Forces of Organizational Change at Westpac - Case Study Example

Organizational Behavior Case Study: WESTPAC Name Date Course Table of Contents Table of Contents 2 Executive Summary 2 Introduction 4 Forces of Organizational Change at Westpac 5 Organizational Culture 8 Leadership theories 11 Employee motivation 15 Recommendations and Conclusions 18 List of References 20 Executive Summary Westpac is the second leading bank in Australia which was also the first bank to be established in the country in 1817. The company has put in place strategies that encourage its growth and development based on the past challenges. The operations of the company have been influenced by various internal and external forces of change. The forces of change that have influenced the company include depression, economic downturn and loss of capital investment, leadership changes, competition and economic activities such as the gold fever. The concepts of learning culture are also utilized at the organization. A new organizational culture has been put in place at the company and it plays a central role in promoting learning at the organization. Knowledge sharing and creation is enhanced at the organization. The company values employees and they are useful during the knowledge sharing process. The leadership at Westpac has mainly been transformational and it has contributed to the success of the company. The leadership has also influenced and directed change within the organization. The company has been able to meet the needs and expectations of the employees which can be explained through the expectancy theory. The concepts of equity theory have led to employee satisfaction and promotion of diversity. Employees of the company are involved in the process of setting goals. It is recommended that the company should keep focusing on customer care. Organizational Behavior at Westpac Introduction Westpac Group is one is the oldest and the first bank to be established in Australia. The bank was founded in 1817 and it has undergone a lot of growth and development. The growth of the bank has seen it open up new branches in different countries. Westpac Group faced some challenges in past which affected its growth but the leadership of the company played a significant role in steering the bank to success. Westpac is also one of the largest employers as it has about 37,000 employees operating in different parts of the world. The success of the company can be attributed to different factors. The growth factors are dependent on the strategies put in place by the management. The management team of any organization plays an essential role in determining its ability to succeed. Leadership at the bank contributed to its success (Shapiro & Hartge-Hazelman, 2014). The company has always hired effective leaders who have transformed the company towards the targeted objectives. Most of the leaders at the company have utilized the concepts of transformational leadership. Transformational leadership is important in ensuring that the organization is able to come up with new and innovative ideas. The employees of the company are also highly motivated and this has positively influenced the growth and development of the bank. The company has been able to put in place factors that promote enthusiasm among the employees in order to improve their performance. The organizational culture is important in terms of determining the ability of the company to meet the demands of the customers (Huczynski & Buchanan, 2013). The set culture determines how the employees relate to each other and with the clients. The organizational culture of the bank is focused on customer satisfaction. This has positively impacted the growth and development of the bank. According to Huczynski and Buchanan (2013), the level of customer satisfaction is high at the company and thus can be attributed by the organizational culture that was developed by the leaders of the company. The workforce of the company is composed of personnel who are aging. However, the company has been able to use the experience of the aging employees for the benefits of the organization. The company utilizes the strategy of workforce planning in order to manage its employees. The presence of a workforce planning strategy is important in ensuring that the employees can work together (Wilson, 2013). The success factors of the company are therefore based on its management strategies as well the efficiency in handling the human resource management issues. The company is also flexible in carrying out its operations. The paper thus discusses the organizational behavior issues in relation Westpac group which is one of the most successful banks. Forces of Organizational Change at Westpac The company has undergone a lot of changes since its establishment. The forces of change at the company have been both internal as well as external. In 1851, there was gold fever due to the increase in the gold mining activities. The gold merchants and miner had some financial needs which led to the bank entering the business. The company opened up a gold buying agent which greatly contributed to the success of the company (Westpac, 2014). The company was able to open up 37 branches within ten years as a result of entering in the business. Depression is also one of the external forces of change that affected the company. In 1929, the New York Stock Exchange collapsed leading to the depression (Weeks, 2012). Depression usually leads to slow growth and it has negative impacts on the banking sector. As a result of the depression, the company had to change its strategies in order to avoid losses. The changes were important in enabling the company to survive the great depression as many other organizations in the banking sector had to be closed down (Westpac, 2014). The changes within the organization have both positive as well as negative impacts. The economic downturn in the last quarter of the twentieth century is also one of the factors that contributed to the changes at the organization (Kurtz, et al, 2014). The economic downturn led to losses by the company and led to the development of the rejuvenation program. Under this program, the company made several