Abstract:

This paper examines and evaluates the existing change management strategies implemented by commercial banks in Jamaica, focusing on understanding their processes, methodologies, and overall effectiveness. Change management strategies outline the planned methods and procedures used by Jamaica's commercial banks to support and manage organizational change, which are referred to as change management strategies in this research. It focussed on three commercial banks: Bank A, B and C. It employed a qualitative research design, and instruments for data collection included semi-structured interviews and observations with senior managers and employees from the three aforementioned commercial banks. Qualitative data analysis was conducted using NVivo to identify key themes and patterns. The study identifies some strategies, including employee involvement programs, training and development initiatives, recognition and reward systems, and communication techniques. These findings can be the basis for future studies and help these organisations and policymakers make decisions relating to effective change management strategies.

References:

[1].   Albrecht, S. L., Connaughton, S., & Leiter, M. P., 2022. The influence of change-related organizational and job resources on employee change engagement. Frontiers in Psychology, 13. https://doi.org/10.3389/fpsyg.2022.910206

[2].   Angtyan, H., 2019. ADKAR model in change management. International Review of Management and Business Research, 8(2), 179–182. https://doi.org/10.30543/8-2(2019)-4

[3].   Avdeeva, I., Golovina, T., & Polyanin, A., 2021. Change management strategy for the activities of Business Organizations. SHS Web of Conferences, 90, 01003. https://doi.org/10.1051/shsconf/20219001003 

[4].   Bakari, H., Hunjra, A. I., & Niazi, G. S. K., 2017. How does authentic leadership influence planned organizational change? The role of employees' perceptions: Integration of theory of planned behavior and Lewin's three-step model. Journal of Change Management, 17(2), 155–187. https://doi.org/10.1080/14697017.2017.1299370

[5].   Bartosova, V., Drobyazko, S., Bielialov, T., Nechyporuk, L., & Dzhyhora, O., 2023. Company strategic change management in the Open Innovation System. Journal of Open Innovation: Technology, Market, and Complexity, 9(2), 100087. https://doi.org/10.1016/j.joitmc.2023.100087

[6].   Bearman, M., 2019. Focus on methodology: Eliciting Rich Data: A practical approach to writing semi-structured interview schedules. Focus on Health Professional Education: A Multi-Professional Journal, 20(3), 1. https://doi.org/10.11157/fohpe.v20i3.387

[7].   Cameron, E., & Green, M., 2021. The influence of change management practices on employee engagement: Evidence from a large-scale public sector reform. Public Management Review, 23(4), 578–597.

[8].   Da Ros, A., Vainieri, M., & Bellé, N., 2023. An overview of reviews: Organizational change management architecture. Journal of Change Management, 23(2), 113–142. https://doi.org/10.1080/14697017.2023.2197451

[9].   Diener, F., & Špaček, M., 2021. Digital Transformation in banking: A managerial perspective on barriers to change. Sustainability, 13(4), 2032. https://doi.org/10.3390/su13042032

[10].  Drosos, D., L. Kyriakopoulos, G., C. Gkika, E., Komisopoulos, F., Skordoulis, M., & Ntanos, S., 2021. Managing change and managerial innovation towards employee satisfaction at the workplace. TEM Journal, 597–606. https://doi.org/10.18421/tem102-15

[11].  Fedynets, N., 2022. Change management mechanism in the organization in crisis conditions. Acta Scientiarum Polonorum. Oeconomia, 21(3), 15–24. https://doi.org/10.22630/ASPE.2022.21.3.10

[12].  Firdaus, V., & Handriyono, H., 2018. The effect of change management and managerial skills to employee motivation. International Journal of Scientific & Technology Research 7(7).

[13].  Fredberg, T., & Pregmark, J. E., 2022. Organizational transformation: Handling the double-edged sword of urgency. Long Range Planning, 55(2), 102091. https://doi.org/10.1016/j.lrp.2021.102091

[14].  Fusch, G. E., Ness, L. R., Booker, J. M., & Fusch, P., 2020. People and process: Successful change management initiatives. Journal of Sustainable Social Change, 12(1), 13. https://doi.org/10.5590/JOSC.2020.12.1.13

[15].  Garrick, A., Johnson, W. D., & Arendt, S. W., 2024. Breaking barriers: Strategies for fostering inclusivity in the workplace. International Journal of Academic Research in Business and Social Sciences, 14(2). https://doi.org/10.6007/ijarbss/v14-i2/20799

[16].  Hayes, J., 2018. Employee engagement and change communication: An exploratory study. Corporate Communications: An International Journal, 23(3), 420–436.

[17].  Hien, L. M., & Thi Thuy Van, P., 2023. The influence of transparent internal communication on employees' adaptation to firm changes in the context of the COVID-19 pandemic. Journal of Economics, Finance And Management Studies, 06(02). https://doi.org/10.47191/jefms/v6-i2-33

[18].  Jaaron, A. A. M., Hijazi, I. H., & Musleh, K. I. Y., 2022. A conceptual model for adoption of BIM in construction projects: ADKAR as an integrative model of change management. Technology Analysis & Strategic Management, 34(6), 655–667. https://doi.org/10.1080/09537325.2021.1915975

[19].  Laig, R. B., & Abocejo, F. T., 2021. Change management process in a mining company: Kotter's 8-step change model. Journal of Management, Economics, and Industrial Organization, 31–50. https://doi.org/10.31039/jomeino.2021.5.3.3 

[20].  Lekan, D. A., Collins, S. K., & Hayajneh, A. A., 2021. Definitions of frailty in qualitative research: A qualitative systematic review. Journal of Aging Research, 1–20. https://doi.org/10.1155/2021/6285058

[21].  Musheke, M. M., & Phiri, J., 2021. The effects of effective communication on organizational performance based on the systems theory. Open Journal of Business and Management, 09(02), 659–671. https://doi.org/10.4236/ojbm.2021.92034

[22].  Naeem, M., Ozuem, W., Howell, K., & Ranfagni, S., 2023. A step-by-step process of thematic analysis to develop a conceptual model in qualitative research. International Journal of Qualitative Methods, 22. https://doi.org/10.1177/1609406923120578

[23].  Phillips, J., & Klein, J. D., 2022. Change management: From theory to practice. TechTrends, 67(1), 189–197. https://doi.org/10.1007/s11528-022-00775-0

[24].  Rousseau, D. M., & ten Have, S., 2022. Evidence-based change management. Organizational Dynamics, 51(3), 100899. https://doi.org/10.1016/j.orgdyn.2022.100899

[25].  Sastre, R., & Yela Aránega, A., 2023. A paradigm change: Aesthetics in the management of organizations. Journal of Business Research, 157, N.PAG. https://doi.org/10.1016/j.jbusres.2022.11357

[26].  Yue, C. A., Men, L. R., & Ferguson, M. A., 2019. Bridging transformational leadership, Transparent Communication, and employee openness to change: The mediating role of trust. Public Relations Review, 45(3), 101779. https://doi.org/10.1016/j.pubrev.2019.04.012