BUSN1021 Organisational Behaviour

Answer:

This new business model will have a significant impact on the self-efficacy of the BNZ employees. Self-efficacy is a concept which defined as the confidence or belief in the accomplishment of a particular task. It is directly connected to the performance as due to the rise of self-efficacy in the workplace.

In the Bank of New Zealand, the changes made by Chris Bayliss will have a positive impact on the mindset of the employees, as they will get freedom to take their decisions. This new corporate policy helps them to achieve organizational goals prior to the specific goals as they feel that organization gives them promotion as with the decentralization policy (Carroll and Shabana, 2010). Their self-efficacy will also be increased as they are encouraged to take initiatives from themselves, which will help BNZ to serve their customers in a better way. The ‘trailer’ bank can be pulled behind the vehicle was also one of the creative idea introduced by the company. The source of this self-efficacy came from their change in roles which also emphasis on managing, inspiring and leading people so as to deliver superior customer value as per the new business model. The brand identity of the company can also be raised if these new changes will backed by senior management, corporate policy technology adjustments. This will help the bank to reinforce their brand so as to gain competitive edge (Love and Singh, 2011).

These changes will also help the organization in the development of the skills as due to the enhancement in their behaviour and perspective towards the organization. The company will also gain a competitive advantage in the banking industry and the bank was reinforced and evolved from a customer mindset. The new policy make feel the employee that they are the owner of the bank where they have to take various necessary decision for the purpose of growth and expansion, there will be more chance of the development of both bank and the employees.

These changes made through the help of new corporate policy introduced by Chris Bayliss will bring several changes in the employee too as they will learn various new things relating to the financial implications at the top level and the real market operations against the other bank. This will lead to the birth of new leader or talent from the current employees and thus ensure personal growth and development of an individual in an economy. The employee feels more freedom and gains various experience in the banking industry that will also lead the company to retain best employees under their umbrella so that the company can grow which will also be profitable for the employee as their profit is directly related with the development of bank (Gruman and Saks, 2011).

Therefore, these innovative changes introduced in the Bank of New Zealand with the help of new business model will have a positive impact on the self-efficacy towards the employee. The reason is because of the change in the decision-making policies modified by Chris Bayliss.

References

Carroll, A.B. and Shabana, K.M. (2010) The business case for corporate social responsibility: A review of concepts, research and practice. International journal of management reviews, 12(1), pp.85-105.

Gruman, J.A. and Saks, A.M. (2011) Performance management and employee engagement. Human Resource Management Review, 21(2), pp.123-136.

Love, L.F. and Singh, P. (2011) Workplace branding: Leveraging human resources management practices for competitive advantage through “Best Employer” surveys. Journal of Business and Psychology, 26(2), p.175.