Studying the Management of Change in ICICI

Check out more papers on Bank Change Management Organization

A change in the world of business no has happened to be general procedure in frequently in the work world and faster than ever before. The changes in the organization for many reasons such as combining operations or parts or something in the organization, the experience of introducing new technology, new achievements, commercialization and restructuring. The employees have a deep relationship with, workplace organization and work processes.

Don't use plagiarized sources. Get your custom essay on

“Studying the Management of Change in ICICI”

Get custom essay

Employees and the organization must adapt its capacity to effect change within the business, because it is very important in the organisation resilience. The changes within the organization is to know about new things and the ability of the organization implementing the change and the managing ability of organization as well skills of the staff and the organization and make changes that do not succeed, it also help to analyse the human factors. In any organization life cycle change is predictable scenario with the processes and things of institutional changes in such situation. Changes which have occurred if the influence with organization objectives of drivers of external as well internal. Pages can be simple processes to modify the structure of a system that can define the positive and negative cause within the organization is astute observer study and management of reserves has come. Institutions, the results changed, and not to prevent change in and S. Bhattacharya, Mousumi is the one which was been a successful organization in the marketplace. Because of which the other organisation are monitored constantly, structures and procedures for improvising the position of market.

The organization changes is defined in the circumstances in order to obtain a various institution with various strategies of changes management even after the problems are before in and out. The organization management change depends on the personal dynamics, resources and culture that impacts the organization changes (Nilanjan Sengupta, 2006) to enforce. In this section, the selection of organization is for the study for the managing of changes in the organization ICICI. The group of ICICI in India in the first bank of universal group with customer in large number in worldwide along with the services of finance as well retail.

The group of ICICI provides the complete product range and with perfect service within the banking, range of security sectors and finance of the client during the particular channels. A association of company and their contributories. The services provide by them, investments in the banking in the banking in private, general insurance and life management benefit and the capital ventures. The group is demanding to reproduce and the hard for maintain the first position in their individual sectors (ICICI, 2010). Government of India, ICICI has been named as one of the companies in 1955 to serve the promoting purpose of development of industry in India. The key shareholders of the LIC (Life Insurance Corporation), UTI (Unit think India) and National Health Service and different subsidiaries, Indian government, the Loan Fund for Development, the Axis, the World Bank in India and some other companies for a loan on the equity ICIC vertical. The main purposes of group of ICICI are, Supports the organization for touch, and modernize the company’s criteria. Promote a number of private investors within the capital in order to join the internal and external drivers of the organization. Possess is to maintain the organization, as well consequently the development of the investment market. Of these operations are owned by 80-ICICI and services in some areas such as retail, business banking has been encouraging and following years, the company’s first credit rating in India are extended (Shwetaswarn, 2009). This can be changed in the organization because there are many factors that affect business processes.

These factor both internally and externally, in some situations. Several factors lead organization change are : Internal factors: Changes in leadership Labor shortages The adoption of new technologies EU Action Profit falls, etc. External factors: Policies of government Rivalry Websites of economic Commodities Group of pressures Social Pressures Legal There are some key factors from the all factors which directs in organization changes for mew merger, technologies, acquisition and globalization of new technology (Chris Luebkeman, 2006). Among the sensitive companies ICICI is the one which has fast change in the Indian organization. It is above all the plans for development on the grounds that, as already predicted to convey the challenges in the coming future and the issues potential that were faced by the changes management. Is not with the results of this organization is known that the success of managing and controlling the problem by appointing staff Kamanth actions (Robert Kreitner & Mamata Mohapatra, 2008). ICICI has been suffering issues internally to organizational change. Internal problems must be the main driver of organization changes. There are many problems which has to be determined by the organization changes as well the obstacles that the organization has to go through its journey. The ICICI has undergone many change from its date of establishment, the changes were regarding the economic and other which are occurring in the market, few analysis of ICICI for the determination of change in the drivers of organization.

