Stakeholder Responses
Resources: Stakeholder Responses to Organizational Change Scenario and the Sample Executive Summary.
Read the Stakeholder Responses to Organizational Change document.
Create three additional facts of your choosing to add to the above scenario for purposes of this assignment.
Prepare an Executive Summary for Harry and Rosalie on how you, as Human Resources Director, want to make them aware of these change issues and how you will handle the various stakeholder responses to the new anticipated change.
Write a 700- to 1,050-word Executive Summary in the third person voice and address the following:
• Identify the existing psychological contract for Josh Raymond and Griselda Lopez. In what ways will the change disrupt the existing psychological contracts? Given the individuals and the context, what reactions do you anticipate?
• Identify the different phases of change that Josh Raymond, Griselda Lopez, and all other stakeholders are going through and will go through.
• Identify strategies that you, as Human Resources Director, can use to help Josh Raymond, Griselda Lopez, and the other stakeholders work their way through the different phases.
• Identify strategies that change leaders have used, or could use, to help people work their way through the different phases.
Use tables, figures, models, or diagrams to aid in explaining the change issues or strategies discussed in the Executive Summary.
Use organizational change terminology consistent with what is used in your text.
Use a minimum of two sources other than the Organizational Change text.
Format the assignment consistent with the Executive Summary sample, but use APA guidelines for your reference page.
Case Scenario
You are the Human Resources Director of an imaginary Fortune 500 company named FusionTastic. This company deals in the design and manufacturing of retro garment wear of the 70s, 80s, and 90s, for which there has been a popular cultural interest amongst millennials. The company manufactures high-end quality clothing that is mainly sold in college towns and chic boutiques. FusionTastic also maintains an Internet store that serves customers from all over the world. The company was founded by a brother and sister team, Harry and Rosalie Smith, born in the 1970s, who grew up watching all the typical television shows of the 70s, and 80s, and 90s. They serve as CEO and CFO, respectively, of the company.
The Board of Directors for your company want to acquire a small-scale costume company called Chameleon Costumery that consists of 20 costume stores located on the West Coast and whose primary revenue is generated mainly at Halloween time. FusionTastic employees and shareholders have been writing to the Board of Directors and the CEO and CFO expressing disdain over the acquisition of Chameleon Costumery. The concerns have been over FusionTastic lessening its unique reputation for niche, high-end quality garments to include an inexpensive and low-end line of costumes. There is fear that FusionTastic's reputation and brand will be diminished with this acquisition. In addition, two long-time, 20-year employees, Josh Raymond and Griselda Lopez, have been chosen to head up the acquisition. They really do not want to see this happen because they value FusionTastic as it is. Josh is a technical and analytical type, and generally likes things to be done in a certain way. Griselda has always been considered a "hippie-type", but is upset about the acquisition to the point that she is making herself sick and is thinking of quitting. Part of FusionTastic's success has been due to Griselda's creativity and vision. You believe that Harry and Rosalie want Josh and Griselda to be change leaders in the forthcoming acquisition.
Executive Summary
The purpose of an executive summary is to summarize a report. Executive summaries are written for executives who most likely do not have time to read the complete document. Therefore, the executive summary must cover the major points and be detailed enough to mirror the content yet concise enough for an executive to understand the substance without reading the entire report.
An executive summary differs from an abstract. Readers use an abstract to decide whether to read the complete document. They read an executive summary to obtain information without having to read the report in full.
The executive summary should be written as a document that can stand on its own and is usually written on one or two pages, depending on the length of the report. It restates the purpose of the report and describes any results, conclusions, or recommendations made in the report so that the reader understands the reasons for the conclusion or recommendations. Acronyms, symbols, and abbreviations must be written out. Tables and figures in the report should not be referred to by number in the executive summary.
The audience for an executive summary is receptive to the message, so the writer should assume that the audience wants to know and understand the message. It is written in a formal tone using an impersonal style and eliminating first person pronouns (I, we, our, etc.).
Use the following guidelines when writing an executive summary:
• State clearly the purpose of the report.
• Present the major points in the same order they are written in the report.
• Summarize the results, conclusions, or recommendations made in the report.
• Write headings, as needed, for clarity, but word headings differently from the headings used in the report.
• Format the executive summary the same way as the complete report.
Following is an Executive Summary of a report prepared by Sonoma Consultants for Jones Williams, a stock brokerage firm that specializes in long-term, stable investments for an upscale client base. Sonoma conducted a study of the most efficient means to recruit new investment clients to the firm.
There is no APA standard for the writing of an Executive Summary. APA is designed to prepare documents for publication, and does not provide requirements on the correct format or content of an Executive Summary. This sample is to provide basic guidelines for the writing of Executive Summaries, and in the event that the faculty member's standards differ from the sample, the faculty member's own standards will always prevail.
Sample Executive Summary
Jones Williams' stock brokerage clientele has remained static over the last few years. At Jones Williams, aggressive recruiting techniques have been viewed in the past as being unprofessional, and new clients have been obtained solely through referrals by other clients. Since two young aggressive brokers have joined the firm, it is now a good idea to implement recruiting programs to increase the client base. Sonoma Consultants has identified the problem, defined the objective, investigated alternatives, and identified the best solution to recruit new clients.
The problem is how to obtain new clients, and the objective is to increase the broker commissions by increasing the client base. After reviewing the alternatives and studying the market and successful recruiting techniques of other companies, Sonoma representatives discovered that there are three choices for recruiting that could be successful in bringing in new clients:
1. Free investment courses to individuals
2. Advertising in national and local publications
3. Informational services through large companies
The first two options were rejected for the following reasons:
• Providing free investment courses to individual investors could, in fact,
increase the client base. However, the investor with a small salary and small percentage of income to invest would not do much to increase broker commissions. The goal is to increase the number of commissions, so the most appropriate scenario would be to attract large-scale investors.
• Advertising in national and local publications might place a stigma on Jones Williams because the firm has always been identified with upscale clients and a stable investment portfolio. Advertisements in print media could belittle the image of the firm and might even cause a loss of some of the upscale client base.
Recruiting upscale clients through their companies would be the most profitable and cost-efficient method for adding individuals to Jones Williams' client list for the following reasons:
1. These clients already familiar with the successful performance of Jones Williams because the firm manages their retirement portfolios.
2. They have more disposable income to invest.
3. They are interested in stable, long-term growth, which is Jones Williams' area of expertise.
4. The percentage of income for executives to invest is higher than that of the small investor.
Because Jones Williams currently manages multimillion dollar retirement accounts for several major national companies, providing informational services to employees of large companies where Jones Williams already has a presence would be the best option to obtain new upscale business clients.
The process for recruiting this new client base is as follows:
• Develop marketing/informational tools for potential investors
• Provide an initial breakfast meeting for executives of the companies whose retirement portfolios are managed by Jones Williams
• Present reasons why using the same broker for both investment and retirement accounts is practical and preferable to maintaining accounts with more than one brokerage firm.
• Schedule one-on-one meetings with executives to present individual investment plans.
• Schedule meetings with supervisors and lower-level employees to present the same plan. This would cement a good relationship with management because all company employees would be included in the campaign. Although this approach will not provide as much commission as the large- scale investors, it is a worthwhile effort to pursue to increase investors and promote the reputation of the firm as a credible and knowledgeable source in the investment world.
Using the above recruiting techniques will bring in two types of new clients: those with substantial funds to invest and those with smaller amounts to invest regularly.
These new clients already have an investment philosophy that matches the firm's objective of providing long-term, stable growth for investors.