Piscopo Case Study

854 Words2 Pages

According to Piscopo 2015, it is extremely critical for organizations to effectively manage their stakeholders. This can only be achieved by having a good stakeholder management strategy that identifies and documents the steps to be undertaken in order to maximize support with an aim to minimize negative impacts of stakeholders throughout the overall change initiative. Furthermore, Lienert n.d stated that the aim of the stakeholder strategy is to structure the findings of the previous approaches through the development of a Stakeholder Participation Matrix. This helps management to be aware of the desired roles and characteristics of each stakeholder and also the appropriate timing to involve them. As such, CIBC FirstCaribbean International …show more content…

• Empower/Control - This allows stakeholders to be involved and collaborate in order to contribute meaningfully and to be responsible and accountable for their final decision-making.
Implementation Level - This level aids in the process of identifying which stakeholders are involved, in which area of the project. This includes the exploring phase, the planning phase, the implementation phase and the monitoring and evaluation phase (Lienert, n.d) .
In order to assess the problems in need for change and to obtain stakeholders support CIBC FCIB must carry out a GAP Analysis to present the current situation versus the future state of the company.
Firstly, CIBC FirstCaribbean International Bank’s goal is to become the number one bank within the Caribbean. Even though the organization offers the lowest interest rates within the banking industry and provides excellent customer service they have not achieved being the leading bank. In addition, the company operates on a centralized organizational structure whereby the loan decisions are made only through Barbados. This process lengthens the turnaround time for an approval as compared to their competitors which results in customer dis-satisfaction and allows customers to switch to its rival. Staff complains about the work load as a result of the redundancy and not being compensated fairly. Furthermore, the organization is not risk averse as compared to their competitors which contributes to the decline in sales and

Open Document