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Citigroup has successfully faced the challenges of the 19th and 20th centuries and has always

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Contemporary Management Perspectives Assignment 3: Major Individual Assignment Name and ID No :Vijayakrishnan Thekkemakkadath (100047222) Course/Intake : MBA/28 Course Facilitator : Dr. Ann Darwin Due Date : 31st May 2005 Contact Details Email/Mobile : Thekkemakkadath.Vijayakrishnan@citigroup.com(9062 5737) Question Cetron and Davies (2003) list a number of trends shaping the future. Comment on these trends in relation to your own organization. * Identify any trends that has influenced the strategic direction of your organization over past few years * Identify also, the key trends that are most likely to impact on your organization tomorrow * Analyze the strategic response of your organization's stake holders to these trends and likely impact of their actions/non-actions * Suggest strategies for dealing with any short comings CITIGROUP YESTERDAY, TODAY AND TOMORROW Abstract In the article named Trends Shaping the Future By Cetron, Marvin and Davies, Owen (2003) published in "The Futurist" Jan-Feb 2003 (P27-42), the authors analyze various Economic, Political Social, Environmental and Technological trends that will shape the future of the world in the 21st century. For each trend, authors have also concluded the implications of these trends for the decision makers. These can be used as the bedrock on which the organizational strategy can be built in relation to the external environment affecting the future of the organization. Citigroup is the world's largest financial organization with over 300,000 employees and 200 Million customer accounts and still growing. It has its operation spanning across 100 countries. Citigroup has successfully faced the challenges of the 19th and 20th centuries and has always adapted to changes with a leading edge. So in the new 21st century world, where the only thing that is constant is "change", what strategies will help Citigroup to achieve its goal to become the most respected financial services company in the world? What are the challenges and opportunities it is facing in the era of globalization, improved communications and technological revolutions? ...read more.


Certain steps that Citigroup has taken in this direction are: * Citigroup Venture Capital International made a $23 Million investment in Suzlon, a wind energy converter firm in India * Citigroup underwrote 168 environmentally beneficial projects in US totaling more than $12.9 billion * Citigroup in 2004 marked the first anniversary of the Equator Principles - to evaluate the environmental and social risks related to projects that it finance * Citigroup revised the risk policies to include these concerns and hired a new ESRM (Environmental and Social Risk Management) director. 2.5 Political The abuse of governments from Japan to Europe has made headlines about Citigroup due to wrong reasons. One of the ways in which Citigroup has responded to these challenges is through coming up with a "5 point plan" on shared responsibilities, training, compliance and control. The senior management is focusing now on cleaning up of the image using the cultural diversity and experience in its management to cope with the political challenges of a global network. This also includes a "history of Citigroup" movie to be seen by all the employees. 3 Tomorrow and Beyond Wells (Choosing the Future 1998, P. 82) states that "We have no choice; to be practical, we must address the world as it truly operates" Understanding the environmental factors and the influence of these factors on various players provides a clearer understanding of how the market will behave in the future. Future strategies should be based on such an analysis. An analysis of such factors in the Industry context combined with synthesis of relationship between these forces and players is the way to identify new patterns and opportunities (and some times threats also). 3.1 Economical 3.1.1 Euro - The next wave With the introduction of the EU and Euro, the lives of 300 Million people have changed. With new countries joining EU, unfettered cross-border shopping and travels provide a wide array of opportunities. ...read more.


Development of internal policies and technology that could identify and prevent such transaction is an immediate priority for banks across the globe and especially for Citigroup due to its global presence and technology that allows global fund transfers. 5.3 Transparency and accountability Transparency and accountability in the operations is becoming more and more important as the world is becoming a place of equal opportunities and open markets. Citigroup, as a global organization should be able to adapt to these changes not only in the US, but also across the globe. The emphasis is also on adapting to local cultures and respecting local communities. 5.4 Funding Education Funding education is not just a social responsibility; it is a long-term strategy towards building the knowledge workers required for the future and attracting talents from across the globe. Education has the potential of reducing the threats that the world and industries are facing in terms of terrorism and other social problems caused by unemployment and poverty. 5.5 Outsourcing secondary functions Cetron and Davies ("THE FUTURIST, 2003 JAN-FEB" , P. 32) "Rather than paying salaries and benefits for activities that do not contribute directly to the bottom line, companies are farming out secondary functions to suppliers, service firms and consultants, which increasingly are located in other countries". For Citigroup this means that secondary operations such as back office technology, call centers, data centers, etc can be moved out to countries like India due to lesser operational and human resource cost and availability of skilled workers. 5.6 Attracting the right talent at the right time In the midst of rapid advancements in technology and changes in the way of conducting businesses, attracting right talents will become a challenge that any organization will face in the future. Making Citigroup "The Place Anyone wants to be" is an important priority. Rewarding the right talents and building strategic partnerships with world's leading educational institutes will be a direction towards this. The importance of continuous education also needs to be emphasized. ...read more.

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