Managing Change Part III
Every business will undergo some managing change in the modern business world, mainly with the innovation of globalizing when conducting business. A textbook way of managing change does not exist because circumstances are different during situations. There are tools to help manage change; change models have converted to the method of managing change. Several different models exist for preparing for change; however, it is vital to choose wisely. Bank of America should consider the Kotter’s eight-step change model to implement the needed changes within the organization. The eight-step process would ensure Bank of America with the ability to manage effectively and implement change successfully.
Change Model-Kotter’s Eight-Step Plan
The person responsible for the development of the eight-step change model is John Kotter. The eight-step process is implementing change in the workforce. It includes establishing a sense of urgency, forming a coalition, creating a new vision, communicating the vision, empowering others to act, developing short-term wins, consolidating improvements, and reinforcing change (Akin, Dunford, & Palmer, 2006). The global footprint of Bank of America (BOA) along with its core principles depicts a well-established culture and processes of communication. Bank of America’s key principles is creating a great work environment, managing risk, focusing on financial responsibility, providing strong returns for shareholders, and allowing customers to dictate business strategy (Bank of America, 2014). Bank of America’s existing foundation enhances the opportunity for a successful change implementation.
Step 1 of the eight-step processes requires an organization to establish a sense of urgency to protect against resistance to change. A company’s previous success and size can present major barriers to change if there is not enough support and optimism behind the respective change. Bank of America must identify…