Since the commencement of the COVID pandemic many business owners and executives have attempted to implement change within their organisation.
This change may have been in the form of new products, services and markets. It may be a merger or acquisition. It might also have been the introduction of hybrid work environments.
Whatever the form of organisational change, research tells us the probability of change success is only 30%.
This means that there is a 70% chance you will fail with your new project or initiative.
If you continue with your current approach of only a 30% probability of success, it means you will need to keep trying many more times before you will be successful. However, this ‘trial and error’ approach to change comes with a high cost in terms of lost time, reduced confidence, wasted money and poor utilisation of resources.
How do I improve the probability of change success?
Chris Mason, the Founder of Mindshop, conducted research during his PhD on how to improve the probability of change success by surveying 240 Leaders from 9 organizations globally.
The results of his research indicated that there are 3 main factors contributing to change success:
- Readiness (30%): How ready the organisation and the people within the organization are to implement change
- Capability (40%): The skills, people, training and resources needed to implement change
- Beliefs (30%): The overall attitude of the organisation in relation to the change
Each of these factors have sub-factors, 10 in total. Mason’s research demonstrated that if a business can improve each of the 10 sub-factors in the change success model, the probability of success is likely to rise significantly above the standard 30% result.
The challenge for business leaders is to identify where the main gaps are and then create action plans and relevant KPI’s to reduce the differential. By reducing the gaps, you are increasing your probability of achieving change success.
Diagnostic
To assist your business achieve change success, we have linked below a diagnostic to help you determine the current likelihood of achieving change success in respect of any new strategic business initiative or project.
https://www.mindshop.com/main.nsf/changesuccess.xsp?id=ff602mjg99fk
Contact us
If you would like to know more about achieving change success in your business, please contact us for your obligation free appointment.