LPM Level 4 Manage Change Post-Workshop Assignment Class

LPM Level 4 Manage Change Post-Workshop Assignment Class: Kannan Chettiar Dates of Classroom Training: 20, 23, 25 & 27 Jan 2018 Your Name: Victor Ang Kim Huat NRIC: S1106255E Position: Executive Director Email: [email protected] Tel No: 90053985 Industry: Consultancy Name of company: Strategic Associate (S) Pte Ltd

Victor ANG LPM L4: Manage Change | pg. 1 Overview This document provides for conduct of assessment for the competency unit, “Manage Change”. The competency elements are: 1. Facilitate innovation in the workplace. 2. Manage the implementation of change strategies and processes. 3. Monitor and evaluate impact of change on team leaders. Written Assessment Instruction Sheet This is part of a Summative Assessment of Level 4, LPM Manage Change module. There are 3 sets of questions based on coverage of Module content and the CHOSEN CHANGE PROJECT INITIATIVE. You must answer all the questions by writing and/or Word document, with Arial 12 point font, double-spaced and a 3 cm border. Your Name, NRIC No., Class/Batch No., Dates of Classroom training must be placed at the top right hand of your answer sheet. Note that, you are liable to be deemed as “Not yet competent” if the above stipulations are not adhered to. In your submission, you are allowed to offer reference materials from your organization (with permission) or relevant books, journals or other publications. All scholastic references must be accompanied by Harvard System of Referencing. You may access http://libweb.anglia.ac.uk/referencing/harvard.htm for more information.

We Will Write a Custom Essay Specifically
For You For Only $13.90/page!


order now

Victor ANG LPM L4: Manage Change | pg. 2 Questions for CE 1: Facilitate innovation in the workplace 1. Identify 3 enterprising behaviors Behaviors are personality traits that drive how something functions or operates. Behaviors are not static rather they are constantly evolving depending on the circumstances and environment being subjected. An enterprising behavior exhibits the ability or desire to do new and difficult things by exploring new frontiers. Let us consider the following 3 behaviors: 1. Opportunity seeking: This represents actively seeking and seizing a good chance for advancement as it comes along. The individual would not wait for opportunity to present itself to him/her rather he/she actively solicit for them. 2. Taking initiatives to make things happen: After identifying the opportunity, the next step is to make things happen. Procrastination on an opportunity or delayed action causes the opportunity to be festered and wasted. Decision has to be made to turn opportunistic idea into reality. Individual with this enterprising behavior will make things happen via market research, survey, forum, cost planning, consultation and social or media networking. 3. Communicating ideas and information: One of the most important successes of an enterprising behavior is the ability to communicate the vision clearly to relevant stakeholders. These stakeholders may be investors, partners, suppliers, financiers and co-workers. Clarity of communication is importance and getting their endorsements would inevitably determine the outcome of success. The following example illustrates the above enterprising behaviors: Jack Ma Yun, a Chinese billionaire based in Hangzhou started with a vision for an online marketplace he called “Alibaba.” The site allowed exporters to post product listings that customers could buy directly. These consumer products are posted on the site via electronic-commerce platform instead of the conventional brick and mortar retail stores. Through his mission and vision, Jack was able to transform consumers’ shopping behaviors at the comfort of their homes via computer desktops, electronic gadgets/devices and mobile phones. In early 2000s, Jack started his own company Taobao, the eBay competitor. Today, Jack is Asia’s richest man with an estimated worth of USD25 billion and an influential man on world stage who has changed the world’s shopping behavior. His success story is a good example of an individual who exhibits enterprising behaviors and translating his dream into reality – “Everybody should have a dream” as quoted by Jack Ma. Another example of entrepreneurial success in the local scene is RedMart.com. It is a Singapore based online grocer that offers competitive prices on a wide range of groceries and household essentials with the convenience of home delivery 7 days a week. The company founded in March 2011 by Roger Egan, Vikram Rupani and Rajesh Ligappa. This company enhances the way consumers shop for groceries and essentials at the comfort of their homes with just a “click of the mouse”. While there are

