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A/508/0529 Understanding And Leading Change - Hiscox Ltd

University: UK college of business and computing

  • Unit No: 17
  • Level: Undergraduate/College
  • Pages: 14 / Words 3492
  • Paper Type: Assignment
  • Course Code: A/508/0529
  • Downloads: 85

INTRODUCTION

Understanding and leading change refer to the ability of an organisation to adapt to changes in recent technologies and techniques. It supports businesses to meet challenges that come with the initiation and implementation of changes (Aguirre and Alpern, 2014). Changes are a necessary part of the organisation. In this report, Hiscox Ltd is considered which is an insurance company. It is headquartered in Hamilton, Bermuda. This report impacts change on different organisations in terms of their strategies and operations. External and internal factors are determined which have an impact on leadership, team and behaviour of individuals in the organisation. Adopting changes will lead to the minimisation of negative impact on changes that are made within the organisation. Apart from this barrier for change, their influences on decision-making are determined and different leadership approaches are applied to deal with the competitive market.

Task 1

P1 Comparison between different organisations on basis of change in strategies and operations of the organisation.

In present era, the motive of organisation is to enhance their profit and obtain higher level of sustainability within competitive market. Organisations need to adapt to changing needs of market as they are operating within dynamic environment. Factors that impact strategies and activities of organisation are technologies, innovation and alteration within taxation policies. This will have strong consequence on operational activities of organisation (Alvesson and Sveningsson, 2015). In this changing environment, organisations are forced to change their policies so that they can accomplish their goals successfully. Apart from this, other competitive industries who work in same domain also have impact on profitability and productivity. For this they need to accept the changes so that they can become competitive within market and stay strong.

Hiscox Ltd. And Aston Lark are compared based on their strategies and operations. It is illustrated below:

Basis

Hiscox Ltd.

Aston Lark

Changes in Organisational structure

Hiscox Ltd. Is an insurance company which provides various investment structure and policies for their customers. They have opted for flat structure for their functioning and operations within organisation for everyday operations. Managers have altered their structure so that authoritative level is not maintained within managers and employees. This will aid them to work effectively without any hurdle.

Aston Lark is also an insurance company which is pursuing hierarchical organisational structure within organisation. In this structure they have their own procedures which varies from employer i.e. top management to employees as per their designation and their responsibilities within organisation. Managers have changed their structure to hierarchical from flat structure.

Strategies

They have opted for flat structure within their organisation between both managers and employees. This means that, they both have equal role in decision-making process. Apart from this, it helps them to adopt changes effectively with proper planning (Blewitt, 2012).

They are using hierarchical structural, this means that managers can easily resolve conflicts and their will be reduction in conflicts. This will lead to enhanced performance of employees which will automatically lead to successful accomplishment of objectives and goals within desired time period.

Alteration in technologies

Within Hiscox Ltd. changes in technology can be determined by marketing process on social media. As they are required to promote their life insurance products by which they can gain

attention of customer's. This will lead to enhancement in market share as customers will be aware of their products and services.

In this case alteration in technology can be acknowledged by working structure of organisation. Managers have opted to update their software's and use process of digitalisation to serve their customer's and manage record of their processes with high effectiveness.

Operation

Managers of Hiscox Ltd are providing training classes for their employees as per different operations they are operating. This enables them to provide enhanced services to their customers on basis of their requirements.

By adopting latest technologies and usage of process of digitalisation Aston Lark has created positive impact on employees as well as their customers. They are able to attract more number of customers.

Apart from these points which are mentioned above, these organisations need to provide training and development programmes for their employees. By this they can enhance their knowledge in respect to technology (Brown, 2012). When looked on perspective of organisation, then their employees will be able to update their software's and opt for recent technologies so that they can meet requirements of customer's in effective manner. Furthermore, both organisations need to formulate their strategies on basis of requirements of their customers. This will aid them to build effective and healthy relationship between their employees and clients or customers. From above comparison it can be stated that modification in structure and operations leads to have productive and effective results.