acquisitions which led to an improvement in its capacity. The external forces play an important role in ensuring that the company is able to develop new strategies. This is also considering that the external forces are beyond the control of the company. According to Green and Peloza (2015), during the economic downturn, the company incurred losses when it was trying to adjust to the situation. The increased focus on the environmental issues is also an external force that led to the changes at the company. The company had to change its strategies and operations in order to ensure that it is aimed at promoting sustainability. The bank is involved in helping the customers achieve sustainable financial futures. The concepts of sustainability are usually considered in all the operations of the company and it has also contributed to changes in how most of the activities are carried out (Green& Peloza, 2015). New equipment had to be purchased by the company as a result of the changes. The need to reduce the costs is also one of the major factors that contributed to change at the organization. This is an internal factor and it was aimed at improving on the financial position of the company. The need to reduce costs led to the downsizing of the company (Thomson & Jain, 2012). Thousands of head office and administration jobs had to be cut as a result of the downsizing program. The company was also putting in place measures to freeze on outsourcing process in order to meet its goals and objectives of cutting costs. The pressure from the revenue of the company is also an internal force of change at the company. The company was under a lot of pressure to increase its revenue and hence leading to various changes including downsizing. Technology is also one of the internal factors that contributed to the changes at the company. The company was in the process of making an overhaul of its information technology infrastructure (Bosworth & Rich, 2013). This was for the purposes of improving on the provision of services to the customers. The New CEO of the company was also planning to digitize the company in order to improve its operations. The change in leadership at the company is one of the internal forces of change (Senadheera, et al, 2011). Each CEO of the company developed new strategies for the purposes of improving on the efficiency of the company. The new CEO of the company, Brian Hartzer intended to revolutionalize the company through digitization of the company. Gail who was the outgoing CEO at the time revolutionalized the company through transforming the organizational culture. The demand of the customers is also one of the forces of change affecting the company. The company had to make some changes in order to meet the needs of the customers. Customer satisfaction is an important aspect for any organization. Changes have to be made from time to time in order to ensure that the needs of the customers are met. Competition in the market is also an important external force of change at the company. The competition in the local as well as international companies is high and this has influenced change at the company. Competition is an influential factor in the market and every company has to put in place measures to ensure that it is competitive (Allen, et al, 2013). Organizational Culture The concepts of cultural learning play an important role in ensuring that the management and employees learn new things on a continuous basis. This enables the employees to come up with new concepts and hence contributing to the success of the organization. Gail who was the outgoing CEO of the company is credited for the development of the new organizational culture. The organizational culture at the company was mainly aimed at serving the customers and caring for the communities where the company operates (White, 2014). The concepts of cultural learning are useful in enabling the organization to be innovative. At Westpac, the organizational culture encourages flexibility which has contributed to the development of new ideas by the employees and the members of the management. Due to flexibility at the organization, workplace planning has been carried out successfully and it has impacted positively on the workforce of the company. The aging employees are treated well at the organization. The experience of the aging employees is usually well utilized by the employees and hence impacting positively on the development of new ideas and services at the company. Flexibility is an important pillar of the organizational culture at the company (Cameron & Quinn, 2011). This has led to improvements in terms of embracing the new concepts and providing high quality services. A learning culture enables the employees to share knowledge for the good of the organization. The process of knowledge sharing in an organization promotes close working relationship between the employees (Iivari & Iivari, 2011). The organizational culture at the company embraces diversity. There are diverse group of employees within the organization. The diversity is in terms of culture as well as age which have influenced the operations of the company. Through diversity, the organization has been able to come up with new ideas and services. In a diverse workforce, each group has its own experience and hence impacting positively on its ability to solve problems. Embracing diversity has also been useful to the company in ensuring that the experience of the aging employees can be well utilized in order to ensure that the customers are satisfied (Durie, 2012). A program was launched by the company for the purposes of investing in experience and promoting the retention of the aging employees. The culture at the company also promotes flexible working hours. This has impacted positively on the productivity of the employees. Cultural learning enables the new employees to embrace the organizational culture (Chatman, 2013). This has impacted positively on the brand image of the organization as the employees of the company are associated with the organizational culture of the company. In terms of organizational culture the artifacts are what identify the employees to the organization. At Westpac, the employees