Victor ANG LPM L4: Manage Change | pg. 3 other supermarkets offering similar online groceries shopping earlier, they have not been successful due to their level of services and commitments. RedMart’s success is demonstrated by financial backings it receives from well-respected investors and advisors including Garena, Toiyo Annus (Skype Co-founder), Eduardo Saverin (Facebook Co-founder), Jason Ackerman (CEO of FreshDirect), Visionnaire Ventures and SoftBank Ventures (an early investor in e-commerce giant Alibaba). 2. Explain the difference between positive and negative risks. At Bakkah Inc Institute for Training and Consulting, Risk is defined as a threat (negative risk) or opportunity (positive risk) at the same time. It could be a threat if it caused damage, loss, delay or struggle and it could be an opportunity if it achieves target or increased revenue or reduced resources. There is a wrong perception that risk is something negative which could lead to project failures. Both types of risks affect the project results and hence prediction and expectation are crucial at early stage of planning. For project management to be able to control all threats and make right decisions, there should be strategizing, monitoring and following up during the project’s life cycle. Example of positive risk: Completing the project before delivery date or increasing its rate of Return on Investment (ROI). Example of negative risk: Delays in the delivery of the project or surpassing its planned cost. Is it possible for positive risk to turn into negative risk? Unless it is well planned and followed-up, a positive risk could turn negative. For example, if a telecommunication company is implementing an expansion project to gain new market share and accommodate larger number of subscribers. They may have done the preparation for receiving new subscription orders of lines services via promotional campaign and succeeded to gain new clients. However they have not allocated sufficient manpower on technical installation of house units for new subscribers. This would turn the great opportunity into a real threat because the telecom service provider would be unable to deliver full services to new subscribers resulting in delay and unable to cope with existing subscribers. This may lead to a breakdown in its service delivery causing reputational loss to both new and existing subscribers. This was an example of a new local telecom provider, My Republic when they tried to compete for market share with established telecom players SingTel, Star Hub and M1.

Victor ANG LPM L4: Manage Change | pg. 4 3. Using the DBS example and 2016 Today interviews with CEOs cite two examples of how Leaders can role model and reward innovation (PC: 1.3; UK: 1.6, 1.7) Innovation is best defined as a radical and revolutionary change in thinking, products, processes or organizations. It is different from invention, which results from study and experimentation, which is a process itself. A famous quotation from Steve Jobs, ex Chairman, CEO, co-founder of Apple Inc sums it all: Innovation has nothing to do with how many R;D dollars you have… It’s not about money. It’s about the people you have, how you’re led, and how much you get it. – Steve Jobs Examples of how leaders role model and reward innovation: • Commit to lead and transform: DBS Bank’s CEO Piyush Gupta demonstrated his commitment more than 5 years ago to transform the Bank by building his core leaders team (game changers), leading them by keeping a strategic view from the top and at the same time go down to focus on the execution and its details. Gupta “walk the talk” and figured out “If the Bank was stuck in doing things the old way, then why would customers stayed with the Bank? They would go to the next most effective and efficient service provider.” Over the next few years, Gupta pushed hard on technology and innovation to streamline processes: cutting long queues at branches, setting pop-up ATMs across the island to facilitate withdrawal of new notes for Chinese New Year, “Talking ATMs” to help visually impaired customers, Online e-banking ; Paylah, data analytics to monitor utility rate of ATMs etc, grooming start-up enterprises and embracing Artificial Intelligence • Trust and delegate to empower people: Gupta went further to trust, delegate and empower his call center and branches staff to make decisions on refunding customers on small transactions that were wrongly debited. This was never done before as it was thought to be too much risk where people might make the wrong decisions and give away some money. However, Gupta figured out that people are responsible and would want to do the right thing for their customers and would act within the broad guidelines given. Gupta focused on being customers-centric, improved service quality for customers and empowered staff. This created motivation and positive environment for the employees. • Instill an entrepreneurial mind-set: In Today’s 27 June 2016 interviews with Wong Heng Chew, Country President of Fujitsu Singapore and Noam Berda, CEO and Co-founder of Zyllem, both agreed they needed to harness creative minds and instilled entrepreneurial mind-sets among its team members. In this way, the workforce can add value by building on existing products or creating new products. Gupta of DBS Bank also emphasized that employees are to be engaged, entrepreneurial and have fun in their workplace.

Victor ANG LPM L4: Manage Change | pg. 5 These leaders also consciously link KPIs to innovations and reward people for innovative ideas. All innovative ideas are collated and considered, though not all are feasible or implemented. These leaders reward their staff by individual or team recognitions, commendations, gifts, and cash or career advancement. 4. In a VUCA world, identify 2 competencies that Team Leaders need to demonstrate in order to role model and build their team so that they can respond positively to change. (PC: 1.2; UK: 1.2, 1.4, 1.5) No matter what industry we work in, our business is constantly changing or it is dying. This kind of environment can be described with the acronym VUCA, which stands for Volatility, Uncertainty, Complexity and Ambiguity In volatility, we may know quite a bit about the situation and we may be able to predict the outcome of our actions. In volatility, the issue is simply the rapid rate of change. As depicted in the above diagram, most of us are in the quadrant of volatile markets with rapidly changing circumstances. In uncertain situations, we may know quite a bit about the situation, but we are unsure how next to proceed. This is closely aligned with the military term “the fog of war.” Complexity represents a situation where we may be aware of the outcome of our actions, but we may have many key decision factors that are clouding our ability to make a judgment.

