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Change and engagement strategy at a global investment bank

Change and engagement strategy at a global investment bank
Region UK
Sector Financial Services
Offering Organisation Change & Implementation

The Challenge

Over the few years prior, the risk, finance, data analytics and report division had been involved in an ongoing change journey, both through significant external and regulatory shifts happening across the industry, and considerable internal changes at play, such as the overall direction of the organisation affecting the evolution of the risk function. The division responded to these changes by undergoing a large-scale transformation programme to help drive forward the new Risk Mandate and re-position itself as a strategic partner to the wider business. Given the level of change that this will bring over the next 18 months, Q5 were asked to help develop a Change and Engagement Strategic Approach to enable successful transformation and ensure people feel engaged throughout the change.​

Our Approach

  1. Mobilisation
    • Arranged a kick-off meeting and alignment sessions with the COO, division Transformation Lead and HRBP​
    • Developed a high-level work plan and established key project check-ins
  2. Diagnostic
    • Reviewed key documentation (including Regional Roadshow and Townhall communications, the new Group Risk Mandate, division organisation structure etc.)​
      Prioritised the transformation workstreams that had a significant “people impact” and conducted change impact assessments to understand the impact and expected benefits of the change, including the implications in terms of change and engagement​
      Undertook three stakeholder analysis sessions to identify key internal and external stakeholders, and understand their requirements and preferred engagement channels. We also assessed stakeholder groups against the direct level of impact that the transformation has on them, as well as their influence on the success of implementing the change​
      Facilitated nine “Regional Sounding Boards” to understand how the division’s employees have experienced change in the past, and how they would like to be communicated to, and engaged with, in the future​
  3. Strategic Approach
    • Based on all the insights gathered as part of the diagnostic phase, we developed a Change and Engagement Strategic Approach (including a draft Change Narrative and four key pillars of successful change)​
    • Facilitated 11 “Validation Sessions” with leaders to help shape and finalise the recommended approach​

Key Outcomes

  • Engaged more than 65 of the division’s employees across all teams, all levels and all regions globally to initiate thinking around change and engagement.​
  • Developed a Change and Engagement Strategic Approach, which included:​
  • Four recommended pillars of successful change that they should consider: ​
  • Leaders as Catalysts​
  • Positive Engagement and Communication​
  • Aligning Capabilities​
  • Robust Change Support
  • Proposed high-level timeline for each key pillar of change over the next six month
  • Suggested change governance approach to ensure change and engagement delivery is managed effectively​
  • Suggested measures of success of the change and immediate priorities to consider​
  • Outlined potential change and engagement risks​
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