IMD-OWPLIVE22-PostEvent-Report

WHAT IS YOUR HOT TOPIC? Q&A →Digital

Even after you have taken the firm through the transformation, and business is going well, you may not be content with an incrementally growing business. Are you willing to risk what you’ve built so far, bringing the company to “cruising altitude”, and go for scale, bringing the company into the stratosphere? Change may be terrifying, but it is also ubiquitous. Companies and markets are being transformed by global events such as the COVID-19 pandemic and Russia’s invasion of Ukraine, WHY DOES THIS MATTER NOW?

which has only accelerated change and deepened uncertainty. Workplaces are also being transformed by technological development and issues of equality and race. Such changes can feel overwhelming for leaders of organizations. When you have worked hard to rise up to a leadership position, taking a risk can be terrifying. Psychologically, it is easier to take a risk when you are just a regular employee in the business because you’re at the bottom of the social ladder, so there is nowhere to go but up.

Change is confusing and makes us anxious. Even if changes are positive, they can force people to take risks. This can be terrifying. Leaders of organizations are having to manage and prepare for change on an individual level, but also at a company level. Many businesses are going through transformations. So how do you sell change to your team and manage the change process?

BRINGYOUR COMPANY INTO THE STRATOSPHERE: MANAGINGCHANGE

Change is confusing and makes us anxious, but it is ubiquitous. To navigate this terrifying process, leaders of organizations will need to understand why they want to make a change.

JIM PULCRANO Adjunct Professor of Entrepreneurship and Management

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