Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .


Less than two-thirds of banking leaders consider their people when making organisational changes

iStock 1171786332 - Global Banking | Finance

Less than two-thirds of banking leaders consider their people when making organisational changes 

Traditional change management practices fail to prioritise employees

Organisational changes are commonplace, from changes in management structure and departmental responsibilities through to implementing a new organisation-wide IT platform. However, latest research from O.C. Tanner reveals that just 64 per cent of banking leaders take their employees into account when deciding to enact business-wide changes. And the same number – 64 per cent – actively seek employee opinions as changes are rolled-out. These are the findings from O.C. Tanner’s 2024 Global Culture Report which gathered data and insights from more than 42,000 employees, leaders, HR practitioners, and executives from 27 countries worldwide including 3,033 from the banking sector.

“Organisational changes can have far-reaching impacts on the workforce” says Robert Ordever, European MD of O.C. Tanner. “Regardless of whether these changes are strategic, structural, technological or people-centric, by not considering employees and seeking their feedback before rolling-out change, this is a recipe for disaster, potentially leading to widespread frustration, cynicism and disengagement!“ 

The Report suggests that traditional change management practices, which tend to be linear, top-down, and process-oriented, are no longer fit for our evolving work environments. They also fail to involve employees in the planning, thereby underestimating and under-prioritising the organisation’s people.

With this in mind, it’s no surprise that almost a third of banking employees (30 per cent) believe that the organisational changes they have experienced were either poorly managed, or they were left feeling indifferent to how the changes were enacted. 

Ordever says, “It’s crucial that an organisation’s people are the centre of change strategies. This approach will not only remove friction from change management processes, but will increase employee wellbeing and strengthen workplace culture.”

The Report recommends that effective change management must first start with nurturing a culture where employees have high trust and feel appreciated and valued. Decentralising the change management process so managers at all levels can be involved is also important, together with ensuring regular, transparent communications and that all employees have a voice.

When employees have a voice in organisational changes, they are eight times’ more likely to have feelings of trust, are five times’ more likely to have a sense of community and thriving at work is three times’ more likely.

Ordever adds, “The truth is that no organisational change is going to be effective or lasting without the buy-in of employees. And the sooner leaders recognise this and ensure the organisation’s people are always considered, the more successful any changes will be.”

Global Banking & Finance Review


Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!

By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review │ Banking │ Finance │ Technology. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post