Change Management Strategies for Westpac: HRM Engagement Report

This report critically examines change management strategies within the context of Westpac's closure of 33 branches across Australia. The introduction highlights the importance of change management in the contemporary business environment, particularly in response to challenges like the COVID-19 pandemic. The main body provides an overview of Westpac, its change impetus, and the impact of branch closures on employees and the human resource management (HRM) department. The report discusses the situation and contextualizes change management strategies, emphasizing the importance of ease of acceptance and transformational change. Recommendations are provided, focusing on communication, on-boarding, and post-change engagement. An action plan is outlined, detailing how to implement these recommendations. The conclusion emphasizes the importance of proactive change management for business survival and the critical role of leadership in making informed decisions during times of organizational change.

Change management
in practice

Table of Contents
Change management in practice........................................................................................................1
INTRODUCTION.................................................................................................................................3
MAIN BODY........................................................................................................................................3
Overview of organisation & its change impetus................................................................................3
Discuss the situation and contextualise your Change management Strategy regarding Human
Resource engagement........................................................................................................................3
Recommendation...............................................................................................................................5
Action Plan........................................................................................................................................6
CONCLUSION.....................................................................................................................................7
REFERENCES......................................................................................................................................8
Books & Journal:...............................................................................................................................8

INTRODUCTION
In this competitive era it is critically important for an occasion to implement change
within with this to achieve their goals and objectives. Main purpose of this report is to
critically understand importance of Change management in contemporary business
environment. (Dean, (2020). This has been examined that an organisation without any
implementation of the age cannot boost their productivity of profitability in market. Covid
has disrupted every business field and making in difficult for them to execute their activities
functions or operations in smooth manner. Westpac, which is multinational furniture
Services Company headquartered in Australia. Organisation provides different types of
services and products to customers for example bank loan credit services, debit card and
many more. This report comprises of overview of organisation and its change impact,
Change management strategy regarding human resource engagement, recommendation of
Change management strategies and proper systematic action plan.
MAIN BODY
Overview of organisation & its change impetus
Westpac, which is a multinational banking corporation headquartered in Australia and
focuses on providing financial services sectors credit card support, customer services and
many more. It has many subsidiaries such as St. George Bank limited, Bank of Melbourne
and many more. With rise of covid-19 pandemic situation the business of banks slowing
down which created a negative impact upon their profit and sales revenue. So due to this
crisis Westpac group announces to close 33 Bank branches around Australia to maintain and
manage the business activities. This decision and change created a massive impact on
employees’ livelihood at larger scale (Freeburn, (2021). This change impetus was processed
in 2021 when banks realise that there are many branches which are no longer required by
customers and it is the main reason why different branches of selected organisation is
shutting down all over Australia. This process was a time because many were employees
taking actions regarding this state which was implemented by bank without any uncertain
warning. This directly impact on livelihood of workers employees and staff. Westpac also
have many competitors in Australia for example ANZ Bank New Zealand, Bank Hapoalim,
etc. In order to deal with these competitors, it is category essential for us Undertaker
Enterprise to implement and adopt most relevant strategies so that better decisions are
undertaken to build positive relationship with customers as well as employees.

Therefore from above discussed paragraph It is seen that change process of closing
Bank ok is not an easy because it together involvement of number of people shareholders
stakeholders and decision making. This is also analysed that covid-19 forces different
business sectors to shut down their activities. Westpac is a global organisation and it includes
number of subordinates who are working for them for longer period of time so they need to
provide some additional services to those employees to fulfil their responsibilities in most
effective manner (Lal, (2018).
Discuss the situation and contextualise your Change management Strategy regarding Human
Resource engagement
Change management play important role in development of Business and growth. It is
important for organisations to focus on Change management strategy so that it becomes easy
for them to carry out their organisational activities and functions in well-defined manner.
Westpac which is a multinational bank and financial company headquartered in Australia has
also has adopted new changes in this covid-19 situation because they are closing 33 branches
across Australia for example Balwyn, Berwick etc. among the branches in Melbourne which
are closed. This change has Deep impact upon employees and other management people who
was working in company for longer period of time and affecting livelihood of 165 staff
members (Macpherson, (2017).
This step has also directly affected human resource management department of
organisation. Moreover it is also stated that manager and leader of company need to be e
aware about market situations so that before taking any actions and sudden changes effective
decisions are undertaken. Due to these sudden change stakeholders has also made many
changes in rules and policies of enterprise which is creating a problem for employees and
other staff people. Main reason for this situation which was given by bank is that customers
are moving towards internet banking and mobile wallets which is directly impacted upon
profit and sale of a bank. In order to overcome with this situation change management
strategy will be adopted and will reduce the negative impact on HRM engagement are given
as follows-
Ease acceptance- It is one of the most effective Change management strategy which can
be adopted by bank in which they can accept change as soon as possible in which they can
implement and initiate new form of internet banking services in which it also engage them
with target audience easily (Muriki, (2017). With implementation of this new approach of
accepting payments it is easy for bank to target their audience and increase engagement with
them for a longer period interval. Moreover it is to specify that feedbacks are also need to be

