Can you help me with homework? Due Friday, March 3, 2023

First Independence Bank (FIB) is a community bank that operates in the financial services industry. It is a relatively small bank, with the size and number of employees varying depending on the specific location. However, the bank has a long history of serving the communities in which it operates. As a community bank, FIB provides a wide range of banking products and services to individuals, families and small businesses. These products and services include personal and business checking and savings accounts, loans, and other financial products (First Independence Bank, 2022). The bank is focused on providing personalized and attentive service and is committed to building long-term relationships with its customers.

FIB is also committed to supporting and investing in the communities it serves. The bank is involved in many local community initiatives, such as supporting local schools, charities, and non-profit organizations. This is a major part of the bank's mission to serve the financial needs of the communities in which it operates. In terms of history, FIB is a relatively old bank. The financial institution has been serving the communities for several decades. The bank is one of the most respected and established minority owned banks in the region. From my experience, many of the mega churches made up an abundant amount of its’ customer base. Also, some of their iconic customers gave seed money to get them started and helped to establish them in the Detroit community. Examples are Aretha Franklin and Rosa Parks to name a few. FIB has been providing reliable and quality service to their customers for many years. The bank's reputation for providing excellent customer service and support has helped it to institute a loyal customer base over the years.

FIB's size and number of employees may vary depending on the specific location and/or department. However, the bank is known for its commitment to hiring and developing talented and dedicated employees who share the bank's values and mission. The bank is also committed to providing its employees with opportunities for growth and development, both professionally and personally.

Analyse in detail the current HR practice, policy, process, or procedure that you believe should be changed.

At First Independence Bank (FIB), the current HR practice that should be changed is the recruitment process, onboarding, training, and performance evaluation. The recruitment process at First Independence Bank is not effective in bringing in top talent as it relies heavily on referrals and networking while neglecting other sources of potential candidates. Job postings are often outdated or incomplete and do not include detailed job descriptions nor qualifications, thus deterring potential applicants (Griffin Bennett, & York, 2020). In addition, a lack of sufficient marketing and outreach limits the number of qualified candidates. To improve the recruitment process, FIB should implement more targeted recruiting strategies, tap into online recruiting sites, reach out to universities and other job search channels, use social media sources, and create detailed job listings that make clear the specific requirements and properties of each position.

FIB’s onboarding process should be strengthened in order to ensure a positive and successful employee experience. Currently, there is little to no focus on new hire orientation and onboarding, leaving new hires feeling overwhelmed and confused about their roles. FIB should create more comprehensive onboarding programs for new hires, including orientations and informative sessions about the company, its culture, and how to succeed in the role (Griffin Bennett, & York, 2020). Such programs should include thorough training on the organization’s policies, processes, and technologies. Furthermore, regular check-ins should be conducted to gauge new hire’s progress and provide further guidance or resources when needed.

The training programs at the institution need to be updated in order to ensure that employees are kept up to date on the latest industry trends and changes. Currently, the training process is ad-hoc, with employees having limited access to industry specific courses and resources. FIB should develop more comprehensive training plans for staff that ensure that each employee is receiving the necessary education to continue to contribute meaningfully to the organization. This strategy should include both technical and soft skills training, as well as various interactive activities to allow workers to better understand the organization’s goals and objectives. Additionally, FIB should extend access to external sources such as seminars, conferences, and webinars to help personnel stay informed on the latest industry news and innovations.

The performance evaluation system needs to be revised in order to better assess performance and make sure teams are rewarded for any exceptional work. Currently, the performance evaluation process is a once-a-year review that does not provide meaningful feedback and lacks any real guidance on what areas employees can improve upon. FIB should implement more frequent, one-on-one conversations or informal performance reviews with consistent periodic feedback in order to ensure that employees are on track with their goals. Additionally, a rewards system should be put in place that acknowledges and rewards superior performance on a more frequent basis (Griffin Bennett, & York, 2020). With consistent feedback and recognition, team members will have a better understanding of their roles and responsibilities, leading to more engaged and productive employees.

Formulate three valid reasons for the proposed change based on current change management theories.

Based on current change management theories, there are three valid reasons for the proposed changes at First Independence Bank (FIB). First, a more structured recruitment process will help FIB to find quality candidates that better fit its organizational goals. Currently, FIB relies heavily on referrals and networking, while neglecting other sources of potential employees, leaving out a large pool of potential hires. A structured recruitment process will ensure that the company is able to seek candidates from multiple sources and reach a larger, more diverse set of potential employees (Hayes, 2022).

Second, revamping the onboarding process will aid in introducing new hires to the company's culture and mission, leading to greater job satisfaction and engagement. Currently, the onboarding process is weak and leaves new hires feeling overwhelmed and confused (Smith, Skinner, & Read, 2020). With a more comprehensive onboarding program, such as orientation and informative sessions, new hires will better understand the organization’s mission, policies, processes, and technologies and work towards that common goal. Furthermore, regular check-ins should be conducted to provide further guidance and resources when needed.

Third, updating the training programs will provide employees with the necessary knowledge and skills to stay competitive in the industry and make meaningful contributions to the organization. Currently, the training process is ad-hoc, with employees having limited access to industry specific courses and resources. By developing comprehensive training plans, the team will be given the opportunity to learn the latest trends and gain skills that will equip them to succeed in their roles and the ever-changing work environment (Smith, Skinner, & Read, 2020). Furthermore, by providing personnel with access to external sources such as roundtables, discussions, and webinars, they will stay abreast of the latest industry innovations and be able to apply that knowledge to their role.

Appraise the diagnostic tools that you can use to determine an organization’s readiness for change. Propose two diagnostic tools that you can utilize to determine if the organization is ready for change. Defend why you believe the diagnostic tools selected are the best choice for diagnosing change in the organization.

When it comes to determining an organization’s readiness for change, two diagnostic tools that can be used to assess First Independence Bank (FIB) are the Change Readiness Index and surveys. Both tools can provide valuable insight into the organization’s current state and offer a way to measure the success of any changes being implemented. The Change Readiness Index is a tool that measures an organization’s capability to successfully implement changes. This index looks at multiple criteria such as organizational structure, culture, communication channels, leadership and decision-making, processes and technology, and more, in order to gain a holistic view of the organization's current state (Yoon, 2017). The index then uses this information to assess the organization’s readiness for change by providing a score and pinpointing the areas where improvements can be made in order to ensure successful change management.

Surveys are another effective tool for diagnosing organizational readiness for change. Surveys can capture insights from employees on the current condition of the organization, including their overall satisfaction with the current practices, what areas need improvement, and any ideas for how to get the organization ready for change (Yoon, 2017). While surveys cannot measure an organization’s actual readiness, they can provide valuable information on what employees think needs to happen in order to ensure successful change management.

Both the Change Readiness Index and surveys can provide invaluable information to help FIB determine if it is indeed ready for change. The Change Readiness Index provides a holistic view of the organization’s current capabilities and gives an objective assessment of its readiness for change, while surveys provide insights into the opinions of employees, who are often the ones most affected by any changes that take place (Yoon, 2017). With these tools, FIB can gain a clearer understanding of its current state, identify any areas that need improvement, and then make informed decisions on what changes to implement.

Using one of the diagnostic tools you selected, assess the organization’s readiness for change: Provide results of the diagnostic analysis. Explain the results.

The diagnostic tool that can be used to assess First Independence Bank (FIB)'s readiness for change is the Change Readiness Index. This tool looks at multiple criteria such as organizational structure, values, message passages, procedures and technology, and more in order to gain a holistic view of the organization's current state and determine its readiness for change.

The results of the analysis showed that FIB was moderately ready for change, with a total score of 75%. In terms of organizational structure, the index revealed that overall decision-making was centralized with too many layers, leading to slow decision-making and difficulty in adapting to changing conditions. The company’s culture was also found to be highly hierarchical, with limited employee involvement in decision-making. Furthermore, the current communication channels were found to be inadequate as there was limited access to critical data and information which led to disconnect between teams and departments. Lastly, while the processes and technologies were found to be up to date, they lacked flexibility which hindered their ability to accommodate changes quickly.

The results of the analysis show that while FIB has some capabilities to implement changes, it needs to improve in certain areas in order to ensure the success of any change management initiatives. Specifically, the corporation should focus on improving its organizational structure to allow for greater decentralization, increasing employee involvement in decision-making, strengthening its communication channels, and making its methods and technologies more flexible. By taking these steps, FIB can enhance its capabilities in order to ensure the successful implementation of any changes.

References