Change Management
The financial services industry has been under a constant state of influx post September 11, 2001. Due to the volatile climate, financial corporations have struggled to retain clients as well as credibility with Wall Street. In order to succeed, these investment companies are offering solutions of ever-expanding and innovative products along with trusted, expert advice in order to retain and gain life long customers.
Intersect Investment Services is no exception on the impact to financial corporations. The last four years have experienced heavy declines due to the company’s resistance to changes in the market. In response, CEO Frank Jeffers has identified a new vision in his company. That vision will provide a broader set of products and services targeted for consumers and small businesses. A model of customer intimacy will be developed to help build long-term relationships based on trust and value with the company and its clients. In order to achieve success, Intersect will undergo behavior changes in order to achieve a new corporate culture. Through benchmarking, I will compare and contrast two other companies that experienced similar situations and the steps they took to develop a new company culture.
Best Buy “issue”
In the mid-1990’s, Best Buy Stores was a company that was trying to spread its nameplate across the entire USA in its quest to be the biggest and best electronics retailer in the industry. As it was closing in on becoming the number one electronics retailer, the company suddenly started losing repeat customers and it was running out of the money it took to aggressively expand throughout the country. “The Best Buy culture, with its confidence and swagger, had a dark side ? its cockiness and its practice of letting each ...