Question: hi i'm in a group doing a case analysis for the following case: The Analysis and Report Case:Winds of Change The case below is 'the
hi i'm in a group doing a case analysis for the following case:
The Analysis and Report Case:Winds of Change
The case below is 'the case' with respect to the individual analysis and report.
Evan had been a part of the business projects area for three years.A young man in his early twenties he had started with TollSure in the hope of kick starting his career in the finance industry.While the company was not one of the biggest, it nonetheless had a long history and a good reputation as an employer.This reputation was built upon a foundation that reflected the fir m's strong philosophies of job security and developing its people.The firm had a family feel to it, with most of its employees having served for five years or more.However, much had changed in Evan's time at the company.
The market for financial services had changed dramatically.Many firms such as TollSure had survived on brand loyalty in an industry that was once characterised by many observers as fragmented.However, the deregulation reforms of the financial sector by governments throughout the 1980s had helped blur boundaries between what were largely distinct segments in the financial services industry.Insurance, banking, superannuation and other services could now all be bundled within one firm and as such giants that once never went head to head in the market were now locked in battle.During the 2000s, technology reduced barriers to entry even further as some insurers went completely online in order to reach new markets and reduce transaction costs.There were some successes, but like all industries grappling with change there were spectacular failures.As most firms dealt with the growing competition through mergers and acquisitions in order to achieve greater economies of scale, analysts predicted this consolidation was likely to continue for some time, particularly as barriers to entry for foreign competitors had also fallen.
It had been two years since TollSure had employed a new CEO (Tony), to help deal with these changes in the market place.This was a large step away from tradition in a firm which had a long history of making senior management appointments from within.Many old timers openly commented on how this was a vote of no confidence from the board in relation to its internal pickings.Indeed, it soon became clear that the new CEO was going to implement change at the company and while many liked the vision of innovation laid out by the CEO, many of the long term managers at the firm had their concerns about how it was to be done.
From Evan's perspective, he was keen to see the new changes work but after two years of hard work he was beginning to wonder if his boss Wayne was right about Tony.Wayne and Evan had done a lot of extra hours on some of Tony's "pet" change projects and most of their efforts seemed to have borne little fruit.Further, Wayne had now been passed over for a senior appointment which went to one of Tony's old mates from a previous company where he had been the CEO.One day Wayne commented to Evan, ".... mate you're a brilliant worker but I'm not sure if that means everything now.There was a time it did but things have changed a lot and speaking your mind seems to have become more of a liability these days.If I go and I think it's likely, I will put in a good word for you as you've been groomed for my job for a long while."Evan was disappointed because although he sometimes disagreed with Wayne, he never felt Wayne had a problem with his openness.In fact he knew Wayne liked him and was grooming him for his job because of this.
Evan was also concerned because he knew that like him, Wayne was being groomed for a more senior role.So to be passed over was a real shock to all and he thought to himself "If that's how they treat someone senior, then what will they do to me?"Despite the extra hours they did for Tony's projects, they didn't always have a lot to show for it because Tony was often too extravagant with his claims about what could be done and as a consequence failed to get the board's approval for essential funding for training and consultants.Wayne soon left as a result of his treatment and while Evan was sad to see him go he thought he should at least see if he could get Wayne's job: after all, it would be great career move for him.
However, some weeks after Wayne's departure the news came; a new boss had been appointed to replace Wayne from the CEO's old company.Evan was shattered as the internal mobility and promotions prospects at TollSure had been one of the big attractions of work at the firm to employees.It didn't pay the best, but it did make sure you could take your career places if you hung around and worked hard.He thought to himself how he'd wasted the last two years doing extra hours for no reason.At least he had the consolation that with his experience he could very easily get a new job elsewhere and be paid much more.
End of Case Background
The Analysis and Report Case:Winds of Change
The case below is 'the case' with respect to the individual analysis and report.
Evan had been a part of the business projects area for three years.A young man in his early twenties he had started with TollSure in the hope of kick starting his career in the finance industry.While the company was not one of the biggest, it nonetheless had a long history and a good reputation as an employer.This reputation was built upon a foundation that reflected the fir m's strong philosophies of job security and developing its people.The firm had a family feel to it, with most of its employees having served for five years or more.However, much had changed in Evan's time at the company.
The market for financial services had changed dramatically.Many firms such as TollSure had survived on brand loyalty in an industry that was once characterised by many observers as fragmented.However, the deregulation reforms of the financial sector by governments throughout the 1980s had helped blur boundaries between what were largely distinct segments in the financial services industry.Insurance, banking, superannuation and other services could now all be bundled within one firm and as such giants that once never went head to head in the market were now locked in battle.During the 2000s, technology reduced barriers to entry even further as some insurers went completely online in order to reach new markets and reduce transaction costs.There were some successes, but like all industries grappling with change there were spectacular failures.As most firms dealt with the growing competition through mergers and acquisitions in order to achieve greater economies of scale, analysts predicted this consolidation was likely to continue for some time, particularly as barriers to entry for foreign competitors had also fallen.
