Topic: CHANGE MANAGEMENT

TEST

Exercise 1. Match the term with their definition

A. The process through which more people are moving from the
1. Rebels
rural to urban areas

2. Resistance B. Making you really distressed or anxious

C. An arrangement that permits you to borrow money from a bank

3. Alignment or other comparable entity, often to purchase a home, or the sum of
money itself

4. Disruption D. To gradually end or vanish

E. The action of defending yourself against anything that is

5. Intervention
assaulting you or rejecting something

F. Being actively involved in a challenging situation in order to

6. Stakeholder
make it better or stop it from getting worse

G. Anyone who launches their own business, particularly if they do

7. ROI
so after recognizing a new opportunity

H. A person who tries to change the political system in their nation

8. Urbanisation
by force because they are opposed to it

I. A formula that investors can use to assess their holdings and

9. Imagination determine how well one investment has done in comparison to
another.

J. The act of creating something that has never been done before or
10. Creativity
the product of such an act

K. A situation in which two or more people, things, or events

11. Invention
interact with one another

L. An arrangement in which two or more things are positioned

12. Interaction
parallel to one another or in a straight line

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 M. The activity of prevent something, particularly a framework,
13. Implementation interaction, or occasion, from going on not surprisingly or true to
form

14. Innovation N. The capacity to deliver or utilize unique and uncommon thoughts

15. Convergence O. The circumstance where two things become unique

16. Divergence P. A groundbreaking thought or technique

17. Peter out Q. The act of using a system or plan for the first time

R. The way that at least two things, thoughts, and so on. become
18. Gut-Wrenching
comparable or met up

19. Mortgage S. The capacity to think pictures in the mind

20. Entrepreneurs T. An individual or gathering who own a business

Answer:

1. 2. 3. 4. 5. 6. 7. 8. 9. 10.

11. 12. 13. 14. 15. 16. 17. 18. 19. 20.

Exercise 2. Choose the best answer to fill in the blank.

1. The rise in unemployment might mean that the economic recovery is starting to
_______.

A. Peter out B. Peter in C. Peter off D. Peter on

2. Cheque volumes reached a peak in 1990 but usage_______since then, mainly owing to
increased use of plastic cards by personal customers.

A. Has fallen B. Has declined C. Have fallen D. Fall

3. Evaluation helps organizations learn from the change process and make informed
decisions for future ________.

A. Orientations B. Initiatives C. Turnover D. Campain

4. In one financial services firm, top management's commitment to a program that would
reduce errors and ______costs was low.

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A. Slit B. Cut down C. Slash D. Rend

5. A leadership coalition is a group of influential and committed individuals ________

support and champion the change initiative.

A. Which B. Whom C. Who D. Of whom

6. A transition phase is the stage of the change process where the new behaviors,
processes, systems, or structures are _________ and become part of the organizational
culture.

A. Implemented B. Implementing C. Implementation D. Implement

7. The DICE framework is a tool used to assess and manage the risks associated with
change ________.

A. Management B. Resistance C. Initiatives D. Culture

8. A well-executed change management strategy can lead ________ increased employee

engagement, improved productivity and successful organizational transformation.

A. To B. In C. For D. About

9. Airline mergers traditionally ________ with pilot’s unions.

A. Run in trouble B. Ran in trouble C. Run into trouble D. Ran into trouble

10. ________ effective change management strategies are crucial for organizations to
adapt to the dynamic business environment.

A. Implementing B. Implement C. Implemented D. Implementation

11. The CEO realized that he needed to tackle the thorny issues around the ______to get
the project implemented on schedule.

A. Layoffs B. Dismissal C. Furlough D. Termination

12. Whereas leaders feel relaxed and have less frequent reviews of the project of shorter
_______, which often cost them heavily and objectives are not met on time or projects
may result into utter failure.

A. Duration B. Integrity C. Effort D. Commitment

13. _________ transition management strategies to align with the unique qualities of an
organization can enhance overall success in navigating transitions
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 A. Adapt B. Adapted C. Adapting D. To adapt

14. Change is ________ in today's fast-paced and competitive business landscape.

A. Inevitable B. Concession C. Utilities D. Preventable

15. Effective organizational change involves understanding the need for change, creating
a vision for the future and _________ stakeholders in the change process.

A. To engage B. Engaging C. Engaged D. Engages

16. This involves identifying key _______, understanding their concerns and
expectations, and involving them in the change process.

A. Experts B. Fiduciaries C. Guarantors D. Stakeholders

17. Change management refers to the structured approach and processes implemented to
manage and _______ organizational changes effectively.