Victor ANG LPM L4: Manage Change | pg. 6 Ambiguity is low in both the situational awareness and the predictability of the outcome of our actions. This may be a situation where we are introducing an entirely new business model to the market or launching a never-before tried combination of technologies. In a VUCA world, team or catalyst leaders need to practise Agility to lead their teams to respond positively. With the events of 2016 – Brexit, the election of Donald Trump, threats from terrorists and cybercriminals, climate change, business leaders have entered a new era requiring new ways of leading. Traditional management methods seem no longer sufficient to address the volume of change we are seeing. Leaders must deal with growing uncertainty, complexity, and ambiguity in their decision-making environments. In an article “To Lead in a VUCA World, Practise Leadership Agility” dated 18 Oct 2017 by Henna Inam, CEO of Transformational Leadership Inc, there are four types of Agility Competencies. Four Types Of Agility Competencies Catalyst leaders consistently use the following four types of agility competencies in a way that they build on each other. Context-setting Agility is the ability to scan the environment, anticipate what might change, and frame their context in a compelling way that influences others. It is the ability to step back and see connections beyond the boundaries of their specific initiative, function, company, or even industry. This allows for a longer-term focus and visionary thinking and impact. Stakeholder Agility is the ability to identify, seek out, and engage key stakeholders. It’s the capacity to understand and empathize with the views of multiple stakeholders while also honouring one’s own view. Catalyst leaders seek input from stakeholders not just to get buy-in but are actually willing to be influenced by others’ views for better decision-making. Creative Agility is the ability to explore multiple views when dealing with a complex problem and to step back to examine the assumptions being made. Catalyst leaders hold the tensions within paradox (short-terms vs. long-term, practical vs. idealistic) to lead teams who come up with unique solutions. Self-Leadership Agility is the capacity to engage deeply in growing self-awareness and leading one-self first by envisioning the kind of leader they want to be. Catalyst leaders have an interest in aligning their behaviours with values, and aspire to becoming more authentic leaders. They use personal growth to fuel professional development.

Victor ANG LPM L4: Manage Change | pg. 7 An example of leadership agility was by Mr Kenny Goh, whose company Ken-Air operated from 1973 to 2002, offering long-haul trips to destinations like the United States, Europe and New Zealand. It was voluntarily liquidated four months after the Sept 11, 2001 attacks in US. Mr Goh then envisaged a volatile and uncertain world in the travel industry where the travel industry will be disrupted. After he closed the business, there was Severe Acute Respiratory Syndrome (SARS) crisis and the Gulf War. On hindsight, Kenny demonstrated the four types of agility as a leader to move out of the traditional travel industry to prevent the company from greater losses. Besides agility, catalyst leaders need to have Courage to make audacious decisions. They must dare to take risks and often go against the grain. They cannot afford to keep using traditional management techniques while avoiding criticism and risk. The greatest risk is to avoid risk. This era belongs to the bold, not the meek and timid. Kenny Goh exhibited courage to close his travel business. President Donald Trump also exhibited boldness and courage when he decided to withdraw from Asia Pacific Free Trade Agreement from other nations and put “America First”. Similarly, Britain decided to exit from E U under the leadership of Theresa May. 5. Using Cirque du Soleil as a role model, list 2 characteristics of a Learning Organization and list 2 communication techniques and 2 communication channels that Team Leaders can use to receive feedback and suggestions for change and innovation (PC1.1, UK1.3, UK 1.8) Organization that acquires knowledge and innovates fast enough will survive and thrive in a rapidly changing environment. The five main characteristics (figure above) that Peter Senge had identified are said to be converging to innovate a learning organization. These are (i) Systems thinking, (ii) Personal mastery, (iii) Mental models, (iv) Building shared vision, and (v) Team learning. We shall look into 2 of them in detail:

