Motivating Employees for STP Project Implementation

The assignment discusses the implementation of change management in the STP project to overcome resistance and ensure a smooth transition from old processes to a technologically-enhanced system. It highlights the importance of Kotter's eight-step change model, emphasizing the need for senior management involvement, employee orientation, phased implementation, short-term wins, consolidation, and anchoring changes. The key learning points include the benefits of considering change management in ensuring a successful project implementation.

Straight Through Processing
Strategic Management of Project

Table of Contents
A. Student in Work Role............................................................................................................2
B. Unit Concepts and Principles (Selection of Relevant Concepts)..........................................3
C. Reflective Assessment: Ideas and Insights............................................................................7
D. Key learning points and actions..........................................................................................11
E. Critical reflection on the assignment process......................................................................12
References................................................................................................................................13

A. Student in Work Role
Strategic management of projects refers to selecting, nurturing, and delivering the projects
within the organization effectively. The ability of managing the project strategically within
the organization bypasses the basic project management and more focus is kept on the project
delivery capability that can lead to accomplishment of organization’s strategic objective. In
the current paper, the author analyses the implementation of Straight through Processing
(STP) System within the organization. The author has spent appreciable amount of time as
head of payments and settlements. The author was working as a senior associate settlement,
in the investment bank as a team leader. The responsibility was to make sure all transactions
are complete without any error or delay. The general focus of the author was to ensure that
the organization is shaped and taken ahead in coordination with the changing standards of the
industry. The key focuses were management of office settlement processes, management of
documents related to on-boarding preparation and issuance, handling client relationship
management software and associated systems within the organization. Also, the responsibility
was to make sure all transactions related to the department are completed without any delay
or errors.
Straight through processing is a step towards improving the speed with which the financial
companies handle the everyday transactions. With the help of this process, the financial
organizations will be able to save their added effort of filling the same client information over
and over again during the settlement process (Simmons and Dalgleish, 2000). Through this
process, the information can be entered once into the system and can be passed over to the
other concerned parties at each stage. The organization which is under assessment uses T+3
trading settlement options, where T is the time the transaction was entered and 3 is the
number of days it takes before cash and other financial instruments exchange hands. It is

lengthy, time consuming, prone to errors and high risk due to the operational dependency on
manual data entry by employees.and tiring for both, the company employees and the
customers. In the T+3 process, the employees manually enter and record the client data and
related transaction data and follow-up further proceed with the further process. The entire
completion of T+3 process takes three days to complete (Yang et al, 2014). However, the
new system will eliminate the need of human intervention and make the process smoother
and a settlement can be completed in one day. Automating the process also reduces the
potential for costly errors that increase the bank’s exposure to operational risk. The complete
elimination of the human intervention is not possible, but it can be reduced to minimum. This
system will help in streamlining the transaction processes at various checkpoints.
The company set out to implement the new system throughout the organization based on the
five steps to implementation for implementing aof project,: that are 1) imitation, 2) planning,
3) execution, 4) monitoring and controlling, and 5) closure. The final goal of the project was
the implementation of STP Project as soon as possible, and the deadline defined for the
project was six months. As per for the various aspects of the project was concerned, most of
these were moving ahead appreciably well. The company had a proper plan for the project,
with the right scope, budget and necessary resources. for the project, and it has planned the
entire budget and other resources for the project.
As the project progressed, the team found that some aspects The gradual progress of the
project led to the finding that the implementation of the project is getting were more
challenging than it was initially anticipated. The cause of the main challenge was getting the
cooperation of key staff who were concerned among the employees that the new system will
result into numerous job losses within the company. There was little to no acceptance of the
new system within the organization. Despite the best laid plans, everything of the project in
place, the project was not moving ahead due to the employee resistance. After several weeks,

