about 20% of the population is normally passionate in having a clean and safe environment, therefore, coming up with strategies that are user friendly are likely to have a higher number of supporters for the programme. It is also easier for a person to work with a group of people who understands the importance and the need for what the company is advocating (Freeland, 2010). There are several factors that have contributed to the success of TD Bank in the United States markets. Among them is change in initiative programs and recruiting leaders who will are ready to support the company in achieving its objectives. The bank is also working hard to be environmental friendly. It has a program that aims to reduce paper consumption by 20 % and also carbon (IV) oxide emission by 25%.

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