Victor ANG LPM L4: Manage Change | pg. 8 (1) Building shared vision The development of a shared vision is important in motivating the employees to learn, as it creates a common identity that provides focus and energy for learning. The most successful visions normally build on the individual visions of the employees at all levels of the organization. A learning organization tends to have flat, decentralized organizational structure. The shared vision is often to succeed against a competitor for which there can be transitory goals. When there is a genuine vision (as opposed to the familiar ‘vision statement’), employees excel and learn, not because they are told to, but because they want to. DBS Bank Singapore is an example of a Learning Organization. It has a shared vision to embrace technology and become more customer-centric. Its motto is “Make customers your innovation partners”. Pearlyn Phau, the Deputy Group Head of Consumer Banking and Wealth Management at DBS Bank said: “With increasingly tech-savvy customers and rising smartphone usage, we have designed our digital banking services to be innovative and nimble enough to address customer needs, and be able to provide an intuitive and relevant banking experience. It is about leveraging world-class technology to create a first-class customer experience.” With that in mind, DBS Bank has launched DBS Digibank, Paylah, Fastrack, DBS SMS Banking; all to cut long queues at branches and helping customers to execute transactions at their fingertips. (2) Team learning The accumulation of individual learning (personal mastery) constitutes team learning. The benefit of team or shared learning is that the employees grow more quickly and the problem solving capacity of the organization is improved through better access to knowledge and expertise. A learning organization has structures that facilitate team learning with features such as boundary crossing and openness. Team learning requires individuals to engage in dialogue and discussion. Therefore team members must develop open communication, shared meaning, and shared understanding. A learning organization typically has excellent knowledge management structures, allowing creation, acquisition, dissemination, and implementation of this knowledge in the organization. To work effectively and achieve optimum results, a number of communication techniques should be considered and utilized. Which one is used will depend on the situation. (1) Face-to-Face The biggest benefit of face-to-face communication is that it’s personal and bidirectional. When you interact directly with someone, it’s easier to build rapport and enhance trust. Also, speaking in person, you can pick up on non-verbal cues that would be missed by sending an email. In-person meetings can be formal or informal:

Victor ANG LPM L4: Manage Change | pg. 9 Formal: • Department meeting – Help employees understand how their work fits into the company’s overall goals and see the big picture. Also to communicate important messages that has broad impact on the department’s goal. Most effective when held on a monthly basis. • Workgroup/Team Leaders meeting – For information sharing, updating, assigning tasks. Most effective when held weekly or bi-weekly. Informal: • Brown-bag gatherings – Typically held during the lunch hour, brown-bag events are casual ways to host a speaker on topics of interest, hold discussions or present information. • Coffee/Drinks sessions – Held on an ad-hoc basis at cafes or bars, they provide a relaxed setting for staff to interact with Leader directly and ask questions, share concerns or ideas in an informal group setting. (2) Brainstorming and offsite This is a way to get people out of their offices and silos for a few days to an offsite venue. In a different environment and relaxed settings away from the hassle and bustle of “BAU” office work, it encourages people to “think out-of-the-box” and stimulate ideas, creative thinking and people relationship bonding. Ideas are collated and thoroughly considered and workable ones are escalated to management for their consideration and implementation. Common Communication Channels 1. Email Email can be effective because it’s immediate, can reach a mass audience fairly quickly and provides information in writing. It can have drawbacks, as well. Too many emails and messages can be perceived as overkill and, thus, may be ignored. Also, the person reading it may misconstrue the tone of an email or technology glitches may prevent the email from reaching its intended audience. 2. Websites and social media Websites – Information and news can be posted to a department’s or division’s website after it has been delivered by another means (email, presentation or meeting). Social media (Facebook, Instagram, Linkedin etc) – Fast and immediate way to disseminate non-critical information that can engage employees. Each site owner should have a dedicated person who is responsible for monitoring social media sites for questions, comments and feedback.

Victor ANG LPM L4: Manage Change | pg. 10 Question for CE 2: Manage the implementation of change strategies and processes 6. What are the triggers of organizational change? Identify two which are relevant to your Company so that you can raise the awareness for the need to change (PC 2.1: UK 2.1) (1) Lack of growth and (2) Competition due to new market disruption are triggers of organization change. Lack of growth and competition from new market are reflected by a company’s decreasing market share, declining revenue, increase cost of production, shrinking margins and declining profits or operating losses. While this may happen only to a specific financial year due to external events or exceptional non-operating losses, consecutive losses over a few years is a worrying trend that should trigger organization’s awareness. Philips, the Dutch electronics giant set up a company in Singapore in1951 to sell household and consumer appliances, from toasters and televisions to electric shavers and compact disc players. They were the rage from the 1950s to the 1980s. But then its fortunes began to change. In 1990, the company lost more than US$2 billion – the biggest corporate loss in Dutch history. Philips had morphed from an innovative company with expertise in core products to a conglomerate comprising 11 divisions and more than 120 businesses, which even included video games. Its large and over-diversified product portfolio had begun to cause it problems. By the mid-2000s, a technological revolution was in full flow. But as the world was going digital, Philips stuck with its analogue TVs, when its rivals were making liquid crystal display (LCD) screens. So it went from a reputation for innovation, to products that looked more and more outdated next to its rivals. With out-dated products and falling profits, its future looked dim and in 2011, the company lost US$1.7 billion. It barely avoided bankruptcy as it continued to rack up losses. And in 2011, a new CEO who led Philips into a new chapter was appointed, Mr Frans van Houten. He made a drastic change of direction and did very well to read the outside world – the transformation that was going on in healthcare. And he decided to change the company. After 123 years, Philips was restructured into two companies: Lighting and Healthcare, the latter it identified as an industry that will grow in importance as the world’s ageing population increases. Philips’ Lighting products remain core and are still sold in about 180 countries and recorded US$26 billion in sales in 2016. Philips has gone from a company that first specialised in light bulbs to one of the top global healthcare companies over the last two years.

