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Strategic Change Management | The Central Bank of Nigeria

   

Added on  2020-03-04

21 Pages5501 Words76 Views
Running head: STRATEGIC CHANGE MANAGEMENTStrategic Change ManagementName of the Student:Name of the University:Author Note:

1STRATEGIC CHANGE MANAGEMENTExecutive Summary:The report gives a brief overview of the development of a change management strategy of theCentral Bank of Nigeria.In order to do this the initial six steps of Kotter’s model for change are considered. Based on the model, the Central Bank of Nigeria can draw a link in terms of creation of sense of urgency, building coalition, forming a vision and communicating it with the use of relevant tools and techniques. The report also discusses about the removal of obstacles faced by the bank and the creation of the short term wins based on last two steps described by the model. Finally, this report ends with a proper conclusion.

2STRATEGIC CHANGE MANAGEMENTTable of ContentsIntroduction:...............................................................................................................................3Development of Change Management Strategy........................................................................4Creation of Sense of Urgency....................................................................................................5External Factors.....................................................................................................................6Internal Factors.......................................................................................................................6Coalition Building......................................................................................................................7Forming a Vision........................................................................................................................7Monitoring, improving and Evolving........................................................................................8Monitoring..............................................................................................................................8Improving...............................................................................................................................9Evolving.................................................................................................................................9Communicating the Vision........................................................................................................9Removing Obstacles.................................................................................................................12Create Short Term Wins...........................................................................................................14Conclusion................................................................................................................................15References................................................................................................................................16

3STRATEGIC CHANGE MANAGEMENTTASK 1Introduction: The report gives a brief overview of the development of change management strategyof an established organization. Here in the report the organization chosen is the Central Bankof Nigeria. Thus, the report has a brief description about the bank, its stakeholders and thedevelopment of the change management strategy. The report then draws a picture on the firstsix steps of Kotter’s model and to what extent the chosen organization aligns its strategies ofchange based on the proposed model. There is discussion of the external and internal factorsof the Central Bank of Nigeria that is responsible for creation of urgency. The report alsofocuses on the identification of the change events for the bank and analyzing of the attributesand characteristics for coalition building. There is also focus on identification of the goalsand broader strategies of the bank in the light of forming a vision. Further, there is a detailedanalysis of evolving, improving and monitoring of the strategies for change managementundertaken in the context of the bank. The report also gives a brief overview of the relevanttools and techniques used by the Central Bank of Nigeria for communicating the vision. Thereport also discusses about the removal of the obstacles by the Central Bank of Nigeriathrough the identification of resistance from potential risk and various stakeholders that isassociated with the process of change. Finally, the report speaks about creation of short-termgoals of the Central Bank for the realization of the strategic change in management and endsin with a proper conclusion.

4STRATEGIC CHANGE MANAGEMENTDevelopment of Change Management Strategy (in consideration of Stakeholders)The company chosen here is the Central Bank of Nigeria. The establishment of theCentral Bank of Nigeria dates back to 1958 under the CBN act but the commencement of itsoperation began on first of July1959. The primary regulatory objectives of the bank as per theact was the maintenance of country’s external reserve, promotion of stable financialambience through proper monetary supply and act as a financial aid as well as advisor tofederal government. The end of the imperial rule saw the government in a proactive stateespecially for economic development. Thus, such desire of the government remained fulfilledby the bank that provided aid to any shortfall in the allocations of credit for the real estatesector (Ovat 2012). Soon the bank also got involved in lending financial help to thecustomers through various commercial banks. However, government remained activelyinvolved in building the equity centers and nations money through the help of Central Bankof Nigeria. The government also ensured the formation of the securities regulatory board andintroduction of instruments related to treasury of the capital markets. The stakeholders of the Central Bank of Nigeria includes other commercial banks,insurance firms, various regulators, development experts and partners, government and publicsector institutions, telecommunications/technology firms and other financialinstitutions(Madawaki, A., 2012). The present scenario is becoming increasingly challenging and complex for theCentral Bank of Nigeria (Adeniji, Osibanjo and Abiodun 2013). The bank has not onlybecome targets of cyber attacks and but also suffers regulation on staff planning based on

5STRATEGIC CHANGE MANAGEMENTincreased budget constraints and demographics. In addition to this, there has also been achange in the mandates of the Central Bank. However, studies have shown that integration of risk management at the early stage ofannual plan and strategic plan development can be beneficial. The functions of the riskmanagement that aligns with the day-to -day business procedures can lead to importantinsights for the people responsible for the strategic planning process (Achumba, Ighomereho,and Akpor-Robaro 2013). However, the forward-looking nature of the strategic planningprocess is necessary to identify areas of potential risk in future. Thus, it is very important forthe integration of risk management with strategic performance and planning management forensuring better management of the Central Bank’s reputation and business risk. Creation of Sense of Urgency (Evaluation of the Internal and External Factors of The Organization) What is Sense of Urgency? According to the model proposed by Kotter, the first step involves creation ofurgency. Thus, for a change to occur it requires involvement of the whole organization. Thisleads to the creation of initial spark for motivating and driving things into action (Appelbaumet. al 2012). Creation of urgency does not only involve showing the people the poor statisticsof sales or speaking about enhanced competition but it also leads to convincing and ensurehonest conversation with the competitors about the whereabouts of the marketplace. Thus, ifthere are quite a number of people who considers the change then based on it the urgency canbe built and thereby necessary actions taken. Therefore as per Kotter there are few guidelinesthat need to be followed for the creation of urgency. These are as follows:(1)Identifying the potential threats and developing scenarios that portray the happenings ofthe future.

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