Managing and Leading Change in AEGON - Case Study Example

?Managing and Leading Change (AEGON need for change) Introduction Evaluation and Critical Analysis of the Theory of Managing and Leading Change Appropriate to the Case Managing and leading change with regards to the AEGON case remains an important aspect of this paper since it deduces many points that need to be understood within the midst of things. The matter of AEGON moving into UK was a significant one and this needed to be handled differently than it was being pursued within the United States and Netherlands. The most basic decision that the leaders had to make was on finding out the right environment in which they had to operate their business within. This spoke volumes of the kind of success that they would have been able to achieve in the wake of moving towards the UK market. The evaluation of this decision rests solely on the shoulders of the decision makers at AEGON who were doing their best to expand their business realms within different international markets. Since comprehending the environment was mandatory on their part, their next step was to get familiarized with the key issues that they shall be getting used to as far as managing operations were concerned. This is a certain aspect that reduction of uncertainty will come about as a positive step for the sake of managing and leading a positive change, in line with the AEGON case. The theory of managing and leading change is essentially the inherent basis for the sake of AEGON since it wishes to move towards the UK market and explore the market there. Since the people have a diabolical and confusing perspective regarding the life insurance and pensions industry in general, AEGON is marred with such viewpoints on the part of the people and this is where leading a positive change comes in to the equation. It shall resolve the ambiguities that exist within the related domains and create a room of optimism all around. Appointing a new CEO for the UK market is a step in the right direction as it will set the basis for bringing in a new thought process into the fray. Also instituting audit committees would resolve the issues which have sprung up for all the wrong reasons within AEGON for a specified period of time. Essentially speaking, leading and managing change is a difficult process which once undertaken can only rein in positive results for organizations and their top management realms. Hence it would be a good option for AEGON to enter the UK market and make a name for its own self which will be the basis of its success in the years to follow (Marshak, 2004:112). Body 1. Examining the Organizational Changes at AEGON and how these were Useful for the Company in terms of its Growth As far as the organizational changes at AEGON were concerned, these included the appointing of a new CEO within the UK market so that he can have a good enough understanding of the company’s work domains as well as past comprehension of how a sound business is run within the UK market. The appointment of the CEO for AEGON spoke of a philosophy which would tackle the nuances related with bringing in the best long term savings as well as protection business within the lengths and breadths of UK. This called for an obvious know-how of the UK market and how it changed its course on the part of the new CEO. His experience and vision would be enough to suggest how well AEGON would continue its course and how new ventures would be carried out within the UK market. The organizational changes aimed to find out where AEGON stood as a company within the minds of the UK fraternity, where it wanted them to perceive it within their ideological basis and how the gap needed to be plugged in order to fix it in the first place (Sugrue, 1999). This was clear from the approach undertaken by AEGON when it brought in a new CEO who was given the task to discern where anomalies existed and how these could be amicably resolved to bring in much success for the sake of AEGON in the long run scheme of things. The organizational changes at AEGON therefore pinpointed the need to have a new vision which shall carry forward the torch of AEGON worldwide and specifically within the UK market in terms of its growth and development. The end premise was related with reaching out to a completely new market form and to be more and more productive during one such process. For AEGON, these changes that were taking place on an organizational level were deemed as very significant because these resolved the ambiguities that the top heads at AEGON were seen discussing. It also envisaged the usefulness of these changes within the midst of AEGON in the UK market and how it will have positive trends developing within the scope of the UK market. There were immensely drawn outcomes at the end of the company’s growth curve which was estimated by the organizational top management domains and these were based on the premise of being as successful as possible within the new market (Schneier, 1993:87). 2. Identifying and Interpreting the Triggers for Change at AEGON and the Major Reasons why this Change was Necessary The triggers for change at AEGON included the cultural adaptations that it had to make in order to be sure that the UK operations were done amicably well. Since creating a cultural angle within a new territory is an inherent part of the change process, AEGON concentrated the basis for the UK market on this premise for all the right reasons. There was enough emphasis paid on this point because this change would appeal directly to the people for whom it was being coined and drafted in entirety (Ginzberg, 1957:77). They would appreciate that AEGON is speaking in their own language and hence a sense of credibility and ownership would come into the related equations. These elements are deemed as very necessary on the part of AEGON as it makes its way towards newer markets in the coming days as well. It would allow the internal and external customers to understand the philosophy of AEGON and devote their own selves whole-heartedly towards how things are done and shaped up within the domains of AEGON. One should believe this change was much required because it set the basis for finding out where difficulties would lie within the concerned areas and how these would be plugged to bring about a global good for the sake of AEGON in the long run (Rampersad, 2004:119). Identifying these triggers for change would essentially solve half the problem while the other half would be taken care of at the execution level, i.e. where the change will actually be made applicable in the form of a local level cultural understanding and adherence to similar standards that are in place within the UK market. This change premise helped the financial services to become better for AEGON and thus pave the way for reaching out to new customers who were untapped in the past. It also allowed on the part of AEGON to touch upon areas which were unexplored earlier yet now pose as potential domains for achieving immense success within the financial and economic industry. The major reasons therefore explicitly state how this change was able to manifest its own self in a truly localized setting. AEGON therefore must know exactly how this change will come about within the cultural angles and how its adaptation will be deemed as much necessary in order to further explore the UK market. The impact will be a long-lasting one as was deciphered earlier by AEGON. 