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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.

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