STRATEGIC CHANGE MANAGEMENT Page 16
3.3 Evaluation of the Systems used to involve stakeholders in the planning of change in DFCC Bank Plc.
In DFCC Bank managing director is a result oriented personality. According to his profile he knows how to manage costs and establish strategic, mutually beneficial partnerships and relationships with the users and vendors. To get him involved in the planning of change, Group facilitation is very important (Kramer and Magee, 1990)
Stakeholder Analysis helps the organization to take decision which incorporates the thoughts of all groups which is in association of a democratic leadership style (Lynch,
2005)
Employee‟s main consideration must be made for involvement of employees who will be directly affected …show more content…
As the change in DFCC Bank Plc. is to introduce the debit and the credit card system, customers is a vital role since they are the main benefit seekers of this change (Hiatt, 2006)
Creditors and Investors Last but not least creditors and investors have an interest in company‟s performance as the losses to company have direct impact on them. The need for involvement of creditors and investors in change process is mandatory (Jeff, 2008)
Stakeholder mapping strategy will provide DFCC Bank Plc. with the capability to allocate the right range of resources and capabilities within the organization, which is aimed at appropriately dealing with the change management strategy proposed. Better focused change management strategy via clearly understanding the nature of the stakeholder that
DFCC Bank Plc. has to deal with (Morrison, 2010)
STRATEGIC CHANGE MANAGEMENT Page 17
3.4 Strategies for managing resistance to change in DFCC Bank Plc.
Objectivity is where certain employees of DFCC Bank are concerned with how changes will affect their own interest, instead of considering the effects for the success of the business. This may sometimes create conflict of interest among those employees which may lead the company to face risky situations in future (Lynch, …show more content…
Different systems can be used such as feedback forms, interviews and also can be measured through the number of transactions processed
(Hanlon, 2013)
Implement policies and guidelines on the product the policies and guidelines as per the
Central Bank of Sri Lanka will have to be adhered at all times (Morrison, 2010)
Freeze stage
Implement performance appraisal systems with the new product Critical market evaluation and assessment will have to be made and feedback of the product will have to be monitored and assessed and also the marketing team of the bank will have to go in line with the promotions and offers given by other banks for DFCC Bank Plc. to compete in the market (Jeff, 2004)
Drive monetary reinforcement upon introduction and implementations of the product the financial segment will also have to be looked into since the main motive of the bank is to increase the figures in the balance sheet (Kaplan and Norton, 2001)
Internal and external environments will affect the process of change that is to be
3.3 Evaluation of the Systems used to involve stakeholders in the planning of change in DFCC Bank Plc.
In DFCC Bank managing director is a result oriented personality. According to his profile he knows how to manage costs and establish strategic, mutually beneficial partnerships and relationships with the users and vendors. To get him involved in the planning of change, Group facilitation is very important (Kramer and Magee, 1990)
Stakeholder Analysis helps the organization to take decision which incorporates the thoughts of all groups which is in association of a democratic leadership style (Lynch,
2005)
Employee‟s main consideration must be made for involvement of employees who will be directly affected …show more content…
As the change in DFCC Bank Plc. is to introduce the debit and the credit card system, customers is a vital role since they are the main benefit seekers of this change (Hiatt, 2006)
Creditors and Investors Last but not least creditors and investors have an interest in company‟s performance as the losses to company have direct impact on them. The need for involvement of creditors and investors in change process is mandatory (Jeff, 2008)
Stakeholder mapping strategy will provide DFCC Bank Plc. with the capability to allocate the right range of resources and capabilities within the organization, which is aimed at appropriately dealing with the change management strategy proposed. Better focused change management strategy via clearly understanding the nature of the stakeholder that
DFCC Bank Plc. has to deal with (Morrison, 2010)
STRATEGIC CHANGE MANAGEMENT Page 17
3.4 Strategies for managing resistance to change in DFCC Bank Plc.
Objectivity is where certain employees of DFCC Bank are concerned with how changes will affect their own interest, instead of considering the effects for the success of the business. This may sometimes create conflict of interest among those employees which may lead the company to face risky situations in future (Lynch, …show more content…
Different systems can be used such as feedback forms, interviews and also can be measured through the number of transactions processed
(Hanlon, 2013)
Implement policies and guidelines on the product the policies and guidelines as per the
Central Bank of Sri Lanka will have to be adhered at all times (Morrison, 2010)
Freeze stage
Implement performance appraisal systems with the new product Critical market evaluation and assessment will have to be made and feedback of the product will have to be monitored and assessed and also the marketing team of the bank will have to go in line with the promotions and offers given by other banks for DFCC Bank Plc. to compete in the market (Jeff, 2004)
Drive monetary reinforcement upon introduction and implementations of the product the financial segment will also have to be looked into since the main motive of the bank is to increase the figures in the balance sheet (Kaplan and Norton, 2001)
Internal and external environments will affect the process of change that is to be