3. Assessing the Actions of Top Management with respect to the Change Strategies that had been implemented and to determine the Impact towards the Company The top management at AEGON stood by the different dimensional changes made within the UK market. It asked for a better understanding of how things were and how these shaped up from localized stances taken on by AEGON from time to time. Since AEGON focused on a change which would reflect in the same manner within the UK markets as it did in United States and Netherlands the onus was always on setting up similar realms within this new territory to reach out to new publics and to cater on their financial and economic needs through customized packages and plans (Poole, 2004:53). This change strategy was in essence given the basis through an understanding that was derived with immense know-how of the UK market that remained as an important metaphor all along. The top management knew well that this shall solve the issues which were plaguing the company as it ventured into new markets and made their way towards solving the problems as these stood in the wake of AEGON become a partner with the public to address their financial and economic needs (Church, 2002:101). The disparities needed to be removed which was a plan that came about in the wake of this comprehension regarding the change management premise. The actions taken by the top management would bring about a very positive and deep impact on the company since they have taken steps to ensure that the newer markets are well secured and covered from all angles. They have appointed a new CEO within the UK market who will have a better understanding of how things work within this country as well as to give a much localized feel to AEGON. The top management knows that in order to move ahead further with the business undertakings and operations of AEGON within the UK market, it is of paramount importance to look after the needs and requirements of the people working within the AEGON’s offices in UK (Ngo, 2001:66). Hence for this reason, AEGON’s top management has devised ways and means through which it can reach out to both its new employees as well as the customers for whom it is in business to begin with. This will eventually help AEGON to move forward in a very positive way and help it to achieve new heights in the days to follow. The cultural basis for change would embody something of significance as far as AEGON is linked. Conclusion 4. Why Change was Necessary and an Elaboration on the same with regards to the given Case Study One should believe that change was much required at AEGON since it wanted to explore the UL market. Also the need of the hour was sought because AEGON was entering into a new market with a vision to reach out to new customers of financial products (Schmuck, 1995:122). It simplified the financial services and provided the customers with a very direct focus. It made the brand become more straightforward for its customers which helped the market to grow as a whole and come out distinctively clear than the competitors which were already present within the UK market. It allowed AEGON to have a name for its own self and build on the empire that already existed within the United States and the Netherlands. There was much to learn on the part of the AEGON’s top management so that change could become a reality for the betterment of just about everyone who was directly or indirectly engaged with AEGON. This case study details how the change fundamentally brought about a global good for the cause of everyone and how it played a huge role at making people aware of the presence of AEGON within the UK market. The difference was in the form of the financial services which were better than the competitors as the records spoke for their own selves within the United States and the Netherlands (Jedlicka, 1987:82). There was much to understand from how AEGON had made its name quite a reckoning one within the different markets where it had already existed. Moving ahead with this change discussion, one must know that change happening in any organization in this day and age is bound to receive criticism but if the company knows what it plans to do and how it will go about doing the same, there is absolutely no stopping such a change process to come about. The learning must be constant and there shall be no hiccups in the wake of the very same. All said and done, the change within AEGON was a very positive one as it touched upon some of the most significant areas which were left untapped as soon as it entered within the UK market. The top management played its role well and solved the issues which stood in the way of AEGON’s attainment of success. Bibliography Church, A. (2002) Organization Development: A Data-Driven Approach to Organizational Change, Jossey-Bass Ginzberg, E. (1957) Effecting Change in Large Organizations, Columbia University Press Jedlicka, A. (1987) Organizational Change and the Third World: Designs for the Twenty-First Century, Praeger Publishers Marshak, R. (2004) Morphing: the Leading Edge of Organizational Change in the Twenty-first Century, Organization Development Journal, vol. 22 Ngo, H. (2001) Organization Development and Firm Performance: A Comparison of Multinational and Local Firms, Journal of International Business Studies, vol. 32 Poole, M. (2004) Handbook of Organizational Change and Innovation, Oxford University Press Rampersad, H. (2004) Learning and Unlearning in Accordance with Organizational Change, Organization Development Journal, vol. 22 Schmuck, R. (1995) Process Consultation and Organization Development Today, Journal of Educational and Psychological Consultation, vol. 6 Schneier, C. (1993) Making Organization Change Happen: The Keys to Successful Delayering, Human Resource Planning, vol. 16 Sugrue, C. (1999) The Inner World of Teaching: Exploring Assumptions which Promote Change and Development, Falmer Press Read More