it was identified that the this key issue was identified, and the team implemented is with the
implementation of an appropriate change management process within the organization prior
to moving ahead with the project. The project manager had not anticipated the resistance and
therefore did not plan for no steps were taken regarding the change management.
B. Unit Concepts and Principles (Selection of Relevant Concepts)
Having observed the project, The consideration of project situation and being a live observer
of the project, it was clear that can be stated that the effective management of change within
the organization was required. The project manager failed to understand the need of project
stakeholders and took action that led to the project to fall flat. It was found that the employees
at the senior positions, who were assured that their jobs are secured, tried to participate
actively in the project implementation process. However, the mid-level and junior employees
who were at the middle or bottom level, considered the change a threat to their livelihood and
thus backed out from cooperating with the project team.supporting the project.
Here, it can be stated that as the project was to be implemented within the organization,
therefore, For the project to succeed, it was important that the employees reflect active
participation to the project. Theiris resistance required that the project manager revisit the
entire project implementation from the beginning and to let the heat settle down. This led to
the delayed project implementation and thus impacted the defined project budget.
Here, citing the situation, it can be stated that the key challenge was ofan appropriate
considering of plan for change management. A good change management, directed and
supported by the senior management, is necessary within an organization when a substantial
sizenumber of employees are likely to be impacted. Therefore, the author has tried to narrow
the focus of the study towards change management in the STP System Project
implementation.

Which concepts, principles, tools, techniques, models (MBA and wider research) apply
to this situation?
In the current project scenario, the project manager initiated the project appreciably well.
However, the failure to anticipate the need for appropriateof right change management
delayed to the project to an undefined duration. Therefore, the need of change management
was of utmost importance into the project’s success.
The concept of change management refers to effectively managing the changes within the
organization to ensure that smooth transitioning from one phase to another can take place
(Wheeler and Holmes, 2017). There are various change management processes suggested by
the researchers. Some of them are Lewin’s change management model, Kotter’s eight step
change model, and others. Each of the change models has its own merits and demerits.
Therefore, in the current situation, it has been identified that the Kotter’s change model can
be applied appropriately. The reason behind the selection of the Kotter’s change model is the
understanding that in the larger organizations where stakes are very high, it is important to
make gradual changes instead of rapid changes (Kotter, 1995). The Kotter’s change model
acts on similar philosophy and therefore, this model has been selected (Pollack and Pollack,
2015). The diagram below shows eight steps in Kotter’s change model that can be utilized by
the organization to implement the change.

Figure 1: Kotter's Eight Step Change Management Model ()
In this change model, the first step is to create the urgency among the employees regarding
the requirement of the change in the organization. This step suggests creating an environment
within the organization that reflect that for the survival of the company and everyone who is
working within the company, the change is necessary. The next step is to form a coalition,
that is, the management is required to build one or two groups who can spread this idea
throughout the organization. This ensures that the environment towards change is maintained
(Wheeler and Holmes, 2017). The next step is to prepare a vision that can be shared with the
organization. It is important that the need for change must be aligned with the future vision of
the company. This will help the employees to hold on to something.
The next step is to communicate the vision to all the employees within the organization and
ensures that they are on the same page. It has been found that despite better communication
of vision, organizations can still face resistance at different corners of the organization. The

next step suggests removal of these obstacles through methods like pay increase, reputation
build up, and others. The next step is to start implementing the change in a phased manner,
but phase wise and and incrementally observe the success rate. The next step is to strengthen
the change and take it further. In the last step, the management is suggested to anchor the
change throughout the organization, while keeping in consideration previous steps.
What is the strength of these concepts and principles?
The strength of this concept is that it allows the management to make a phased
implementation of the project. It helps in understanding that whether ensure the project’s
success will be successful. If a project is found to be successful at the first implementation
phase, then it can be replicated throughout the organization. Moreover, the Kotter’s step
change management model helps the management in to appropriately manage the employees
and their any form of minimise resistance. In addition, the model also helps the management
in handling uncooperativethe rogue employees through various methods (Tan et al, 2016). If
the current situation of the STP Project is considered, then it can be stated that the project was
facing resistance and the use of right change management techniques could have reduced the
resistance. This is where the Kotter’s change model comes into picture.
The Kotter’s change management model also requires the active involvement of the senior
management to ensure that the right environment is built around the need for change. The
need for the involvement of the senior management is that it creates an environment where
employees understand that something very important is under process and that it is necessary
to take place for the betterment of the whole organization (LeStage, 2015).
Another appreciable aspect of this model is that it does not require any major change in the
orientation of the management. The management will be able to implement the project
change throughout the organization within the same hierarchical process. The key is to ensure

