DA NANG UNIVERSITY DA NANG UNIVERSITY OF ECONOMICS STUDENT RESEARCH REPORT OF MANAGEMENT REPORT TITLE THE RESEARCH OF ORGANIZATIONAL ENVIRONMENT AND MANAGEMENT IN PRUDENTIAL PLC Author: Group 8 Class: 46K15.1 Instructor: Hoang Ha Da Nang, 6/2021 CONTENT INDEX PREFACE 1. Reasons for choosing the topic. The research subjects and scope of the thesis. The structure of the thesis.
PRUDENTIAL’S ORGANIZATION AND ENVIRONMENT.1 The process of formation and development:.2 Remarkable events and important decision-making through organization development progress.3 Purpose, Mission, Vision and Core Values. Organizational Environment and Corporate Culture. THE INTRODUCTION OF THE ADMINISTRATOR.2 Life and Career. The analysis of management roles of Mike Wells in Prudential organization.1 Statements of mission, vision, values, or business philosophies or principles .2 The analysis of the own opinions of Prudential’s Executive Mike Wells about organizational plans and strategies.3 The decription of types of plan that the manager applied to the organization .4 The administrator's perspective on organizing the operating apparatus and recruiting employees, on the role of people in business, on training the development team nearby.46 PICTURE INDEX Picture 1-1: Prudential plc’s organizational structure.12 Picture 1-2: Prudential Icon.20 Picture 1-3: Prudential Vietnam and SeaAbank signed a Memorandom of Understanding.21 Picture 2-1: ESG Strategy in Prudential plc.38 STUDENT RESEARCH REPORT GROUP 8 Members and evaluating grades - Đinh Thu Huệ (Team leader) - Phạm Ngô Quang Hùng - Đặng Thị Thái Hiền - Nguyễn Đức Hiếu - Ngô Quốc Hùng Students: Class: 46K15.1 Department: Banking and Finance Major: Banking and Finance PREFACE 1.
Reasons for choosing the topic In the current trend of global integration, it opens up a lot of opportunities for businesses, accordingly, the uncertain and unpredictable contexts of society have posed significant challenges for managers to be wise and quick in their decision- making. That definitely requires the skills and competencies of managers in the organizational environment, it has a great influence on the success or failure of an organization. For his or her authority, the administrator is the representative as well as the leader, the "compass" in leading the employees to perform the tasks and fulfill the purpose of the organization. They are also the one who connects employees and plays a decisive role for the organization.
Good corporate governance is the foundation for the long-term development of businesses, achieving the success that the organization expects. Therefore, our Group 8 made the decision to do a research for organizational environment and management in Prudential plc as an example to clarify the role of a manager and how the organizational environment affects and influences. The research subjects and scope of the thesis - Research subjects: + Organizational environment in Prudential + The Executive Director Mike Wells in Prudential - The scope of this study: + Timing: From 5th May to 7th July + Content: conducting a detailed research into organizational environmental and the administrator in Prudential plc 3. Study Method - Data collection - Quantitative research - Qualitative research 1 - Analysis and Synthesis 4.
The structure of the thesis This research project contains 2 main following parts:ư - Chapter 1: Prudential plc's organization and environment Introduction + Clarifying the process of formation and development of the organization + Describing the mission, vision, and values of the organization + Defining the organizational structure Analyze the external environment and corporate culture of the organization + Analyze the external environment + Analysis of corporate culture - Chapter 2: The analysis of the administator Charater introduction + Talk about the life and career of the administrator of Prudential plc The administrator’s work + Statements of mission, vision, values, or business philosophies or principles + Analyze the administrator's personal views on planning and strategy + Describe the types of plans that the administrator applys in the organization: strategic plans, operational plans. + The manager's perspective on organizing the operating apparatus and recruiting employees, on the role of people in business, on training the development team nearby 2 THE EXPLANATION OF CHOSEN TOPIC Peter Ferdinand Drucker - the father of modern business administration - once said: "The difference between a good manager and another is knowing how to use people". Indeed so, business is a fiercer competitive field than ever, requiring the head to be fully brave and have the right and wisest strategic mind to manage the business more and more firmly. Looking back in time, we can see that from ancient times there have been organized efforts under the supervision of those responsible for planning, organizing, directing, and controlling so that we can achieve successful results.
Great processes remain today such as the Great Wall in China or the Pyramids in Egypt… Governance played a more significant role with the outbreak of the industrial revolution that began in England in the 18th century, swept across the Atlantic Ocean, and invaded the United States at the end of its Civil War (mid-century) 19th century). The conclusions of the causes leading to the bankruptcy of enterprises can prove the decisive role of management for the existence and development of the organization. Indeed, when it comes to the causes of the bankruptcy of businesses, there can be many causes, but the top cause is often still ineffective management, or incompetent managers. Under the same circumstances, but those who know how to organize better and more scientific management activities, the prospect of achieving results will be more certain.
Of particular importance is not only the achievement of results but also the matter of less time, money, materials and other costs, or in other words, more efficiency. Today, in the integration trend of the market economy, businesses have created many opportunities but also many challenges and difficulties. To survive and develop requires businesses to constantly innovate, perfect economic management tools, increase revenue, save costs to increase profits for the company. To achieve that goal, enterprises must take many measures in the process of their production and business activities.
