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Organizations' strategies - Assignment Example

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Change is inevitable in today’s complex and complicated business environment. Organizations involve multiple strategies in an effort to respond and predict changes both internally and externally. …
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Download file to see previous pages This paper presents a case study exploration of the elements of real organizational change interventions based on the context of the six key qualities of a good leader. It provides an analysis of how leadership and management can influence the occurrence of “resistance to change” through creating authentic and open lines of communication within today’s complex organizations (Gardner, 2006). The case study focuses on today’s aggressive banking industry, exploring the leadership competencies Main Street Bank has demonstrated in its efforts to remain prosperous in a volatile and continually changing external environment. While customers are constantly reevaluating how to handle the economic challenges and opportunities in their lives, banks are evaluating new ways they can provide better support and services for their customers and communities. This situation has created a necessity to think about reorganizing the organizations’ structure and assess the need to effect changes in strategies and design approaches. This paper explores the steps followed at each level by organizations to implement these changes to address customer concerns effectively and preserve vision while keeping an excellent relationship with followers. Main Street Bank asked thousands of their customers what they wanted in a bank account. The answer was, “Simplicity” through open and transparent rules, accounts with no surprises or unreasonable fees, and products in which they understand the true value. This prompted the institution to make changes by giving its customers a review that shifts their thoughts using real changes that influence their thinking. (Kotter & Cohen, 2002). In this scenario, the bank was able to maintain consistency with its vision, pay attention to customers and employees, admit mistakes, and make suitable decisions while displaying a good understanding of the business and integrity. The bank demonstrated both ability to listen to customers by conducting a research in which they presented their customers with several sets of product choices, with different combinations of features, benefits, price points, and ways to earn out of fees. The findings of the research indicated that customers do not need a long list of account benefits alone; instead they want straightforward account features where they see the true value, such as identity theft protection. Main Street Bank also found out that customers are willing to pay for the convenience of banking with a bank offering online bill payment, mobile banking and an extensive ATM and branch network. Customers preferred a single up-front monthly fee rather than separate per-usage fees and wanted the ability to earn out of fees in various ways. The input from the customers was able to show “others the need for change with a compelling object that they can actually see, touch, and feel” (Kotter & Cohen, 2002). The decisive quality of a good leader is display by Main Street Bank through the decisions it took to address customer needs. First, the bank decided to simplify the fee structure by eliminating the daily overdraft fees and “per-transaction” fees for excessive withdrawals from a savings account. It also created a lineup of core checking and savings accounts that include basic, clear monthly service charges, with opportunities to reduce or waive the service charge based on a customer’s direct deposit, minimum monthly balance, and overall relationship with the bank. This was meant to capture the full range of their customers’ banking needs and enable them choose what is right for them. These decisions display good understanding of the business which is another key quality of a good leader. The way the business operates also shows understanding of ...Download file to see next pagesRead More
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