Read the short story below then answer the questions a the bottom. Your answers should be a minimum of 2 paragraphs. Bacofis Bank Case Bacofis Bank operates in the financial markets and is structured as such: The front office takes positions in the market, selling and buying stocks, bonds, commodities, futures and options; The middle office manages portfolio risks; The back office handles the administration of the positions taken during the day, ensuring that stocks are transferred to the bank that bought them, and so forth. You are a manager at Bacofis Bank, in charge of the back office team that handles administration for all futures and options sold and bought by the traders. Your team is comprised of six persons. Because of the recent economic downturn, you have been told two weeks ago that you have to downsize and let go of one person. You are to select the person to fire, and the Head of the back office will make his final decision based on your recommendation. You have been examining last year’s performance appraisals and considering the unique skills that you cannot afford to lose in your team. There are two persons that you could let go, who are the lesser performers and who do not possess indispensable expertise. Kelly is 45 years old. She has been with Bacofis Bank for 10 years now. She is a mother of 3, the youngest child being 5. She is reliable in her work and her error ratio on operations handled is only 4%. Yet, she sometimes needs to miss work because of a sick child or other unexpected duties and this has been bothering you because operations need to be handled the day they are initiated. Mike is 29 years old. He has been with Bacofis Bank for 3 years and is single. He seems to be less focused in his work than Kelly, maybe less committed as well, and as a result his error ratio on operations handled is 8%. However, he is more readily available than Kelly and typically covers for her when she needs to be off. Both Kelly and Mike are well integrated in the team. 1. Who should you fire? 2. Based on what criteria are you going to make that decision? Here I want to you be very detailed and make a very solid argument for your decision, be sure to list and explain all the reasons you are using to fire this person. 3. How are you going to communicate it to the person you let go of and to the team? 4. What elements of the connection between work and family are illustrated in this story and the descriptions of the workers?
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