Strategy and Change management (HSBC Bank)

Strategic and change
management

Table of Contents
Introduction......................................................................................................................................3
Main Body.......................................................................................................................................3
Conclusion.......................................................................................................................................7
References .......................................................................................................................................8

Introduction
Strategic change management refers to the process through which managers at business
firm regulate workforce operations contrasting to fluctuating business environment. The given
strategy facilitates series of business operations in a systematic manner to attain desired goals
and objectives of corporate firm. For the given report, operational working at HSBC bank is
being taken into consideration. The said bank operates as a British multinational financial
institute with its existence since 1865 and was founded by Sir Thomas Sutherland. Provided
report document will highlight several strategies adopted by the bank in respect to market
fluctuations seen in business environment (HSBC Group, 2021).
Main Body
The term strategy in its general sense refines its basis to achieve desired goals being set
for short term or long term by an individual or a group of individuals. Given word is derived
from Greek word "stratcgos" in which "stratus" means army and "ago" refers to moving or
leading. In relation to HSBC bank, managers of financial institute devise effective business
strategy that provides them with benefit of Boosting sales as, formulation of effective business
strategy will provide better basis of working in form of being responsive towards costumer
demands thus, increasing sales for the corporate and also establishes clear Vision for future as,
manager at HSBC bank can ensure establishment of clear vision towards attainment of desired
goals and objectives (The advantages and disadvantages of strategic management, 2021).
Provided strategy in the business firm can simply business tasks and clarify several methods for
their achievement or completion as per required standards (Lu, Toms and Wei, 2021).
William F. Glueck formulated several models of strategic management. Noel Quinn
being current CEO of HSBC bank uses this model to filter company's strategic decision-making
process. Phases of model include, strategic management elements, managers at HSBC bank
determine their goals, mission and values from operational activities. In the next step, impact of
opportunities and threats is being diagnosed. Proceeding phase deals with choice of strategic
actions which is supported by implementation of policies and plans. Lastly, in the phase
evaluation of selected strategic plan is being analysed (Flanding and et. al., 2018).