QUESTION THREE [20 MARKS]
Organizational leaders in this era are facing change that is unprecedented in terms
of type, quantity, speed, span/reach,
... [Show More] cause, world-wide communication and
implications, time available to address changes and expectations for performance
results. Identify and discuss drivers premised on the contexts outlined below:
(a) Organizational level [5 marks]
(b) Industry level [9 marks]
(c) Global level [6 marks]
The drivers of organizational change can be categorized into internal and external factors. Internal factors include growth opportunities, competitive pressure, cultural shifts, customer demands, technological innovation, process improvement, strategy changes and new products and services¹. External factors include customers, markets and technology⁴.
At the industry level, the drivers of change are influenced by the industry's competitive environment. The five key drivers of organizational change management are getting the basics right - employee centricity and customer centricity which will yield profits. The culture of the organization is the single largest differentiator between success and failure in the future².
At the global level, the drivers of change are influenced by globalization and technological advancements. Globalization has led to increased competition among firms which has resulted in increased pressure on organizations to innovate and adapt to changing market conditions. Technological advancements have also played a significant role in driving organizational change by enabling organizations to improve their processes and operations³.
QUESTION FOUR [20 MARKS]
Change is ultimately about people –if they do not change, nothing significant
changes. Argue for or against this statement based on the role of Human Resource
Function as change agent in a typical 21st century business environment .
I would argue for the statement that change is ultimately about people. In a typical 21st century business environment, the Human Resource Function (HRF) plays a critical role as a change agent. According to Deloitte Insights, the future of HR must be one that expands its focus to the entirety of work and the workforce, and extends its sphere of influence to the business ecosystem as a whole¹. The HR function’s primary responsibility is capability building as a competitive resource that facilitates strategy implementation². The HR function is responsible for developing and implementing policies and practices that support organizational change³. The data also suggest that human resources professionals hold numerous roles in change efforts, including those of ‘change agent’ and ‘consultant’³.
In summary, the HRF plays a critical role in driving change in organizations by developing and implementing policies and practices that support organizational change. The HRF is responsible for capability building as a competitive resource that facilitates strategy implementation. Therefore, I would argue that change is ultimately about people because it is people who drive change in organizations.
QUESTION FIVE [20 MARKS]
Many leading banks are pouring tremendous resources in to transforming the
customer experience, often with mixed results. This is understandable. A
customer’s banking relationship includes key journey that range from on boarding
and transacting to maintenance and problem resolution effective transformations
must not only recognize the complexity of these relationships but must also make
a priority of the parts of the experience that matter most-in-order t o manage the
cross-functional, end to end nature of customer needs rather than difficiency to
existing organizational structures.
Required:
Discuss briefly at least 3 theories of change management and illustrate attribute of
these theories that can be deployed to support effective transformation in
optimizing customer experience within the context of complexities banking sector
for a defensive market protection strategy.
There are several theories of change management that can be deployed to support effective transformation in optimizing customer experience within the context of complexities banking sector for a defensive market protection strategy. Here are five of them:
1. **Kotter's 8-step change model**: This model is based on the premise that change is a process that requires a systematic approach. It involves eight steps that include creating a sense of urgency, forming a powerful coalition, creating a vision for change, communicating the vision, empowering others to act on the vision, creating short-term wins, consolidating gains and producing more change, and anchoring new approaches in the organization's culture¹.
2. **Lewin's Change Management Model**: This model is based on three stages: unfreezing, changing, and refreezing. Unfreezing involves preparing the organization for change by breaking down existing structures and processes. Changing involves implementing new processes and structures. Refreezing involves stabilizing the new processes and structures by reinforcing them with new values and norms².
3. **ADKAR Model**: This model is based on five stages: awareness, desire, knowledge, ability, and reinforcement. It focuses on individual change management by identifying the specific needs of each employee and providing them with the necessary tools to make the change³.
4. **Prosci's ADKAR Model**: This model is similar to the ADKAR model but focuses on organizational change management. It involves five stages: awareness, desire, knowledge, ability, and reinforcement. It emphasizes the importance of communication and stakeholder management in ensuring successful change.
5. **McKinsey 7S Model**: This model is based on seven elements: strategy, structure, systems, shared values, skills, style, and staff. It emphasizes the importance of aligning these elements to achieve organizational effectiveness¹. [Show Less]