Organisational changes are commonplace, changes in management structure and departmental responsibilities through to implementing a new organisation-wide IT platform.

However 64% of banking leaders take their employees into account when deciding to enact business-wide changes. That is according to the latest research from O.C. Tanner. And the same number actively seek employee opinions as changes are rolled-out. These are the findings from O.C. Tanner’s 2024 Global Culture Report which gathered data and insights from more than 42,000 employees, leaders, HR practitioners, and executives from 27 countries worldwide including 3,033 from the banking sector.

Robert Ordever, European MD of O.C. Tanner, said: “Organisational changes can have far-reaching impacts on the workforce. Regardless of whether these changes are strategic, structural, technological or people-centric, by not considering employees and seeking their feedback before rolling-out change, this is a recipe for disaster, potentially leading to widespread frustration, cynicism and disengagement.“

The Report suggests that traditional change management practices, which tend to be linear, top-down, and process-oriented, are no longer fit for our evolving work environments. They also fail to involve employees in the planning, thereby underestimating and under-prioritising the organisation’s people.

30% believe the changes they have experienced were poorly managed or they were left feeling indifferent

With this in mind, it’s no surprise that almost a third of banking employees (30%) believe that the organisational changes they have experienced were either poorly managed, or they were left feeling indifferent to how the changes were enacted.

Ordever added: “It’s crucial that an organisation’s people are the centre of change strategies. This approach will not only remove friction from change management processes, but will increase employee wellbeing and strengthen workplace culture. The truth is that no organisational change is going to be effective or lasting without the buy-in of employees. And the sooner leaders recognise this and ensure the organisation’s people are always considered, the more successful any changes will be.”

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By GlobalData