MANAGEMENT SPECIAL....... MANAGE CHANGE, THE RIGHT WAY

MANAGE CHANGE, THE RIGHT WAY   The golden foundation of change management comes through understanding the value of a value The last decade was defined by events that marked unprecedented change. Due to both, the magnitude and severity of change, organisations are now being compelled to include 'change management' as a key competence in their competency framework. Today, change management as a topic, is being widely researched by management practitioners and academicians alike. Seven distinctive types of transformations have become more frequent and prominent.The economic environment post the global financial crisis, has given rise to numerous regulatory changes, especially in banking and financial services. Products are continuously being refined and organisations redesigned to be compliant with the new rules; and, at the same time, meet the ever-growing needs of customers. Merger integrations and divestitures have become even more common, given the competitive landscape. Many organisations are initiating a digital revolution and marketing change, embracing social media and mobile applications for branding; and analytics and cloud to increase efficiencies. There are also many initiatives around operational or process enabled change that are leading to ambiguity in operating principles and day-to-day work. More importantly, technological change has become all pervasive, putting forth a challenge for organisations. While the approach to managing change is contingent on the aforementioned types of change, we see the likelihood of transformation becoming more successful if they are structured around two lenses: the impact on individual experience and the organisation's ability to deal with heightened risk. THE TWO LENSES ­ INDIVIDUAL AND ORGANISATION The truth about any kind of change is that it almost, always puts forth an adaptive challenge for an individual at a deeply personal level. With change comes mindset shift, different roles and responsibilities, new cultures and a changed set of expectations. From an organisational standpoint, there is a heightening of risk that needs to be managed during change.Organisations must possess the ability to recognise risks that accompany change such as attrition, skill gap and legacy systems that reinforce status quo, low engagement and increased cost. They must be wary of chaos and understand the need to change while delivering on business as usual. UNDERSTANDING THE VALUE OF A VALUE The golden foundation of change management comes through understanding the value of a value. Values important to individuals and organisations evolve cultures that are resilient during change, help mitigate risk and align behaviours. These core values, directly impact reactions to change. Values can assume even more importance when the change is sensitive in nature. If restructuring calls for letting go of people, the employees left behind may feel perceived injustice emanating out of the organisation's treatment to their colleagues. In an organisational value system of transparency, change managers will be encouraged to engage in difficult conversations that help restore faith and normalcy. When values assume a shared form, they take the form of culture, which can, play two extremes: either that of an enabler or impediment to change. If the espoused culture is characterised by integrity, transparency, collaboration and excellence, it is more likely that the change will be seen through this paradigm and be adopted. Nishchae Suri ETAS 30JUN15

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