Structure of an Organization of Bank of Canada Essay - 1

Structure of an Organization of Bank of Canada - Essay Example This paper illustrates that most of the organizations’ structure tends to be quite flexible and easy to manage for the day to day business. However, large organizations in majority of times become bureaucratic and tend not to be flexible enough in order to deal with the challenges of the contemporary day business. The most significant point to consider is that the structure of the organization needs to permit it to fulfill its objectives and also needs to ensure that the structure fits with the business environment in which it works. The range of organizational structures are the ‘entrepreneurial structures’, the ‘product-based structures’, the ‘function-based structures’, the ‘divisional structures’, the ‘matrix structures’, and the ‘holding company structures’. The bank is observed to present the financial services that are generally diversified in nature. The various business segments of the compa ny are wealth management, international banking, capital markets, Canadian banking and insurance. The chart presented below is the three-level organizational chart of Royal Bank of Canada. It can be stated that the board of RBC has an independent chairman. There are 16 directors who are associated with the organization independently and there are two executive directors. The term departmentalization can be understood as the process whereby the tasks are grouped into departments. Five basic methods of grouping the activities are followed; they are ‘departmentalization by-product, departmentalization by the process, departmentalization by customers, departmentalization by geographical regions and departmentalization by function’. In the organizational structure, it is the jobs that are the most significant factors. The primary managerial decision is job design in the organizing function. Those jobs are generally assigned to the individuals that consist of the objectives a s well as the specialized task of the organization. It is worth mentioning that the overall task of the organization cannot be assigned to a single person. For instance, the bank may consist of numerous individuals. However, it is not possible for the single individual to take the responsibility of the entire task. A few may take the responsibility of taking deposits while others may be assigned the task of the granting loans.