Companies that manage change effectively are more likely to have a formal, systematic process and a dedicated staff than organizations that manage change poorly, according to new research by Towers Watson. Of the 604 organizations that took part in the study, 57 identified themselves as insurance companies.
The research, “Change and Communication ROI Study,” also identified six activities—leading, measuring, communicating, involving, learning and sustaining—that influence a company's overall change success.
"When it comes to managing major organizational change, many companies have a difficult time getting it right," said Kathryn Yates, global leader of communication consulting at Towers Watson in a press release. "In fact, our research shows that less than half stay on schedule, come in at—or under—budget or hold people accountable for deadlines. Considering that the average survey respondent went through three major changes in the past two years and the effect change management can have on the bottom line, there is plenty of reason for them to learn how the best organizations manage change."
The study also found that 65 percent of companies with the best change management follow a formal, systematic process, compared with just 14 percent of companies with low change effectiveness. In addition, 45 percent of respondents with high change effectiveness have a staff dedicated to change management efforts, versus just 16 percent with a lower level of change effectiveness.
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