Contents

Introduction................................................................................................................................2

Change management issues........................................................................................................2

Effect of the Corona virus......................................................................................................2

Inconsistency in the projects..................................................................................................3

Technical and human errors...................................................................................................3

Change management events.......................................................................................................3

Westpac sustainability strategy 2021-2023............................................................................3

Adjusting to the coronavirus effects.......................................................................................4

Restructure plans 2021...........................................................................................................4

Change management approaches...............................................................................................5

Addressing environmental concerns.......................................................................................5

Addressing change resistance and its risks.............................................................................5

Accessibility and inclusivity activities...................................................................................5

Role of leadership for Westpac Group.......................................................................................6

Proper communication............................................................................................................6

Maintaining a good relationship with employees...................................................................6

Setting clear goals and expectations.......................................................................................6

Conclusion..................................................................................................................................6

References..................................................................................................................................8
Introduction
Among the four main banking institutions in Australia, Westpac is the oldest bank and firm in
the country. It is also one of the biggest banks in New Zealand (Westpac, n.d.). In such areas,
the company offers a wide variety of banking products and services, such as capital
management and finance for consumers, businesses, and institutions. The clients are at the
center of all the services, including ensuring that all people can save, transfer, and borrow
with security to servicing the financial needs and business requirements, multinational
corporations, corporate customers, and the governmental users. Their approach aims to
achieve the goals through cultivating long-lasting relationships with customers, taking the
lead in the society, attracting top talent, and, ultimately, offering excellent returns to the
shareholders (Westpac, n.d.).

The assignment discusses significant change management issues that the company has run
into while implementing its strategies, and similarly the change management actions that
have been taken place. The ways Westpac employed to strengthen its change management
and deal with the difficulties are also covered in the report. A key element of an
organization's strategies and performance is change management. The report also explores
how strengthening Westpac Group’s leadership skills can help the company prosper and
provide it a competitive edge over its rivals.

Change management issues

Effect of the Corona virus
Many organizations including Westpac and people have suffered or were not able to handle
the amount of change they experienced as a result of COVID-19, which created a strong basis
for resistance to change in several unexpected sectors. The company was compelled to
operate differently, and business procedures had to alter quickly because the majority of
employees had to work remotely or from home (Evans, 2020). Due to their inability to
function normally following the lockdown, Westpac has been faced with a lot of issues and
challenges as an effect of the epidemic. Implementing any changes that the firm had
envisioned has been difficult for Westpac. Furthermore, the epidemic has forced many
workers to cease working and stay home, that has complicated the implementation of change
(Evans, 2020).
Inconsistency in the projects
One of the core problems of the company that it is intended to address is the trouble Westpac
has had earlier keeping the consistency throughout the phases of earlier projects. Westpac
needs to make significant efforts and overcome this issue, and change its strategy. As any
plan or program is developed in the various departments, a uniform approach is essential.
Inconsistency in implementation of the projects has become a danger to successful execution
of any project in this situation, and thus the company is resisting changes. While some
customization of implementation within the departments is unavoidable, Westpac should
make sure that any discrepancies do not prevent the departments from realizing the projects’
targeted outcomes equally (Westpac Report, 2022).

Technical and human errors

According to Westpac Banking Corporation, their inability to adhere to anti-money
laundering responsibilities was caused by a combination of technical and human negligence
as well as poor financial crime practices. The bank was charged with systematic non-
compliance with the Money Laundering Act on more than 23 million occasions by Austrac
(Barbaschow, 2020). Austrac claimed that the bank had repeatedly failed to: observe and
evaluate continuing money laundering and financing of terrorism threats, share relevant data
with other banking institutions in the transferring chain, and maintain records pertaining to
the source of certain International Funds Transfer Instructions or IFTIs.

Change management events

Westpac sustainability strategy 2021-2023
The sustainability strategy outlines how the company may effectively serve its clients,
communities, and country while also helping to address major global issues. The
company wants to push themselves to find the best ways to have the biggest economic,
social, and environmental effect in terms that concern most to its stakeholders with the help
of 2021–2023 Sustainability Strategy (Westpac Group, 2020). Many people and
organizations want more assistance to get through the coming era. As part of this assistance,
young Australians are given savings accounts to assist them in saving for a home, further aid
is given to those who are struggling, and people are given entrepreneurship knowledge and
ideas to aid in decision-making. The company can achieve this by offering banking solutions
and services that assist the clients in planning their financial futures and navigating change,
as well as by extending additional support to clients who are struggling.
Adjusting to the coronavirus effects
In response to the coronavirus outbreak, Westpac Banking Corp. announced that it will return
1,000 call center jobs back to Australia from abroad. According to Westpac, both new and
current staff would fill the positions, which would be dispersed across regional and city
locations. Through the end of the fiscal year 2021, the procedure would increase expenditures
by around A$45 million ($32 million) annually (Reuters, 2020). To increase the capacity of
its current call centers, the company also brought back all specialized voice roles to Australia.
Keeping non-essential business travel and meetings to a minimum: Employees were advised
to keep meetings small and, whenever practical, use video conference and teleconferencing
possibilities. All international travel also was restricted. Higher-risk employees were required
to work remotely, and in cases when they were not able to, the company placed them on
extended paid leave.

