Manging Change at Anz
Groups and Teams-Widespread and diverse balance
Manging Change at
ANZ
Manging Change at
ANZ
1. Explain some of the triggers of change in ANZ
Australian and New Zealand Group Ltd (ANZ) is one of the five largest leading companies in Australia. It has more than 700 branches in Australia with 34,000 plus international employees.
The Australian Banking Industry has undergone considerable changes when the Federal government deregulated the industry in 1980’s. Previously, it was highly conservative and protected with a public service culture. ANZ had to adapt to new changes of deregulations.
Due to mergers and acquisition in Australia, from 1960 to 1980, 12 trading banks dwindled to 9. After deregulations and issuing new licenses, the numbers escalated to 34. Subsequently, new competitors emerged in home mortgage industries and banks, which operated on a low cost framework. Hence, the banks were unfamiliar with the new pressures (Wood, Zeffane, Fromholtz, Wiesner, Creed, Schermerhorn, Hunt, Osborn, 2010).
Regarding the change in ANZ, deregulation sparked it off which presented significant challenges for ANZ and other banks in the industry. According to Lewin’s three phrase of planned change, phrase one - where they create a felt need for change by disconfirming their current attitude and behavior caused by environmental pressure (Wood, et al., 2010).
When such changes are imposed, organizations become prosperous. Therefore, ANZ was keen on implementing extensive changes to remain successful.
On the whole, usually imposing external forces for changes leads to reactive changes. Sometimes even changes required by legislation are forced upon. Even though, there were no legislative changes imposed on ANZ, however, it had to change to survive the competition.
Notably, due to tough market conditions, ANZ chalked up bad debts due to several years of poor performance. To overcome this situation, ANZ’s essential focus was on cost reduction and
Manging Change at
ANZ
Manging Change at
ANZ
1. Explain some of the triggers of change in ANZ
Australian and New Zealand Group Ltd (ANZ) is one of the five largest leading companies in Australia. It has more than 700 branches in Australia with 34,000 plus international employees.
The Australian Banking Industry has undergone considerable changes when the Federal government deregulated the industry in 1980’s. Previously, it was highly conservative and protected with a public service culture. ANZ had to adapt to new changes of deregulations.
Due to mergers and acquisition in Australia, from 1960 to 1980, 12 trading banks dwindled to 9. After deregulations and issuing new licenses, the numbers escalated to 34. Subsequently, new competitors emerged in home mortgage industries and banks, which operated on a low cost framework. Hence, the banks were unfamiliar with the new pressures (Wood, Zeffane, Fromholtz, Wiesner, Creed, Schermerhorn, Hunt, Osborn, 2010).
Regarding the change in ANZ, deregulation sparked it off which presented significant challenges for ANZ and other banks in the industry. According to Lewin’s three phrase of planned change, phrase one - where they create a felt need for change by disconfirming their current attitude and behavior caused by environmental pressure (Wood, et al., 2010).
When such changes are imposed, organizations become prosperous. Therefore, ANZ was keen on implementing extensive changes to remain successful.
On the whole, usually imposing external forces for changes leads to reactive changes. Sometimes even changes required by legislation are forced upon. Even though, there were no legislative changes imposed on ANZ, however, it had to change to survive the competition.
Notably, due to tough market conditions, ANZ chalked up bad debts due to several years of poor performance. To overcome this situation, ANZ’s essential focus was on cost reduction and
Bibliography: Wood, J., Zeffane, R., Fromholtz, M., Wiesner, R., Creed, A., Schermerhorn, J., et al. (2010). Organisational Behavior: Core concepts and applications. Australia: Wiley