Success in business in the 21st century isn’t achieved by sticking to outdated business management models of the past. These obsolete models are more of a liability to a business rather than an asset. You may ask yourself, why would a business model be subject to change? In a survey conducted by various North American business executives, 75 per cent believe adapting to change is paramount to gaining a competitive edge over rival organizations. In addition, 74 per cent of executives think innovation is critical when adopting management changes than cost reduction strategies, and 54 per cent of businesses reported having successfully integrated and sustained changes. However, there are several variables to consider when selecting changes to company policy. The steadfast executive needs to be aware of the fatigue associated with change. In fact, 65 per cent of surveyed employees had admitted to experiencing severe change fatigue when their employer adopted too many changes at once. The next variable is ensuring your company has the necessary capabilities to utilize, and more importantly, sustain said changes. Studies show that 48 per cent of employees have stated they don’t believe their companies have the tools to implement and maintain long-term changes. Lastly, the final and most important variable is ensuring your employees understand and accept the changes being brought forth, 44 per cent of employees have stated they didn’t understand the differences, and 38 per cent didn’t agree with them.
It may seem like a daunting, risky process to adopt any form of change in life, but it’s a fact the times are changing, and survival as a successful, modern business, must be willing to accept and adapt to change. Selecting the best change management program should be a meticulously thought out strategy with the confidence and support of staff members. If any of what you’ve read so far sounds like the issues you’re currently facing, check out the infographic created by the New Jersey Institute of Technology’s Online Master of Business Administration program to give you an idea of several excellent change management programs that have been highly successful and ensuring a smooth transition process.
Infographic by New Jersey Institute of Technology