Problem Solution: Intersect Scenario
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Running head: PROBLEM SOLUTION: Intersect Investment CORPORATION
Problem Solution: Intersect Investment Corporation
Michelle Wyms
University of Phoenix
Problem Solution: Corporation
“All of us, at one stage or other, have experienced a situation in which we have found ourselves not trusting another person. This could have been someone we have just met and almost immediately have not felt comfortable with them. Expressions like “Wouldnt trust him/her as far as 1 could kick them” or “Wouldnt touch him/her with a forty foot barge pole” express this lack of trust.” (Sieler, 1998) Trust goes a long way both in the home and outside. Intersect Investment Services have a vision but apparent issues are causing them to struggle in the sales category. These issues produce trust factors that are causing Wall Street to begin questioning the true ethics at Intersect Investment.
Situation Background
Situation: The financial services industry has faced struggles in keeping their clients trust, and Wall Street happy. In order to be a success companies have to be on top of their game and productivity has to be on point. Interest Investment appears to be falling short of this goal due to uncertain times. Intersect CEO Frank Jeffers noticed that for the last two years the turnover rate has increased and that something has to happen. He introduces a new vision of “client intimacy.” Gaining relationships based on trust and value to consumer. Everyone doesnt agree with the new vision, leaders have sent mixed signals and confusion is common among frontline staff. (Univ. Of Phoenix Scenario Intersect Investment Services, 2008)
Issue Identification
Intersect Investment Services CEO Frank Jeffers has decided that due to the struggle to keep both their clients trust and Wall Streets credibility, and their struggle to succeed in offering an ever-expanding array of up-to-the-minute products coupled with expert advice a organizational restructuring needed to take place. Of course with change there are issues that have the potential to come up. Organizational Change to go to “customer intimacy” is an easy thing to do with the company on one accord. “Unfamiliarity, and hence greater uncertainty, makes fear of change a problem with innovative changes.” (Kinicki & Kreitner, 2004, p.23) One issue seen within Intersect is the obvious unbelief in the vision due to unbelief from upper staff. “Trust enables relationships to develop and flourish. When trust erodes, the relationship deteriorates. Doubts, which can creep into our thinking about the behavior of the other person, can act like a poison and a cancer, quickly spreading to sabotage the relationship. Mistrust has a devastating impact on relationships and on the types and quality of conversations that will occur.” (Sieler, 1998) Frank had to let go of his executive vice president who didnt believe in his vision and hired a new one. Fluctuating rumors have disbelief and miscommunication about what the employees jobs are supposed to be is yet another issue for Investment. This grapevine effect has become a virus that the new executive vice president must cure with 1 year to accomplish. Top leaders who dont believe are tainting the water for potential clients. “..when I met with my account manager, he only seemed interested in getting me to renew our current Intersect contract. He said the new services youre marketing arent even available yet. How can I look at you as trusted advisors when you cant deliver what you advertise, let alone offer “trusted”, advice from my account manager? I will be taking my business to someone I can trust!” (Univ. Phoenix Intersect Investment Services Scenario, 2008) ” Resistance to change develops throughout the company even before the new EVP arrived and there is an issue with relationship management. (Refer to table 1)
Opportunity Identification
“Trust is the glue that holds relationships together,” according to (Sieler, 1998). This one word holds so much power