Dealing with Change
Today's discussion on organizational change is extremely pertinent to the commercial banking sector. In recent years, there has been widespread change in the banking industry as a whole. Consolodation has been rampant as companies look to increase market share to stay competitive. Also, deregulation has enabled many banks to be able to offer services and products that in the past they had been unable to provide. Also, technology has played a huge role in the changes in the industry as automation and internet banking have become vital parts of banking today. All of these changes have surely affected the way managers currently deal with employees and customers, as well as altering these relationships during the times of change.
As mentioned in class, the restraining forces of habit, fear of the unknown, desire for security, loss of power and control, and organizational structure and culture slowed the progress of change. Involving employees in the process of change and ensuring their participation is necessary to facilitate the transition and smooth over as much resistance as possible. The need for a smooth transition during this time in the banking industry was crucial for the ongoing success of the company, as these trends were not temporary and ignorable. The widespread changes taking place needed widespread internal change to match the forces in the industry. Managing this change successfully is crucial for the survival of a company in the middle of industry-wide changes.
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