Barclays
Transcript: Originally established in1690 by two Quakers, John Freame and Thomas Gould (Barclays n.d., [Online]). Barclays is a Game changer with new innovation. The Big Bang (1986) Changes in technology Sales driven culture Leadership changes Barclays did consider external environmental and internal factors. Therefore, changes in technology and culture affected their approach which resulted in a sales driven culture and unethical practices. Question 2 Challenges including 'Resistance to Change' and 'Public Opinion'. Question 3 The top 3 most powerful recommendations are: 'Structural Change', 'Customer Orientation' and 'Community Involvement'. Main Quote Throughout: "Change is needed across industry, and Barclays is leading that change. I am totally committed to this. We have a clear goal to make Barclays the go-to bank and a clear plan to transform Barclays" (Moore, 2013 [Online]). Recommendation 3 Social Enterprise/ Community Involvement - Accessibility to funding - Managerial/ employee engagement in local community Advantages Disadvantages - Reputation - Time Consuming - Customer Satisfaction - Work Overload - Employee Retention Barclays Values "Take the time to understand clients' and customers' needs regardless of my role" (Barclays, n.d [Online]). Question 1: (Kubler-Ross,1960) Challenges of Introducing an Ethical Culture Claire Symes Jack Simpson Jonathan Elson Raveena Landa Vicky Allan Recommendation 2 Barclays need for 'transformational change'. Burke- Litwin's model of organisational performance and change (cited in Hayes, 2010, p.115). Supported by Antony Jenkins statement (cited in Salz & Collins, 2013, p.11): "There might be some who don't feel they can fully buy into an approach which so squarely links performance to the upholding of our values (...) You won't feel comfortable at Barclays and (...) we won't feel comfortable with you as colleagues". Balogun, J. & Hailey, V. H. (2008) Exploring Strategic Change, Harlow: Pearson Education Limited. Barclays (n.d.) History - Our Quaker roots [Online], Available from: http://www.barclays.com/about-barclays/history/our-quaker-roots.html [Accessed: 20.11.14] Barclays (n.d) Purpose and Values [Online], Available from: http://www.barclays.com/about-barclays/barclays-values.html [Accessed: 20.11.14]. Change Management Learning Center (2005) Top 5 reasons employees resist change [Online], Available from: http://www.change-management.com/top-5-reasons-employees-resist%20v9.pdf [Accessed 20.11.14]. Hayes, J. (2010) The Theory and Practice of Change Management (3rd Ed.), Basingstoke: Palgrave Macmillan. Kubler-Ross, E. (1960). The Kubler-Ross Change Curve [Online], Available from: http://www.mycvandme.co.uk/storage/post-images/The-Change-Curve.png? [Accessed: 10.11.14]. Moore, J. (2013) City applauds Anthony Jenkins' bid to restore Barclays' image, The Independent [Online] 12.02.13, Available from: http://www.independent.co.uk/news/business/news/city-applauds-antony-jenkins-bid-to-restore-barclays-image-8492456.html [Accessed: 28.10.14]. Salz, A. & Collins, R. (2013) Salz Review: An independent review of Barclays’ business practices [Online], Available from: http://online.wsj.com/public/resources/documents/SalzReview04032013.pdf [Accessed: 05.11.14]. Xie, Y. & Peng, S. (2009) How to repair customer trust after negative publicity: The roles of competence, integrity, benevolence and forgiveness, Psychology & Marketing, 26, (7), 572-589. Open-systems theory views the organisation as a system of interrelated components that transact within the environment it is in. (Hayes, 2010, p.93). Open Systems & Kaleidoscope Barclays' Values Resistance to change Public Opinion "Change is needed across industry, and Barclays is leading that change. I am totally committed to this. We have a clear goal to make Barclays the go-to bank and a clear plan to transform Barclays" (Moore, 2013 [Online]). Conclusion The Change Kaleidoscope follows implementation decisions and design choices made in order to implement change (Balogun & Hailey, 2008, p.19). Recommendation 1: Structural Change Customer Orientation Good customer service is a vital element to rebuilding trust among consumers, as well as acquiring and retaining customers (Xie & Peng, 2009). Return focus to retail banking. Although this will involve losses, it will restore trust. Is their external environment aligned with their own capabilities? References