Managing, embracing change successfully
Companies have to identify changes before preparing employees for change through several phases.
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ORGANISATIONS need to constantly change to respond to challenges of new market conditions, new competitors, new technologies and demands for improved business performance. They also undergo succession and leadership changes many a times too late and in an unplanned and hasty manner. None of these changes are easy nor is success ever assured.
Based on Towers Watson's research, only about half (55 per cent) of change initiatives meet their initial objectives and only one out of four companies sustain those gains in the long term. To master change, organisations need to create the following;
Towers Watson's research highlighted that taking time to do a few things right will increase probability of success in managing change. These things are identifying the changes that are necessary to be successful, improving organisational financial performance through change initiatives, achieving the desired operational goals from change initiatives, changing at the right pace and sustaining the positive impact from changes for at least five years.
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