that the employees at all the levels within the organization accept the change that is to be
made within the organization. It is true that this model takes longer than usual time in
comparison to the other methods such as Lewin change model and others. However, this
method ensures that the implementation takes place gradually and effectively.
C. Reflective Assessment: Ideas and Insights
The use of change management methods within the project is an important element to ensure
that the project gets implemented successfully. As stated earlier, there are multiple
approaches that can be considered to implement the required changes within the organization.
However, based on the current situation of the organization, Kotter’s eight step model is
selected for the assessment. In this section, the situation of the organization at the time of the
project implementation will be assessed in reference to the Kotter’s change model. To ensure
that the project implementation takes place successfully, the company should have used the
change strategy. The change strategy requires that the project manager considers all the
variables that are likely to impact the change or the variables on which the project will leave
impact after the implementation. However, the project manager never considered the fact that
there can be anything like resistance within this company.
Step 1: Create Urgency
The first element while implementing the change is creation of the urgency throughout the
organization. The company should have first identified the employees who are working
within the organization and then worked towards their motivation on building a sense of
urgent project implementation. This can be done by spreading the information that the
installation of new STP system is important for the future of the company. Instead of dry
message, the company management should have been called for to bring in some emotional
response (Wheeler and Wheeler, 2017). The employees should have been brought to the

belief that the implementation is of high priority else the company will be out of the business
due to the highly competitive market. The employees understand that their survival depends
on the survival of the company. This could have brought more support than challenges.
Step 2: Form a Coalition
The spreading of the information regarding change would have given enough hints about who
are with the change and who are against the change. The project manager, along with the
management, should have identified few key individuals or influencers who are with the
change and formed a group. The group should be formed by the employees of influence and
few corporate influencers should be brought from outside. This will give an added impact.
The responsibility of the group should be to keep the momentum of discussion regarding
change going throughout the organization. The increase in the level of discussion among the
employees about the positives of change will gradually impact those who are still confused
on whether the change is good for them (Wheeler and Holmes, 2017). With passing time, the
most part of the organization can be covered with this effort.
Step 3: Create a vision
The Mmost important action the company should take while implementing the change in the
organization is regarding involves the vision for the change. It is obvious that when there will
be news of change within the organization, then the employees would want to something to
hold on to that can promise them better future prospects. This can only be achieved if the
project manager or the management promotes the project withcomes with a vision. The vision
for the change in this scenario can be the improvement in the work culture, improved
compensationsalary, and more learning. Vision can be composed of anything which is more
likely to motivate the employees towards the change. The vision should be clear, concise and
easy to remember (LeStage, 2015). The level of complexity in the vision might confuse the

employees instead of motivating them. In addition, it should be ensured that the interpretation
of the vision should be linear instead of varied as it can be construed differently by the
different group of employees and may poorly impact the effort of change management.
Step 4: Communicate the vision
It is important that the management spreads the vision throughout the organization. This
activity should not be a one day effort. It should continue with the help of coalition team. The
management and the team should ensure to conduct formal meetings to spread the vision. In
addition to this, the vision should be kept alive in informal discussions whether it is as a
water cooler discussion or discussion in the canteen (LeStage, 2015). The communication
should be subtle and not over-imposing; else it will leave a negative impression over the
employees. The team can use informal communication channels such as the internal blog
portal, and other subtle channels.
Step 5: Remove Obstacles
It is quite obvious that not everyone within the organization will accept the change even after
the methods discussed above. In such situation, the management can take additional ed effort,
such as of either to keeping such employees isolated from the rest of the group or providinge
them monetary incentive to support the change (Grant, 2016). It should be ensured that the
management motivates such employees with the benefits that are desired by them. It is
possible that one some will find money as the motivating factor, while others will be happy
with something else. Reshuffling the entire employee groups’ sitting pattern in a manner that
few resisting employees are surrounded by agreeing groups can bring the expected change.
Step 6: Create short-term wins

