Change Management Initiative

Running head: CHANGE MANAGEMENT INITIATIVE
Change Management Initiative
Name of the Student
Name of the University
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1CHANGE MANAGEMENT INITIATIVE
Table of Contents
Introduction................................................................................................................................2
Change management Overview.................................................................................................2
Core Culture...............................................................................................................................4
Resistance to change..................................................................................................................7
Awareness to change and strategy evaluation........................................................................8
Key Performance indicators.................................................................................................10
Conclusion................................................................................................................................10
REFERENCES.........................................................................................................................12

2CHANGE MANAGEMENT INITIATIVE
Introduction
The Hong Kong and Shanghai banking Corporation better known as HSBC is of the
largest banks in the world. They have earned the title of the “World’s Local Bank” for their
steads that they have made in the terms of Glocalisation (Koller, 2007). It can be said that an
organisation has been successful in achieving glocalisation when they have been able to
achieve the feat of Thinking globally and acting locally (Porto and Belmonte, 2014). The
latter should be the vision of multinational corporations across the world. Thus, it can be
opined that, this drive of the company has separated the company form its competition.
HSBC was established in 1865 and since then they have operated in the market and have
established branches all across the globe. The bank has a customer base of approximately one
hundred million and have approximately 9500 offices across the various countries. The
company was recognised as one of the first global banks after they formulated the “Managing
for Value”, campaign back in 1998. The vision was formulated by the bank in order to
maximise stakeholder satisfaction. It has been found out that the company have been subject
to change even since the beginning of the twenty first century. The company have
incorporated various change management initiatives which are targeted towards increasing
the corporate governance, boosting the internal processes within various branches that the
bank is established in. The paper will discuss the change management initiatives that have
been incorporated by the company in terms of employee engagement and other. The paper
will also highlight the barriers to change that have been faced within the company, the
awareness to change that the company has promoted and the key performance indicators of
the change management process.

3CHANGE MANAGEMENT INITIATIVE
Change management Overview
A change initiative is taken up in order to change the operations that take place within
an organisation. HSBC initiated a change management campaign in order to gain competitive
advantage in the market. A change initiative plan is needed when companies expand beyond
the territories (Shirey, 2013). Thus, the requirement for a change management plan was
evident within the HSBC when they opted to expand their business to Brazil, China and
India. Other than gaining competitive advantage, the change initiative was undertaken by the
by the bank in order to enforce their value proposition of the company in comparison to the
competitors. The aim of the bank was to increase the base of customers, reduce the costs that
are associated with their services, automate the processes, improve the delivery of their
service and engage the employees of the organisation, as the organisation realised that
employee engagement can help in achievement of the latter (Breevaart et al., 2014).
Furthermore, the company also included environmental sustainability in their initiatives. The
company rightfully identified the importance of employee engagement and included a four
step model which comprised of monitoring the attitude of the staff, enforcing the importance
of Managing for value and educating the employees about the motives of the company.
Moreover, the initiative can be justified as the company found out that they needed to carry
out the aforementioned strategies, as they identified that the employees were expressing
negative attitudes towards the change initiatives that were being undertaken by the company,
and it was also identified that the employee failed to realise the managing for value
proposition of the company.
It can be opined that the company can implement the change management plan
according to the McKinsey 7-S model and Kotter’s theory. The initiatives of the company
can be aligned perfectly to the aforementioned perspectives of change management. The
Kotter’s theory revolves around processes such as creating an urgency for change within the