An exploratory study of the extent to which organizational change readiness strategies are utilized in the Bahamian financial services sector and the perceived impact on organizations

Organizations must be in a state of readiness to respond to global regulation and changes in the operating environment. In order to adequately explore the concept of change readiness in this context, a literature review which has been defined as a document which develops a case to establish a thesis (Machi and McEvoy, 2016) must be undertaken. It should synthesize current knowledge in relation to the research question upon which a cogent thesis case is built. This section of the assessment must embody a critical review of existing literary works on the matters which impact organizational readiness for change. The critical need for changes readiness as a prerequisite for successful organizational change must be emphasized. The primary search terms to be used include “organizational change”, “change readiness” and “change management”. The focus of the study is on change and organizational readiness for change in the Bahamian financial services sector. To be included in this literature review, articles had to be peer reviewed and relevant to organizational research.

The review must be broad enough to encompass perspectives on the drivers of change and the factors that mitigate employee resistance to change. The literature review should embody a critical analysis of business and management studies which explore the current thinking on change management. The review must reveal an understanding of the research area, highlights seminal works, expose varying perspectives on the subject area and extrapolate conclusions which unearth the significance of the research questions. The initial area of concentration is organizational change. The factors influencing readiness for change will then be explored. Based on the critical review of existing studies, the missing element in the existing research literature should be identified and elucidated.

The purpose of this paper is to explore perspectives of senior executive officers on the extent to which change readiness strategies are utilized in the Bahamian financial services sector and the perceived impact on organizations, in the face of tremendous unplanned change.

1.3.2 Research Objectives
In carrying out this exploratory study the objectives are as follows:

1. To critically review existing literature on existing change readiness (CR) strategies.
2. To determine the extent to which the identified key competencies for CR are understood and applied in the Bahamian financial services sector and the perceived impact on business development.
3. To identify opportunities to implement or enhance CR approaches within the Bahamian financial services sector.
4. To provide guidance to assist and inform senior executive officers on the factors to consider in relation to implementation of effective change readiness strategies within financial institutions.