With “70% of major change management projects not achieving the objectives they set out to achieve”, the insights shared in this McKinsey video provide guidance on how to not fall into this category.
Of those that don’t achieve their objectives, 70% relates to human issues. So the early stage of the change management process is telling the “story” which needs to appeal to the 5 sources of meaning:
- Society & mission
- Customer
- Company
- Team
- The individual
This gets people on board and in alignment with the overall objectives.
Next comes the transformation structure itself which is positioned in 5 segments.
Aspiration
This comes back to a compelling story around the vision, strategy, and targets. Evidence shows that clearly defined targets doubles the chances for successful outcomes.
Assessment
Do the people have the capabilities for success? And do they have the mindset for success? When these 2 areas are assessed in detail, businesses going through a change management process have 4-6 times the chances of success.
Architect
The planning from ‘here to there’. This is where individuals need to change. And to do that they need to understand the why, be clear on the systems and processes, have the skills and most importantly of all, have role models. This requires leadership to be those role models.
Act
In a change management process, it’s often the case that everything gets off to a great start while there’s momentum and energy. But over time this can slide away. That is why it’s important to continue to create the energy and momentum consistently. Building confidence in the process along the way.
After going through the transformation process, what makes it a success?
Is there excitement, passion, belief, and growth at the end of it?
Here is the 8-minute video to get these McKinsey change management insights:
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