Crisis Management Strategy Competition and Change

Question: Discuss about the Crisis Management Strategy for Competition and Change. Answer: Introduction: The concept of change management is associated with the modification and reformation of business resources, budget related to the planning, its allocation, and the overall business procedure. This is a commonly used term in business in recent days. The reformation is attended in a planned way to profit the organization. This approach basically ensures the changes of the organization in successful implementation. This entire procedure focuses on the long-lasting impact of the changes in people and benefit of the organization. Therefore, the modification needs to be done in a planned way. Therefore, this study has attempted to foster over the specific issues and flaws that Australia and New Zealand Banking Group Limited (ANZ) has gone through. This is a 170 years old bank. It has undermined through a rapid up and down over the journey in this industry. Thus, change management procedure in respect with this financial organisation has been developed over this study. Transformation in the organisation in the tenure period of McFarlane The issues in the organization were regardless of the internal management. Even after the challenges due to the financial crisis, this organization stayed indignant. However, the contributory essence of the management provided a tough fight to the external issue. The management has adopted the change in accordance with the requirement of the situation (Gerth, 2013). Still dissatisfaction of the customers regarding the management was continued. This organization has adopted a strong position by creating clear accountability and a strong management. Moreover, it strengthened the balance sheet and took care on the liquidity improvement. Procurement was also taken to improve the customer perspective and its related resources. The procedures inevitably took steps for ensuring the better environmental prospect for the customers. Therefore the focal points of the customer have been changed and different circumstances have also been created (Williams, 2013). Change management procedure has b een applied by a number of organisations irrespective of the type and mission. The Hemisphere Country Council (HCC) has been noticed to the shared service model SAP Flori to its Integrate Business Centre (Deloitte.com, 2016). It is in respect with the estimated integration that evokes a change in procedure. This changes procedure is applied by the management by judging the essence of the situation and eventually it attained a remarkable benefit over the procedure. The procedure could not strengthen the internal management. As the financial crisis has impacted a lot on the customers, it was prior fact to gain back the trust. Therefore, the management has worked mainly on that. To facilitate so, the internal management had to tackle a huge pressure to secure their job. Therefore the number of issues created in regard with the employee dissatisfaction. The change management procedure evokes right decision at the right time. In case of Deloitte, the implementation of SAP CRM has enabled it to gain better procedure in repairing sideways along with the road sides. This eventually managed the construction of the organisation and balanced the workflow also (Deloitte.com, 2016). The improvisation impact is also attainable for ANZ in terms of elevating theory technological improvisation. The technical flaw is also a vital reason. The management has planned procedure in accordance with the calculation, which is said to be unfreeze' condition (Haslamet al . 2014). But the technological failure has made it difficult to provide the customers with approximate benefit and the regression remained the same. The management had to plan different to fulfil their target to gain back the customer base. The cultural change is a crucial problem in this regard. Therefore, the leadership approach needed to change. The management seemed to change the chief persons in regard to bringing prosperity. But the rapid flaws in adopting proper culture has fostered with different policies and technologies have inferred the system chronologically (Hwang and Low, 2012).The involved CEO and other professionals have contributed in changing the perspectives but to some extent, they too went under the impacts of old tradition or the rituals. According to Deloitte.com (2016), the application of SAP enterprise along with the change management plan has brought to on time delivery of products. This eventually helped in gaining back the confidence of the entire associa tion. This prospect is also helpful for ANZ too. The communication process is very much important for this organisation. Thus, bringing communication elevation in respect with technological elevation would deliberately help this organisation gaining remarkable success.Therefore, continual problem and challenges were at the core of the organization. However, the management had applied the related theories in prospect to the situation and attended remarkable success through it. The change management follows a distinctive stage and procedure. This is in respect to the purpose and aim of the organization. As suggested by Hwang and Low (2012, the inclined organization ANZ is evolved with serious issues of customer satisfaction and employee management. However, this financial sector has proved strong even after the Great Depression of 1930 and the Global Financial Crisis of 2007-2008. Therefore, this organization is proved to have a strong structure. The employee management skill is also strong. Still, the recent changes and procedure of policy, terms, and conditions have proceeded through a changed approach in debt policies (Boje, 2012). The financial challenges of this organization lie in lending money from other financial organizations to provide the loan to the