A. Navigating B. Navigation C. Navigable D. Navigate

18. Change management is the process of __________ changes in an organization to

achieve desired outcomes.

A. Planning B. Implementing C. Monitoring D. All of the above

19. A change management _________ is a document that outlines the strategy, steps,
activities, and resources needed to manage the change effectively.

A. Model B. Plan C. Exercise. D. Template

20. The company decided to _________ off 20% of its staff due to the economic crisis.

A. Lay B. Put C. Cut D. Take

Answer:

1. 2. 3. 4. 5. 6. 7. 8. 9. 10.

11. 12. 13. 14. 15. 16. 17. 18. 19. 20.

Exercise 3. Make sentence with these given words.

1. A/ commercial bank / accepts deposits/ personal/ corporate accounts/ use/ deposits/

finance loans/ individuals and businesses.
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2. Loans/ this type/ be/ usually/ extend/ interest/ included/ allow/ bank/ cover the costs
associated/ extending/ loan.

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3. We/ already built/ proposition/ leverages/ our core strengths,/ combine/ the scale/ our
business/ and product expertise/ close relationship/ management.

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4. However,/ if/ the funds/ be/ needed/ influence/ a/ corporate realignment/ restructuring,
investment banks/ would/ finance/ type of/ business/ loan.

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5. Employees/ resist changes/ workplace/ fear/ the unknown/ concerns/ it/ impact their/
roles/ responsibilities.

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6. Poorly planned/ ineffective/ change management/ ambiguity/ control/ resulting/ delays/

setbacks/ change process.

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7. Organization N&D/ decided/ implement/ new Enterprise Resource Planning (ERP)/

system/ improve performance/ effectiveness/ business operations.

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8. Training programs/ tailored/ aid employees/ understanding/ acclimating/ changes/

business processes/ technological advancements.

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9. Implement/ performance/ metrics/ recognition programs/ incentivize/ reward/

individuals/teams/ successful/ cross-functional/ collaboration.

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10. When/it/ come/ organizational change/ understanding/ the/ traits/ behaviors/ employees/
be/ crucial/ effective implementation.

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11. Transition management/ be/ not/ / one-time/ event/ but/ ongoing/ continuous process/
promote/ organizational agility/ innovation/ growth.

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12. Change management/ be/ essential/ organizations/ stay competitive/ thrive/ today’s
dynamic business environment.

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13. The healthcare industry/ undergo/ significant change/ recent years/ including/ adoption/
electronic health records/ implementation/ new/ healthcare regulations.

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14. ROI/ be/ used/ business/ compare different investment options/ measure/ success/
marketing campaigns/ evaluate/ overall financial performance/ organization.

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15. The change management team had / overcome a lot/ resistance from the employees
/were reluctant to adopt/ new system.

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16. A communication plan/ a part of the change management plan/ specifies/ to inform,
educate, involve, / listen to the stakeholders/ the change process.

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17. A readiness assessment/ a process/ measures the current state/ the organization/its
readiness/ the change.

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18. The company invested/ cutting-edge technology/ improve its operational efficiency and
customer service/ also retraining its human workers/ new roles and skills.

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19. Starbucks closed/ than 8,000 stores for/ day to conduct anti-bias training/its employees
while also apologizing publicly/ reaching/to the affected customers for reconciliation.

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20. Change management/ enable/ organization/ proactive/ embrace/ those changes/ rather/
reactive/ respond/ them.

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4. Translate from English to Vietnamese.

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1. By performance integrity, we mean the extent to which companies can rely on teams of
managers, supervisors, and staff to execute change projects successfully.

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2. Along with standard savings accounts, the commercial bank may also offer interest
bearing checking accounts, certificates of deposit, and other savings strategies that are
considered to provide a small but consistent return in exchange for doing business with the
bank.

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3. Since project teams handle a wide range of activities, resources, pressure and unforeseen
obstacles, they must be cohesive and well led.

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4. For all the recent talk of high inflation, rising interest rates, and recession worries,
consumer spending has been resilient.

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5. The government said that the tax will finance tax cuts, which will ease the burden on
households and businesses grappling with higher costs from variable-rate mortgages and
lending.

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6. Developing a clear vision and specific goals for the change helps align all members of the
organization towards a common direction and objective.

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7. Resistance to change is a common challenge in transition managemnet, and it requires
careful strategies to address and overcome.

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8. Leadership plays a critical role in change management by setting a clear vision, providing
support, and inspiring employees throughout the change process.

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9. Being flexible in adjusting plans and strategies based on feedback and real-life
experiences, to ensure the adaptability and success of the change process.

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10. The financial services industry has seen significant changes in recent years due to
advancements in financial technology (FinTech) and regulatory changes.

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11. Senior executives should personally interview people for the project team so that they
can construct the right portfolio of skills, knowledge, and social networks.

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12. Employee morale will fall, even conflict may arise between teams and line staff if
department managers fail to change to a more logical and effective operational process.

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13. Those actions reassured employees that the organization would tackle the layoffs in a
professional and humane fashion.

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14. When the companies launch transformation efforts, they frequently don’t realize, or
don’t know how to deal with the fact, that employees are already busy with their day-to-day
responsibilities.

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15. Change management can be challenging because of the resistance from employees,
managers, or customers who are affected by the change.

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16. We must support people in the organization through their transitions from the current
state to the future state, and understand what is needed to influence each person to embrace
and adopt the change.

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17. Organizations adopt the discipline of change management in different ways depending
on their business needs.

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18. Project management, which focuses on the technical side of change, and change
management which focuses on the people's side of change, both play critical roles in change
success.

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19. Change management methods may be applied to any type of organizational change,
including departmental mergers, technology implementation, creating team-based
organizations and professional development.

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20. To manage resistance, people managers are in the best position to proactively define
what resistance looks like for their group, the root causes of such resistance, and unique
barriers to change.

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Exercise 5. Complete the following sentences with about 10 words for each sentence.

1. A well-executed change management plan can result in ......................................................

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2. Effective change management can lead to ............................................................................

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3. Flexibility and adaptability are ..............................................................................................

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4. Change management is the structured approach organizations use to ..................................

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5. Resistance to change is a natural reaction, ............................................................................

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6. Change champions are advocates ..........................................................................................

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7. Successful change management necessitates leadership commitment, ................................

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8. Continuous feedback loops allow .........................................................................................

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9. Change managers must .........................................................................................................

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10. Resistance can .....................................................................................................................
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11. Employee feedback mechanisms, such as surveys and focus groups, ................................
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12. Leaders should lead by example, ........................................................................................

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13. Celebrating small wins along the way ................................................................................

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14. Monitoring progress in change initiatives is essential to ....................................................

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15. Creating a change management team with diverse skills and perspectives can ..................
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16. Change often .......................................................................................................................

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17. The pivotal role of change agents, who................................................................................

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18. An adequate plan is .............................................................................................................

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19. Change managers must also ................................................................................................

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20. Implementation requires ......................................................................................................

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6. Read the passages and answer the question.

Santander: pulling down to build back up

When in 2008 Santander wanted to establish a stronghold in the UK banking sector, its
strategy was to acquire a portfolio of heritage-centric UK financial institutions – Abbey
National, Bradford and Bingley, and Alliance and Leicester.

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Grupo Santander chairman Emilio Botin felt, however, that the legacy in these UK financial
institutions, dating as far back as 1849, had left them incapable of change and, therefore,
unable to evolve and grow.

In buying these traditional UK financial institutions and unifying them under the Santander
brand, Santander aimed to break down their engrained processes and turn them into a
formidable retail bank.

To do this, they would need a fast-track, systems-led banking model. Only this could bring
clarity, efficiency and best practice to institutions that had become totally entrenched in
‘their way’ of doing things. For incoming Santander UK CEO António Horta-Osório, his
focus would be ensuring that all stakeholders grasped the value of shedding ‘old ways’ and
embracing the new era in banking – a revolution, rather than evolution.

There were many opportunities during the change programme for cultural
misunderstandings. Counter-intuitively, this can be particularly noticeable when national or
linguistic similarities give a false illusion of commonality. In fact, the cultures of the UK
acquisitions were very different, they had developed as regional building societies and their
footprints, portfolios and client bases were each unique. This meant that forceful and careful
management would be needed to integrate the systems, processes and people in the different
organizations.

Those who were going to be impacted by the change were fully briefed; risks and issues
were discussed and mitigated. In-branch teams, for example, were prepared for a variety of
customer responses through the transition phase. Even those who weren’t likely to be
impacted by consolidations were given clear messages about the future. The aim of this
process was to make sure they didn’t just understand the change, but that they embrace it. In
January 2010, Santander UK was launched against ferocious economic and banking
headwinds. By 2013, it had become one the country’s leading retail banks and one of the
largest providers of savings and mortgages.

Questions:

1. What was Santander's strategy for establishing a presence in the UK banking sector?

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2. Why did Santander believe these UK financial institutions were unable to evolve and
grow?

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3. What was the focus of Santander UK CEO António Horta-Osório during the change
program?

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4. What challenges did Santander face in integrating the acquired UK financial institutions?

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5. What were the results of Santander's change program by 2013?

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The end

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