Victor ANG LPM L4: Manage Change | pg. 11 7. Identify 4 key roles and responsibilities to ensure successful implementation of your Change Project (PC 2.2; UK: 2.3, UK2.4, UK 2.6) Let us look at the case study of Neptune Orient Lines (NOL) and identify its key roles and responsibilities in driving change and implementation of its Change Project. In their respective roles and responsibilities, they exhibited Edward de Bono Six Thinking Hats to help them to control their thinking and their decision- making. Role Responsibility Sponsors: Shareholders and potential investors. NOL’s major shareholder was Temasek Holding who owned 67% shares in the company. It sold its entire shares to French company CMA CGM in June 2016. Shareholders must be willing to sell and buy NOL. Temasek; the seller was willing to sell its stake in NOL for a consideration of S$3.38 billion for less than half the 2004 share price it paid to increase its stake from 50% to 67%. CMA CGM, the buyer was willingly to buy NOL and pumped equity at the agreed price. Champions: Board of Directors and Steering Committee Members. Endorses the sale of stake to CMA CCG. The Board of Directors and its Steering Committee members deliberated the pros and cons before giving their endorsements to sell NOL to CMA CGM. Their “buy-in” is necessary to initiate the execution.

Victor ANG LPM L4: Manage Change | pg. 12 Change/Project Lead: CEO and dept. heads They play the most challenging role to communicate and execute the change of ownership. CEO Mr. Ng Yat Chung together with all department heads communicated and clarified the change in ownership to all employees to ensure stability, continuity and changes to operations and processes. Implementers: 1) Employees (at all levels) other than shareholders Execute the transfer of ownership and operations from Temasek to CMA CGM. Employees at all levels are directly impacted by the change in ownership via staff retrenchment, re-deployment and assignment of new roles and responsibilities in the new organization. 8. Identify 3 Systems and 3 Behaviors that could hinder implementation of change. Explain how you would use Scenarios to mitigate NEGATIVE risks (PC 2.3; UK: 2.2,UK 2.7) Using Neptune Orient Lines (NOL) as the case study: Systems that hinder the sale of Temasek shareholding to CMA CGM: (1) Red tape: NOL being the national container and logistic carrier of Singapore had a pyramid organization structure where decisions are escalated to many layers. Hence the decision to sell to CMA CGM would have to be deliberated at management, board and probably political level given its state ownership. (2) Communications: Must be timely, straightforward, true and consistent. In NOL case, there was a lead-time and underlying reasons for the sale to be communicated by management to all its employees. The manner it was delivered to them was not ideal through formal email/newsletter without any opportunity for question and answer in an open forum. (3) Culture: The merger of NOL and CMA CGM entailed two different cultures – Singaporean subsidiary entity and French head office. This would hinder the implementation process due to systems, people and strategic outlook. Behaviors that hinder: 1. Lack of optimism and enthusiasm among leaders – given its pride and complacency as the home-grown national carrier and premier service line, leaders of NOL (indirectly appointed by government) would be less optimistic and enthusiastic on the sale.

Victor ANG LPM L4: Manage Change | pg. 13 2. Lack of cooperation – NOL had been operating in bureaucratic and “silos” where different divisions were not sharing information efficiently resulting in declining market share and revenue. This “silos” effect rendered a non-transparent and tedious process in getting full information for the sale to CMA CGM. 3. Negative attitudes toward change – there was negativity amongst employees towards change within NOL as it already had several changes of CEOs and consistently poor performances over the last few years before its last CEO, Ng Yat Chung acknowledged that NOL was “a bit slow and reluctant to change”. Murphy’s Law: “If something can go wrong, it will.” The following scenarios would mitigate negative risks in NOL: What could go wrong Probability (high, med, low) Impact (nominal, can cope, serious, devastating) Preventive actions) Plan B -Contingency action Lack of cooperation among staff High Can cope Putting task force and assigning specific roles. Regular monitoring of progress and KPIs Replace staff or hire external consultants Lack of enthusiasm of leaders High Serious Communicate to leaders the consequences of a hostile takeover or cessation of business Replace leaders Negative attitude towards change High Can cope Manage transition management and allow employees to experience “SARAH”. Regularly monitor how they react to “SARAH” Staff attrition and replacement Lack of role models Medium Can cope Change mindsets, training & development Transfers personnel from head office

Victor ANG LPM L4: Manage Change | pg. 14 9. Explain how you would use the predictable theory of transition management to help your stakeholders move from Ending through the Neutral Zone to New Beginning (PC 2.4; UK: 2.5) The Transition Model was created by change consultant, William Bridges, and was published in his 1991 book “Managing Transitions.” The model highlights three stages of transition that people go through when they experience change: 1. Ending, Losing, and Letting Go. 2. The Neutral Zone. 3. The New Beginning. The following strategies would help people to go through the different phases of transition change: (1) Communication; (2) Direction & Guidance and (3) Reinforcement, Reward & Celebration.

