(a) Distinction Between “Team” and “Group” in a Bank [5 Marks]

In a bank like GCB Bank in Ghana, a group is a collection of individuals who interact primarily for social or informal purposes, sharing common characteristics but not necessarily a unified goal. For example, a group might be tellers in a branch who coordinate shifts but focus on individual tasks without collective accountability.

In contrast, a team is a cohesive unit of individuals working interdependently towards a shared objective, with complementary skills and mutual accountability. For instance, a credit risk team assesses loans collaboratively under BoG’s Capital Requirements Directive, ensuring compliance and collective success in mitigating risks post the 2017-2019 cleanup.

Key differences: Groups emphasize individual performance, while teams focus on synergy; groups may lack structure, whereas teams have defined roles aligned with organizational design.

(b) Explanation of the Five Stages of a Group Development Process [10 Marks]

Bruce Tuckman’s model outlines five stages of group development, applicable to forming effective units in Ghanaian banks for tasks like implementing BoG’s Cyber Security Directive:

1. Forming: Initial stage where members come together, establish ground rules, and clarify objectives. In a bank, new team members for a digital transformation project might orient themselves, building trust amid uncertainties.
2. Storming: Conflicts arise as members assert roles and challenge ideas. For example, in a Ghanaian bank team, disagreements over resource allocation during recapitalization could occur, requiring conflict management to prevent escalation.
3. Norming: Group cohesiveness develops with agreed norms and roles. Team members in a bank might establish communication protocols, fostering unity to comply with BoG’s Corporate Governance Directive.
4. Performing: The group functions efficiently towards goals. A mature bank team, like one handling liquidity under BoG guidelines, operates autonomously, delivering high performance with minimal supervision.
5. Adjourning: The group disbands after task completion, reflecting on achievements. In banking projects, this involves debriefs to capture lessons for future initiatives, such as post-DDEP recovery efforts.

(c) Discussion of Five Factors That Influence Team Effectiveness [10 Marks]

Team effectiveness in Ghanaian banks, crucial for exploiting opportunities like fintech integration, is influenced by:

1. Clear Goals and Objectives: Well-defined targets, aligned with BoG’s strategic directives, ensure focus. For example, a team’s success in risk management depends on measurable goals like reducing non-performing loans.
2. Diverse Skills and Roles: Complementary expertise enhances problem-solving. In a bank, a team with finance, IT, and compliance specialists can effectively implement Payment Systems Act requirements, driving innovation.
3. Strong Leadership: Effective leaders motivate and guide, as per BoG’s governance standards. Charismatic leadership in Ghanaian banks, like at Stanbic, resolves conflicts and promotes ethical practices.
4. Open Communication: Transparent interactions build trust. In teams handling customer relations, regular feedback aligns with sustainable banking principles, reducing errors in dynamic environments.
5. Supportive Organizational Culture: Resources and empowerment from management boost morale. Post-cleanup, banks like Ecobank empower teams through training, ensuring compliance and profitability in globalized settings.