Navigating Change Through Formal Structures and Systems - Paper Example

Introduction

Al Rajhi Banking and Investment Corporation engages in investment activities and banking both internationally and in the kingdom of Saudi Arabia. The organization operates through four segments which are investment services and brokerage, treasury, retail and corporate. Additionally, the company provides import and export documents, letters of credit and guarantee, e-trade services, medium and small enterprise banking services, and products to name but a few (Al Rajhi et al. 2012). Therefore, in the last three years, this organization has completed the change in their structures and systems which have made the company successful.

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Al Rajhi Banking and Investment Corporation modified their formal and informal structures and systems by increasing their scientific knowledge and trends in professional roles to ensure the intended change became part of the company's culture. Through the mentioned modifications, there has been increased application and capability of advanced communication technologies that have enhanced knowledge produced in the organization (Assaf, Barros, & Matousek, 2011). Also, the expanded adoption of the knowledge-distributing technologies and acceleration in knowledge-based size has resulted in a knowledge environment that has been dramatically more burdensome and munificent than other confronting organizations. Additionally, in the trend in professional roles, members of the same profession in Al Rajhi Banking and Investment Corporation find themselves located in the societal structure of work which makes the company be more successful (Cummings & Worley, 2014).

Nonetheless, changing the formal and informal structures facilitated change within the organization because the company makes decisions more frequently, rapidly and in more complex ways, by requiring the acquisition of information to be more comprehensive and continuous (Bryson, 2018). Also, because banking and investments require employees that are trustworthy and effective, the management of Al Rajhi Banking and Investment Corporation allocates its resources among the competing claimants and through this, different professional groups are respected as they compete against each other together with other functional subsystems of the company (Kerzner & Kerzner, 2017).

References

Al Rajhi, A., Al Salamah, A., Malik, M., & Wilson, R. (2012). Economic Development in Saudi Arabia. Routledge.

Assaf, A. G., Barros, C. P., & Matousek, R. (2011). Technical efficiency in Saudi banks. Expert Systems with Applications, 38(5), 5781-5786.

Bryson, J. M. (2018). Strategic planning for public and nonprofit organizations: A guide to strengthening and sustaining organizational achievement. John Wiley & Sons.

Cummings, T. G., & Worley, C. G. (2014). Organization development and change. Cengage Learning.

Kerzner, H., & Kerzner, H. R. (2017). Project management: a systems approach to planning, scheduling, and controlling. John Wiley & Sons.