P2: Evaluation of ways in which internal and external drivers can affect leadership, team and individual behaviours within an organisation.

Within every organisation external and internal factors plays an important role for performing day to day activities. Both these factors thrust changes in behaviour of team, their leadership and on individual. Hiscox Ltd. is insurance company in which employees perform their responsibilities and tasks effectively (Burke, 2017). By this they can achieve organisational goals and objectives impressively. Apart from this, there are certain factors which have impact on their leadership, working of team and on behaviour of individual within working culture. These factors are acknowledged below:

External factors: They are those factors which have impact on organisation, but organisation do not have any kind of control on these factors. These factors can have adverse impact on performance of organisation.

Moreover, this factors affect adversely on an organisation performance in a competitive edge.

Political factor: These are those factors in which government interfere in certain industry or economy. Example can be considered in this aspect, government may apply duty or new tax which might lead to change in revenue generating structures. Hiscox Ltd. must opt for certain modifications as per rules and regulations made by government for effective functioning of activities performed within organisation (Doppelt, 2017). Leaders are involved in decision making within organisation. As per alteration in taxation policies, rules and regulation, leaders need to formulate their decisions. This can have adverse impact on team, as they need to follow different strategies in their operations which are new to them. This will also have impact on behaviour of individual while performing their tasks.

Economical factor: These are factors which consists of inflation rate, employment law and interest rate and these factors affect teams, individual and leadership within organisation. Leaders of Hiscox Ltd. are affected as they are required to make changes in their plans depending upon inflation rate and occurrence in rates can affect their operations effectively. An example can be considered in this context, if interest rates and inflation rates are low then customers buying powers will be declined which will lead to adverse impact on organisation in terms of their profitability and productivity.

Social factor: These factors have great impact on organisation due to alterations in demands and requirements of customers. These factors also affects decisions of leaders of Hiscox Ltd. as they need to meet requirements of their customer's to have enhanced productivity. This will lead to an impact on team as they have to work on those changes so that they can brick up future demands (Hrebiniak, 2013).

Technological factor: These factors are associated with modification and updated technologies which can help organisation to intensify their productivity. By adopting these latest technologies , leaders of Hiscox Ltd. will be able to make relevant decisions which can aid to accomplish their objectives and goals within desired time duration. Furthermore, this will lead to enhanced performance of team and individuals. This will lead to enhancement in skills and knowledge of individuals. This will be helpful to both individual and organisation.

Internal factors: Factors which can be controlled by organisation are referred to as internal factors. Some of these factors which can affect leadership, team work and individuals are mentioned below:

Financial management: Funds play crucial role within organisation for carrying out their day to day operations. Managers of Hiscox Ltd. must acquire efficient funds so that they can effectively carry out activities and functioning within their organisation. Furthermore, if appropriate funds are not available with them, then will lead to decline in performance of leader, team members and their behaviour (Iveroth and Hallencreutz, 2015). To have effective performance, they need maintain appropriate funds so that they can attain sustainability within market.

Cultural difference: Within any organisation, employees are from different regions, states, values and culture. This difference between employees have significant impact on team and individual. This lead to decline in performance of team as well as overall productivity of organisation. Decisions made by leader will also depend on these differences so that any conflict do not arise between employees. By this leader will be able to handle team effectively and will be effective for organisation on whole.

External and internal factors are mentioned above which have significant impact on organisation. Management of Hiscox Ltd. needs to opt different changes which are significant for enhanced growth and gaining competitive advantage within market.

P3 Evaluation of measures which can be considered to minimise negative impacts of change on organisational behaviour.