The organization has been in-sell and cross-sell products and services aggressively going to the second largest bank and the institution. In its 90-in, Safety and finance joint venture is one of the organizations, such as JP Morgan, the company is known for the same configuration Asset Management. These are all previous phases of development now occur in the further years, various union trades and the organization joint force. ICICI is a one of the leading provider of private organizations, products and services to customers in various fields, the innovative reputation, strength of finance and culture, along a general. All these features changes in the organization of organizations to embrace. ICICI SWOT Analysis is some objects, which in turn is the change in ICICI. SWOT analysis is conducted, organizational strengths and weaknesses, opportunities and risks that, development organization that is used to estimate the potential impact of aggressive companies are analyzed. This process allows the organization to the strategy is accepted and recognized standards in their markets which assist the organization to construct their schemes for overcoming some mistakes in the government.

This ICICI bank SWOT k will understand the strengths, weaknesses, opportunities and threats, the organization may change because of this restriction is to be analyzed. Strength Name Tag: This is one of the most positive of ICICI. With the sign of a company’s reputation in the market by offering quality services to its clients and offers no less than their rivals in the league. Huge Network: There many branches of ICICI in India. ICICI stores are about 500 and its ATMs are 1,800 in India therefore the service quality to the customers around the state. High share market: The high share markets were enjoyed by the ICICI in 34% in the country is IT and ITES in the diverse sectors of united India. The organization product expansion and portfolio: The various services provided to the customers of ICICI, the banking of business in banking retailer, funds if investments etc. After account of customer: ICICI bank had move forward in the existing operation account of the numerous organizations compared with other countryâA¢”šA¬A¢”žA¢s bank. Hours working long: The only bank which work for a longer time is ICICI bank 8-8 hours, a success of important planning. The Finance Department: The only bank is ICICI, services of foreign currency for offering the customers through the Treasury (Mahesh. H, 2009). Weakness The cost of transaction is high: The ICICI main drawback is that it cost the transaction cost higher than other. In India, many organizations rather ICICI Bank for their businesses because they require high transaction costs in the process. They lost a lot of the company’s accounts. Defensive approach to fund loans: ICICI always sceptical approach provides loans and deposits of their customers, who have other disadvantages. According to their policy they cannot borrow ITES and IT organizations with a soft spot in the world of IT. Focus on high level of customer you should speak only on the mountain quality of their customers and not focus on customer. Poor services of customer: Large ICICI that their customers continue to be poor, despite their rapidly growing on based on customers.. OPPORTUNITIES IT and ITES: ICICI is the future of the market and the large untapped in India in sectors of IT and ITES. The current bank dissatisfaction that many Indian institutions in India are not very much satisfied at this time, it can convert their opportunities in ICICI Consultation with Small Businesses: How much of the banks to focus on business consulting for small businesses that ICICI to obtain is the opportunity for all business categories THREAT Company bank increased MNC: The Indian government friendly lot of MNC banks are now increasing threat to banks such as ICICI in India. This will certainly increase competition, which in turn leads to potential threats in ICICI in the market place. Nationalization in bank development: The fee has been granted by the bank practical significance for a number of nationalized banks in India like SBI, which is considered a serious threat to ICICI as they compete with them. Customer dissatisfaction: This is the biggest threat and vulnerability ICICI. It was observed that many of the organizations and customers who use the services of ICICI satisfied with the services of ICICI. This should be regarded as a serious problem, and customers are not satisfied by other banks that offer better products and services to their customers (Pravin Patil, 2008). SWOT Analysis SWOT analysis is ICICI moment of creation. The few threats and weakness of the organization will plan to make changes in organization.

The ICICI Change drivers

Conductors internally The customer are not satisfied and poor service of customers Worker atrophy. The rate of inflation of employees. Pay more attention to customerâA¢”šA¬A¢”žA¢s high-end. The obsolete of the used technology. Drivers of External The competition is very high from banks as well the nationalization of banks in India Reduction of branches outside India Some factors that influence organizational change ICICI. From time to establish ICICI in many functional areas, such as bank and sales of retail, ICICI is considered one of the few Indians who responded quickly to changes in the organization. ICICI serious problem of atrophy of the workers in particular to develop their business procedures, in an organization as needed to change their strategies or processes are needed to remove barriers that may prevent or oppose the organization changes. These are the obstacles that might be in the form of previous policies or perhaps workers who cannot resist the evolution of society. Internal factors have paved the way for other changes in the organization against external factors. KV Kamath appointed at the initial stage of the evolution of the organization. He is the one who found some of the issues the organization must change to improve the activity of the organization.

