In a Recession, Keep Doing What You’re Doing. But do it Better.

Organizations around the world are making big changes, whether it be a digital transformation, changes in markets or launching new projects. But with a looming recession – these large changes must be implemented right the first time. What if you could make your critical projects six times more likely to succeed, five times more likely to stay on schedule, and twice as likely to stay on budget? Good news, YOU CAN.

With the “R” word being said more often, it is critical that organizations are prepared and equipped for change at individual, project and organizational levels. A recession is commonly defined as “a period of significant decline in general economic activity.” Whether we’re in a recession, or about to be, one thing is true: now is a time of intense change when most individuals and organizations are already saturated from and fatigued by the change over the past few years. A recession in itself IS change. But, it’s also opportunity.

Prosci Change Management – More Valuable Than Ever

Changes continue to define our world – faster change, more complex change – you know the drill. But did you know that when you’re trying to keep a competitive edge while also tightening spend, it’s the perfect time to up your game with successful change? With near-record inflation in many parts of the world, interest rate increases and supply chain challenges, it’s now critical than ever that organizations realize the increased adoption and project success that change management delivers.

In the best of times, clients can’t afford to fail or reinvest in project re-work… during a recession getting it right the first time is critical. Preparing, supporting, and equipping people for change not only delivers higher project adoption, it also:

·??????Drives more successful change

·??????Handles more complex, faster, and more frequent change

·??????Addresses the cost of poorly managed change

·??????Aligns organizational practices with organizational values

·??????Prepares organizations for the future

·??????Creates consistency and efficiencies for change

·??????Builds needed internal capabilities

“Recessions are a high-pressure exercise in change management, and to navigate one successfully, a company needs to be flexible and ready to adjust.”

-Excerpt from “How to Survive a Recession and Thrive Afterwards”

The People Side of Change

Just as important as project results during times of financial uncertainty is the importance of keeping employees engaged and effective. With the great resignation, many organizations are struggling to hang on to high performers. The cost of replacing an employee is estimated to be one-half to two-times the employee’s yearly salary. It’s more vital than ever that we prepare, equip, and support people for change. This messaging is not only applicable to IT and HR organizations, but also executive leadership.

Prosci’s Tim Creasy shares: “The velocity of change requires organizations, leaders, and project teams to balance the constant tension to “do more with less” while at the same time be “people-centered.”?It is very easy to become more productive but less human centric. It is equally easy to become more human centric but less productive. Often, we find organizational focus swinging from one to the other; a big initiative focused on improving productivity where we lose connection with our people, followed by an over correction that emphasizes our people at the expense of performance. In many cases, we end up simply compromising and arriving at a sub-optimal solution that could have been both more productive and more human centric”

Business IS Change:

• A recession takes away the luxury of inept change – what is your organization doing to prepare?
• Change Management drives more successful change.
• How are you going to make sure your change is effective the first time?
• More and more change is happening within organizations, implementing successful change becomes a strategic priority.
• Budgets are tight, lack of adoption is expensive.
• You’re preparing digital and other big changes for your organization, how are you preparing the people responsible for adopting the changes effectively?
• o??How are you making sure that your environment is humane AND productive?
• ?Keep the talent you have, turnover is costly.
• ?Change management is a capability – the upfront investment pays dividends on many future projects.

Here’s What the Experts Say:

Breaking Change Management into Small Steps: From Harvard Business Review: “In this research, we found that a persistent set of small, orchestrated changes is the best approach to drive large and lasting change at an organization.”

How to Survive a Recession and Thrive Afterwards: From Harvard Business Review: “How should firms prepare for a recession, and what should they do when one hits? This research roundup examines advice in four areas: debt, decision making, workforce management, and digital transformation.”

Prosci Resources:

Why Your Organization Needs Enterprise Change Management?

Advanced Change Management Roles in an ECM setting

3 Reasons ECM Efforts Fail?

Roadmap for Organizational Change Management?

Dimensions of Change at Enterprise Levels?

11 Elements of Organizational Change Capability?

5 Tips for building Organizational Change Management?]

Prosci is Here to Help!

If you would like to find out how Prosci can help your organization, and receive a free change maturity assessment, reach out to mailto:[email protected].