CHANGE MANAGEMENT MECHANISM AND ITS EFFECT ON THE PERFORMANCE OF BANKS IN GHANA

Abstract

Purpose- This research examines how Ghanaian banks use change management strategies, communication, and employee involvement. The study examines the current practices, and challenges banks face when implementing these strategies and how they affect overall organizational performance. Design/methodology/approach- First, most respondents worked for banks listed on the Ghanaian stock exchange and had seven or more years of experience in the same bank. This experience is critical because it provides a solid understanding of the bank's goals and objectives, as evidenced by the high percentage of respondents who believe they understand the bank's goals and objectives. A qualitative research design was used, with in-depth semi-structured interviews with senior management and employees of the selected Ghanaian banks. The collected data were analyzed using a thematic approach to identify patterns and themes related to change management strategies, communication, and bank employee involvement. Findings- According to the results, banks face challenges in implementing change management strategies, including resistance to change, communication, and employee involvement. However, the study revealed that effective communication, employee involvement, and appropriate change management strategies could improve organizational performance and customer satisfaction. Research limitations/implications- Because the study was limited to a few banks in Ghana, the findings may not be representative of all banks in the country. The study's findings, however, have implications for organizations in Ghana and other developing countries, emphasizing the importance of effective change management strategies, communication, and employee involvement in improving organizational performance. Practical implications- The study's findings benefit banks in Ghana and other developing countries because they suggest that improving communication, employee involvement, and appropriate change management strategies can assist organizations in overcoming resistance to change and improving organizational performance. Originality- This study offers unique insights into change management strategies, communication, and employee involvement in Ghanaian banks, providing valuable information for organizations and policymakers in developing countries. The study emphasizes the importance of effective change management strategies and the role of communication and employee involvement in improving organizational performance.