Changes are constant in an organization, but most of the changes are gradual and unplanned (Burke, 2010, p.1).
Change at times is necessary for organizations to adjust themselves in this dynamic business environment (Reader & eHow, n.d.). In the context of the study, changes will be mainly discussed from the viewpoint of Concerns Based Adoption Model (CBAM).
According to John Kotter, change in general passes through 8 key stages. Also for an organization to implement changes in their system must follow all the steps and accomplish all the necessary tasks of each stage.
1. Increase urgency: - In this stage organizations feel the megacity for incorporating change. This is achieved through the evidences of other companies, about how they got success after implementing change.
7. Consolidating enhancement: - In this stage of the change process an organization must plan and evidently improve the performance through the change. Also recognition and rewarding employees who were indulged in the process, will further help to serve the purpose.
Now after examining the study in accordance with the case study of JP Morgan, it has been found that due to change in the trading activities of the traders the bank suffered huge losses. The primary mistake was on the part of the bank’s operations. The bank could not formulate a sound strategy, by which trading activities would have generated less effect. In accordance with the Korter’s model and case study they must develop a strategy that ensures least effect from the traders.
In general individuals within the organization do not like changes in the system; rather they fell that any carnage in the organization may hamper their present course of actions. However there is time when change becomes necessary in order to rectify the earlier mistakes. Changes also take place as the precautionary measure of future issues. In the context of