People Management - Victoria Bank Case Study

People Management
VICTORIA BANK CASE STUDY

Introduction
Today, banks are faced with numerous challenges such as finding
new ways to improve their service provision. To overcome these
problems banks have been relying on technology to undertake
their business operations (Hewston, 2010, p. 22). However
adopting new technology can be a bit challenging as it appears in
the case of Victoria Bank. Victoria Bank prefers acquiring start-ups
to exercise greater control and own the resultant products. Over
the previous three years, Victoria Banks acquired ten start-ups
which have been managed by the Bank's senior managers.
However, it has become apparent that though these start-ups
require more management control, it also becomes expensive and
time consuming for the Bank.

Victoria Bank has decided to consolidate all start-ups into one
company to be called Viclnnovate. This decision, however, can
cause a lot of challenges for people involved. For example, the
chief executive officer, direct line manager and the employees
themselves.

CEO Perspective
The chief executive officer of Viclnnovate must understand that
although these are startups, they are at different levels of growth
and as such need to work with the direct line managers of these
firms to have a better understanding of where each startup is
coming from. The success or failure of Viclnnovate is dependent his
decision (Ulrich, 2008, p. 475). In his initial response, he has to
ensure that his firm has enough funds and the funds are properly
utilized, he also has to model a culture in the organization that will
cultivate harmony amongst stakeholders by forming groups and
teams that are effective in their dealings. (Application of power and
politics and group and teams)