Restructure plans 2021

Westpac stated that it intended to lower its cost base to AU$8 billion by 2024 during the
presentation of its 2021 financial statements in November (Chanthadavong, 2022). A recently
founded division named customer services and technology would be the recipient of the
company's support programs, which include technology, financial services, and HR. As per
the bank, the division would be in charge of tasks like innovation, operation, remediation, and
issues that help its clients and profit from working at scale. Another branch named corporate
services, that include shared services for property, procuring, HR services, financial services,
business services, and community and environment, was also introduced by the bank. This
restructure plan is expected to enhance the change management processes by providing
necessary resources.

Change management approaches

Addressing environmental concerns
The Westpac Group's Sustainability Performance Report verified that the Group had achieved
its environmental performance goals for 2015, and that it had lent and invested a total of $6.1
billion in the CleanTech and environment services industry, exceeding its 2017 goal
(Westpac, 2018). According to the Group's 2017 Action Plan and policy statement on issues
such as climate change, such results demonstrate its long-term commitment to identifying
practical solutions to environmental problems and managing change. The bank recognizes
that keeping global warming managed will have considerable positive effects on the
environment, society, and the economy. Most of the environmental concerns the company
confronts are large and will require changes at all levels of the enterprise, involving
cooperation and engagement, in addition to the steps that are being taken to regulate the
environmental imprint left directly or indirectly.

Addressing change resistance and its risks

Resisting the change is among the main issues associated with change management.
Resistance frequently results from a feeling of insecurity and fear. Businesses might be
averse to change due to the obvious risks presented by a new method or item. Change always
creates resistance, and if it is not addressed head-on, it can jeopardize an achievement of
company objectives. The risk can be minimized by recognizing and planning for
disagreement and supplying management with the knowledge and resources necessary to
address the worries of the involved people, maintain open channels of communication, and be
as honest as possible.

Accessibility and inclusivity activities

Westpac is working to comply with the Web Content Accessibility Guidelines (WCAG) 2.1
AA in order to satisfy its accessibility requirements of the customers (Westpac). In order to
make sure that the consumers can access their products or services on their own, the company
also makes every effort to get them evaluated and approved. There are provisions to contact
the Customer Care team so that a Customer Care specialist can assist its clients with eyesight
or mobility concerns. There are also provisions for deaf individuals that have trouble hearing
or communicating with others with the help of National Relay Service. This helps the
company to be inclusive to people with disabilities and brings forth change in positive
direction.

Role of leadership for Westpac Group

Proper communication
A successful change management strategy requires effective communication which goes
beyond simply outlining the intentions for change and aims to comprehend the requirements
that must be met while the firm goes through the change. A lot can be done to help the
transition by maintaining open and transparent channels of communication throughout the
process, allowing people to express worries, voice complaints, discuss what is going on, and
suggest alternatives as to what is not functioning very well.
Maintaining a good relationship with employees
While some healthy rivalry among employees is not a terrible thing, that should not be the
only factor leaders consider when evaluating workers. An effective leadership strategy is one
that supports and promotes positive working relationships among the team. A good
relationship between team members will promote teamwork and boost work effectiveness.
When an individual progresses to the point where they can take on new responsibilities and a
new job, a competent leader should be happy for them.

Setting clear goals and expectations

Employee success is largely dependent on the team having specific objectives and
expectations for its members. Encouraging staff input and questions when developing these
goals is a good way to manage leadership. Engaging them in the effort and plans can improve
performance. A leader must communicate their goal to their team in order to motivate and
encourage them (Blackman et al., 2013). This encourages workers in realizing the goal that
the whole team is striving for. Everyone can monitor progress and recognize
accomplishments when objectives are clearly defined. Reviewing the goals regularly and
adjusting them as necessary will let the team members know that the leader is there and
paying attention to them.

Conclusion
The aim is on sustained growth, increasing the number of customers in the targeted
categories, and developing stronger and longer-lasting relationships because of its leading
position in such areas. The study has detailed a variety of difficulties encountered by the
Westpac Group when managing change. As this company's strategy and management team
are not regularly updated, adopting adjustments could be challenging. The Westpac Group
has also been putting plans and tactics into place to aid in change management and facilitate
good leadership. Additionally, for Westpac to keep improving, it needs to have a strong
leadership that understands the value of creating goals and connecting with their team.
References
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Blackman, D. A., Buick, F., O’Donnell, M., O’Flynn, J., & West, D. (2013). Managing
expectations to create high performance Government. Academy of Management
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Chanthadavong, A. (2022). Westpac pushes ahead with restructure plans to bring tech
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pushes-ahead-with-restructure-plans-to-bring-tech-closer-to-customers/
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