It had been two years since TollSure had employed a new CEO (Tony), to help deal with these changes in the market place.This was a large step away from tradition in a firm which had a long history of making senior management appointments from within.Many old timers openly commented on how this was a vote of no confidence from the board in relation to its internal pickings.Indeed, it soon became clear that the new CEO was going to implement change at the company and while many liked the vision of innovation laid out by the CEO, many of the long term managers at the firm had their concerns about how it was to be done.
From Evan's perspective, he was keen to see the new changes work but after two years of hard work he was beginning to wonder if his boss Wayne was right about Tony.Wayne and Evan had done a lot of extra hours on some of Tony's "pet" change projects and most of their efforts seemed to have borne little fruit.Further, Wayne had now been passed over for a senior appointment which went to one of Tony's old mates from a previous company where he had been the CEO.One day Wayne commented to Evan, ".... mate you're a brilliant worker but I'm not sure if that means everything now.There was a time it did but things have changed a lot and speaking your mind seems to have become more of a liability these days.If I go and I think it's likely, I will put in a good word for you as you've been groomed for my job for a long while."Evan was disappointed because although he sometimes disagreed with Wayne, he never felt Wayne had a problem with his openness.In fact he knew Wayne liked him and was grooming him for his job because of this.
Evan was also concerned because he knew that like him, Wayne was being groomed for a more senior role.So to be passed over was a real shock to all and he thought to himself "If that's how they treat someone senior, then what will they do to me?"Despite the extra hours they did for Tony's projects, they didn't always have a lot to show for it because Tony was often too extravagant with his claims about what could be done and as a consequence failed to get the board's approval for essential funding for training and consultants.Wayne soon left as a result of his treatment and while Evan was sad to see him go he thought he should at least see if he could get Wayne's job: after all, it would be great career move for him.
However, some weeks after Wayne's departure the news came; a new boss had been appointed to replace Wayne from the CEO's old company.Evan was shattered as the internal mobility and promotions prospects at TollSure had been one of the big attractions of work at the firm to employees.It didn't pay the best, but it did make sure you could take your career places if you hung around and worked hard.He thought to himself how he'd wasted the last two years doing extra hours for no reason.At least he had the consolation that with his experience he could very easily get a new job elsewhere and be paid much more.
End of Case Background
i need to give reccommendations on how to discussed some potential remedies and solutions in the discussion section and thoroughly referenced these.i must outline the recommendations you have arrived at as a result of your research.T in bullet point form in tables, but you should at the very least briefly highlight the key benefit of the recommendations as shown here.
my paragragrah:
Over the past decades, advancements in technology has removed some of the key barriers to entry making it easier for more firms to enter the market. With rising competition businesses are urged to make changes to ensure that they remain competitive within the market. The most difficult task for a leader is to implement change that will effectively benefit the company (Bakari, Hunjra and Niazi 2017). Change is not easy to introduce, and many leaders fail to incorporate the human side of organisational change, lacking in the ability to show efficiency and integrity in successfully planning for change (Bakari, Hunjra and Niazi 2017). Tollsure employed a new CEO (Tony) from an external company to help implement change and help deal with the demands of the changing marketplace. In doing this, the company refrained from their history of internal promotions and it was seen that Tony was innovative and was going to be successful in bringing about change within the company. With bringing about effective plans for change, leaders have to keep in mind that during the transition into new practices the plans for change need to reflect a supportive environment and promote self-confidence and reduce levels of stress (Laschinger et al., 2015). After 2 years since Tony was anointed the new CEO of Tollsure, it was made aware that his ideas to implement change were too extravagant and unrealistic leaving many of his proposals to be rejected and unsuccessful. One of the main objectives in achieving effective management and effective planning is about harnessing the motivation of their employees in order to achieve organisational goals and aspirations (Howes 2018). Tollsure's decision to hire Tony was considered good at the time, but since then the company hasn't seen much improvement in the implement for change and with many internal workers being passed up for senior positions, as Tony sees that it would benefit the company to hire 'old mates' from a previous company where he had been CEO. Organisational change involves processes that are designed to move to a new structure and requires extensive structured planning (Tetef 2017), this can be seen through the use of Lewin's change model. This model consists of three stages; unfreezing, moving and refreezing (Tetef 2017; Bartunek and Woodman 2015, Rosenbaum, More and Steane 2018, Cummings, Bridgman and Brown 2015). The first stage is where a need for change is recognised and Tollsure realised that with the increasing advancements in technology and decreasing barriers to entry, something needed to be done to ensure that the company would be able to stay fully operational. The next stage is followed by the moving stage where the aim is to move to the new desired level of behaviour or equilibrium point (Bakari et al., 2017). After recognising that there was a need for change Tollsure hired a new CEO to implement the change. Despite being innovative there were still employees who were uncertain how Tony was going to achieve these goals. For the moving stage to be a success employees need to be kept informed on a regular basis and need to be motivated to achieve the new organisational goals and objectives (Tetef, 2017). The lack of communication skills within Tollsure limited the company's ability to strive to successfully implement change. The final stage refreezing is about solidifying the new norm of behaviour and practices (Tetef, 2017). Tollsure was unable to refreeze due to its inability to effectively communicate with employees and effectively plan for successful change.
i need help with what recommendations and benefits of these recommendations for the company will be best suited for TollSure
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