Seventy percent of all large-scale change initiatives fail to achieve their anticipated business benefit 1. That is an alarming rate of unsuccessful projects. This failure rate translates into billions of dollars in lost productivity, wasted resources, opportunity costs and rework—not to mention the human cost of lost jobs.
Companies that learn to manage change and consistently deliver expected returns from their large-scale change programs can gain competitive advantage. One survey revealed that 80 percent of CEOs called the ability to change a competitive advantage, and 82 percent identified change management as a business priority2.
This recognition of the importance of effective change management is prompting many companies to build an internal change management capability. Such capabilities can help managers change their businesses as effectively and efficiently as they’re expected to run them.
Here is a paper that presents insights and guidelines to help implement change programs.
1 – Kotter, John P., A Sense of Urgency, Harvard Business School Press, 2008.
2 – Guy, G., & Beaman, K., Effecting change in business enterprises: Current trends in change management, The Conference Board, 2005.