Today’s fast-paced economy demands that businesses change or die. Few companies manage transformations as well as they would like. It is said that anywhere from 50 to 80 percent of all change initiatives fail.
Between 1980 and 1995, researchers at the Harvard Business School tracked the impact of change efforts among the Fortune 100. Only 30 percent of those initiatives produced an improvement in bottom-line results that exceeded the company’s cost of capital and only 50 percent led to an improvement in market share price. Each of the companies invested $1 billion in change programs over the 15-year period.
The treadmill moves faster, companies work harder and competitive pressures keep increasing. The pace of change keeps accelerating as companies continually search for higher levels of quality, service and overall business agility. How can leaders successfully implement change initiatives?
It isn’t necessarily the change that people resist. It’s the losses and endings that they experience. It does little good to talk about how healthy the outcome of the change will be. First you have to deal directly with the losses and endings.
Important concepts covered in the full, 2,000-word article:
Change is Rapid, Constant, Challenging
Organizations Change but Change is Personal
Thinking in Anticipation of Changes
Feelings and Perspectives
Dealing with Loss
Coaching for Change
First You Lose, and Then You Win…
Resources on Change
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