Strategic Imperatives of Managing Changein Nigerian Financial Institutions
2016
In recent times, there have been changes within the Nigeria financial institutions due to
globalisation and technological innovations. While the changes are expected to bring about
transformation of the industry in line with global best practices, the attendant effects of
strategic alliances between financial institutions and re-structuring exercises occasioned by
various banking reforms have brought about untold hardship unto the bank employees. With
emerging entities embarking on downsizing of workforce as a cost cutting management
strategy, the victims (individuals) who have lost their jobs have to grapple with the need to
cope with life, the survivors (staff who survived the downsizing exercise) have to battle with
the challenges of work place, while the organisation (executioner of change) have to contend
with managing the resistance to change. Successful management of change is therefore crucial to any organization to survive in the present highly competitive and continuously
evolving business environment. In order to understand why some change implementations
succeed and some fail, how the resistance to those changes work and where it comes from
becomes imperative. The study reviewed facets of change and situated resistance to change
within the context of Nigerian financial institutions based on secondary data and information.
It identifies amongst others, clear and unambiguous objective setting, effective
communication, consultation, dialoguing and bargaining, motivation, negotiation,
manipulation, co-option and coercion as possible tactics for managing resistance. Managers
should take cognisance of the human elements in coping with challenges of change through
sustained flexibility and adaptability to consequences of change.
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