The Organization
“Common Purpose: One team, with one goal: serving our clients and stakeholders.
Responsible Finance: Conduct that is transparent, prudent and dependable.
Ingenuity: Enhancing our clients’ lives through innovation that harnesses the breadth and depth of our information, global network and world-class products.
Leadership: Talented people with the best training who thrive in a diverse meritocracy that demands excellence, initiative and courage. (http://www.citigroup.com/citi/investor/quarterly/2011/ar10c_en.pdf).”
According to their Facebook page, Citi states that their “goals of the Citi organization include educating people worldwide about finance, create microfinance institutions that provide microfinance loans in developing countries, and promote women and minorities to positions of power within the company (http://www.facebook.com/citibank/app_131261350258421).”
Citi works tirelessly to serve individuals, communities, institutions and nations. With 200 years of experience meeting the world’s toughest challenges and seizing its greatest opportunities, we strive to create the best outcomes for our clients and customers with financial solutions that are simple, creative and responsible. An institution connecting over 1,000 cities, 160 countries and millions of people, we are your global bank; we are Citi. (http://www.citigroup.com/citi/investor/quarterly/2011/ar10c_en.pdf).”
The Structure of the Organization
Citigroup has three units: Citicorp, Citi Holdings, and Corporate/other.
Citicorp includes two divisions. The regional banking division includes “retail banking, local commercial banking, and branch-based financial advisors in North America, EMEA, Latin America and Asia; Residential real estate- Citi-branded cards in North America, EMEA, Latin America and Asia- Latin America asset management and institutional clients group (http://www.citigroup.com/citi/investor/quarterly/2011/ar10c_en.pdf)”. The Institutional Client Groups division includes “Securities and Banking - Investment banking - Debt and equity markets (including prime brokerage)- Lending - Private equity - Hedge funds - Real estate - Structured products - Private Bank - Equity and fixed income research (and)Transaction Services - Treasury and trade solutions - Securities and fund services (http://www.citigroup.com/citi/investor/quarterly/2011/ar10c_en.pdf)”. Citi Holdings has three areas of concentration: brokerage and asset management, local consumer lending, and special asset pool. The brokerage and asset management division includes “investment in and associated earnings from Morgan Stanley Smith Barney joint venture
- Retail alternative investments (http://www.citigroup.com/citi/investor/quarterly/2011/ar10c_en.pdf)”. The local consumer lending division includes “consumer finance lending: residential and commercial real estate; auto, personal and student loans; and consumer branch lending - Retail partner cards -Investment in Primerica Financial Services - Certain international consumer lending (including Western Europe retail banking and cards) (http://www.citigroup.com/citi/investor/quarterly/2011/ar10c_en.pdf)”. Lastly, the Special Asset Pool includes “Certain institutional and consumer bank portfolios (http://www.citigroup.com/citi/investor/quarterly/2011/ar10c_en.pdf)”. The Corporate/Other segment includes: “- Treasury - Operations and technology - Global staff functions and other corporate expenses - Discontinued operations (http://www.citigroup.com/citi/investor/quarterly/2011/ar10c_en.pdf)”.
Purpose of the HRD effort
1. In Citi group, the human resources department has a complex role. For the individual employees, the department is the main source of benefit information, including career development. This is a major task in a company as large and diverse as Citi group. There are many opportunities for growth and development. Career advancement opportunities can occur worldwide, as the company reaches into over 100 countries. The company does internal promotions, has a vast array of staff development opportunities, and supports employees who want to advance their careers through furthering their education.
At Citi group, the human resources department enables employees the opportunity to maximize their strengths within the company. Through advancement, these individuals who have chosen advancement would then be able to, through their loyalty and self-motivation, raise their performance and work on raising the performance of the company (Durovic, 2012). Self-advancement would be acknowledged by the company through internal reviews and annual reviews, both of which an employee could use as a guide to move oneself forward (Dinu, Bodislav, & Dumitru-Alexandru, 2012). Through internal reviews, the company, in this instance, Citi group, also benefits. Finding employees that are a good match for upper level positions is an expensive process. By using reviews as a part of the basis of internal promotions as well as encouraging employees to further their education, the company can be more confident that the right fir is being made when a new position is being filled through internal advancement (Polyhart & Moliterno, 2011).
References
http://www.citigroup.com/citi/investor/quarterly/2011/ar10c_en.pdf
Dinu, Mircea Alexandru; Bodislav, Dumitru-Alexandru. (2012). Optimizing human resource
management with companies experiencing accelerated growth in an unstable economy.
Theoretical & Applied Economics. 19(4), p115-126. 12p.
Durovic, M. (2012). Human resources management – strategic aspect. Management (1820
-0222), (62), 83-88.
http://www.facebook.com/citibank/app_131261350258421
Polyhart, R. & Moliterno, T. (2011). Emergence of the human capital resource: A multilevel
model. Academy of Management Review 36(1), p. 127-150,
doi:10.5465/AMR.2011.55662569