When you take responsibility for their situation changes themselves Kamath important to the organization’s strategy and structure to shift the focus of the organization of a bank or lead the development of the Agency’s financial markets. The key objectives of the change in ICICI A number of objectives and problems in the organization who are agreeable to pay ICICI were ready to change. The mainly three issues that have caused five years in the change of atrophy were ICICI, relatives and lateral adjustment. With the Kamath ICICI has seen various organization changes. Kamath said that workers will lose effect on the world of work. They follow some of the strategies to overcome this problem by the scoring system in the organization. He started the distribution of their benefits to workers who stop too lazy and committed to their work.

Prior to ICICI employees is not a five-point scale effectively. They change the process of concluding a five-point scale and graded according to the performance. This is degree two percent and three percent of workers increased from creation. Is observed even in the organization uses a DOS-based technology as it becomes available from new technologies (KV Kamath, 2005). Kamath and the process have changed the basis of Oracle to improve business processes in improving the interface of user. Other change drivers in 90 days of a public company ICICI process with INT Kamath.

This states the rule that all start to implement a project or task within 90 days of start date. 90-day rule developed by businessmen who have started their business in Silicon Valley do. The employer must be designed, constructed, and to use the product on the market and have lost 90 days of competition. This is a strategy, ICICI will take to complete the projects at hand to win the race competitive in this world. In the Kamath seminar visit to New York, this strategy has attracted decided to take the organization. As this rule is three years six months able to complete 12 of almost all projects are following the strategy ICICI rule of 90 days. However, this strategy has found a good knowledge of the organization to finish the projects in time with the output product perfectly (KV Kamath, 2005). There are some factors of internal that have covered the way for changes in the organization over the past 5 years. All these changes are to win the competition in the market of Indian and the size of the wholesale and retail market.

These changes have led to the source, s part of the business challenges of process management. Above all, ICICI these changes have made some changes to business processes the customer’s needs. ICICI creation of development fund, the club IFCI, IDBI and ICICI to participate because of the changes in the sector of finance has decided to do a service to stop ICICI as its customers. The Ministry has decided to make these measures should apply to all financial institutions to provide services to clients, was not a low-budget scenario or discriminatory. In this situation at the beginning of a change in the organization in the preparation of O & G (oil and gas), IIG (Group Infrastructure), DES (Structured Products Group) and DTP (Planning and Finance) held for the provision of loans to customers. For food processing to control sections have heard some of these experts for their current employees. Following this process the most talented group offers business centers and the attention given to them over the branches.

Because many of these workers have a complaint after being informed by the managers must have to be in the group of business or otherwise go out of the organization.

The three stages in change with Kurt Lewin model

ICICI has followed some of the scheme and models for managing change in the organization. One models, followed by the organization as well as lines of Kurt Lewin’s three phases has, this model has three stages in the managing process when the changes in the organization. Unlock: This is the largest three phases of the model. This step gives the details of the preparatory steps to the changes taking place in the organization. It also explains how to prepare for change, decision to stay in the situation or to make changes and leave the comfort zone.

Melt occur and contribute to changes in the organization, not only do not want all the possible consequences that a change has occurred in front of them. Simply put, it is defined by the organization to ensure the motivation of employees, business processes and strategies to ensure the full output of the entire fruit. Motion: If the organization ready to move for change, and are willing to explore new opportunities for others and the direction they need to be forward. This phase includes the creation of third time to new values, principles; develop the changes defined in the organization. Sometimes this may mean changes in the structural forms and processes to support the proposal that the organization change. Re-freeze: If you have recently strategies to the core processes of organizational changes adopted amendment shall be frozen. Some system supports such as the evaluation system to reward, other cultures and sub-systems within the company are being considered to support the acquisition of new functions and actions.

The process of re-freezing allows the organization to achieve higher levels of symmetry through the institutionalization of organizational change (D. B. K Srivastava, 2007).

LewinâA¢”šA¬A¢”žA¢s Change Process

Effective change management

During the process of change over the last five years is expected ICICI to solve few challenges in the change. The whole process of change in an organization there will be some surprise as the normal stress, but how to manage stress and make a difference in perspective on change management within the organization. ICICI also follow few methods as amended by the adoption of Real-time scenarios such as the parking of vehicles. Opposes any change in the organization’s leadership to try, good employees, while some employees to change, or wishing to enter these areas.

