Human Resource Management for Central Banks: Change Management and Leadership
Central banks are under the spotlight due to financial crisis and faced macroeconomic challenges or other uncertainties in the economies. As a result, their objectives have been questioned and mandates were broadened. There was also a need for greater accountability and transparency, and moreover establishing a sound structure to strengthen credibility and trust in the organization and their policies. To respond to changes in the environment and to avoid strategic drifts, central banks are called to change and create an enabling internal environment for those changes. For organizational change to be successful, it is imperative to embrace the impact of human, organizational and cultural issues. They are also many times the main factors of success or failure of major organizational change programs.
For the change program to be successful, all levels need to be involved. Top management is on board of the needed change and communicating a clear, shared vision and engages a top team, as well as all employees, as they all need to be personally motivated to change. And here, human resource management (HRM) plays here a cruicial role.
At this workshop, we will look at challenges faced by central banks and how they are adapting to changes in their environment. Moreover, we will explore the importance of strengthening leadership and the role of human resources management in the context of supporting and managing organizational changes. We will thus discuss how to engage colleagues to help them understand and aware of what is needed to achieve objectives, what are the factors that make change successful, as well as how to motivate them throughout the transformation process.
Topics to be discussed:
We will look into steps needed to make transformation happen – how the transformation flows from establishing a clear strategy and targets to the successful completion of the process. Through the perspective of HRM, we will:
- determine the needed capabilities and mindset for the change to happen;
- examine organizational systems and processes to be in place (development of a flexible, inclusive environment and effective internal communication for everyone to participate in the process);
- discuss how to how to enable and stimulate individuals to accept changes and become themselves drivers of changes;
- consider ways of motivating the team into action and putting in place means to create energy, keep momentum, and confidence that we’re heading in the right direction; and
- analyze what needs to be achieved to further improve and institutionalize new ways – how to build the needed skill set, develop talents and leaders to ensure successful continuation.
At the workshop, we will hear experience, good practices and trends in the topics of human resource management within the ESCB and the SEE region. With an aim to provide applicable solutions to strengthen important aspects of management of changes and phases, participants will work in groups on practical cases and discuss actual challenges of participating institutions.
The workshop is designed for staff from human resource departments of central banks who are involved in the strategic aspects of policy and management, development and management of talents as well as representatives of Governor's offices and others involved in support of internal processes and the implementation of central bank strategy.
This learning initiative is supported by: