Business, Culture, and Change in Context

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Institution
Course
Professor
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 Business, Culture, and Change in Context
Lloyds Banking Group
Lloyds Banking Group was created in 2009 after Lloyds TSB purchased HBOS. With 30
million subscribers and 65,000 staff, it is one of the biggest financial services companies in the
UK. The Group operates widely outside the United States, Europe, the Middle East, and Asia.
Berlin, Germany, serves as the company's administrative center for operations within the EU.
Key external influences impacting or likely to impact organisation activities
As the acute stage of the health crisis gives way to a new normal, although one with
longer-term uncertainty, COVID-19 continues to significantly influence the lives and wallets of
many of our customers. Also, The past two years of experience have accelerated customer
patterns. Customers increasingly use digital channels, tiny businesses, as their aspirations for
simplicity, speed, and relevance rise due to flawless experiences beyond the financial services
industry.
Our customers' financial resilience is under pressure in 2022 by factors such as a growing
cost of living, labour and supply chain disruptions, and increased startup lending. There are still
longer-term societal challenges, such as the net zero economies' acceleration and insufficient
retirement planning (Nguyen D. et al., 2022). There is a lack of pension advice, rising inter-
generational transfer of wealth, a lack of affordable housing, and a long-term rise in private
renting credit facilities for susceptible consumers and the 10 million UK residents who lack basic
digital skills. These highlight our part in assisting customers' financial lives through our
distinctive, all-encompassing business approach.
We have committed to payment capacity to maintain a market-leading position in card
expenditure for individual consumers and deliver a three-fold growth in the number of
commercial clients recruited to the new cash administration and settlements platform.
Organisation's goal and the plan on how they'll achieve these.
Its goal is to promote British prosperity. It transformed money into a force for good by
fostering a more resilient and equitable future for individuals and companies. Our responsibility
is to support individuals and companies while also giving back to the areas we serve. Scheduling
aids an organisation in deciding the best course for attaining its aims. The arrangement is
visualizing the products the firm wants to achieve and calculating the events required to get there
– whether that is evaluated in terms of money or objectives like being the company with the most
excellent customer satisfaction rating. It will guarantee the bank uses its resources effectively,
manage risks and uncertainty, fosters teamwork and cooperation, and develop competitive
advantages.
Organisation's products, services, and leading customers.
Connections and lending to consumers - This division is a top provider of cash accounts,
savings, debit cards, financing, mortgage, insurance, and auto financing. It is made up of
Personal Loans and Client Relationships.
 Being the best provider for consumers means putting their needs first in all we do,
enhancing customer service, and gaining their trust and loyalty. Our consumer segment serves
millions of consumers through the strength of our brands, which include Lloyds Bank, Halifax,
and the Bank of Scotland.
Corporate and commercial banking - This sector, which comprises Corporate & Financial
Services and Business & Institutions Banking, has a long history of assisting firms and the
country's economic development, with a particular emphasis on UK enterprises and those with
close ties to the UK (Pazarbasioglu, C. et al., 2020). We bid clients the support they require to aid
them in growing, bringing about risk, and improving competence. To give top-notch provisions,
we also keep investing in our association specialists and enlarge our product acquaintance.
Team service availability and functions - In support of our ambition to become the safest
investment for clients, our Group services provide for our customers daily through advanced
technologies. The divisions they preserve, the telephony centers they staff, and the numerous
customer requests they handle daily. One of the elements of the Group's success is the size of
activities required to assist this solidly and reliably; it is the foundation of our customer service.
Insurance, investments, and pension - Millions of consumers receive assistance from this
section with their needs for retirement planning, long-term protection, and investments. We have
a rich history of assisting our clients with various urgent needs, such as health insurance,
retirement benefits, savings, and insurance products (home and car).
A short review of different technologies used by staff and how they are used to improve
working practices and collaborations.
Creating your e-commerce website - Using a straightforward solution like Web In A Box
from Lloyds Bank Cardnet, you can quickly establish an e-commerce-enabled website. Your
company can develop a website from the beginning by working with our reliable partner, giving
you the freedom to quickly create a digital presence through a website, App, and social selling.
With various themes and easy-to-customise templates, Web In A Box offers optional pre-built
connectivity with Lloyds Bank Cardnet's Payment Gateway. Additionally, it enables you to
incorporate a payments page into your current website, expanding your selection of card
acceptance options to include PayPal.
Links to safe transactions - Mailing invoices and waiting for payment can consume
significant time and energy for some organisations. Your company may gain from the option to
send consumers a payment gateway link with Lloyds Bank Cardnet's Pay by Link. Businesses
can use a straightforward dashboard to create a payment URL incorporated in emails, texts,
social media messages, or QR codes. The link takes your customer to a secure online payment
page where they may make quick, easy, and secure payments using a variety of card types,
including PayPal (Aron J. et al., 2019). You can use this services, which also offers the possibility
of processing transactions remotely over the phone without your company having to run a
website.
 Pre-order solutions - An organisation can have a customised phone and internet shopping
platform that can be customised to fit particular requirements in line with business objectives by
using a mobile pre-ordering software like Preoday from Lloyds Bank Cardnet. You may engage
with consumers directly through a personal dashboard, update the menu instantaneously, track
orders and identify regular clients, send text alerts and loyalty incentives, and provide collection
or delivery alternatives. Thanks to numerous point-of-sale suppliers, it can integrate with existing
services or run independently depending on your business needs.
Customer service - Staff may engage with consumers using a variety of channels thanks
to digital platforms, which improve query routing, reduce bottlenecks, and enable smooth
switching between platforms and devices. A company can identify important consumer pain
spots and recommend the best course of action using AI as well.
Payroll and Finance - Cloud-based automation tools may streamline essential admin
tasks, from connected expenditure management and automatic invoicing to remote onboarding.
For instance, HR software can handle routine processes like payroll, timesheets, off-the-clock
calculations, onboarding, and performance monitoring (Suri, V.K., 2022). You and your
management are relieved of administrative duties, and you could avoid the need to engage
specialised HR personnel.
Definition of corporate culture and why it is crucial to foster an effective workplace.
Therefore, organizational ethos creates a setting for all events within a business. How your
firm runs daily is devaluated by the articulated and undeclared activities and mentalities.
Moreover, it stipulates the circumstances under which staffs labor works. The dream and
purposes, morals, management, staff prospects, organized reward systems, and overall worker
participation stages all contribute to a firm's climate (Pham T. et al., 2020). Organization can fuel
their operations, aid them in realizing they're possible and give stability and guidance by
generating a solid company culture. Any flourishing firm needs this continuous placement, but
values provide much more. At Lloyds Banking Group, we take pride in fostering a helpful,
positive work setting directed by our morals. This is indispensable to the accomplishment of our
business since we know that staffs who can be themselves at the workplace are the greatest.
1. Increased Recruitment Efforts - With so many emerging companies, it might be
challenging to find skilled employees. Several individuals have adjusted their hiring
values as an outcome of this. If the corporate culture wasn't correct for them, more than
30 percent of staff said they would turn down their perfect service prospects. Your
staffing efforts will be reinforced, and you'll entice the courtesy of top projections by
developing solid corporation values. Each individual is exceptional. Therefore what
somebody observes as the perfect company values may not be similar to another.
2. Improved Staff Engagement – A person's level of commitment, connection, and passion
for their employment at a particular firm is referred to as their level of employee
engagement. It provides stable returns and helps persons form an honest association with
a corporation—employee engagement hits a record high when an inclusive company
culture is created. Naturally, the kind of environment fashioned and promoted will decide
 how this engagement occurs, but a healthy workplace has plenty of potentials to foster
good engagement. For instance, firms with strong cultures have employee engagement
rates up to 72% higher than those with poor cultures.
3. Better Brand Identification - Marketing initiatives and organisational culture benefit from
how you portray your brand. Your brand is your company's reputation and how the
general public sees you. Most of your brand reputation will instigate your corporate
values and any relationships that individuals have with staff and management, while
outside forces can influence some components. Your brand uniqueness nurtures more
compelling, more vital company principles. It's even possible that some of your staff
members will sponsor your brand on their own without your involvement.
4. Performance Stimulated - When your organization's culture promotes personal growth, a
sense of belonging, and inclusivity, you'll assist employees in performing better and
accomplishing more purposes. A strong capacity pool of dedicated persons who will
remain to price employed for your organization is fashioned when enhanced achievement
and member-of-staff gratification are attached. This ultimately starts an advantageous
loop that can significantly increase your organization's wealth.
How organisations are whole systems, in which different aspects inter-relate, and how staff
action can impact elsewhere in the organisation.
The association between organisational culture and structure is equally dependent. The
actions, insolences, dispositions, and morals that form the office culture are partial to the
administration structure. A business's values may show a lack of elasticity and independence at
the junior levels if the corporate network is ranked and policymaking authority is focused at the
top. A corporation's values will likely become more self-sufficient, customized, and accountable
if the organization framework is decentralized, with equal authority and regulation at all stages.
How a firm divides up command and control touches how its people act. These results appear in
a business's organisational structure and values (Kennington, B., 2020).
Decentralised power structures are used at Lloyds Banking Group, allowing more staff
input in decision-making. Because they are given more responsibility, employees are more
accountable. Because they don't necessarily need permission from higher management to move
forward, they can work more independently. The corporate culture reflects these liberties.
Why is it essential that organisational change is planned and effectively managed?
To prosper and expand, businesses need organisational transformation. The effective
adoption and utilisation of the organisation's changes are driven by change management.
Employees can comprehend the shift, commit to it, and perform well while working it. Since the
Lloyds Banking Group could adjust to changes that came about naturally, it learned to
understand the advantages of using a "positive change strategy" to achieve outstanding results.
The Lloyds Group is now outperforming its rivals. This is because they adapt and accept
change to keep up with the constantly evolving and advancing technologies. Ideally, a corporate
must be willing to transform and acclimatize quickly. Severe effort conditions can stifle
ingenuity, fostering novel thoughts' growth. Organizations should comprehend that training,
policy, exemplary, or service should be helpful now and appreciated in the coming years.
Companies will continually identify and cultivate new company ideas and possibilities if
they have the flexibility to accept change. Any organization that wishes to enter new markets due
to the new operating devices would profit from possessing excellent change organization
strategies (Priyono, A. et al.,2020). This could be done by linking other commerce to raise or by
creating new associates, enhancing sales.
The nature and importance of different roles people practice professionals play concerning
change agendas.
The most exemplary individuals to lead operative change would be those in HR and
individual management. They should guarantee that the change process sufficiently and
effectively tackles organizational effectiveness, redesign, fair trials, job involvement, and clear
communications.
Facilitator - For over 20 years, organisational change research has repeatedly identified
active and visible sponsorships as the most critical factor in change management effectiveness.
The staff must see and hear the sponsor's dedication to the transformation. They provide other
transformation managerial roles with the necessary authority. Effective sponsorship can indicate
whether a project will succeed or fail.
Record-keeper - For a change to be successful, their teams must adapt how they perform
their duties. The record-keepers are the best people to communicate change messages to team
members about how a change will affect them personally. Changes can occur in any business for
various reasons, including strategic objectives taken by top management and changes brought on
by ongoing demands from consumers and suppliers. Record keepers assist their staff members
with all kinds of adjustments. If a leader has an attitude of support or resistance, their actions and
attitude will be reflected in their workforce.
Gatekeepers - Marketing to gatekeepers who can either provide or deny access to
important decision-makers is known as gatekeeper marketing. They frequently collaborate
closely with those in power. They could be secretaries, receptionists, administrative assistants, or
executive assistants. Thus, the gatekeeper between yourself and a decision-maker can
occasionally be essential in organisational change (Smits, R. et al., 2019).
A close friend - is typically a junior staff or a coworker who is asked to do research on
choices before informing their superior. They lack the resources and power to make a definitive
choice, yet they can sway the person who does. They'll involve the necessary parties (like
finance or IT) during the sales process as they are typically your initial point of contact at the
organisation.
Impact of organisation change on employees and ways to respond to them
When making adjustments involving cost investments, many commerce looks to
recompensate and perks as the initial areas to cut back. A specific staff will probably leave the
business to guise for labor anywhere else when this happens. The remaining teams are frequently
bitter. As inspiration declines, job performance follows. Employees grow unfaithful to the
organization and might get so furious that they intentionally sabotage it (Muro M. et al., 2019).
Specific corporate alterations impose substantial rearrangement, which causes meaningful life
changes for many people. Salary decreases, reimbursement termination, occupation
downgrading, job loss, and migration to another town, district, or nation are mutual changes that
harm a staff section. These alterations may be disastrous for employees, particularly those who
provide for families.
By keeping all of the employees informed at every stage of the process and treating the
impacted employees fairly and compassionately, it is possible to manage these changes while
upholding the morale of the staff that remained undisturbed.

References
Nguyen, D., Nguyen, T., Nguyen, X., Do, T. and Ngo, H., 2022. The effect of supply chain finance on
supply chain risk, supply chain risk resilience, and performance of Vietnam SMEs in global supply
chain. Uncertain Supply Chain Management, 10(1), pp.225-238.

Pazarbasioglu, C., Mora, A.G., Uttamchandani, M., Natarajan, H., Feyen, E. and Saal, M., 2020. Digital
financial services. World Bank, p.54.

Aron, J. and Muellbauer, J., 2019. The Economics of Mobile Money: harnessing the transformative power
of technology to benefit the global poor. Centre for the Study of African Economies, University of Oxford.

Suri, V.K., 2022. Functional Automation and Digital Transformation. Dorrance Publishing.

Pham, T. and Jackson, D., 2020. Employability and determinants of employment outcomes.
In Developing and Utilizing Employability Capitals (pp. 237-255). Routledge.

Kennington, B., 2020. Managing the affective responses of employees during organizational change in
higher education. Pepperdine University.

Priyono, A., Moin, A. and Putri, V.N.A.O., 2020. Identifying digital transformation paths in the business
model of SMEs during the COVID-19 pandemic. Journal of Open Innovation: Technology, Market, and
Complexity, 6(4), p.104.

Smits, R., Smits, R. and Sanghera-Warren, 2019. Gatekeeping in the evolving business of independent
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Muro, M., Maxim, R. and Whiton, J., 2019. Automation and artificial intelligence: How machines are
affecting people and places.