Change; Here is a word that shakes someone, while others welcome it as a
prospect to make things better. But we have no doubt that without change,
organizations and individuals will stagnate putting their future at risk. Change,
progress, innovation, continuous improvement, task alignment, reorganization, or
corporate renewal - no matter how one defines it, the fact is that organizations
are changing.

In today's economy, change is all-pervasive in organizations. It happens
continuously, and often at rapid speed. It has become an everyday part of
organizational dynamics.

The pace of Organizational Change is quicker than ever. There is more pressure
and less time. Change comes from all directions; IT, mergers, takeovers and new
services. Over the last two decades, particularly with advances in data
management technologies, researchers have begun to understand and quantify
relationships between financial success, customer satisfaction and loyalty, and
employee variables such as satisfaction, loyalty, commitment, and enthusiasm.

Change is increasing in response to corporate downsizing, the economic climate,
a fluctuating marketplace and the work force. A manager therefore, must gain
knowledge of understanding the nature of change and take a proactive role in
communication before, during and after the change.

Everyone has a dream of a better organization. However, to accomplish this
vision or dream, things have to change. Every profit and nonprofit organization,
has to adapt and change continuously in order to survive in the long run. The
only question is, HOW – as most of the change processes are not successful or
are not even brought to an end. And many of them don´t get any support or even
acceptance by the executives.
Organizational change can be thought of as stretching the goals and improving
the way an organization thinks about and does its work. Such efforts range from
the very large – such as merging two business units – to quite small – such as
changing the focus of the company newsletter to be less of a gossip sheet and
more of a business tool.

Any change program should be such, after which the people feel more committed
to the organization, more confident of their own contributions, and more prepared
to deal with change as a continuous experience.

Over the last ten years the banking industry has gone through some sweeping
changes. Transformation, consolidation, outsourcing are just some of the most
prominent buzzwords that are used to describe major trends afflicting the
banking industry. The fact that major changes will still take place over the next
decade therefore pose the question: “How will the banking industry face such
changes?” An attempt is made by the researcher, in this study, to answer this

This research work is an attempt to study organizational change in a few
selected public sector banks of India in and around Chandigarh. The study
reveals the impact of organizational changes as perceived by the employees and
customers their job satisfaction and customer satisfaction thereof.

The study will have far reaching implications for the top management to cope
with such transition successfully; to deal with resistors, to develop clear visions
and realistic plans. The findings of the employee satisfaction survey can tell
exactly how much more important one issue is over another so that the banks
can focus on their performance improvement initiatives appropriately. In anal-
sizing the data, they can therefore, define and refine issues that need addressed,
such as overall job satisfaction, professional fulfillment employee motivation and
commitment, likelihood to stay with the organization pay level, corporate goals
and objectives. Survey results can be segmented by employee position, length
of employment full time vs, part-time etc.
The findings of the study can also be used to develop customer retention plans,
strengthen areas of perceived weaknesses, reinforce company strengths, and
help develop new marketing strategies.

The findings of the study suggest that banks can create customer satisfaction by
exhibiting trustworthy behavior, showing genuine commitment to service,
communicating information to customers efficiently and accurately, delivering
services competently, handling potential and manifest conflicts skillfully, and
improving overall customer relationship quality.

The result of the study may be used to improve the quality of products and
services of the banks; as the interest in the subjects of relationship marketing
and customer satisfaction has been growing among marketing researchers and
practitioners. This study adds value by unveiling the key antecedents of
relationship quality and customer satisfaction

Our study can help the managers meeting the expressed and unexpressed
needs of the customers, setting priorities, allocating resources.

The results of this study provide critical information which banking institutions can
use for promoting their services.

This study can help managers to diagnose, where performance improvement can
best be targeted. In the services provided by the bank, where the score as
perceived by the customers is the lowest, as compared with the score before the
changes, the bank can go in for the performance improvement. Equally, if scores
in some aspects of service after the changes in the bank do turn out to be very
high implying that the customers are actually not just being provided with the
services expected, but there is oversupply of these services. Then this allows the
managers to review whether they may be "over-supplying" this particular feature
of the service and whether there is potential for re-deployment of resources into
features which are underperforming. An Organizational Change model and a
Customer Satisfaction Model have been suggested to help them implement
change initiatives successfully in their bank.

The highly competitive and boundary less environment has put extreme pressure
on the organizations to change and survive. Organizations have to equip
themselves with new and innovative styles in order to endure in today’s
competition intense environment. At the same time, the organizations have to
delight the various stakeholders including the employees and the customers.
Keeping this in mind, the present study was conducted. The study constitutes VI

Chapter I the “INTRODUCTION” brings to light the research topic. The
organizational change has been viewed through various angles along with the
job satisfaction and the customer satisfaction and their importance and

Chapter II the “REVIEW OF LITERATURE” critically investigates the rich
treasure of literature available on the elements of the research topic, i.e.
Organizational Change, Job Satisfaction and Customer Satisfaction.

Chapter III presents the details a propos the “RESEARCH METHODOLGY”
adopted for the study. It encompasses the purpose and the scope of the study.
The objectives and the hypothesis formulated thereby for testing the objectives
are also stated.

Chapter IV illustrates and compares the “ORGANIZATIONAL CHANGE LEVERS

Chapter     V   examines   the   “IMPACT    OF    ORGANIZATIONAL       CHANGE
SATISFACTION” in the two banks under study.

Chapter VI exhibits the important and relevant “CONCLUSIONS AND
RECOMMENADTIONS” of the complete body of research. It includes the
recommendations based on the findings of the study in the two banks. The
limitations and the implications of the study are also take account.

The rapid transformation in the banking industry over the last decade has made
the industry stronger, cleaner, transparent, efficient, faster, disciplined and a lot
more competitive. But what we have achieved so far may be only a prelude to
the greater things to come.

Banking Industry continues to change in order to meet the challenges posed by
emerging technologies and business processes, new financial instruments, the
growing scale and scope of financial institutions, and changing regulatory
frameworks. In order to be successful in the changing scenario, the banks must
understand how its various business components, some of which can be quite
sophisticated and complex, dynamically interact. An effective OC process can
help to meet many of these challenges.

In this research, an effort has been made to draw attention towards the various
Organizational Change Levers in the banks under study. The analysis reveals
how the banks can make the whole change process smooth and more effective
in order to gain the satisfaction from employees and customers.

The present study brings out the fact that Organizational Changes provide an
essential springboard for enhancing satisfaction of employees as well as
customers in the Banking industry. An attempt was made in this study to identify
those organizational changes which have taken place in these public sector

Over all, a positive response was observed in case of these Organizational
Changes by the employees and the customers.

GAGANDEEP KAUR, UBS, P.hd (Faculty of Management & Commerce,Panjab
University, Chandigarh)

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