Example of essay on strategic management strategy for managing change

I own and run a small start up business and, over a span of 5 to 10 years, I would like to transform it into a larger organization with branches in multiple states. For this purpose, my strategy would be to: a) manage change, b) communicate effectively, and c) retain key employees.

A. Change Management

Change and Change Management have become a business imperative in a fast developing world and volatile markets. However, in order to manage change efficiently, it is crucial to understand what change is. Simply put, a change is a shift in some condition or situation from its present state to a new and different state. However, this definition does not capture the essence of change when pertaining to business. Change affects an organization both, internally as well as externally. Organizational Changes are the internal shifts and movements within a company whereas Environmental Change refers to the changing situations outside the organization itself.
In addition, change can be incremental or transformational. Incremental change limits it affects to a given part of the organization, a specific process or value. Transformational change, on the other hand, signifies a revolution of sorts whose affects radiate throughout the organization, its processes and departments. Hence, transformational change is generally of a higher magnitude than incremental change. Organizations that are undergoing transformational change would need to manage change at multiple levels and across all groups. Hence, it is vital for the company to develop a change model or process if it is to implement transformational change effectively.
Over the next few years, I would like to study the various models of change management that in practice today and research their effectiveness. This would include not just studying the models by themselves, but also evaluating how each step would impact the organization and its employees. Further, I would like to study the methods by which negative impacts of change can be controlled in order to drive higher levels of acceptance and execution among employees.

B. Communication

“ A more adaptive strategy-development process places a premium on effective communications” . Communication enables the smooth transition of change and facilitates the understanding of strategies to be implemented across the organization.. Effective management requires interaction with almost every individual of the organization. Needless to say, being able to communicate efficiently with everyone can be a tough task.
An SME or SMB has fewer number of people employed and hence communicating with individuals becomes much easier. One can take the time to understand individuals and form ways of dealing with them in their own comfort zone. However, as the size of an organization increases, so does the scope of communication. Large organizations can have hundreds to several thousand of people working for them. While such mammoth corporations often have departments dedicated to the task of handling company communications, the management team would still need to deal with an enormous amount data to be communicated on a daily basis.
Considering the scope of communication within the profession of my choice, I would like to study the various techniques of communication available today that are suitable for organizations of varying sizes. I have read the PCMM standards for communication and found them to be very useful. Hence, I would like to study it in depth, if not gain a certification in the standard. There is a fine line between over communication and under communication. Finding the right balance can be crucial towards building trust towards the organization in employees, especially during times when major organizational changes are being implemented.

C. Employee Relations
“ Top firms create the right incentives for employees to act like owners” . A company’s human capital is one of its biggest assets. The level of dedication, loyalty and performance of employees dictates, to a great extent, the overall performance of the organization itself. The level of commitment towards the organization on the part of the employees, in turn, depends on the level of job satisfaction that they derive on a day to day basis. Once again, job satisfaction is a subject that has been covered extensively in the PCMM standard and I would like to study it further in order to attain a broader understanding of the subject. I would like to study the designing of a healthy work environment, including ergonomics. As people spend greater amounts of time at work, having a safe and comfortable place to work in can contribute greatly to overall job satisfaction levels. I would also like to research and analyse the varying importance of employee welfare and benefit schemes. Organizations often have limited budgets for welfare initiatives and I would like to know they can be effectively utilized to give employees the maximum benefit possible.
4 Conclusion

I believe that, through effective change management, communication and employee retention, I will be able to attain stability for my firm during its initial operative years and further expand its reach and improve profitability within 10 years.

Bibliography

Birshan, M. & Kar, J., 2012. Becoming more strategic: Three tips for any executive. McKinsey & Co Quarterly – Strategic Practice, July.
Gadiesh, O. & MacArthur, H., 2008. Memo to the CEO: Lessons from Private enquity any Company can Use. s. l.: Harvard Business Press.