Factors influencing change management practices at CFC – Stanbic Bank

Abstract

Our era is a period of change. According to Armstrong (2006), People will always resist change because it is seen as a threat to familiar patterns of behavior as well as to status and financial rewards. Change management is a set of processes that is employed to ensure that significant changes are implemented in an orderly, controlled and systematic fashion to effect organizational change. One of the goals of change management is with regards to the human aspects of overcoming resistance to change in order for organizational members to buy into change and achieve the organization's goal of an orderly and effective transformation. The introduction of change brings in a lot of resistance and conflict with the employees. This is because any change in ‘status quo’ brings in apprehension as no one knows what the outcome maybe. This study is aimed at determining the factors influencing change management practices adopted by CfC-Stanbic. This research was conducted through a case study and the researcher used structured interview guide as the main data collection instrument. Secondary data sources were employed through the use of previous documents or materials. Data collected was purely qualitative and it was analyzed by content analysis. From the study, the researcher concludes that changes in management of operation have resulted in motivational impact and gives employees a corporate challenge and goal worthy of commitment. The study also concludes that change management practices have benefited the bank in that change management practices have helped the bank develop a competitor focus at every level through widespread use of competitive intelligence and also provide employees with the skills they need to work effectively. The study recommends that although CfC-Stanbic bank has been successful in managing change through employing various practices, in order to remain competitive in the market, CfC-Stanbic bank should benchmark with other well performing banks in order to improve on its change management practices.