These workers will change parking in some areas in order to remove a barrier and is flush with the front as needed. This scenario has been changed to ICICI organization. He was a golden handshake that staff have their fields rather than with the changes (KV Kamathi, 2005) may be responsible. ICICI is also some changes in business processes and infrastructure in the past five years. Management of services of finance, such as P & G, IIG, etc. to provide one-stop financial services to its customers. But the way this process takes time, if you need customer service in various departments at the same time, because the opportunity arose, and that customers can switch suppliers. To meet this challenge, because of changes in business, ICICI have formed in other parts of the Personal Finance Group, the largest group of clients and customers are becoming more and more. Through these passages demanding customers come into contact with the representatives of this group to obtain the services of different departments.

Thus by ICICI and the change has been following a policy rule to provide customers satisfied and get the same services more efficiently (Robert Kreitner and Mamata Mohapatra, 2008). Managing change successfully ICICI has not changed much over the past five years. It was a great success in managing change within an organization. Begin to compete with banks in India to meet their market position.

The use of the agency has become an important union with the server, and that the policies implemented by management. ICICI has improved its market position and offers a variety of products and services to customers. In recent years, trust and customer satisfaction after purchase missing. Customer service was improvised, and some of the window? Since technology is the application of certain services by sharing new technologies has changed as a result of their service is quick and easy. Because of these changes can not invest in ICICI in the past five years, and confidence in the market in the same situation over the next five years to do it again. Changed their business processes, strengthening of some units and some of its services powerful body for all categories of its customers. Another of the challenges of change management that the organization has suffered as their clientele is more pronounced than before the service provision of various services, because this method if the needs of any customer service three sections which are separated and fresh.

This process can lead to times where there is the possibility that customer off to another service provider of company. This will ultimately lead to customers losing organization. All of these challenges and ICICI conducted during the last five years and has one of the largest banks in India (Michael Useem, 2006). Conclusions Change has to be a common system in the world at present days are changes in the organization are a number of reasons, processes such as mergers, divisions or departments, etc., personnel management, although it should have a strong will and the ability to change and resistance in the results of the changes at the organization. OU change is an important process and should provide a detailed study and manage an organization. Management and business change is not solely dependent on, “but the business processes, but it also depends on culture, resources, and many other factors contributing to the organization. Show here the analysis of research projects, change management, was ICICI Bank, the Institute for the Future in the management of change in the past five years undertake short-term support. ICICI main objectives of the organization of businesses in their statements and the process of modernization can encourage private investment in partnership with some of the organization and much more.

The change occurs share in any organization, because of certain factors that demand for change. These factors are considered factors change. Change Given these factors, factors. changes in internal and external factors of the organization. Internal factors include changes in leadership, shortage of labor, the application of new technologies and some their internal affairs.

Externalities change in government policies, including competition, economic changes and rising costs of infrastructure and raw materials. ICICI is one of the banks in India as a quick reaction to changes in the organization. Since its inception it has been many changes in the organization. But in the last five years, a few steps from design and politics. In the appointed Kamath past as the organization of business processes has changed in the past five years, with an exciting plot and follow some of the strategies for organizational change and change management. Rule 90 days, the rental system the basic rule is bound by certain strategies of change management in planning and managing change without affecting the policies of the central bank. ICICI successfully manage change, following a few models that exchange Model Kurt Lewin. Was unable to obtain customer satisfaction with the support of the changes you made in your business processes.

Did you like this example?

Cite this page

Studying the Management of Change in ICICI. (2017, Jun 26). Retrieved January 29, 2023 , from

Save time with Studydriver!

Get in touch with our top writers for a non-plagiarized essays written to satisfy your needs

Get custom essay

Stuck on ideas? Struggling with a concept?

A professional writer will make a clear, mistake-free paper for you!

Get help with your assigment
Leave your email and we will send a sample to you.
Stop wasting your time searching for samples!
You can find a skilled professional who can write any paper for you.
Get unique paper

I'm Chatbot Amy :)

I can help you save hours on your homework. Let's start by finding a writer.

Find Writer