Principles are vital for the success of any strategy. In a plan where drastic changes are required, it becomes easy for individuals involved to veer off the path set (Oliver, et al., 2008). The purpose of plans in this organizational change plan is to ensure that the changes are executed with minimum distractions. Principles behind this plan have guided its formation, considering all relevant characteristics of the process of change within the bank. The principles are particularly focused in ensuring that the plan is geared towards achieving the objectives set by the leadership team. Each of these principles was formulated from industry analysis, leadership team requirements and consideration for all parties possibly involved in the implementation of this plan.
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According to Jones, Aguirre and Calderone (2004), increased global trade, market transparency, improved communication, labor mobility and ease of doing business, are key factors to the dynamism of many industries. According to the three, a few decades ago, companies, such as Cowboy bank, had stable markets. The companies could have predictable earnings and predetermined growth models that more often than not were accurate to the last details.
Companies enjoyed the stable environment where competition was constant and they could simply plan ahead for the few threats to their business they faced. This is also true for the Cowboy bank. A stable lending market has made it a leader in financial services in the state of Texas. Unfortunately, like other leaders in other markets, the bank is struggling to stay afloat. This dynamism, ought to accepted and plans drawn by considering principles relevant to the organization (Jones, Aguirre, & Calderone, 2004).
The principles involved in this plan are:
The Cowboy bank has shown considerable value for its employees. Many organizations which have considered reorganization will often institute personnel cuts. A majority of modern day institutional transformations will often include laying off a significant number of the workforce. However, the leadership team has expressed the desire to resign the personnel already employed. Even though this principle would also justify the systematic retrenchment of the workers whose roles are obsolete, this strategy will often leave the morale of a number of the remaining employees low. They fear that they will be next in the retrenchment process.
The leadership team has directed that the employees’ morale remain high for the period of transition. Therefore, a significant retrenchment exercise would not be appropriate. The plan considers this principle and will show a systematic way of dealing with the personnel in accordance with the objectives of the organization.
When change is announced to any organization, all personnel will always look at the leaders, specifically the managing director. Since these people are the once who decide on the changes to be made, all employees look at the individuals who influence where they could be working next, or even if they will have work after the transition period. Therefore, it is crucial for the leadership to reassure the personnel and make convincing arguments for the changes being established. According to Jones, Aguirre, and Calderone (2004), executive teams that are collaborative with the rest of the personnel exhibit a greater chance of success in executing change than those that introduce the changes yet show little willingness to change themselves.
Simply said, if the organizational leadership changes others in the organization will change (Kaiser & Bertschek, 2004). For this reason, the plan will incorporate the leadership team to influence the changes. It will ensure that the leadership team is a model for change within the organization. This is done in the plan by making the leadership team the sponsor of the change management plan. If the individuals involved are seen to be committed, the rest of the organization will put effort in adopting and executing the changes.
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The Cowboy bank has levels of personnel. A majority of these personnel are the customer care and loan officers. If any changes are going to stick, these individuals have to be involved. Even though the management should influence how changes are executed, the rest of the organization should be involved in the implementation. This principle has influenced the plan. In the next section, it the plan will elaborate how every level of the organization will be involved in the change execution.
The benefit of involvement is that if employees own the plan, they are more likely to put more effort into the institution of the changes (Kazlauskaite, Buciuniene & Turauskas, 2006).
The leaders of the Cowboy bank must take ownership of the organizational change plan. For the plan to work, the leaders ought to take accountability for the accomplishment of the changes. The plan will follow this principle by putting the leadership team in charge of the most critical aspects of the plan. Ownership could mean different things for different levels of personnel (Stamper & Masterson, 2002). For instance, the loan officers will have to transform their skills to sales. Failure to do this, would mean that the individual is not capable of executing his or her duties for the company, and could lead to termination of employment.
A portion of their incomes is also tied to their performance in the field. The less loans they sell, the less money they earn. Therefore, these employees have a particular stake in the plan’s success. Managers ought to own the plan since they are responsible for monitoring and inspiring their juniors. If their juniors do not perform, they face the risk of losing their jobs (Beyster, 2008). These effect cascades upwards to the top, where the CEO of the company bares the greatest responsibility of ensuring success of the organization.
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In business, uncertainty is frowned upon. No company is happy with uncertain conditions. In fact, significant resources are spent in many organizations to avoid uncertainty. However, change always increases the uncertainty in business (Benaroch & Kauffman, 2000). The plan will take this into account and ensure that it covers as much basis as possible. It will outline various predicaments that could result from the changes being fronted for the company. The plan will also form appropriate contingencies to cover these risks.
This principle insists on the fact that no change program proceeds exactly as expected. Therefore, it is vital for the plan to offer as much flexibility as possible to enable the company to adjust to unexpected events as much as possible. This plan will incorporate this factor at various points.
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