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PDF File of Report of Benefits of Outsourcing of Security Guards in Financial Institutions

PDF File of Report of Benefits of Outsourcing of Security Guards in Financial Institutions

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Published by awais rafique
BENEFITES OF OUTSOURCING OF SECURITY GUARDS OF FINANCIAL INSTITUTION
BENEFITES OF OUTSOURCING OF SECURITY GUARDS OF FINANCIAL INSTITUTION

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Published by: awais rafique on Jan 08, 2010
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10/22/2011

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Outsourcing
 
1
 
The perceived benefits of outsourcing of security guards byfinancial institutions______________________________________________________
Researchers:
Abrar Ashraf, MBA (B & F), GIFT University, Gujranwala, Pakistan.
 
M. Awais Rafique , MBA (B & F), GIFT University, Gujranwala, Pakistan.Salma Mehmood, MBA (B & F), GIFT University, Gujranwala, Pakistan.Sitara Arif, MBA (B & F), GIFT University, Gujranwala, Pakistan.
ABSTRACT:
Purpose
 –
 
This research is conducted to evaluate the perceived benefits of outsourcingof security guards by financial sector. Research was conducted on different banks andmoney exchanges in different cities. This research is a part of our final project of Business and Operational research. Our respected instructor Sir Khurrum Aziz Fani hasassigned us this project.
Approach
 –
 
we started with unstructured interviews and after little bit discussion wepresented our questionnaire to the respondents and allowed them to complete it bythemselves. The purpose of this structured questionnaire is to analyze the linkage of perceive benefits with outsourcing of security guards.
Findings
 –
 
It was very good experience. We have completed this project successfully.Main thing that we learn from this project is experience of different financial institutionssuch as banks. We have been familiar with environment as well as security and control
 
Outsourcing
 
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system of these banks. Except the Bank of Punjab all other banks are practicing theoutsource services of security guards. They have reduced their cost and have increasetheir organization values in the eyes of customer by hiring the well reputed and registeredsecurity agencies from all over the Pakistan.
Practical implications
 
 –
 
we have taken data mostly from banking sector. Only onemoney exchange has responded to our questionnaire because there are restrictions byhead offices not to share any information regarding their security system. Other financialinstitutions are totally ignored. This research will open a new horizon for furtherresearches in this area. This research will be feasible in deciding to outsource are to avoidthe outsource practices.
Originality
 
 –
This research indicates an insight of most important perceived benefit of outsourcing of security guards and also explains the less important benefit of outsourcingin this department.
Keywords:
Perceived benefits
,
outsourcing, unstructured interviews, structuredquestionnaire, horizon, values in the eyes of customer, feasible.
 Type of article:
Research paper
 
 
Outsourcing
 
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INTRODUCTION
We have to research why financial institutions hire the third party contractor for securityfunctions and what are the benefits that financial institutions ultimately get or perceivecoming from outsourcing practices of security guards. Main purpose of financialorganizations is to serve and maximize profitability so definitely there are some benefitsbecause of which they have started the outsourcing of security guards. It is very sensitivetopic. So we have struggled a lot in collecting data. People are not ready to convey anyinformation in this regard because of present situations of terrorism. After convincing themanagers and assuring them that it is purely for academic purposes we succeeded ingetting their views about the outsourcing of security guards.Different researches have been launched in this perspective and people have given theirviews in this regard. Some have been suggested that the outsourcing is to reduce cost.Some have been concluded that it is to avail specialized services. Some have been arguedthat it is for customer satisfaction. But some have been claimed that the outcomes andsuggested benefits of outsourcing are not sure until there is not effective and intensivecontrol on outsourced services. If there is not proper control and check and balance onindividuals provided by the third party contractor then their will be some drawbacks andthe organizations would bear the cost of these limitations.Outsourcing is a subcontracting process such as product design or manufacturing to athird party company. Outsourcing involves the transfer of the management or day-to-dayexecution of an entire business function to an external service provider. The clientorganization and the supplier enter into a contractual agreement that defines the

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