properly considered after accepting these changes and what are reactions of customers so that
changes can be carried out for continuous period.
 Transformational change- In this Covid-19 pandemic situation, selected company
can also implement transformational change on the basis of which it will be easy for
them to manage their profit and sale ratio within market. It is a type of a change in
which processes carried out to develop and create an important changes within work
culture through which important improvement is being done to increase performance
level of organisation. With the help of transformation changes within organisational
structure it is convenient for entity to have a proper knowledge about how or what
changes are acceptable and ready to be accepted by everyone.
Human resource engagement plays a central role in Change management strategies
because at of a company is responsible for introducing change and influencing changing
decision of employees. Moreover, it is analysed that to maintain and manage profit ratio of
business Westpac took this uncertain decision (Nawaz, (2017).
From about discuss the paragraph it hasn't specified that it is critically essential for
selected organisation to adapt to changes and implement Change management strategies by
properly conducting internal as well as external analysis within market. Main benefits of
these strategies are that these help in in maintaining and engaging with human resource
management department in most efficient manner who handle employees (Norman, (2017).
Recommendation
As from above discussed matter It is seen that Westpac announces to close many
several branches within Australia it is critically important for them to implement Change
management strategies for workforce so that it good will of company is being not affected.
Without focusing on change implementation strategies banks have an opportunity to engage
with customers employees and understand their point of view regarding changes which have
been implemented by organisation. With changing period of time, it is becoming necessary to
have a deep level of knowledge regarding expectations and needs of customer so that when
uncertain situations arises within business company is capable of fulfilling all needs of
customers at all aspects. Also, different types of changes are presented which can be adopted
by selected company and are mentioned below-
Communication- Communication is being considered as most effective Change
management strategy because whenever there is need of change in company it is the first step
which is needed to be properly carried out by organisation because by properly engaging with
employees and customers through communication process point of discussion is done in most

efficient way. This also does not impact upon relationship and it helps in execution of change
activities smoothly. Main benefit of this strategy is that a discussion is done and changes
which are to be adopted are properly examined by both parties which results in reducing of
conflicts.
On boarding- On boarding is defined as a process which is used by human resources
of introducing new hired employees within organisation and to their roles and
responsibilities. It is essential strategy because implementing this chosen bank is capable of
engaging with subordinates and making them understands about their new roles, position or
responsibilities. Main advantage of this Change management strategies that it is clear out all
roles and responsibilities and job requirements which are to be fulfilled by employees at all
aspects whether changes are done or not.
Post change engagement of personnel- This is also viewed as a most relevant
practices which can be adopted by Westpac because through this it will be easy for them to
engage personnel with the post change so that everything is done in proper manner and also
roles and responsibilities are clearly well-defined. When changes are implemented post
change is often done in which language mint with employees is to be considered at priority
level.
From above discussed recommended strategy it is stated that Change management
practices are required to be properly understood and implemented with use of appropriate
information so that positive outputs are achieved by Enterprise.
Action Plan
Action plan is defined as a written document which consists of target goals which are
needed to be achieved.
Recommendations priority Action to implement Benefits scale
The first important
recommendation is
implementation of
communication strategy
when implementing changes
within an organisation
(Oreg, 2019).
In order to implement this
recommendation Westpac
can conduct a formal meeting
with management of can
carry out brainstorming or
group discussion.
Main benefit of this
recommendation is that it
helps in reducing conflicts
within organisation.
Second recommendation is
that to use on boarding
strategy so that it is easy to
makeup employees
Action which can be
implemented to carry out this
is that selected organisation
can conduct induction
programs on monthly basis
whenever new employees are
Benefit scale of this
recommendation is higher
because it creates a positive
environment.

understand about their new
roles and responsibilities
within company (Pedersen,
(2020)
being hired..
Last one is engaging
employees with the post
change due to new rules and
policies. This is too analysed
that it leads to establishing of
positive relationships.
Enterprise can give a
brochure or letter to
subordinates to have a deep
knowledge about their new
roles (Webb, S. P. (2017).
Benefit scale of this one is
also higher because it
developed a new opportunity
for employees.
From above discussed action plan, it is seen that these are needed to be implemented
with the proper use of information and knowledge so that benefits are achieved by
organisation in most efficient way without facing any problem.

CONCLUSION
After brief analysis of above report, it is seen that changes are important for business
without which it is not possible for enterprise to survive in this competitive market. So,
discussions have been made about situations faced by company to implement change and
with Change management strategies, recommendation over Change management strategy for
workforce. It has been evaluated that it is critically important for every company to be active
in market so that changes which are needed within organisation are adopted rapidly. This is
also analysed to that it is duty of both managers and leaders to have a deep knowledge about
what changes are to be implemented within management and accordingly decisions are
undertaken.

REFERENCES
Books & Journal:
Dean, (2020). A race to the middle of the pack: an analysis of slavery and human trafficking
statements submitted by Australian banks under the UK Modern Slavery Act.
Australian Journal of Human Rights, 26(1), 46-73.
Freeburn, (2021). An Analysis of ESG Shareholder Resolutions in Australia. University of
New South Wales Law Journal, 44(3).
Lal, (2018). Impact of climate change on productivity and quality of temperate fruits and its
management strategies.
Macpherson, (2017). The change catalyst: Secrets to successful and sustainable business
change. John Wiley & Sons.
Muriki, (2017). Effect of credit risk management on financial performance of Kenyan
commercial banks (Doctoral dissertation, KCA University).
Nawaz, (2017). Momentum investment strategies, corporate governance and firm
performance: an analysis of Islamic banks. Corporate Governance: The
international journal of business in society.
Norman, (2017). Returns on Equity, Cost of Equity and the Implications for Banks. RBA
Bulletin, March, 51-58.
Oreg, 2019). Leaders’ impact on organizational change: Bridging theoretical and
methodological chasms. Academy of Management Annals, 13(1), 272-307.
Pedersen, (2020). Managing through a crisis: Managerial implications for business-to-
business firms. Industrial Marketing Management, 88, 314.
Webb, S. P. (2017). Knowledge management: Linchpin of change. Routledge.