JP Morgan is providing comprehensive employee benefit programs for maintaining their competitive advantage. Benefits like distinctive plans for health care, 401K programs, plans for retirement as well as benefits like childcare support assists in giving them an appeal that cannot be matched by the other organizations. JP Morgan is offering both personal as well as business banking and lending, retirement as well as investment accounts.
The identification of two strategic changes at JP Morgan are mentioned as under,
JP Morgan has launched a programme called COIN regarding Contract Intelligence that will assist in conducting the tedious job to interpret commercial-loan agreements, which was earlier done by the lawyers and as a result consuming 360,000 hours of their time every year. However, this software assists in reviewing the documents within seconds, and is less prone to error. JP Morgan did the setting up of new technological hubs in respect of teams that specialises in big data, robotics as well as cloud infrastructure for finding new revenue sources, while doing the reduction of costs and threats. Moreover, the bank has also created its personal computing cloud known as Gaia, which went online recently. Machine learning and big-data efforts are now residing within the private platform that is having endless capacity for supporting their craving towards processing power.
This is the method to do the actual management of risks. This is associated with the aspect of undertaking the proactive steps towards reducing the risks that are identified where there is a possibility as well as to put steps, rules or processes in place for minimizing the residual risk for reducing the changing scenarios relating to loss or sternness regarding such a loss. Risk control assists in the occurrence of calculated and informed undertaking of risks where the advantages to advance with an activity will be outweighing the presence of much-reduced threats.
JP Morgan will be utilizing the five forces model as a business strategic aspect. Taking into consideration the number of competitors that the company is having, an assumption can be made that they are having a high buyer power, but they are offering numerous perks, which assists in maintaining the company’s advantage over the other competitive brands. The company is providing various rewards in respect of their customers like free checking, $25 referral rewards as well as newly employed “Chase quick deposit”. With the facility of quick deposit, there is the possibility for depositing a cheque without going to the bank. This application can be used through an iPhone that submits an image of the cheque to the bank and then consecutively the fund is deposited to the account. It is considered being quick as well as easy regarding majority of the customers (Mirabeau 2014).
JP Morgan is providing comprehensive employee benefit programs for maintaining their competitive advantage. Benefits like distinctive plans for health care, 401K programs, plans for retirement as well as benefits like childcare support assists in giving them an appeal that cannot be matched by the other organizations. JP Morgan is offering both personal as well as business banking and lending, retirement as well as investment accounts. The organization is also offering online banking and there is the option of receiving updates via text messages in relation to someone’s account via cell phone (Arrfelt 2015).
Threat of substitute services, new entries as well as rivalry of current competitors is high within the financial market but JP Morgan is constantly doing the implementation of new strategic aspects for maintaining their competitive edge. The company is considered being an innovator within their sector. Currently, the company has set aside $10 billion for lending to the small businesses with an incentive for increasing their employees. They are providing lower rates and after approving the loan application, in respect of every new hire, a rate discount of 0.5% is being provided in respect of three new staffs. The company is also providing an incentive of $100 cash back regarding an auto loan in respect of purchasing any new or used car. The company did the realization that there is the availability of various banks in which money can be invested by the individuals as well as businesses, with the frequent availability of new options. Due to this, the company is offering benefits as well as incentive programs in respect of staffs as well as customers. The organization is offering something for all that ranges from individuals to the businesses (Hanks 2015).
This might be increasing the costs but also its revenue since those clients will assist in bringing current as well as future organizational profits. The company is using the software like ‘Customer Assist’ and ‘Contact Manager’ that are both forms of customer relationship management process (Herbiniak 2013). ‘Customer Assist’ will be allowing the staffs towards searching for personal information and also towards gaining a better understanding of different types of accounts as well as other traits whereas ‘Contact Manager’ will be allowing staffs for seeing a clear profile of every client without clicking on different screen. The company does the following of a completely integrated approach in respect of their IT culture. Every unit of business is having their individual IT organization. In 2001, the company did the shifting of its business focus to ‘one firm-one team’ that will be encouraging the staffs as well as departments for collaborating.
The company is also having E-Learning tools like ‘Training Central’ for training the staffs as well as providing them education. With the help of this software, staffs as well as their seniors will be observing the training courses conducted by them as well as offer information regarding future discretionary training (Lloret 2016). E-learning will be offering flexibility without making compromises regarding the learning experience and the outstanding business strategy of the company will be allowing the company in maintaining their position for being one of the leading financial organizations globally.
This tool is considered effective to make decisions through the analysis of the forces for and against a changing aspect, as well as to communicate the logic behind the decisions of the organization. There are certain steps that need to be followed for carrying out a force field analysis.
Leaders are advocating the changing scenarios relating to the organizational levels. A sponsor is an individual who won’t be allowing the changing endeavour to perish from the absence of attention, and will be interested in using their political capital for making the change take place. Leaders of change should have the willingness of going first. They are demonstrating the actions as well as approaches that everyone is expecting. This leadership role is having self –awareness as well as being purposeful (Murray 2014). During the time of organizational change, leaders are required leveraging their authority to make decisions as well as choosing the alternatives that will be supporting the plan. The Decision Maker is considered being decisive and will be setting the precedence, which will be supporting the changes.
