Why do we need change? This
exact question is what any company wrestles with. Change can be a difficult and
inconvenient process. Especially so when the companies involved are large and
have been following the same system for years. Change also does not guarantee
success, another reason for the reluctance to embrace it.
However, change is
inevitable. The world is always moving forward and new innovations and ways of
thinking are always taking an affect on the minds of people. Companies have to
adapt to these changes by effecting change within themselves.
Unfortunately,
implementing change is not so easy as changing a policy or installing new
technology. Companies have to regulate and explain to their staff how things
are moving forward and to ensure everyone is onboard with the change. Without
proper management and transparency, sudden changes can result in a drop in efficiency.
Kris Hackney of the
Canadian Underwriter lays out some interesting ideas about why change
initiatives can fail as well as provide some insight as to how to properly
manage change in an efficient and appropriate manner. Check out the full Canadian Underwriter commentary below - we
thought it would provide some valuable insight.
*Photo Credit: Workplacepsychology.net
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Steering Change
Brokerages today must
evolve their business operations and adopt technology to keep pace with
consumer demands. But adopting the latest innovation requires change and,
there’s no way around it, change can sometimes be difficult. Large or small,
changes must be managed with strategy and proper direction. About 70% of all
change initiatives fail because of inadequate planning. Don’t let your business
fall in that majority.
Why do so
many change initiatives fail?
Many leaders fail to
recognize that change takes time. Instead of preparing their culture for
change, they simply jump right into it. About a week later, they realize (too
late) that they should have spent more time preparing their culture because
they don’t have any support. You
can change technologies very quickly in the right circumstances. But altering
the way employees think about their roles, the business, and your culture
doesn’t happen overnight. The time required to transform hearts and minds must
be built into your change management plan.
Key
principles to change management
Change management is
the discipline of leading individuals, teams and entire organizations through
organizational change through a combination of behavioral and social sciences,
information technology, and business solutions. By understanding the basic
phases of change and valuing your staff, you can prepare your culture for
change and avoid common pitfalls of failed change efforts.
3 CORE
PRINCIPLES FOR SUCCESSFULLY MANAGING CHANGE
People
The people in your
organization are a crucial element of change management success. People must
acknowledge and buy into the need to change at the most basic level. Once
buy-in is established, employee engagement at each stage needs to be closely
monitored to address any resistance and create a shared sense of urgency for
change. Continual, transparent communications will foster listening and provide
a sounding board for issues and concerns. To help create a more receptive
environment, include employees in the planning process then clearly define
goals, roles, and processes.
Processes detail how
the work gets done, providing a plan for introducing and systemizing your technology
strategy. Risk can be managed by putting in place a robust governance
structure, in which processes are documented to establish a foundation for
ongoing growth. Finally, processes should be continuously updated based on best
practices and lessons learned.
Technology
Technology investment
must encompass all aspects of your business, from managing internal staff to
connecting to customers and insurer partners. It must integrate all
applications to deliver a consistent user experience and create a single view
of your business. Brokerages will not succeed managing separate, disparate
systems that create multiple sources of data. When selecting a technology right
for your business, consider a technology that is flexible and scalable to
support current and future growth.
In too many situations,
change within an organization results in a significant amount of wasted time
and unnecessary anguish. Useful change tends to be associated with a multi-step
process that creates power and motivation. It requires dedication and must be
driven by high-quality leadership who demonstrate commitment to its success.
Rewards for organizations that successfully manage their change efforts include
improved competitive standing and a solid foundation for building a far better
future.
Reference: https://www.canadianunderwriter.ca/features/steering-change/
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Jordan has a background in East-Asian history
and social science, combined with a deep-seated interest in military history,
international relations, public relations and human resources. Jordan is keen
to learn new skills and widen his sphere of influence.
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