are identified with high quality customer care services. The creation of knowledge is an important aspect of a learning culture (Hartnell, et al, 2011). The diversity at the organization has played an essential role in the process of knowledge creation. This has led to the efficiency of the organization in terms of carrying out its operations. Customer focus is one of the main pillars of the corporate culture of the organization. The customers are usually given the first priority and adequate time to voice any of their concerns. This made it easy for the interaction between the customers and the members of staff to take place. The customers were also free to communicate with the CEO. The interaction between the customers and the employees play an essential role in enabling the employees to learn from the customers and hence improving on their ability to perform their duties (Naranjo-Valencia, 2011). The new culture at the organization also played an important role in enabling the employees and the members of the management to fully understand the culture of the community. It is through the learning concepts that the company was able to learn how to interact with the members of the community and meet their needs. The culture of the company played an important role in terms of ensuring that the organization is able to focus on the recruitment of the mature age employees. It is also important to note that the concept of learning culture enables the employees to carry out their operations effectively. The transfer of knowledge is an important aspect of a learning culture (O’Reilly, 2014). At the company the level of transfer of knowledge is high which has been instrumental in ensuring that the employees can meet the needs of the customers. The strength of the new corporate culture is its ability to improve the customer care services. The company has been able to enhance its ability to improve customer care services. The corporate culture of the company has promoted a good working relationship between the aging employees and the youthful employees. Teamwork at the organization has been enhanced through the new corporate culture of the organization. The success of an organization is largely dependent on its corporate culture (Alvesson, 2012). The organizational culture of the company has played an important role in ensuring that the public image of the company is good. A company is usually ranked according to how its employees conduct themselves. The conduct of the employees within an organization is dependent on the organization culture. The bank has been able to improve its level of employee retention due to the new organizational culture. This is considering that the employee turnover rate at the company was about 4000 employees every year (Johnston, 2010). The training of the employees is part of the organizational culture and it impacts positively on the ability of the employees to acquire knowledge. The knowledge acquisition by the employees contributes to the efficiency of the organization. The success of an organization is dependent on its ability to equip the employees with the required knowledge and skills (Chatman, et al, 2014). The level of motivation of the employees has also been improved with the new organizational culture. The organization is therefore set to achieve its goals and objectives due to the new organizational culture. Leadership theories The leaders at TBC Company were successful in making several acquisitions for the purposes of strengthening the position of the company in the market. Most of the key leaders expressed optimism that the company would be the largest independent company in the market. According to the leadership theories the leaders play an important role in ensuring that the company is steered towards the right direction (Tyssen, et al, 2013). According to the transformational theory of leadership, the leaders are supposed to provide solutions to problems and involve the employees in their processes. This is for the purposes of ensuring that the organization is able to prosper. Most of the leaders at TBC Company were transformational leaders who had a vision for the company. According to the expectancy theory, the leaders have to be achievement oriented. The leaders at TBC Company were achievement oriented which explains why the company made several acquisitions. According to the functional theory, the leaders have to contribute towards the success of an organization (Landis, et al, 2014). It is therefore the responsibility of the leaders to develop the strategies that contributes to the success of the company and this was the case of TBC Company. However, most of the leaders at the company were unable to react swiftly to different situations. The situational theory of leadership highlights the importance of leaders providing solutions to the organizations depending on the situation (Team, 2014). The company was able to come up with some achievements as a result of the leadership skills that were in place at the organization. Leadership at Westpac has an essential role influencing, directing and managing change. Most of the leaders at the company have been visionary and transformational. The presence of such leaders has contributed to positive changes at the company. During the early years of the company, the chief cashier was responsible for the theft of half the capital investment amount. This led to massive losses for the company. This is an indication that the action of the Chief Cashier who was a leader to the company led to negative changes at the company. According to the Narcissistic theory of leadership, some of the leaders are only interested in themselves (Schyns & Schilling, 2011). This can best describe the leadership of the Chief accountant. Every leader that has worked for the company has influenced change in several ways. Robert Joss who was the leader of the organization from 1993 and 1999 played an important role in terms of influencing change. He was responsible for the expansion of the company oversees through making several acquisitions. The acquisitions played an important role in ensuring that the company is able to increase its market share. The company was able to