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Change management plays an important role in the organization as it helps in bringing the improvement in the process of organization that lead to profit maximization. Change management refers to make changes in planned and systematic way. Through bringing the change in the organization, the business process can respond faster to satisfy the customer demands. In this report, a banking company in Australia called as Commonwealth Bank of Australia is evaluated for management strategy to bring the change in management.
Change management is the business approach that helps in transforming the individuals, organization, and management to the desired state or future. It is important to understand the project management before understanding the change management. Change management refers to the process that uses available tools and techniques to bring the change and manage the people working the organization in order to achieve the desired business outcome. In this report, a banking company of Australia will be used as it is undergoing major change.
Background of the company
The Commonwealth Bank of Australia is the most famous Australian multinational bank that has its businesses in Australia, New Zealand, Fiji, USA and the United Kingdom. This bank provide great variety of financial services that includes retailing, institutional and business banking, fund management, share broking services, insurance, wealth management, investment services and other superannuation services. Commonwealth bank is the second largest company that is listed on the Australian Securities Exchange. Commonwealth Bank is founded by the Commonwealth Bank Act in December 1911 and it is introduced by the Andrew Fisher Labor Government as it favors the nationalization in banking sector (Commonwealth Bank: Company Overview, 2014).
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