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Management of Change - OPEN24 - Essay Example

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Summary to essay on topic "Management of Change - OPEN24"
OPEN24 is an Athens based subsidiary of Eurobank which has been actively operating for over four years which, since its conception, has experienced rapid growth by the introduction of new and unique products in the extremely competitive banking sector. The bank, through their highly motivated and aggressive sales department offers this unique banking product for small to medium sized enterprises and thus has a current competitive advantage by offering something that no other bank in Greece does at present…
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Download file "Management of Change - OPEN24" to see previous pages... Increasing competition in the marketplace combined with rather draconian cultural internal problems such as bureaucracy, poor communication, and perceived lack of personal job advancement possibilities has led our group to a reassessing process of the market demands and a reshuffling within the organization.
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OPEN 24 has two main aims: a- Increase the number of financial advisors to 300 and thus, even more aggressively gain a higher share of the Attica market, and b- expand to the provinces within the current year, establish itself to the major cities, i.e. Patras, Heraklio and Volos, and get a fare share of the local markets before the competition moves in.
Change management is the process of developing a planned approach to change in an organization. The main objective is to maximize the collective benefits for all people involved in the change and minimize the risk of failure of implementing the change. Change management can be approached from a number of angles and applied to numerous organizational processes. (Worren, Ruddle and Moore, 1999)
One The main problems that the department faces and can prevent from the above mentioned plans are the following:
Strict Management that creates employee dissatisfaction thus, high employee turnover ratio.
Bureaucracy which slows down procedures.
Poor communication.
Perceived lack of personal job advancement possibilities.
Structuring the Department
One of the first attempts to avoid conflicts among FAs was the creation of a Customer Database. It was a customized software that the operators could input all potential and existing customers. Then the following procedures were applied:
Phone Calling Management- FAs were making phone calls for two hours every day, 9-11. Lists that were to be reached were inputted in the Data base. By logging into the system, the managers could get a report any time they wanted of how many phone calls each of the FAs have done, how many prospects have been contacted and how many appointments were fixed.
Rendezvous Management- A call center team of 4 people was created to back up this procedure. Before an FA visits a prospect, the call center confirms the appointment with the customer and then calls and informs the FA to go to the appointment. After the appointment has been completed, FAs should call the call center and report back. The final stage is when the call center calls the visited customer and does a quality check of the visit. After that, a report with all above information is created and emailed to the Sales Manager.
All the above procedures are taking place with the help of the above mentioned Data base. The idea of creating such software and the procedures ...Download file "Management of Change - OPEN24" to see next pagesRead More
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