Referring to EY "Are you reframing your future or is the future reframing you $?$ Understanding megatrends will help you see opportunities where other don't. Megatrends $2020$ and beyond, EYQ $3$re edition.

Megatrend topic "Work and life unbounded", answer to how the banking industry will need to respond to this "Work and life unbounded" megatrend with its own internal culture changes.

Recommend a strategy to initiate cultural change in response to "Work and life unbounded" megatrend according to EY report, EYQ $3$re edition and justify your recommendations.

Your answer should address the following points:

$$ The aspects of the organisation's culture that need to change, and why these need to change.

$$ The phases of culture change that the organisation will need to go through. Briefly explain each phase in the context of the organisation $(1)$ unfreezing $($Disconfirmation$,$ Survival anxiety, Psychological safety; $2)$ Learning $($Imitating role models, Inventing one's own solution$)$; $(3)$ Refreezing or internalising. Part of the process is also $($i$)$ Degrees of culture change, and Reinforcement mechanisms $($Organisational design and structure, Systems and procedures, Rites and rituals, Design of physical space, and Stories about important people and events.

$$ The four levers of change, and how they can be used to implement the changes required in this organisation, i$.$e$.1)$ Selection, $2)$ Setting the example, $3)$ Reward system and $4)$ Socialisation.

$$ Identify two other parts of the MBA Essentials syllabus and discuss briefly how they might be relevant to this organisational change $($Leading with influence and In the mind of a manager$).$