customers. Thus, the organization is accompanied with adopting a major structure so that it might improve the focus of the customers on the service level. This is also commenced with the creation of more clear accountability and a strong management. Challenges faced in implementing transformation: After the huge global crisis of 2008, this organization has been divided into five distinguished sectors: Australia, New Zealand, Shared services, Asia Pacific and Institutional. This vast division has comprised of a huge cost management with the association (Hayes, 2014). However, the business corpse has elevated. Therefore a good margin of profit could be expected at a higher rate. Still, the operational issues in managing the employees and providing proper training were regular problems. Issues were also inevitable in delivering products and services of the bank to the retail customers in countrywide and in global dimension too. However, the core support division of this organization, Operations Technology and Shared Services (OTSS) manages and divides the systematic operation of IT and ORIS that is, Operation Risk and Information Security. This organization values shared contribution and unity. Therefore, risk and insecurity related to the shared data and information always remai n(Cummings and Worley, 2014). Moreover, the core value of this association is associated in being best at service and to value and respect the opinion of others. As stated by Frankland et al. (2013), this organization had to fall under the situations of bad debts in early 1990. Since that period, the management had initiated a versatile change. The changes in the organization were regardless of the poor structure of the organization. This situation has led it to change management policy and terms. Customer dissatisfaction was inevitable issues. The issues were the result of poor service management and delayed delivery system. Therefore, the management has undertaken policies of reforming the concept of dealing. The changes may come in different forms. It can be of internal issue and external issue both. Thus, a segmentation of changes has been seen in a procedure of ANZ in different stages (Quinnet al. 2012). As this is a financial organization, public dealings are inevitable factors. Thus, keeping men quiet and satisfied is the core essence of the organization. With this target, a breakdown of structures in regard to the employees and shareholders is also seen. The changes in the cultural, as well as technical aspects were also common. To console the expectation of people, dealing approach and handling customers' process have also been changed. A number of programs have also been attempted by the management to create public awareness and to make promotions. In order to solve out issues like breakout workshops, consulting and breakout charters, this organization has changed the team for the dedicated breakout and cultural transformation. The change of management has taken place to the different situations and crisis. Based on the systematic procurement, the management has applied the process of changing management. Even though the disillusionment regarding the employee satisfaction and customers demand were at peak (Van der Voet, 2014). Thus, the policies of employee motivation and refined employ management have been created. This helped enormously to the broader context of the organization. Breakouts were initiated to enhance employee engagement. This is regulated with a number of steps that include: employee motivation, the management of performance, skill, and talent. The entire process of change is done in a processed way. That undertakes a varied system (Keppel and Wardell?Johnson, 2012). There are a number of theories related to change management. In spite of adopting the breakout policy, this organization had to face problem regarding the employee integration, specification of the job, dissatisfaction regarding the job management and proper balance of all the revolved issues. The working hours are also a problem. However, to solve the work pressure problem, the organization has undertaken the decision of recruiting a number of employees (Hargreaves et al. 2014). This helped organization having the certain stability from the temporary issues. But the management had to change procedure of recruitment too. The employees observed to work for a very short period. There was disintegration regarding the management of different level of work distribution too. Therefore, the contemporary issues related to the organization had led the management to undermine the root cause and change the management for several times. Attributes of the key leaders and the analysis of role of leadership: The procedure of change management undermines some stages. Based on the Kotters 8 step theory, the first and foremost stage for change management inclines directly to the creation of urgency. This organization has observed to go in accordance with the specific requirement of the customers. Therefore, the management has identified the root cause of the issue and applied the procedures of change. This step is evident in managing a helpful balance with the upcoming issues (Gattermeyer and Al-Ani, 2013). According to the theory, the second step is inclined with the forming of a powerful coalition. This helps in detecting the problem and finally helps in evaluating it with the prospect of the organization. As the organization is related to financial transactions, this evokes a huge engagement of the customer satisfaction (Gandomaniet al. 2013). The perspectives of customers are prompt in changing. Thus, evaluating the performance generation in enraging the satisfactory level of the custom ers is very much required.This can be attained through an analysis of the buying behaviour and the matters to which the customers respond. This can be done by the leaders in the organization. In ANZ, the