To minimise negative impact on the organisation, it is necessary to take different measures. Within organisational culture employees hesitate to adopt changes as they have become comfortable with their working environment and they are not open to adopt to that change. For this Hiscox, Ltd. Must opt for different strategies like providing promotions, incentives and rewards to employees. This will aid management to motivate their employees (Kotter, 2012). By this employees will adapt to those changes and accomplish goals and objectives of the organisation. When these changes are executed it becomes more difficult for managers and management to maintain their operations effectively. For this, management of Hiscox Ltd. has opted for PDCA model. By this they can reduce counter consequences of organisational behaviour.

PDCA Model: Plan, do, check and act model aids organisations to eliminate the negative effect of organisational behaviour. This will aid managers of Hiscox Ltd. to yield effective measures for enhancing performance of employees.

Plan: It is crucial for the organisation as it will act as a support for the fulfilment of objectives and goals of the organisation in a planned and predetermined manner. In this context, leader of Hiscox Ltd. determine problems and various issues. According to those they formulate their policies and make relevant changes in their strategies (Latham, 2013). Management of Hiscox Ltd. is planning to make significant alterations in execution of their innovation technology within their operations performed within business. Apart from this, they can work on the latest updates of software. This will aid organisations to manage their customers, maintaining their records and handle their queries effectively.

Do: At this stage, a leader needs to develop and implement relevant solution so that any kind of issues arising can be resolved. Leaders of Hiscox Ltd. must design effective development and training programmes for their teams and individuals so that their knowledge and skills can be enhanced. By this each employee will be able to adopt alterations which are made in working environment and they can accomplish job efficiently.

Check: At this stage of PDCA model, comparison is made between actual performance and standard performance. This will aid in measurement of impact of alterations in strategies of organisation. Leader of Hiscox Ltd. needs to measure these changes, so that essential steps can taken in respect to this. Furthermore, after doing analysis of alterations, leader must opt for different strategies as per requirements and needs of organisation.

Act: This is last stage of PDCA model, in this leader yields impelling suggestion and ideas to overcome challenges faced due to change within organisation (MacKian and Simons, 2013). If leader of Hiscox Ltd. is not able to do this then organisation will not be able to sustain for long within market. In this case leader needs to be innovative and have creative approach to deal with different conditions like alterations in way in which operations and activities are performed within organisation.

By using this model Hiscox Ltd. can eliminate consequences of change in behaviour of organisation in terms of their operations. Apart from this, they come up with contrasting innovation, ideas and plans to deal with alterations in working culture and swap negative with positive consequences on organisational behaviour.

TASK 2

P4 Different barriers for change and their influence on leadership decision making

Within organisation there are many barriers in respect to change which have impact on working of organisation, in terms of formulation of policies, strategies and decision making. Hiscox Ltd. has opted for force field analysis model for analysing driving and resisting forces of alterations or changes.

Force field analysis model: People are not open to accept change. This model aid organisation to analyse different driving and restraining forces which have influence on decision making process of organisation (Force field analysis, 2018). This model aids organisation to sustain these changes and different forces which are obstructive factors.

Change proposal: At this phase, leader of Hiscox Ltd. analyse requirement for change or alterations and determine factors which are essential to bring change within organisation. Furthermore, after identifying those changes, leader must make essential enhancements as per changes which are advantageous for performing different functions and operations within organisation.

Change force identification: This phase will aid leader of individual organisation to analyse different risk factors before adopting changes. By this leader will be able to reduce different risks and formulate strategies as per that.

Force against alteration identification: Leader of Hiscox Ltd. looks forward for options to carry off changes in suitable way. In this phase, leader find out areas and as per that implement alternative changes for management of different operations within organisation.

Score assign: In this context, management of Hiscox Ltd. must assign scores to each change that has been executed. This is done to make sure that overall process of modification has positive impact on working of organisation.

Evaluate and execute: It is last stage, in this leader of Hiscox Ltd. determine changes in suitable way. This is done to find out that they are able to implement those changes efficiently and effectively so that they can ensure their sustainability within the market (NHS England, 2016) .

Driving forces of Hiscox Ltd.

