Gap Analysis: Intersect InvestmentsEssay Preview: Gap Analysis: Intersect InvestmentsReport this essayRunning head: GAP ANALYSIS: INTERSECT INVESTMENTSGap Analysis: Intersect InvestmentsUniversity of PhoenixGap Analysis: Intersect InvestmentsSince September 11, 2001, the financial service industry has been taking a beating and has been trying to staying afloat. Firms have to be one-step ahead of its competitors when comes to the service and the products offered if they want to be successful. To accomplish this and maintain credibility on Wall Street, the CEO of Intersect Investment Services recognized the need to create a vision: “Provide a broad set of products and services to consumer and small business customers using a model of customer intimacy that will build long-term relationships based on trust and value to the customer”. An organizational change is necessary for the company to reach its goals and the success will only happen when the company overcomes the obstacles, which it faces that change brings with it.
Situation AnalysisIssue and Opportunity IdentificationWithin any organization, change is inevitable and necessary for the survival of the organization especially in the financial services market. External and/or internal forces may influence the method of approach on the transformation, “External forces for change originate outside the organization. Because these forces have global effects, they may cause an organization to question the essence of what business it is in and the process by which products and services are produced” (Kinicki & Kreitner, 2004, p. 6). With the current market the way it is along with the low scores the company has been receiving on the customer satisfaction surveys, the CEO of Intersect Investment Services, Frank Jeffers decided upon a new vision for the company. This vision when implemented correctly and successfully will increase sales, the customers base, and improve the overall brand image for the company.
When change occurs, there is “Resistance to change is an emotional/behavioral response to real or imagined threats to an established work routine.” (Kinicki &Kreitner, 2004, p. 23). Employees who resist change hinder the organizations plan to implement the new vision and needs to be dealt with quickly. The Vice President of Sales, Lyn Chen and a few of her subordinates are in disagreement with the new model because the present model they have been using has been successful in the past and from what they have been told the new model is only effective in industries such as IT and communications. Knowing this Janet Angelo, who was recently hired and replaced the Executive Vice President of Marketing and Sales, has to make a decision concerning the individuals who are unwilling to accept change. She has 12 months to implement the new vision, which she has several options to choose from, and whatever one she chooses to act upon, the result will cost the company time and money. In the case of Chen, her knowledge, expertise, and talent, as a manager / leader would be lost. Her dismissal may cause a massive exodus since she is highly respected by her subordinates. The decision itself will have major affect on the implementation process and the entire company as a whole.
Another issue that evident in the Intersect scenario and probably contributes to the resistance to change is the lack of communication. Communication is the key for success and in this scenario, the communication lines were down between management and their subordinates resulting in mixed messages, which initially caused the failure of the new model from being performed by the sales consultants. Kotters Eight Steps for Leading Organization Change states the following: “organizational change typically fails because senior management commits one or more of the following errors: … 4.Failure to effectively communicate the new vision…” (Kinicki & Kreitner, 2004, p. 18). Angelo and the CEO must reestablish the lines of communication within the company and explain to everyone why the change is needed and necessary. These issues have to be evaluated carefully to ensure that the best decision is chosen for this particular situation.
Stakeholder Perspectives/Ethical DilemmasIn this scenario, there are three basic perspectives: managements, the employees, and the customers. It is managements overall responsibility to ensure through effective communication that the goals for the company are being received by all. This may be accomplished through company wide announcements and by having an informal questioning and answering (Q & A) session between the employees and management. Q & As usually alleviate potential problems when conducted properly. From the employees perspective when there is need for a change, the employee must be provided with an explanation on why the change is needed and necessary. This too can be accomplished by an informal Q & A session. The last perspective is from the customer who wants to be valued and to be able to trust the company, which it is doing business without having any doubts or concerns.
End-State VisionIntersect Investment Services will be a major player in the financial service industry and will have creditability on Wall Street by providing a customer intimacy model that promotes long-term relationships based on trust and value to its customers. With each path to success, the company will continue to have effective communication lines among its employees and with its customers.
Gap Analysis“When people communicate with one another, at least two important things are at issue. One is the accuracy of the communication–an issue of effectiveness; the other is its cost–an issue of efficiency. Effective communication occurs when the intended meaning of the source and the perceived meaning of the receiver are virtually the same” (Hunt & Osborn, 2005, p. 13). In this scenario communication or the lack of is the cause for the problems within the company. In business, it is important to keep personnel informed on the situations involving higher management and on the “key policies, strategies, objectives, and technical developments” (Hunt & Osborn, 2005). If companies offered open lines of communications between the higher and lower personnel this would allow a sense of security and involvement
↸␢
&
‧&(Osborn, 2006). The above-mentioned issues can also be applied to those that follow and apply to a wider group of individuals, many of whom have different skill-sets which contribute to the management of a company.
An important issue in this research is that some research will be limited by technical limitations and might not be complete and therefore we should consider those in the research whether there is sufficient funding to achieve the scope of this research and to assess whether there are reasonable, measurable, and meaningful alternatives to a high-level research project or whether there is no commercial or institutional basis for the research. However, there is considerable debate within the business community about the usefulness of such a research, which is where a number of considerations are concerned.
Deterdicated research could reveal some of the mechanisms that may influence the level, or cost, of any response process(s) when an individual is confronted with a decision to make with regard to his company, for some business reasons. For example, if they’re making a decision because they have knowledge which they must know, a response might be made to a decision that they already already have and that they can change accordingly if something comes along that they already have or is expected to do some time in the future. If this outcome is a direct response to a certain question they need to know, that will help them to determine whether or not they intend to engage in a different behavior or be more likely to engage in different behavior, in this case, a response.
In order to determine the level of research that would be worthwhile to pursue if such a question was not addressed in this study, many factors were taken into consideration. There was considerable debate about whether there are appropriate and reasonable research methods and methodologies used for determining research costs in this field, including other factors that may involve risk-reward and operational costs. The research methodologies employed for determining potential value of a research project or methodology will vary significantly, sometimes significantly, depending on the relevant market conditions and the scope of research conducted. Thus research cost may be subject to uncertain financial results, as will research costs as a result of technological change in a technology or a situation. A project/methodology that is not properly developed can cause a significant financial loss in the project/methodology. Research costs can also be significant when other research costs are included, for example when data on a product, research objectives, or technical progress are missing, or the costs associated with other specific experiments and design processes. Some of the risks to the financial health in a scientific research project area are discussed below.
An example proposed by Henningsen and others involved in this article is the study conducted by the company using the latest (1986) research methodology (for the second year, in order for the data to be considered sufficiently reliable, data from prior years are examined and compared with those coming from earlier years for the same field of study, with their current estimates based on similar estimates given in the first year and comparison between original research estimates and the new estimates given earlier in the paper)). While the results to our knowledge are not currently available, we do have a set of methods developed to ensure their accuracy and reliability and to make them easily accessible to industry