role of the managers and the transformation of the posts have contributed a lot in managing the procedures. However, the organization has been found to determine the related values of the central change by developing a summary of the issues (Geppertet al. 2016). This goes parallel with the third step of Kotters theory and puts emphasis on the creation of visionary change. Moreover, the concept of the performance was laid in creating awareness programs. Gradually is changed into the progress of employee performance, their needs and training. The enhancement of focus is inclined with employee motivation. The transforming focus on the view and central spirit has attended this organization a glorious phase (Nastase et al. 2012). This stage is encircled with developing the proper strategy for the organization. The next step of determining vision is regulated with the communication process to implement the visionary result. As the organizational perspective is dependent on shared vision, the management comes in form with an open discussion with the entire board. This evaluates the relative cause s of failure in functions. Further, the initiatives are taken in this step to ensure the long-term prosperity for the organization (Bernus et al. 2013). The fifth stage of this theory is associated with removing the obstacles. This inclines a direct way of eradicating the obligations(Booth, 2015). This involves the necessary initiative of coming in mutual point with the demand of the customers. Moreover, the organizational management initiated the procedures of satisfying employees through promotions and work discriminations so that it might keep their interest in the progression of a job. In order to promote marketing and sales, this focuses on the betterment of skill and dedication of the employees. The sixth step of the theory undermines the way of attaining success through a short attempt. This attempt is associated with the perception of accomplishing the fulfilment of the desire of the customers. Therefore, it succeeds in convincing the customers towards their service. This organization has been noticed to evaluate the way of the success they have attained. This complied measurement keeps on measuring the dedication level, applied technologies, improved skill. Thereby, the management has detected the chief flaw and maximum gap in attending the success. This helped in planning further concept and change management. This organization has worked accordingly to the concept of Kotter and thus it has manifested change in management (Lozano, 2013). The Lewins theory of unfreeze-change-freeze is also very supportive in this regard. The organization has been chosen the way of being alert regarding the change that it is inevitable. The changing modes of the customers were the common appreciation for the management. For that reason, the entire board was always prepared. Estimating the change, they planned different programs like Saver Plus, differentiation of thoughts and applications accordingly. This way the management focussed on the central process of cha nge and dissatisfactory issues and brought into the change in the management process. After attaining success over the procurements and changed management, the organization again come in form of refreezing the policies and terms. This benefited the organization balancing a good term in between management and the customers. Moreover, this approach has balanced the employee motivation too in the expected margin. Recommendations: In respect to the issues and challenges described in the study, a number of flaws have been detected. The organization could have avoided the problem if it would have had adopted some procedures in the change management procedure. Planning change: The focus of the management should have rotated with the change perception. The management has undertaken policies of changing the chief head of the particular post. But the change of planning in attaining target had not been adopted. Therefore, employee dissatisfaction has been raised as a serious issue. If the management had laid a balanced focus on employee and customer both, it would have benefited the organization up to the margin. Changed view: The management has not changed their approach based on the specific need of the environment and changing culture. Therefore, the advancement of technology had not been attempted. The non-adaptation of specific technologies has laid the organization far behind. The initiative needed to be subtle and convincing to the change of entire phenomenon. The change in technical revolution and changed perspective of the culture could have changed the brought to a dimension of the history of the organization. Changed leadership: The leadership that is the change of ownership and communicating management could have improved the system. The true will be there to improve the management and so as the entire procedure. But the lack of efficiency in adopting a change in accordance with the changed view and expectation of customer could have impacted the progress of the organization in a short term. Change in communication: If the organization would have adopted the different process of communication, it could surely impact the management in applying sources. As the base of this organization lies in communication mainly, the elevated prospect might be inclined in improving so. Conclusion: The change management is a key concept for all the successful organizations. This change needs a keen focus on the on-going factors of the external world. The change in the management can work only in the condition if it is done in accordance with the external and internal management both. This organization has been exempted to foster over the industry with a rapid change in its managements. However, the changes gradually brought to a revolution in the financial industry. 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