3 In a fiercely competitive market today, the Banking-insurance interdisciplinary is becoming an inevitable trend. This association not only brings great benefits to both parties as the insurance company insurance and banks, but above all, it brings greater benefits to customers when using this service. The development of the insurance market increases the cohesion of insurance businesses with other financial institutions in the financial market such as banks and securities companies. Because the financial funds created by insurance enterprises to make insurance payments will be effectively managed through reasonable fund investment activities in the financial market.
Besides, bancassurance activities with cooperation between insurers and banks to provide mutual services and diversify product baskets of both parties have really pulled commercial insurance activities. commercial and banking activities closer together. The financial sector of the economy is thus also more diversified and competitive. Prudential plc is a portfolio of Asia's leading businesses, focusing on structural growth markets, as well as an insurance company that is enjoying such advantages.
The organization will help people get the most out of life through life and health insurance and retirement and wealth management solutions. Prudential's largest market is in Asia, with more than 13 million customers in 12 countries and is a leading provider of life insurance in Hong Kong, India, Indonesia, Malaysia, Singapore, Philippines and Vietnam. Prudential in the UK has around 7 million customers and is the leading provider of life insurance and pensions in the country. In order to enhance the learning and research program, our team will jointly present the results and assessments of the market, resources and management strategy of Prudential plc that we have studied.
However, the research has a few mistakes that are inevitable, we hope that our teacher will support, contribute more ideas and comments to make the presentation of the group better. Our team honestly would like to give our thanks to the teacher Hoang Ha! 4 CHAPTER 1. PRUDENTIAL’S ORGANIZATION AND ENVIRONMENT 5.1 The process of formation and development: Hisorical Background Prudential was founded on 30 May 1848 in Hatton Garden, London. The company’s initial name was “The Prudential Mutual Assurance Investment and Loan Association” and its intention was to provided loans to working people and professional.2 Remarkable events and important decision-making through organization development progress.
Bussiness development: - In 1848: Prudential was founded on 30 May 1848 in Hatton Garden, London. The company’s initial name was “The Prudential Mutual Assurance Investment and Loan Association” and intention to provide loans to the middle classes. - In 1854, Prudential opened the Industrial Department and sell a new type of insurance, Industrial Insurance, to the working classes. - In 1879, the Prudential Assurance Company entered its new head office, Holborn Bars.
- In 1881, Prudential becomes a limited liability company. - In 1924, The company was first listed on the London Stock Exchange. - In 1986, Prudential procured the American insurer Jackson National Life. - In 1994, Prudential Corporation Asia established to grow new businesses in Asia.
5 - In June 2000, the company was first listed on the New York Stock Exchange for the first time, helping it penetrate the US Market. - In 2002, Prudential introduced the Plan from the Pru in the UK with numerous advertising campaigns to show people how important financial planning is in every stage of life. From 2008 – in the present - In 2008: Prudential extends its alliance with Standard Chartered Bank, covering over 10 markets in Asia - In 2009: Prudential’s first dedicated Islamic asset-management business, Prudential Al-Wara’ Asset Management Berhad, introduced in Malaysia. - In 2010, Prudential long-term cooperation with United Overseas Bank Limited to distribute the products of Prudential life insurance through bank branches across Singapore's UOB, Thailand and Indonesia.
Prudential is listed on stock exchanges in Hong Kong and Singapore. - In 2012, Prudential’s asset management business introduced a new brand – Eastspring Investments. - In 2014, Prudential acquires businesses in Ghana and Kenya, marking its entrance into the fast-growing African life insurance industry. - In 2019: M&G plc separated from Prudential plc on 21 October 2019.
- Nowadays, Prudential plc is an Asia-led portfolio of businesses focused on structural growth markets. The business helps people get the most out of life through life and health insurance and retirement and wealth management solutions. Prudential plc has 20 million customers and is listed on stock exchanges in Hong Kong, London, New York and Singapore. Important decision: - In the mid-1980s, the deregulation of finance allows financial institutions owned estate agencies and Prudential decided to follow the early market participants 6 such as Provident Financial Group plc and Lloyds Bank by buying a Huntingdon-based firm of estate agents in the summer of 1985, with £ 12m.
This is said to be a test that allows the company opens a new road for the marketing of mortgage-linked endowment policies, but after many financial institutions other follow, Prudential has quickly embarked into a acquisition trail that would quickly become the leader in terms of number of offices. - In 1986, Prudential procured the American insurer Jackson National Life. Since then, Jackson has quickly grown into a multi-product, multi-channel financial services company. Jackson is now providing products and services in 50 states and Washington Dc in the United States.
- Prudential Corporation Asia established to grow new businesses in Asia. => an Asia-led portfolio of businesses focused on structural growth markets. After that, Prudential has been present in six other African countries - Uganda in 2015, Zambia, Nigeria then Cameroon, Cote d'Ivoire and Togo. - M&G plc completely separated from Prudential plc on 21 October 2019 5.3 Purpose, Mission, Vision and Core Values Vision Our purpose is to help people get the most out of life.
We make healthcare affordable and accessible, we protect people’s wealth and grow their assets, and we empower our customers to save for their goals. Mission Prudential aimed to be world leading, well recognized and innovative insurance company in providing professional services and variety of products that fits into all levels of the community.