Victor ANG LPM L4: Manage Change | pg. 15 Question for CE 3: Monitor and evaluate impact of change on team leaders 10. Explain why Advocacy and Inquiry skills (which support Systems Thinking), enable Team Leaders to prevent unintended consequences while encouraging identification of opportunities for change and innovation. (PC 2.4, UK 2.1) Advocacy & Inquiry One way to characterize the action in a conversation is as a mix of advocacy and inquiry. Advocacy is how we take a position (e.g., state an opinion or make a recommendation) or move up the ladder. Inquiry allows us to question (e.g. revealing how others reached their conclusions, understanding the impacts of our actions on others, asking how others see things differently) or move down the ladder. When we find ourselves facing a challenging situation or disagreement, most individuals and groups increase advocacy and decrease inquiry. In addition, the quality of advocacy and inquiry usually deteriorates to close-

Victor ANG LPM L4: Manage Change | pg. 16 minded debate and cross-examination. Neither trend makes collective learning likely. By consciously seeking to both improve the quality and balance of these two attributes of conversation, a group is more likely to generate better structural hypotheses about the causes of problems and more effective intervention strategies. High advocacy, low inquiry is one-way communication – even if both people are doing it! It can be useful for giving information. It makes it difficult to take advantage of diverse perspectives or to build commitment to a course of action. High inquiry, low advocacy is one-way in a different sense: the speaker does not state his or her thinking. It can be useful as a way of finding out information. It can create difficulty when the speaker has a hidden agenda and is using questions to get the other person to “discover” what the speaker already thinks is right. Low inquiry, low advocacy is useful for observing. Sometimes people take a low-low approach on key issues while covering this up by advocating or inquiring on safe subjects (“Nice day we’re having”). High advocacy, high inquiry is an approach for mutual communication and learning. “I state my thinking, I inquire into your thinking, and I encourage you to question my thinking”. Moving up the Learning Curve Balancing advocacy with inquiry is necessary but insufficient for ensuring learning. For mutual learning to occur, the quality of advocacy and inquiry is also critical. Saying, “That’s a stupid idea. Were you born that way?” is both a statement (advocacy) and a question (inquiry), but it doesn’t promote learning. The Ladder of Inference is one tool that can help guide high-quality advocacy and inquiry. The ladder of inference provides a picture of how our beliefs, values, and assumptions influence the data we select and the meanings we add to them and also how our thinking influences our behavior in conversations.

Victor ANG LPM L4: Manage Change | pg. 17 • High-quality advocacy involves providing data and explaining how you move from these data to your view of the situation. • High-quality inquiry involves seeking others’ views, probing how they arrived at them, and encouraging them to challenge your perspective • Balancing high-quality advocacy with high-quality inquiry makes significant learning possible for all players. 11. List 3 communication channels and 3 communication techniques that Managers can use to keep stakeholders updated on change initiatives and facilitate sharing of learnings (PC 3.1; UK 3.1) Communication techniques 1. Presentation slides – This is the most common form of communication technique used to inform all stakeholders especially management, board and shareholders of the progress on the change initiatives. Given that this must be a top agenda item where resources and funds have been heavily invested, presentation must be clear and concise on its progress and roadblocks. 2. Verbal Feedback – Gathering of feedbacks from the workforce involved in C & I is critical. Managers be “deep listening” to their problems and give allowances for mistakes. They too must be asking open and high impact questions to determine the root-cause of problems or hindrances to the project. From there, managers are responsible to analyze the feedbacks and present them during a feedback session with relevant stakeholders on its feasibility, market share, costing, timeframe to launch and priority and ranking of each

Victor ANG LPM L4: Manage Change | pg. 18 C&I ideas. There should be a transparent “bottom up” flow of ideas and feedback presented to stakeholders. 3. Crucial Conversations – While the process may be the same as feedback, high-stakes communications especially to board members and shareholders require more planning, reflection, and skill than normal day-to-day interactions at work. Examples of high-stakes communication would be DBS Bank’s CEO Piyush Gupta’s conversations with board members and shareholders to invest S$200 million in digital banking over the next few years and committing another S$10 million to run partnership programs with accelerators and incubators to embrace startups in Singapore. In this conversation, not only stakes are high but also where opinions vary and emotions run strong. Communcation Channels/Media There are three primary channels Managers can use to keep stakeholders updated on change initiatives: 1. Formal communication channel transmits organizational information, such as goals or policies and procedures; 2. Informal communication channels are where information is received in a relaxed setting, and 3. Unofficial communication channel, also known as the grapevine. These channels can be both verbal and non-verbal as depicted in the above diagram.