There are different roles that are played by the organizational managers to lead strategic changes. It can be stated that the leadership process will influence as well as organize the formation of groups within the company in efforts regarding the actualization of a target or objective. In the absence of effective strategic change regarding leadership, there is the threat of individuals within an organization to have less clarity regarding its purpose or lacking the motivation for delivering it. Therefore, strategic leadership is vital regarding strategic change and in this regard, it can be stated there are three major roles that are particularly important regarding the leading strategic changes such as to envision the future strategic aspect, to align the organization towards delivering that strategic aspect as well as to embody the changing aspects. There isn’t any particularly best strategic leadership style. In addition, it is evident that successful strategic leaders are having the ability towards adjusting their leadership style regarding the context that they are facing. This is considered being situational leadership. This leadership style is associated with the aspect of reviewing various generic approaches towards the management of change as well as to consider increasingly particular styles for leading change. There are situations where rapid reconstructions have been emphasized. When this is absent, an organization could be facing closure, or be taken over. This is generally considered as turnaround strategy, in which the prominence is on speed of change, rapid reduction of cost as well as generation of revenue. The managers are required prioritizing the things that are providing fast as well as essential developments such as the stabilization of crisis, changes regarding management, achievement of stakeholder assistance, clarification of the target markets as well as essential products and financial restructuring.
Conclusion
To conclude it can be stated that a strategy can be considered being a ploy as well. The company should be having a particular scheme having the intention for outwitting a rival or competitor. In this regard, techniques as well as tools like Future Wheels, Impact Analysis as well as Scenario Analysis will assist the organization in exploring the probable future circumstances in which there will be occurrence of competition.
References
Abratt, R. and Mingione, M., 2017. Corporate identity, strategy and change. Journal of Brand Management, 24(2), pp.129-139.
Arrfelt, M., Wiseman, R.M., McNamara, G. and Hult, G.T.M., 2015. Examining a key corporate role: The influence of capital allocation competency on business unit performance. Strategic Management Journal, 36(7), pp.1017-1034.
Baker, M.J., 2014. Marketing strategy and management. Palgrave Macmillan.
Bharadwaj, A., El Sawy, O.A., Pavlou, P.A. and Venkatraman, N.V., 2013. Digital business strategy: toward a next generation of insights.
Campbell, A., Whitehead, J., Alexander, M. and Goold, M., 2014. Strategy for the corporate level.
Crawford, G.C. and Kreiser, P.M., 2015. Corporate entrepreneurship strategy: Extending the integrative framework through the lens of complexity science. Small Business Economics, 45(2), pp.403-423.
Drnevich, P.L. and Croson, D.C., 2013. Information technology and business-level strategy: Toward an integrated theoretical perspective. Mis Quarterly, 37(2), pp.483-509.
Engert, S. and Baumgartner, R.J., 2016. Corporate sustainability strategy–bridging the gap between formulation and implementation. Journal of Cleaner Production, 113, pp.822-834.
Galpin, T., Whitttington, J.L. and Bell, G., 2015. Is your sustainability strategy sustainable? Creating a culture of sustainability. Corporate Governance, 15(1), pp.1-17.
Hanks, S.H., 2015. The organization life cycle: Integrating content and process. Journal of small business strategy, 1(1), pp.1-12.
Hood, N. and Birkinshaw, J. eds., 2016. Multinational corporate evolution and subsidiary development. Springer.
Hrebiniak, L.G., 2013. Making strategy work: Leading effective execution and change. FT Press.
Keyes, J., 2016. Implementing the IT balanced scorecard: Aligning IT with corporate strategy. CRC Press.
Klettner, A., Clarke, T. and Boersma, M., 2014. The governance of corporate sustainability: Empirical insights into the development, leadership and implementation of responsible business strategy. Journal of Business Ethics, 122(1), pp.145-165.
Lloret, A., 2016. Modeling corporate sustainability strategy. Journal of Business Research, 69(2), pp.418-425.
Mirabeau, L. and Maguire, S., 2014. From autonomous strategic behavior to emergent strategy. Strategic Management Journal, 35(8), pp.1202-1229.
Murray, P.A., 2014. Corporate-level strategy.
Puranam, P. and Vanneste, B., 2016. Corporate Strategy: Tools for Analysis and Decision-making. Cambridge University Press.
Purce, J., 2014. The impact of corporate strategy on human resource management. New Perspectives on Human Resource Management (Routledge Revivals), 67.
Rothaermel, F.T., 2015. Strategic management. New York, NY: McGraw-Hill.
Essay Writing Service Features
Our Experience
No matter how complex your assignment is, we can find the right professional for your specific task. Contact Essay is an essay writing company that hires only the smartest minds to help you with your projects. Our expertise allows us to provide students with high-quality academic writing, editing & proofreading services.
Free Features
Free revision policy
$10Free bibliography & reference
$8Free title page
$8Free formatting
$8How Our Essay Writing Service Works
First, you will need to complete an order form. It's not difficult but, in case there is anything you find not to be clear, you may always call us so that we can guide you through it. On the order form, you will need to include some basic information concerning your order: subject, topic, number of pages, etc. We also encourage our clients to upload any relevant information or sources that will help.
Complete the order form
Once we have all the information and instructions that we need, we select the most suitable writer for your assignment. While everything seems to be clear, the writer, who has complete knowledge of the subject, may need clarification from you. It is at that point that you would receive a call or email from us.
Writer’s assignment
As soon as the writer has finished, it will be delivered both to the website and to your email address so that you will not miss it. If your deadline is close at hand, we will place a call to you to make sure that you receive the paper on time.
Completing the order and download