Change Management in Organization - Report

Added on - 28 May 2020

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CHANGE MANAGEMENT
1EXECUTIVE SUMMARYIn the present business environment there are several changes that are done by thefirm so as to assure that their growth of the firm remains on the higher side. It is essential thatfirm manage these changes so that it does not pose any negative impact on their operations.Managers and leaders have to face many kinds of challenges or resistance while thesechanges are taking place. Various approaches are adopted by leaders for making changes.Success of organisation generally depends on the leader’s attitude and methods to lead aswell as manage and direct this change process. In this report the change management done byMcFarlane inside ANZ bank has been illustrated.
2ContentsEXECUTIVE SUMMARY...........................................................................................................................1Contents................................................................................................................................................2INTRODUCTION.....................................................................................................................................3Organisational transformation during McFarlane’s tenure at ANZ bank...........................................3Challenges for managers in implementing transformational strategies............................................5Attributes of leadership.....................................................................................................................7Conclusion.............................................................................................................................................9REFERENCES........................................................................................................................................10
3INTRODUCTIONIn any organisation there are several kinds of changes that take place from time totime. It becomes essential that all companies manage their changes in an effective manner(Cameron and Green, 2015). This is due to the reason that most of the people do not wantchanges to be done. It is the role of the management to check it so that changes can beeffectively incorporated and hence do not pose any kind of difficulty in the production orefficiency. Other than this there are many kinds of challenges that are faced by the companiesall these have to be properly taken care of so that there must not be downfall in theproductivity of the firm (Harvard Business review, 2018). Australia and New ZealandBanking group is one of the five biggest banks in Australia and proved them to be one of themost successful companies in the country. This report highlights various kinds oftransformation in ANZ bank. It also showcases the hardship manager face whileimplementing change strategies.Organisational transformation during McFarlane’s tenure at ANZ bankAt the time when McFarlane was appointed as the leader of the company this firmwas facing several kinds of challenges like bad debts, branch closures and financial loss. Hecame and understands some of the facts regarding some of the bad policies of the companylike there were lack of Women at the senior position of the branches. This company wasperforming badly in terms of CSR responsibilities. Apart from this there were many closuresthat have been done by the firm. All these had negative impact on the employees andcommunity that ANZ bank’s performance is on the lower side. Some of the transformationthat he brought to the organisation is as follows:Cost cutting drive: He assured that branches makes cost cutting in a better way. Forthis purpose he made employee retrenchment in which thousands of workers lost theirjobs. He believed that in place of reducing wages of employees, it is better to reducethe volume of staffs as he supported increase productivity and pay them well.Reducing bank risk profile: He reduced the bank’s risk profile by bailing out theinvestments that is done in the emerging markets.
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