As the bank is directly affected from the internal and external environment forces and also affects the bank outcome, top management must be aware and monitored the dimensions of the inside and outside environment forces. However, it is essentially for the bank leader to be aware of exactly how these environment forces may contribute or distract the process of production. Moreover, making your employees understand the important of diversity is s such valuable resource because it could boosts the bank abilities to achieve the planned goals. In addition, it will empower the bank leadership together with a talented skills in which it help to resolve issues and conflicts.
This report paper will define a restructure plane that could be used the management team at National Bank of Oman to reshape their framework design and restructure their overall strategies that will help the organization in meeting today rapid changing environment. The report will analyses the key characteristics of the changing environment that effect the bank, the strategic imperatives which adopted by the bank in order to meet those changing characteristic, and also the existence bank’s challenges. in addition, the report will provide a restructure plan based on the new imperatives that has been articulated by Nadler & Tushman (1999) which will discuss about the factors that bank should focus on to meet these new imperatives as well as challenges that the bank my face. Finally, some recommendations are provided to ensure effective process of restructuring plan.
Organizational change is a critical factor where it involves strategic approaches to be fit with market environment. These approaches could be achieved in various ways include wide and strong analysis and studies, adjustment of the financial concerns, department restructuring, new recruitment, layoffs, quality program, and mergers. Implementing these changes need to understand the key factors that contribute to raise issues.
Child J. (2005) expressed that, “change can be undertaken at different levels, ranging from the organization as a whole to the arrangements for a particular unit or activity, down to change in the nature of individual jobs and the people who carry them out.”
Characteristics of changing environment
The bank management team must be aware of the environment changes that might affect the organization and must have the capacity to understand these changes in order to make an appropriate and a strategic change within the bank that will determine its competitive strength. Studies and researches shows that, the interchange of demographic, change in banking landscape, economic downturn, and the large number of websites users as well Smart phone users are these are the most major characteristics of the bank’s changing environment. However, the change of theses environment factors are driving the banks firms to face big challenges and obstacles in which difficult to be resolved quickly and timely.
The effect of the banking landscape one of the most major factors that affect the work processes and not stick only on banking firms but it affect most of the others firms too. In addition, continue economic downturn will lead to followed inflexible rules and regulation which disadvantage for the banks. Where the interchange of demographic which is involve two types of generation, old and new is playing a role in keep rising demands and needs and that brings risk to the banks in terms of responding to those needs.
The last and not the least factor which is the large number of website and smart phones users are opening both chances and risks. The risks are including change of the customer’s attitude and behaviors for banking. Now a days due to the rapid change of technologies, people tend to serve them self through online bank services and Mobile banking programs in the smart phones instead of ATMs and branches which...