The ability to manage change effectively is one of the five critical factors needed for effective execution. Yet, many organizations struggle with change management.
In OnPoint Consulting’s annual Execution Gap Survey of 935 leaders in various organizations, it was found that while the ability to manage change is a key predictor of an organization’s ability to engage employees and effectively execute its strategy, 41% of leaders in the survey believed that their organizations did not have a good track record for managing change. Furthermore, 42% of senior leaders in their companies do not manage change effectively.
Additionally, as noted in the webinar Reducing Uncertainty While Managing Change, 70% of change initiatives fail –this was the failure rate in 1995, and in 2016, the failure rate remained the same. Despite all of the money companies have invested in change initiatives and change training, the failure rate hasn’t really budged in more than 20 years.
What are these companies missing? How can they improve their ability to effectively respond to change while maintaining high levels of performance and ensuring employees remain motivated and engaged?
One solution is to ensure your leaders are flexible, adaptive, and able to create value while balancing multiple challenges and choices.