This is about a case study analysis and a report which is in a Q&A format. Final Case Questions BANK OF MONTREAL. Please find the assignment outline and the supporting materials in the attachments.
Full page photo Final Case Questions BANK OF MONTREAL You can do this case report individually, or in a team of 2 or 3 students maximum. It is your responsibility to find team members. IF you ended up doing the case alone, you will be marked exactly as if you were in a team of 3. JUST one team member should email me by Monday, December 9th before midnight. Every hour you delay you will be penalized 10% off the total mark. Submit a PDF version. · Name your file: Nametagstudent1_Nametagstudent2_Nametagstudent3_Final MNGT3730. · Name your email: Nametagstudent1_Nametagstudent2_Nametagstudent3_Final MNGT3730 Questions 1) How did BMO gather information about how employees felt about employees’ “conventional beliefs” about why women don’t get promoted? What did they find out? (max 500 words) 2) How did BMO “test” if those “conventional beliefs” were just beliefs or real facts? What did they find? (max 500 words) 3) The Task Force recommended that all managers (for example in branches across Canada) be responsible for “setting goals” and develop “action plans for hiring, development and promotion of women”. If you are the head of the task force, can you anticipate resistance to change from managers to implement these new responsibilities? Describe two reasons for what they may resist? (max 500 words) 4) What would you do to tackle each of the two reasons mentioned on the previous question (max 600 words) a. First, b. Second, 5) Of the 8-Steps of change (Kotter article), which of these steps have been performed at BMO? Describe briefly what they did in each step (max 800 words) Reading Kotter, J. P. (2007). "Leading Change: Why Transformation Efforts Fail." Harvard Business Review 85(1): 96-103. R0701J_pdf.fm www.hbrreprints.org B EST OF HBR Leading Change Why Transformation Efforts Fail by John P. Kotter • Included with this full-text Harvard Business Review article: The Idea in Brief—the core idea The Idea in Practice—putting the idea to work 1 Article Summary 2 Leading Change: Why Transformation Efforts Fail A list of related materials, with annotations to guide further exploration of the article’s ideas and applications 10 Further Reading Leaders who successfully transform businesses do eight things right (and they do them in the right order). Reprint R0701J This document is authorized for use only by shruthi naidu (
[email protected]). Copying or posting is an infringement of copyright. Please contact
[email protected] or 800-988-0886 for additional copies. http://harvardbusinessonline.hbsp.harvard.edu/relay.jhtml?name=itemdetail&referral=4320&id=R0701J http://www.hbrreprints.org B E S T O F H B R Leading Change Why Transformation Efforts Fail page 1 The Idea in Brief The Idea in Practice C O P YR IG H T © 2 00 6 H A R V A R D B U SI N E SS S C H O O L P U B LI SH IN G C O R P O R A T IO N . A LL R IG H T S R E SE R V E D . Most major change initiatives—whether in- tended to boost quality, improve culture, or reverse a corporate death spiral—generate only lukewarm results. Many fail miserably. Why? Kotter maintains that too many managers don’t realize transformation is a process, not an event. It advances through stages that build on each other. And it takes years. Pressured to accelerate the process, managers skip stages. But short- cuts never work. Equally troubling, even highly capable managers make critical mistakes—such as declaring victory too soon. Result? Loss of momentum, reversal of hard-won gains, and devastation of the entire transforma- tion effort. By understanding the stages of change— and the pitfalls unique to each stage—you boost your chances of a successful transfor- mation. The payoff? Your organization flexes with tectonic shifts in competitors, markets, and technologies—leaving rivals far behind. To give your transformation effort the best chance of succeeding, take the right actions at each stage—and avoid common pitfalls. Stage Actions Needed Pitfalls Establish a sense of urgency • Examine market and competitive reali- ties for potential crises and untapped opportunities. • Convince at least 75% of your man- agers that the status quo is more dan- gerous than the unknown. • Underestimating the difficulty of driving people from their comfort zones • Becoming paralyzed by risks Form a pow- erful guiding coalition • Assemble a group with shared commit- ment and enough power to lead the change effort. • Encourage them to work as a team outside the normal hierarchy. • No prior experience in teamwork at the top • Relegating team leadership to an HR, quality, or strategic-planning executive rather than a senior line manager Create a vision • Create a vision to direct the change effort. • Develop strategies for realizing that vision. • Presenting a vision that’s too complicat- ed or vague to be communicated in five minutes Communicate the vision • Use every vehicle possible to commu- nicate the new vision and strategies for achieving it. • Teach new behaviors by the