make more profits as a result of the change which is an indication that the leadership at the company was responsible for influencing and directing change. Most of the leaders at the company have been democratic which has played an essential role in ensuring that the company is able to meet its goals and objectives (Andersen, 2012). Gail Kelly was responsible for a lot of changes that was witnessed by the company. She was regarded as the best leader in the history of the company. During her tenure at the helm of the company, she was able to steer the company to success during the global financial crisis. The value of the share price of the company was strengthened as a result of her leadership (Kehoe, 2012). The company was also able to develop and it was ranked as the second largest. This is an indication that the leadership at the company played an essential role in influencing ad directing change. Gail was a transformational leader and was able to develop an organizational culture that was focused at customer service. This led to the total transformation of the company as customer satisfaction was achieved. The company was also able to increase the number of customers as a result of the changes that was brought by Gail. She was a transformational leader and was able to transform the organization. Brian Hartzer who was to succeed Gail was also planning to put in place measures that would lead to further changes at the company. Brian intended to revolutinalize the company through digitization (Gluyas, 2015). This is therefore an indication that the leadership at the company is responsible for directing and influencing the change. The leadership at the company plays a vital role in ensuring that the company is successful (Hannah, et al, 2014). The changes at the company were as a result of the leaders. Each of the leaders that were brought at the company came up with new concepts and ideas leading to the changes at the organization. Some of the leaders were situational and were purposely brought to the company to deal certain situations. According to the situational theory of leadership, some of the leaders are good at responding to certain situations facing the company (Lynch, 2012). The company has been successful in managing difficult situations that have contributed to changes. The leaders at the company are focused on ensuring that the company is able to satisfy the needs of the customers. The need to meet the demands of the customers has resulted to constant changes brought about at the company. The company has been able to deal with difficult financial times as a result of various external factors. However, the leaders have been responsible for the development of strategies that have led the success of the company in the difficult times. According to the trait theory, the leaders have certain traits that are acquired as well as natural traits that promote leadership (Schulenburg & Drury, 2011). As a result of this, the leadership has not been the same at the organization and each leader was responsible for the development of new strategies. The leaders at the company have also been able to develop change management strategies which have resulted to the success of the organization. The leaders at the organization have been able to inspire the employees to embrace change. Employee motivation The level of employee motivation at the company is high due to the strategies that have been put in place. All the employees at the company are treated equally regardless of their age. According to the equity theory, the employees usually strive to develop a relationship between their inputs and the outcome that they obtain from the organization. The theory further indicates that the employees usually feel motivated when they are treated equally within the organization (Greenberg & Cohen, 2014). At Westpac, the retirement age of the mature employees has been increased and the aging employees are also provided with better quality of life (Maiden, 2014). The equal treatment of the aging employees plays an important role in motivating them. The company is known for its strategy of recruiting the aging employees who are encouraged to work freely with the other employees. The experience of the aging employee is usually utilized at the company for the purposes of mentoring the younger employees. This strategy has played an important role in making the aging employees feel that their input is valued at the company and hence impacting positively on the success of the motivation process as outlined by the motivational the equity theory. The concept of diversity is embraced by the company when it comes to the workforce. Embracing diversity ensure that the employees are treated equally regardless of the background (Liondis, G, 2013). The working conditions of the employees have been improved due to the equal treatment of the employees and the concepts of diversity. The number of aging employees in the company has been on the increase over the years and the company currently has about 24% of employees who are of a mature age. The ability of the company to attract the aging employees is an indication that it is able to meet their needs. The mature employees also feel that the company is providing them with the output that they require which has been highlighted in the equity theory. The situation is also the same for the other employees as the company does not discriminate against them. The remuneration of the employees at the company equals the work that they do. This plays an important role in ensuring that the employees are highly motivated and retained within the organization (Kwon & Jang, 2012). According to the expectancy theory, the individuals will behave in a certain way because they are motivated to do so (Lunenburg, 2011). This is because the individuals are may benefit from behaving in a certain way over other ways. Motivation is therefore considered a product of the expectations of the individuals. In terms of the performance, the employees usually expect to be rewarded if they perform their duties well. At Westpac, an Employee action group known as SAGE is in place for the purposes of determining the expectations of the aging