After ensuring that the environment to make the changes is ripe, the project manager should
move ahead with the change. However, the project manager should make one small time
change at a time, as the current organization is huge in size and this making too many
changes at once maymight disrupt the entire process. Therefore, phased implementation is
suggested (Grant, 2016). The project manager should begin with the department or the
section which is negligibly resisting change and is smaller in size. In such department, there
will be high probability of successful implementation of the project. This short-term win will
boost the morale of the entire project team, and motivate them to go further.
Step 7: Consolidate the change
The management within the organization should keep on building on the changes that will
take place after the short wins. The vision should be communicated regularly, either formally
or informally. Otherwiseelse the employees might forget the changes and the resistances will
again resurface (Grant, 2016). The positive environment should be kept positive towards the
change untill the completeall targeted changes are implemented.
Step 8: Anchor the changes
Another important element that should be kept in consideration is anchoring the changes. The
company can anchor the changes by ensuring those norms and values are brought into the
picture, which that is important for the survival of the change. The management can promote
the deserving candidates, eliminate the rest, and modify the rewards structures to adjust to
new processes. The right training and development activities should be brought in the picture
so that the employees do not feel detached from the new system (Grant, 2016). All the other
processes, procedures, rules and policies should be removed that are is likely to hinder in the
continuation of the new changes should be removed.operational activity.

D. Key learning points and actions
The major benefits of the consideration of change management within the STP project
implementation will be the smooth transitioning of the company from old processes to a
technologically-enhanced based fast system that can help it grow and handle increased
volume with more speed, efficiency and accuracyfurther. The change management can be a
huge driver to ensure that the changes are made as per the requirements.
Changes need to be made
To successfully implement change management in As per the use of change management in
the STP Project is concerned, the involvement of the senior management in the change
process can be the is the first major change that has to be brought in by the project manager
(Huges, 2016). The rest of the changes will naturally follow become the resultant after the
project manager details on the necessity of eight step model implementation to sort address
the current resistance. The key change at the organizational level is bringing to bring the
change in the orientation of the employees regarding the change. It is to beimportant to
ensured that key the employees are ready to accept the change before the project gets
implemented.
Actions necessary to produce those changes
The mManagement needs to engage with the project manager to previously discussed
Kotter’s eight step change model. This includes formation of team, vision, and spreading the
positive information regarding the change throughout the organization to build the
environment for change (Tan et al, 2016).
Ways to know actions are successful

The successful implementation of the STP project in the first few initial phases will give an
indication that the change management is working to becoming a successful attempt to
resolve resistance.
E. Critical reflection on the assignment process
During the entire process of building the assignment, I learned a lot. It helped me connect the
theoretical concepts to the actual organizational settings. Moreover, it helped me visualize the
impact of each of the actions that may have on the employees in response to the
implementation of the change models. It also helped me deeply understand the organizational
dynamics and the way various political aspects work. Moreover, it helped me understand the
reasons that lead the people to resist particular changes.
While working on the STP project, I learned various important things such as the way STP
can reduce the wait time and increases the capacity to handle customer transactionshandling.
The organization will be able to handle more customers transactions in the short amount of
timewith increased accuracy, less operational risk and quicker settlement time. This will
ensure that the profitability of the organization can increase through the increase in the
capacity to level of service for the serve more customers.

References
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Two commerce sq, 2001 market st, philadelphia, pa 19103 usa: lippincott williams & wilkins.