We all know that business as usual is often the path of least resistance, as it allows for routines to be developed and for employees to become comfortable. And when business as usual is accepted as the norm, managing any kind of change – especially organizational and/or cultural change can prove to be difficult.This post is our response to our discussions with management teams that realize the importance of change within their institutions, but fall short during the implementation of such change because they fail to hold their entire team accountable. Think of it as a group of people that, instead of acting like a team, share different goals, have different agendas and ultimately act as barriers to the organization realizing the goals and/or vision outlined by the CEO and/or management.
As I mentioned above, this situation is especially prevalent when change impacts the entire organization or the culture. And, in the financial services industry, these kinds of changes are widespread due in large part to the commoditization of the industry and pressures to differentiate.
While concepts like differentiating from the competition, communicating a clear message and becoming a more brand-driven organization are new to many financial institutions, they are gaining traction; and they are exactly the kinds of initiatives that require involvement from everyone in an institution – not just the management team. Regardless of the initiative, in order to stay competitive and to grow in today’s marketplace, financial institutions must be dynamic; and in many cases this means embracing and encouraging changes rather than resisting change in favor of the status quo.
Think about this topic relative to your institution, and your institution’s vision. Is everyone working together as a cohesive team with the same goals in mind? In many cases, developing a clear vision is the first step – and communicating the vision and expectations of each employee should follow. When expectations are defined, everyone can be held accountable. And when everyone is working in the same direction, changes within your institution can be more easily managed – and goals more easily obtained.