Following on from Wednesday’s post about the necessity for an inclusive change management strategy, we have discovered the Boston Consulting Group’s short guide to managing change.
Staggeringly, 70 percent of businesses fail to obtain what they set out to achieve at the beginning of their change phase. Even more staggering, is that this number has remained constant since the 70s despite radical developments within the corporate sphere over the past 45 years or so. So why are organizations falling into the same pitfalls time and time again?
BCG attributes this high failure rate to a lack of innovation, a lack of clarity of communication amongst employees, and high levels of unnecessary secrecy within businesses. Often meetings amongst the senior team result in the formulation of a plan. However, no matter how clear this plan may be, it is impossible to successfully deliver results if everyone isn’t reading off the same page. Surprisingly this rarely happens, and non-managerial positions are treated on a need to know basis. BCG believe this is ludicrous, and so do we.
BCG has developed an approach to change management to systematically overcome these common pitfalls. They claim that their approach will deliver four key elements: certainty of execution, enabled leaders, an engaged organization and effective governance. These four combined act as BCG’s pillars of change management success, and are ultimately underpinned by a transparent and honest culture that can either be in place before change occurs, or can be developed during the change phase as we discussed in our last blog.
Ultimately, communication is key; especially during the twenty-first century where even the methods to achieve successful change are changing.
The bottom line is that today’s companies can’t afford to sit on “pause.” Advances in technology, growing market volatility, new competitors, shrinking product life cycles—all contribute to a rapid rate of change that business leaders must be prepared to address on an ongoing basis.