• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month
Page
  1. 1
    1
  2. 2
    2
  3. 3
    3
  4. 4
    4
  5. 5
    5
  6. 6
    6
  7. 7
    7
  8. 8
    8
  9. 9
    9
  10. 10
    10
  11. 11
    11
  12. 12
    12

TQM and Charles Schwab Investment firm.

Extracts from this document...

Introduction

1071447235, 11.4.10 TQM and Charles Schwab Investment firm. Total Quality Management is for the Total organization using Quality thinking and methods to Manage. TQM is doing the right things right, the first time and every time. It is a common knowledge that every company regardless of size should be looking for the constant quality improvements. TQM is defined as both a philosophy and a set of guiding principles that represent the foundation of a continuously improving organization. TQM is the application of methods to improve all the processes within an organization and exceed customer needs. For the large financial services companies like Charles Schwab (that I am going to use as an example throughout the essay) it is extremely important to maintain high quality service because these companies operate with other people's money and thus bear the responsibility for that. First of all I would like to speak about Charles Schwab company in order for us to better understand the corporate activities and areas for TQM implementation. The Charles Schwab Corporation, incorporated in 1986, is engaged, through its subsidiaries, in securities brokerage and related financial services. Charles Schwab & Co., Inc. (Schwab) is a securities broker-dealer that entered the discount brokerage business in 1974. U.S. Trust Corporation (with its subsidiaries, collectively, U.S. Trust) is a wealth management firm that, through its subsidiaries, provides fiduciary services and private banking services. Other subsidiaries of the Company include Charles Schwab Investment Management, Inc. (CSIM), Schwab Capital Markets L.P. (SCM), CyberTrader, Inc. (CyberTrader) and The Charles Schwab Trust Company (CSTC). ...read more.

Middle

and specialized investment management services to clients with $2 million to $50 million in assets at U.S. Trust. U.S. Trust offers Wealth Advisory Accounts, an investment advisory service that utilizes the Excelsior family of mutual funds, to clients that have over $250,000 in assets at U.S. Trust. In addition to investment management services, U.S. Trust provides specialized fiduciary, financial planning, enhanced master custody and philanthropic consulting services to clients that have over $50 million in assets at U.S. Trust (Besterfield, 37). U.S. Trust also offers private banking services to assist in meeting the credit and liquidity requirements of its clients. These services include mortgage and personal lending vehicles and an array of deposit-taking products. In addition, affluent investors may receive referrals to U.S. Trust from Schwab. U.S. Trust also offers to its institutional clients investment, consulting and fiduciary services for employee stock ownership plans. Special fiduciary services include trustee services for non-qualified or supplemental employee benefit plans (rabbi trusts). In November 2003, U.S. Trust acquired the private asset management business of State Street Corporation. TQM at Charles Schwab is an approach to management that seeks continual improvement in everything we do (Goetsch, 160). It is concerned with the performance of all the processes in the organisation and the products and services that are the outcomes of those processes. TQM at Charles Schwab stresses the creative involvement of everyone from the Chief Executive Officer down, in the quest for quality. It emphasises team activity, brings pride in performance to all levels of the organisation, develops more informed and supportive managers and supervisors, and so leads to an improved climate in the workplace. ...read more.

Conclusion

a. Reducing Inspection (Crosby, 89) * Cease depending on inspection to achieve quality. Instead 'build-in' quality at every step in the process. * Much inspection is costly and counter-productive. Eliminate inspection that does not add value. TQM at Charles Schwab is a client-oriented approach that introduces systematic management changes and continuous improvements to an organisation's processes, products and services. As the diagram below indicates, the TQM process at Charles Schwab begins with the customer and ends with the customer (Goetsch, 179). The TQM process takes specific inputs (the customer's wants, needs and expectations), transforms (processes) these inputs within the organisation to produce goods or services that, in turn, satisfy the customer (output). Diagram I: The TQM Process at Charles Schwab. TQM in the Public Sector While the impact of TQM on improving services in the private sector is no longer disputed, there are still questions about its application in the public sector. Most private profit-oriented organisations have clear missions, face competition and are accountable to their customers. In contrast, government organisations often have multiple missions and there is a bureaucratic work culture, lack of accountability, and little direct competition. These differences will have implications for how to bring about change in the public sector (Schargel, 69). In conclusion I would like to note that The primary, long-term benefits of TQM in the public sector include better services, reduced costs and satisfied customers. Progressive improvement in the management systems and the quality of services offered result in increasingly satisfied customers. In addition a number of other benefits are observable including improved skills, morale and confidence among public service staff, enhanced relationships between government and its constituents, increased government accountability and transparency and improved productivity and efficiency of public services. ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our GCSE People in Business section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related GCSE People in Business essays

  1. introducing customer services

    They also expect Superdrug to fill the form out correctly when apply for that particular company. Elderly Elderly customers expect to be treated with respect and when asking for a prescription they expect staff to be polite and the prescription to be dealt with quickly and efficiently.

  2. Management of Services and People

    that management should be based on the ethical principle of human worth and dignity, not the emotionally sterile pursuit of efficiency at any cost.' (Coulshed & Mullender, 2001:35-36). Follett also argued that team work and participation in the decision making process were key factors in motivating workers and that management had to accept that it did not always know best.

  1. Report: Type of ownership of J-Sainsbury

    to purchase shares in the company at an agreed price and shares options are granted at a discount of 20 %. Profit sharing scheme, this is where all colleagues have the opportunity to become shareholders by taking profit sharing in the term of shares, through they may take it as cash if they wish.

  2. Analysis of a Contract Specific Organisation

    Beyond that his attendance will be by exception. Yusuf will also provide the first level of escalation in the event that an issue cannot be resolved at the Account Manager level. 7.2 Relationship with the Greater London Magistrates Court Authority Circuit Customers We define the customers as the occupants of

  1. Total Quality Management

    Teams. Teams are to be used for problem solving. Teams have a number of advantages over individuals. A properly constituted team has a much richer mix of skills to bring to bear on a problem. Most work processes cut across functional boundaries, so a cooperative effort is required to solve process problems.

  2. Detailed GMP inspection Report OnShetland SeaFish (Hull) Ltd.

    No. 2051) The Workplace (Health, Safety and Welfare) Regulations, 1992 (SI. No. 3004) The Personal Protective Equipment at Work Regulations, 1992 (SI. No. 2966) The Manual Handling Operations Regulations, 1992 (SI. No. 2793) All of these laws are in relation to keeping equipment in good order; provide all PPE, also in good order, and to report all accidents and medical problems caused by/ at work.

  1. What products and services do you think are at Drayton Manor?

    The Maelstrom ride cost �1,000,000 and was opened in April 2002 by the pop band Hear' Say later was planned out of respect for the Queen Mother's death. Themed Areas The themed areas in Drayton Manor they offer vary from the Aerial Park, Pirate cove, Fisherman's Wharf and the Action Park.

  2. business ownership and activity

    Personal services mean they trying to be friendlier to the customers than the other business usually does. * As small business Decorium has little or no legal formalities which mean they don't have to resister their business or they don't have many different department.

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work