example of the guiding coalition. • Undercommunicating the vision • Behaving in ways antithetical to the vision Empower others to act on the vision • Remove or alter systems or structures undermining the vision. • Encourage risk taking and nontradition- al ideas, activities, and actions. • Failing to remove powerful individuals who resist the change effort Plan for and create short- term wins • Define and engineer visible perform- ance improvements. • Recognize and reward employees con- tributing to those improvements. • Leaving short-term successes up to chance • Failing to score successes early enough (12-24 months into the change effort) Consolidate improve- ments and produce more change • Use increased credibility from early wins to change systems, structures, and policies undermining the vision. • Hire, promote, and develop employees who can implement the vision. • Reinvigorate the change process with new projects and change agents. • Declaring victory too soon—with the first performance improvement • Allowing resistors to convince “troops” that the war has been won Institutionalize new approaches • Articulate connections between new behaviors and corporate success. • Create leadership development and succession plans consistent with the new approach. • Not creating new social norms and shared values consistent with changes • Promoting people into leadership posi- tions who don’t personify the new approach This document is authorized for use only by shruthi naidu (
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[email protected] or 800-988-0886 for additional copies. B EST OF HBR Leading Change Why Transformation Efforts Fail by John P. Kotter harvard business review • january 2007 page 2 C O P YR IG H T © 2 00 6 H A R V A R D B U SI N E SS S C H O O L P U B LI SH IN G C O R P O R A T IO N . A LL R IG H T S R E SE R V E D . Leaders who successfully transform businesses do eight things right (and they do them in the right order). Editor’s Note: Guiding change may be the ulti- mate test of a leader—no business survives over the long term if it can’t reinvent itself. But, human nature being what it is, fundamental change is often resisted mightily by the people it most affects: those in the trenches of the busi- ness. Thus, leading change is both absolutely es- sential and incredibly difficult. Perhaps nobody understands the anatomy of organizational change better than retired Harvard Business School professor John P. Kotter. This article, originally published in the spring of 1995, previewed Kotter’s 1996 book Leading Change . It outlines eight critical suc- cess factors—from establishing a sense of ex- traordinary urgency, to creating short-term wins, to changing the culture (“the way we do things around here”). It will feel familiar when you read it, in part because Kotter’s vocabulary has entered the lexicon and in part because it contains the kind of home truths that we recog- nize, immediately, as if we’d always known them. A decade later, his work on leading change remains definitive. Over the past decade, I have watched more than 100 companies try to remake themselves into significantly better competitors. They have included large organizations (Ford) and small ones (Landmark Communications), companies based in the United States (Gen- eral Motors) and elsewhere (British Airways), corporations that were on their knees (Eastern Airlines), and companies that were earning good money (Bristol-Myers Squibb). These ef- forts have gone under many banners: total quality management, reengineering, rightsiz- ing, restructuring, cultural change, and turn- around. But, in almost every case, the basic goal has been the same: to make fundamental changes in how business is conducted in order to help cope with a new, more challenging market environment. A few of these corporate change efforts have been very successful. A few have been utter failures. Most fall somewhere in between, with a distinct tilt toward the lower end of the scale. The lessons that can be drawn are interesting and will probably be relevant to even more or- This document is authorized for use only by shruthi naidu (
[email protected]). Copying or posting is an infringement of copyright. Please contact
[email protected] or 800-988-0886 for additional copies. Leading Change • • • B EST OF HBR harvard business review • january 2007 page 3 ganizations in the increasingly competitive business environment of the coming decade. The most general lesson to be learned from the more successful cases is that the change process goes through a series of phases that, in total, usually require a considerable length of time. Skipping steps creates only the illusion of speed and never produces a satisfying result. A second very general lesson is that critical mis- takes in any of the phases can have a devastat- ing impact, slowing momentum and negating hard-won gains. Perhaps because we have rela- tively little experience in renewing organiza- tions, even very capable people often make at least one big error. Error 1: Not Establishing a Great Enough Sense of Urgency Most successful change efforts begin when some individuals or