Is Dubai Really Tax Free ?
Expats want to flock to Dubai. Apart from the high quality of life, the foremost reason for such enthusiasm for Dubai is the fact that Dubai is a tax-free nation. There is no income tax on income generated in Dubai. Also, there is no sales tax on the majority of goods and services. Therefore, there […]
How China Destroyed its Electric Vehicle Market
The Chinese government has given a major shock to companies selling electric vehicles in the country. China has announced a sudden rollback of the billions of dollars which were being paid in subsidies to makers of electric companies. This sudden move has left many of these companies high and dry. Many of these companies had […]
Start-Ups and Public Relations
Almost every start-up firm tries to increase its sales. However, convincing more customers can be a very difficult task. It is common for start-up companies to have significant marketing budgets. However, most of the budget is utilized for direct marketing. There are very few start-up companies that believe that public relations can help them achieve […]
Pros and Cons of the Uber Economy
What is the Uber Economy ? We all have heard if not used the services of the app based ride sharing and ride hailing taxi and car service, Uber. Indeed, Uber has become a household name worldwide because of its innovative and inventive approach to providing cheap and reliable taxi and car services through its […]
How Cash Flow Impacts the Retail Business
The retail business is inherently a cash flow positive business. This is generally because of the fact that retailers are generally able to procure their stock on credit. However, when it comes to liquidating their stock in the form of sales, retailers generally receive payments in the form of cash or credit cards. Hence, receivables […]
Change Management in an organization aims at realizing the strategic goals and improving an organization’s preparedness for meeting both internal as well as external challenges, which may influence business growth and profitability.
To remain on top, today companies have to undergo through progressive transformation and evolve as per the changing business environment.
Effective Change Management involves a comprehensive and an integrated effort from all the levels of the management.
Successful change management involves consideration of several factors, which have been described below:
It aims at addressing the vital questions of who, what, why, when, where and how involved in the implementation of any change management programme. It takes into context the current situation and equally assesses the impact of change initiatives on the futuristic strategies of the organization, the people involved in it as well as the stakeholders connected with it.
Effective Planning should consider the below factors:
Lack of vision and direction, may result in misaligned approach, incompatible outcomes and may dissolve the long term benefits of change initiatives.
It provides a bigger picture regarding the magnitude and complexities involved in the entire process of change management.
Documentation should justify the following points:
Change Plan must cover the following areas:
For a successful change to happen, the organizational structure, roles & responsibilities should be established and defined clearly to monitor the progress of change periodically and implement corrective actions for seamless transformation.
The following change governance structure model can be used:
The members of the steering committee are responsible for planning and implementing strategies, providing direction and leadership for change management and ensure that the objectives of change management remain in alignment with the organizational vision/goals.
The Change sponsor is involved in the end to end process, is directly accountable for gathering the support and commitment of the business leaders in particular, minimizes the resistance or barriers to change management and addresses the risks associated by taking radicle measures.
A change sponsor is usually someone who enjoys greater authority, is empowered and experienced in implementing vital decisions for handling the complexities in change management.
Change teams are the facilitators involved in extensive coordination between the various functionalities, establishes the operational framework and ensures adherence with the regulations involved in the entire process.
The task forces or specialized groups within the organizations work upon the specific projects and are directly accountable for completion of the assigned responsibilities within the predefined timelines and resources.
Leaders who are transformational, visionaries and lead by example can foster an environment of cooperation and collaboration across all the levels of the organization.
The organizations should engage the stakeholders by facilitating an environment of collaboration and communicate the objectives as well as its outcomes.
The company went big by not only changing the strategies but also by implementing organizational restructuring to support the entire plan. The communication was established in a top down manner-Intranet was considered as the medium for communicating the objectives of change and also the expectations involved in it.
For realizing the strategic intent of change management, the new CEO relied heavily on new technology (intranet) for aggressive internal marketing of change initiatives and the benefits associated with it.
Few years later, they introduced a change in the strategy for attracting niche customer segments who could afford higher priced products and up-scaled their items.
Due to a change in the strategy, Walmart lost its business profitability since it could neither attract the higher end customers through its products and the regular customers started looking for better bargains from the competitors.
Your email address will not be published. Required fields are marked *
