How might Kotter's eight steps for leading organizational change apply to a banking organization?
Discussion of Key concepts
Forces of Change in the Banks:
Internal forces for change
Informality and networking i.e Informal organization structure
Change in key personnel, top management perception.
Cultural Influences of the employees
Resource audit i.e. physical, financial, human and intangibles of the organization
Analyzing core competence and value chain analysis and matching with the external environment
External Forces for change
Change in Market conditions, economic conditions
Political and legal environment
Societal and cultural environment
Quality of Human resource
Globalization due to Market convergence, cost advantages.
Change management in a Banking organization
Organizational change is a strategy implemented to accomplish organization's goals and objectives. Management who wants to implement change should expect strong resistance from some quarters in the organization. And "overcoming that resistance is a vital ingredient of any successful (Six Sigma project)." It is obvious that if proposed change is not accepted, the process will not succeed.
Kotter's Eight Step Change Model
EIGHT STEPS TO Foster innovation:
1. Establish the objectives
2. Forming a powerful guiding coalition-Assembling a group with enough power to lead the effort.
3. Encouraging the group to work together as a ...
The solution examines Kotter's eight step change model.