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Strategic Change Management Assignment

   

Added on  2021-02-20

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Strategic changemanagement

Table of ContentsINTRODUCTION...........................................................................................................................3INTRODUCTION OF THE BARCLAYS BANK..........................................................................31.1 Discuss models of strategic change .................................................................................51.2 Relevance of models in an Barclays bank ......................................................................71.3 Strategic intervention techniques in Barclays bank .........................................................72.1 Examine the need for strategic change in an organization...............................................92.2 Factors that drive need for strategic change ..................................................................102.3 Resource implications of the organization not responding to the strategic change.......113.1 Develop system to involve stack-holders in the planning for change............................113.2 Develop Change management strategies with stockholders..........................................123.3 Evaluate the system used to involve stack-holders in the planning of change. .............133.4 Devise strategies to overcome resistance.......................................................................134.1 Develop appropriate models for change.........................................................................134.2 Plan to implantation a model for change .......................................................................144.3 Develop appropriate measure to monitor progress ........................................................15CONCLUSION ........................................................................................................................15RECOMMENDATION.................................................................................................................16REFERENCES .............................................................................................................................18

INTRODUCTIONStrategic change management is required for each and every firm for smooth operation ofthe business. Strategic change management is required for a organization to prepare a strategyfor its development. Changes are made in an organization to achieve organizational goal. Intoday's world where companies are shifting from offline to online, it needs to prepare strategy tocompete with their competitors in a market. When a company launches new product in a marketthey need to prepare a plan and strategy to achieve the objectives of business. The changes in anorganization is required when customers changes their preference towards a product. This reportis going to discuss how Barclays bank prepare its strategy for change management. Bank needto prepare different management models and use those models in working of a business. Thisreport shows requirement of change in Barclays bank and different factors that can influencethose changes. In this report, how a stakeholder will plan for change in a business. Report alsoincludes change models that are used for success of business and monitor its progress.INTRODUCTION OF THE BARCLAYS BANK.Barclays isone of the multinational and biggest bank of the United kingdom.Headquarter of bank is situated in London. It provide financial services and an investment bank.Bank was established in 1690 in the city of London. Barclays have over 4750 branches all overthe world and out of which 3000 is outside UK. Barclays is the first bank in UK to appoint HildaHarding in may 1958. Barclays launched a credit card in UK and it was the first bank to launchthe credit cards in UK. Barclays's ATM are available for the customers 24/7 and customers of theother banks can also use the facilities of ATM without paying any extra charges (Goetsch andDavis, 2014.). Barclays sponsored different types of sports leagues like Churchill cup, footballleague, tennis championship. Bank provide facilities like personal banking, corporate banking,investment banking, wealth management. Bank provide various career opportunities for theyoungsters to get job in banking sector. It provide its online banking facilities with help ofwhich customer can access to bank facilities easily anytime and anywhere. Bank provide betterinterest rates on its banking facilities which helps them to engage more customers with bank.Bank provide facilities to customers like no minimum balance or maintenance fees charged. Itprovides facilities like online savings account, credit cards, debit cards, personal loans. Bankhave more than 85,000 employees working with it. Its revenue is around 21.136 billion in 2018,and operating income is 3.494 billion, with net income of 2.372 million, and total assets of 1.133

trillion. Bank provide its services from around 329 years and expanding its business day by day.In 1965, Barclays establish its bank in US San Francisco.In 2001, Bank closed around its 171 branches in UK. In 2007, Barclays borrow around 1.6billion from the bank of England because they have to pay all of its debts. Bank raised around 10billion from the investors. In 2008, Barclays purchased the Lehman brothers for around 1.35billion also hire 9000 employees of the Lehman bank. In 2009 British government wants toinvest 40 billion in Barclays bank but they rejected the offer rather than that Barclays want toincrease their capital by 4.5 billion. Barclays background to change Barclays is one of the leading bank in United kingdom. To maintain its brand image ithave to introduce some new policies and plans for success of business. Bank need to introduceand develop new ATM in different areas to expand its growth in the business and providefacilities for their customers. To provide facilities and solve the problems of customers, Bankfind new sponsors and partners in different territories to increase its reach (Aiken and Keller.,2009.) . Each and every part or department of Bank work together to provide customers with bestoffers. Barclays transform its services in different ways to attract clients towards their business.Bank can innovate online services which helps customers to reach their account anytime. It helpsto reduce the work load and record the transactions from the customers(Tichy., 1983. ). Barclayscan invent security system for bank to protect interest of their customers. Provide low interestrate on the loans and saving accounts. Easy education loans are provided to students withminimum or no interest rates. Facilities provided to employees of bank like zero interest rateloans, or provide higher interest rates on the saving bank accounts of employees. The bank canprovide new opportunities like vacancies for new employees that helps to connect new talent inthe organization on the basis of skills and abilities.1.1 Discuss models of strategic change The change in each and every organization is necessary for its long term growth in themarket.Information technology and digitalization is important for Barclays bank to become asuccessful business in a market.Lewin's Change modelUnfreezing

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