employees (Australian Government department of Enployment, 2015). The expectations of the employees are usually used for the purposes of meeting the needs of the maturing employees and hence acting as motivational factor. At the company the employees are also provided with flexible working hours to as to ensure that they are more productive. This is common among the mature employees who are also provided with flexible working hours which motivate them. The mature employees usually expect to be treated with some form of decency due to the contributions that they make at the organization. The company has been able to meet the expectations of the mature employees and hence impacting positively on the motivation process. Westpac is the only company that has introduced a grandparental leave in order to meet needs of the mature employees. This has impacted positively on their motivation. The employees at the organization are also rewarded for good performance and hence motivating them. The company has been able to meet the expectations of the employees which have impacted positively on the motivational process. In most cases, the employees usually expect to the company to put in place measures to promote career advancement. The career of the employees is usually advanced through the provision of training opportunities. The training opportunity that is offered to the employees has a positive outcome on the expectations of the employees. The customer care at the organization has been enhanced through the positive behaviours by the employees (Gluyas, 2015). The employees usually treat customers well as it is expected that the way they handle the customers determines their performance. This is an importance concept of expectancy theory as the employees are motivated to act in a certain way that is acceptable within the organization (Liao, et al, 2011). According to the goal setting theory, an organization has to come up with goals that are measurable for the purpose of ensuring that it meets the needs of the employees and the customers (Latham, et al, 2011). The goal setting theory requires that the motivational goals of the organization must have various elements which include clarity, commitment, challenge, complexity and feedback. According to the theory, the employees have to be involved in the process of setting the goals in order for the process to be effective. The employees are usually motivated when they feel that they are part of the goal setting process as they will be directly involved in the process of attaining the particular goals. At Westpac, the company has been undergoing a lot of changes as a result of the goal setting process. However, the employees are usually involved in the goal setting process. The consultations with the employees enable them to voice their concerns with regards to the goals being set (Griffin & Moorhead, 2011). This plays an important role in motivating the employees as they are part of the process. The goals that are set within the organization are usually realistic which makes it possible for the employees to attain them. This is further enhanced by the presence of a flexible working environment enables the employees to meet the goals that are set by the organization without necessarily exposing the employees to undue pressure. The operations of the company have been impacted positively as a result of the motivation of the employees. Recommendations and Conclusions The performance of the company has been good over the years but it is recommended that more strategies should be put in place so as to enhance their capabilities of the company. It is recommended that the company should develop an effective change management strategy which should be reviewed on a continuous basis. This will play an important role in ensuring that the company is able to cope with changes that are brought about by the external and internal forces. It is recommended that the company should continue embracing the new organizational culture that was developed by Gail. This is aimed at ensuring that focus is placed on the customers as well as the community. It is also recommended that the i8ssues of sustainability should form part of the organizational culture. The company should continue putting in place measures that motivates the employees so as to improve their performance. The motivational strategy of the aging employees should continue but other strategies for the youthful employees should be put in place. It is recommended that the company should also consider downsizing so as to reduce on the expenses incurred. It is recommended that the company should continue recruiting the transformational leadership so as to ensure that the company is steered to the right direction. The concepts of employee engagement should be enhanced at the company. This is for the purposes of ensuring that the employee turnover rates are reduced. It is recommended that digitization should be carried out at the company in order to enhance the operations and improve the service delivery. In conclusion, it is evident that the company has been able to achieve tremendous success over the years due to the strategies that have been out in place. The company has experienced various changes which had both positive and negative impacts on the company. The forces of change at the organization have been both internal as well as external. It is also apparent that the company has suffered some loses in the past but it has been able to overcome the losses due to the strategies that are in place. The company has been successful due to the presence of transformational leaders. Each of the leaders at the company was responsible for various changes that were put in place. It is evident that the company highly values the aging the employees. Different strategies have been put in place to ensure that the skills of the aging employees are utilized. The employees of the company are also highly valued to the organizational culture that is in place at the company. Flexible working conditions have been put in place at the company for the purposes of ensuring that the employees can carry out their duties effectively. 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