DETERMINING THE CHANGE

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Change Diagnostic Model

Over time many different models have been developed to evaluate and analyse company’s performance. This paper analyses JP Morgan Chase Bank and Bank of America using the 7-S, (Structure, strategy, system, style, staff, superordi-nate goals and skills) Framework, (Waterman 1980). It was developed by the McKinsey & Robert Waterman, company consultant; Julien Phillips and Tom Peters, (Waterman 1980). The model is characterised by two propositions: organisation effectiveness is derived from the interaction of multiple factors; secondly, successful change needs attention to the interconnectedness of the variable.

Structure is the organisational design in a formal way, (Waterman 1980). Strategy refers to “the company’s chosen route to competitive success” while systems are procedures employed in various organisational departments such as finance an accounting, (Alexander 2011). Styles comprises of patterns followed by an organisation when handling challenges, carrying out daily operations and how it behaves when need arises. On the other hand skills are referred to as the special attributes or capabilities possessed by the subordinate staff working in different departments, (Waterman 1980). The superordinate goal is the major aim and objective that the firm is striving to attain or meet in future, (Alexander 2011).it is the driving force. Finally, Staff is described as the processes involved for human resource development in an organisation, (Waterman 1980). All these combined together, provides a full image of any organisation.

Rationale for 7-S Framework Model

Due to various reasons, I preferred to use 7-S Framework in my analysis to other diagnostic model. First, the 7-S covers all parts of the organisation starting from the company goals to the staff. Unlike the Congruence Model of Nadler and Tushman’s, 7-S framework provides clear elements to focus on while initiating changes in an organisation. This makes it easier and faster to find areas that require changes as well as expected resistance.

Secondly, the two banks, Bank of America and Chase Bank are currently facing stiff competition from other local and internal banks, (Kitov 2012). Therefore, by using 7-Framework, both weaknesses and opportunities are pointed out clearly hence initiating changes in the respective areas to cope the stiff completion. The market in which the organisations operate also contributed to my choice of 7-S framework. Both Bank of America and JP Morgan Chase Bank are in the banking sector and operate in an international market, (Kitov 2012). For the sake of survival in this market they need well stated vision which represents a goal, well organised structures, systems and highly expertise personnel. All of these aspects are well evaluated and covered under 7-S model as compared to other models.

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References

Alexander Michalski, (2011). The McKinsey 7-S Framework: Invented in the 1980s and Still

A Possibility for Success Today, Open Publishing GmbH

Bank of America Corporation Form 10-K. (2016). Sec.gov. Retrieved 16 March 2016, from

http://www.sec.gov/Archives/edgar/data/70858/000119312509041126/d10k.htm

J.P. Morgan Chase & Co. (2016). Company Information and Profile of J.P. Morgan &Co.

Retrieved 25 March 2016 from: http://www.makingafortune.biz/list-of-companies-j/j-p-morgan-chase-co.htm

Kitov, I. (2012). Cross comparison and modeling of Goldman Sachs, Morgan Stanley,

JPMorgan Chase, Bank of America, and Franklin Resources.Morgan Stanley, JPmorgan Chase, Bank of America, and Franklin Resources (December 6, 2012).

Waterman, Peters, and Phillips, (1980): The 7-S Framework

 
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