In: Operations Management
Employees at the People’s Bank do not trust management and there is a shared perception that information is not shared and communication within the organization is inadequate. On January 14th 2018, Roxanne Padmore was assigned the task of selecting and implementing an investment management software at the People’s Bank. The software was intended to eradicate the need for paper and enhance the execution of transaction between various departments. Some of the eventual users of the software included the compliance, audit, investment execution and wealth management departments. The team selected for implementing the software comprised primarily of personnel from the wealth management department. The software selected by Ms. Padmore and her project team is now being used by the organization. At the end of the implementation process employees complained that the software selected was not user friendly and the software previously used was more effective. Employees also indicated that although Ms. Padmore surveyed the organization on the preferred choice of software, the eventual choice was not the best and cost millions of dollars. The software chosen by Ms. Padmore and her team was the leading brand in many developed countries, used by many banks and the Journal of Investment Management Software stated “it was highly effective and lead to long run cost savings”. However, employees have indicated that the software was not user friendly and has many deficiencies. Furthermore, the use of the software prevents employees from fulfilling critical job functions. Moreover, John Smith an employee in the Compliance Department stated that “the software did not take into consideration the peculiarities of the Caribbean and assumed that one size fits all.” Ms. Padmore and the wealth management team that were responsible for implementation have all left the organization.
a) Evaluate the situation above using a change management model. (10)
b) Discuss how trust may be cultivated at the People’s Bank. (5)
c) Assess the characteristics that would be necessary for a change agent to succeed at the People’s Bank? Propose strategies to ensure the success of the change agent. (5)
d) Evaluate the importance of communicating in effectively managing change at the People’s Bank and recommend a communication policy that should be adopted (10)
e) Discuss with the appropriate model what steps can be undertaken to reduce resistance to change at the People’s Bank. (10)
f) Discuss three assessment tools that can be used at the People’s Bank. (5)
g) How can SIPOC be used at the People’s Bank (5)
h) Recommend polices or measures to foster innovation at the People’ Bank. (10)
(a)
Based on Kotter's Change Management Theory it very well may be examined that there was the criticalness of the need to build up a model that causes workers to believe that there was open communication between the management and the representatives.
The circumstance was broke down and a group was worked to actualize this management software. The need was changed to bring a behavioral change by making the individuals receive the model. Consequently, Kotter's Change Management theory can be executed well here.
There are many change management model some are as follow:-
In this case management shall choose any of model as per their requirment.
(b)
The trust may be cultivated among the individuals if all the individuals begin using their framework in their area of expertise. Additionally, the discussion that is of worth ought to be moved among the individuals as well. Additionally, an alternate technique that suits the need of the considerable number of offices ought to be assembled and this ought to be done premise the input that is made.
Managing resistance to change is an important part of the success of all change efforts in each company. Dealing with resistance in large part will depend on your ability to recognize the real sources or causes of resistance to change. Organizational change is an activity of transformation or modification of something in your organizational system. The main purpose of this activity is to make improvements in your business performances. You can’t find a person who would like to implement change if that change process brings results with which the organization will become worse or there will not be any improvements.the emplyoee of bank shall co operate with managment. and understand the need of new software.
(c)
The characteristics that should have been there in the People's Bank are trust, communication, receptiveness, and criticism. The strategies that ought to be received for the equivalent is to bring a change in the software and working through the input that is accumulated and gathered from the clients.
The receptiveness and communication can be there when individuals over the divisions begin using this framework. This will manufacture trust that individuals of all levels are using this framework.
Characteristics of change;-
Resistance
Consistent Communication
Training and Goal Setting
Recognition
after adhering these characteristics the management will succeed .
(d)
It is imperative to receive over again and great communication model with the goal that individuals convey at all levels. This will help in developing trust between the individuals and will likewise help in establishing a feeling of transparency among the individuals in the Bank.
For implementing a change program successfully, communication is the key and one of the most complex parameters as it involves an exchange of ideas and feelings with people in an organization through various mediums. It is one of the toughest issues which an organization is faced with during the entire process of implementation of change. Effective communication must involve the following components:
(e)
Steps to reduce the resistance of change are as follows;-
(f)
Three assesment are tools are as follows;-
(g)
Sipoc model in banks;-
SIPOC is a method to properly describe the transformation process within a company that offers products and/or services. It’s a tool for process improvement that summarises the input and output of one or multiple processes in tables. SIPOC is an acronym for Suppliers, Inputs, Process, Output and Customers, also the names of the columns. The tool was born in the ’80s and is a programme within quality systems such as Six Sigma, Kaizen and Lean manufacturing.
This model are very useful in banks.
(h)
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