Victor ANG LPM L4: Manage Change | pg. 19 12. Share an example of how you would use Data Analytics to gather feedback from team leaders and key stakeholders to measure current performance, establish trends and identify ‘gaps’ (PC 3.2; UK 3.2, 3.3) Data analytics predominantly refers to an assortment of applications, from basic business intelligence, reporting and online analytical processing to various forms of advanced analytics. It is similar in nature to business analytics and is oriented to business uses. Data analytics initiatives can help businesses increase revenues, improve operational efficiency, optimize marketing campaigns and customer service efforts, respond more quickly to emerging market trends and gain a competitive edge over rivals. Depending on the particular application, the data that’s analyzed can consist of either historical records or new information that has been processed for real-time analytics uses. In addition, it can come from a mix of internal systems and external data sources. Types of data analytics applications Data analytics can also be separated into quantitative data analysis and qualitative data analysis. The former involves analysis of numerical data with quantifiable variables that can be compared or measured statistically. The qualitative approach is more interpretive as it focuses on understanding the content of non-numerical data like text, images, audio and video, including common phrases, themes and points of view. At the application level, Business Intelligence (BI) and reporting provides business executives and other corporate workers with actionable information about key performance indicator, business operations, customers and more. In the past, data queries and reports typically were created for end users by BI developers working in IT or for a centralized BI team; now, organizations increasingly use self-service BI tools that let executives, business analysts and operational workers run their own ad hoc queries and build reports themselves. More advanced types of data analytics include data mining, which involves sorting through large data sets to identify trends, patterns and relationships; predictive analytics, which seeks to predict customer behavior, equipment failures and other future events; and machine learning, an artificial intelligence (AI) technique that uses automated algorithms to churn through data sets more quickly than data scientists can do via conventional analytical modeling. Big data analytics applies data mining, predictive analytics and machine learning tools to sets of big data that often contain unstructured and semi-structured data. Text mining provides a means of analyzing documents, emails and other text-based content.

Victor ANG LPM L4: Manage Change | pg. 20 Uses of Data Analytics in business environment Why DBS Bank Is Going All-in On Big Data? DBS has led the way in transforming its operations via data analytics in order to make better-informed decisions, distinguish trends, identify gaps and stay at the top of its game. Some of these technologies include cloud computing, artificial intelligence and data analytics. Challenging norms in the consumer space • DBS has pushed the envelope in using data analytics to improve efficiency in consumer banking. One key example is how big data has completely changed the bank’s ATM system in its home market. • The bank’s ATM network is one of the most heavily utilized in the world, with more than 25 million transactions per month. DBS has leveraged its data analytics to understand the patterns of ATM cash flow and to predict when ATMs would run out of cash, resulting in almost zero cash-outs. Trade Finance taken to the next level • The push into big data has also helped reduce errors in trade finance documentation. A traditionally paper-intensive industry involving manual processes, trade finance controls rely on the bank’s understanding of their clients, nature of transaction, documentary financing and credit monitoring. • To reduce trade anomalies, DBS has collaborated with A*Star, Singapore’s largest ICT research institute, and fintech company Cloudera, one of the leading providers of data management and analytics platforms. Through this partnership, they have created a groundbreaking program that detects abnormal trade finance transaction activities. Applying big data to Audit • By applying big data innovations to the bank’s auditing processes, DBS can detect poor controls at branches and spot high-risk branches. To that end, 15 per cent of branch audit processes have been automated. Data-diving in the HR pool • The bank set up its Human Capital Analytics team within HR to evaluate trends and determine risk factors for early employee attrition. Some of these factors include poor performance, taking medical leave in the early months of employment and missing training courses. The data is then used to prompt managers to engage these employees early and provide more guidance.