  • They are using advanced technologies and apart from this, they go for necessary updates of their systems and softwares.
  • They provide their customer's with different life insurance and pension plans depending upon the requirements of customer's.

Resisting forces of Hiscox Ltd.

  • It requires high expenses for opting for advanced tools and technologies. Apart from this, the training cost of these technologies is also high.
  • It is difficult for employees to adapt to changes. The dearth of support and motivations of employees can resist effective changes.

Barriers of change-management

To attain sustainability, organisations need to adapt to necessary changes so that they can acquire their objectives and goals in a significant manner (Quinn et. al, 2012). Some barriers to change within Hiscox Ltd. are mentioned below:

Ineffective communication: It is essential for an organisation to have effective communication. Lack of communication leads to barriers in the decision-making process. The responsibility of the leader of Hiscox Ltd. is to ensure that all employees are aware of changes that are made within the organisation with respect to their functioning and operations which are being carried out.

Lack of employees involvement: Employees do not espouse to rapid changes, as they are comfortable within their existing working environment. It is the responsibility of the leader to include all employees in decision-making, this will make them feel valued within the organisation. Furthermore, this will impart innovative and attractive ideas which can be healthful for the organisation.

Driving and resisting forces influencing leadership decision making

Driving forces are demands of customers for fresh services and enhancement of technologies which enable and power up organisations to execute alteration in working conditions (Stanleigh, 2013). This influences decision making of leader as they are required to do the planning, build strategies, policies and communicate those changes to each employee. Furthermore, leaders must provide appropriate guidelines and motivation to all employees.

Resisting forces are expenses in terms of investment and absence of support from employees which have an adverse impact on decision making abilities of leader. This barrier impacts execution of strategies and plans in effective way which have strong impact on the decision-making process. For this leader of Hiscox Ltd. has involved all their employees to overcome this barrier.

TASK 3

P5 Leadership approaches dealing with change.

In the recent era, it is necessary for organisations to acknowledge change and adopt leadership approaches on that basis. Leadership plays a vital role to motivate their employees so that they can work efficiently to meet organisational objectives and goals.

Different leadership approaches

Democratic leadership: This include redistribution of authority and power between managers and employees. Hiscox Ltd. is looking forward to the expansion of its business. This will lead leaders to distribute roles and power to employees so that they can effectively adapt to changes (Wagner, 2016).

Situational leadership: It is adaptive leadership. This inspires leaders to make decisions as per their ability to bring necessary changes as per requirement. Within Hiscox Ltd., if any kind of conflict arises then the leader needs to take effective decisions so that change can be brought depending upon situations.

Change model

Kurt Lewin's Change model: This model aids organisations to acknowledge the process of change. This provides managers with a framework to execute change that is sensitive and seamless.

Unfreezing: The leader of Hiscox Ltd. can make changes in process of management by this stage. It enhances willingness and readiness to adopt changes. For this leader needs to communicate with all employees.

Change: Hiscox Ltd. has to adopt various changes as per the needs of the organisation to have sustainability within the market. For this leaders need to formulate effective strategies, plans and communication which is essential inspiring employees. This will aid them to make effective decisions (Stanleigh, 2013).

Refreezing: In this employees need to adapt to different changes which are built within the organisation. Employees and leaders of Hiscox Ltd. strength out as per changing environment as well as reinforce working ways of transformation (MacKian and Simons, 2013).

Leadership approaches play a vital role within the organisation. As they have their own significance and their execution help leader to take different decision based on situation prevailing within organisation. With usage of change model organisation can effectively adopt for changes as per obligations of the market.

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CONCLUSION

From the above report, it can be concluded that leading change plays a crucial role within organisations to attain their position within the market. Leaders of Hiscox Ltd. measure external and internal forces which have a significant impact on their operations. By adopting certain changes they can reduce the negative impact on the organisation. Different leadership approaches and changes in models aid organisations to overcome difficult situations. Therefore, these changes aid organisation to enhance their profitability and productivity in a competiti

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