Victor ANG LPM L4: Manage Change | pg. 21 13. How would you monitor and track progress so as to ensure that you attain desired results from your change effort and overcome resistance to change? (PC 3.3; UK 3.4, UK 3.5, UK, 3.6, UK 3.7) Six steps to ensure you attain desired results from your change effort or project. 1. Monitor change project throughout 2. Decide what to measure 3. Gather the right data 4. Select appropriate tools 5. Assign monitoring responsibility 6. Identify who to report to Monitoring Tools and Techniques: Tracking Quantitative Metrics Much of project monitoring is focused on hard facts such as the money being spent, man hours being used up etc. These are key metrics and need to be tracked in a systematic and effective manner, providing a ready snapshot of where the project is at any point in time. Some of the ways in which projects can be tracked are: 1. Spreadsheets Spreadsheets are a good way of tracking key metrics. All relevant data can be listed out with values against each important metric. This includes timelines with acceptable delays, projected budgets with expected increases, projected man-hours with expected increases, team members and their backups in case of any emergency 2. Project Applications If the project being worked on is very large with complex interrelationships and many sub projects, then a spreadsheet may not be sophisticated enough to offer streamlined tracking and reporting. In such cases, a tracking application like MS Project is the right way to go. Tracking Qualitative Metrics Apart from quantitative metrics, an equal monitoring focus needs to be given to the qualitative side. Are stakeholders happy with the progress? Are their expectations being met? Is the project meeting the needs it set out to? Some methods to achieve this are: 1. Questionnaires or Surveys: This method is simple to create and get results on. A large number of people across various cross sections of

Victor ANG LPM L4: Manage Change | pg. 22 stakeholders can be reached relatively easily and it is less of a hassle for them to respond as well. People can chose to withhold their information while still participating. The information needs to be analyzed critically once data is received. 2. Feedback Forms: Feedback forms can be distributed and completed at a time where users may have just used a product or been indirect contact with you or your team. There may have been an event or a sample testing. 3. Interviews: These require a lot more preparation and time than the other methods mentioned here. The interviewer needs to have questions prepared and should be able to probe for relevant information. Though most effective in person, these can also be conducted over the phone. 4. Focus Groups: Another way of gathering first-hand information is to put together a good cross section of stakeholders into a room together and allow them to answer some pointed questions but largely able to speak freely and ignite new ideas through each other. Often this can lead to better results. A group conversation can tend to go off track so it is important for the facilitator to steer the conversation in the right direction and also to allow all opinions to be voiced freely. 14. List 2 influence strategies that you can use to overcome resistance to change and ensure that your Change Project is executed successfully to yield desired benefits (PC 3.3, UK 3.4) Overcoming resistance to change in the workplace doesn’t have to be a constant battle. Even though change is ever present, both in the market and within organizations transition does not need to be a struggle, especially regarding those that will help the team in the long run. With a forward looking and proactive strategy, resistance to change is first reduced and then eliminated. Leadership is an organizational imperative when managing change, and leaders who inspire a cultural shift in their staff have the greatest success in managing change. In a 2013 PwC survey, nearly two thirds of staff surveyed felt that a top leader is in charge of change management and almost half felt that top leaders should be in charge of cultural change. The good news here is that the same number of people who felt that cultural change is also their responsibility. There are at least seven strategies for overcoming resistance to change in the workplace:

Victor ANG LPM L4: Manage Change | pg. 23 (1) Structure the team to maximize its potential (2) Set challenging, achievable, and engaging targets (3) Resolve conflicts quickly and effectively (4) Show passion (5) Be persuasive (6) Empower innovation and creativity (7) Remain positive and supportive Let us consider 2 influence strategies by DBS Bank: Empower innovation and creativity Give opportunities for feedback and remain flexible as the company alter course toward their change goals. Encourage people to be creative, discover solutions to unfolding problems, and to become part of the change process. The process is difficult for everyone involved, and the team will be more involved with solutions they have created themselves, rather than those dictated to them. At DBS, CEO Piyush Gupta in 2015 decided to go against the grain and started to empower his staff at branches and call centres to make decisions on refunding customers on small transactions that were wrongly debited. Gupta was quoted saying “We’ve never done that before, because we had thought it was too much risk. That people might make the wrong decisions, people might give away money that they weren’t supposed to. But you’ve got to figure out that people are responsible. They want to do the right thing for the customer. We’ll give them broad guidelines on what’s sensible, and what’s not sensible. And they will generally make the right decisions”. This bold step is creativity with empowerment. Employees feel empowered because they don’t have to go through six levels of bosses to return twenty bucks and motivate them towards more innovations to improve the process. Remain positive and supportive People find change unsettling, even though change is a constant in personal lives as well as professional environments. They will need the support of a positive leader who inspires free thought, honest communication, and creativity as personal and team development is encouraged. Employees expect leaders to manage change. Inspirational leaders create a culture where change becomes the responsibility of all. At DBS, Gupta demonstrated that top management of the Bank was inspirational and behind staff on new initiatives on digital banking, giving them recognitions and rewards. The Bank had committed to invest S$200 million in 2014 in digital banking over the next three years and another $10 million on new start-ups.

x

Hi!
I'm Elaine!

Would you like to get a custom essay? How about receiving a customized one?

Check it out