How To Manage Contin­uous Change In A Dynamic Market

Change is no longer the excep­tion, it’s the rule. 

Markets that constantly evolve are the new normal. And navi­gating busi­ness growth is no longer a luxury you might invest in, but rather a must-know for all entrepreneurs. 

So, your ability to adapt to change as a company — espe­cially a global company — can make the differ­ence between failure and success.

Change can come in many forms — smart automa­tion, rapidly advancing tech­nology or new players in the market­place that have a more aggres­sive approach and the ability to quickly win clients over. What­ever its shape or form, change is inevitable.

Although change can be hard to handle and can some­times even have a nega­tive impact on your busi­ness, it’s also a unique oppor­tu­nity to step up and create a massive trans­for­ma­tion that excites and inspires others. It’s your chance as a global leader to leave a mark in a dynamic market where change is other­wise the only constant. 

So what are the most effec­tive change manage­ment strate­gies for global leaders? And what are clear hindrances and pitfalls that you should try to avoid?

Why most change manage­ment strate­gies fail

What­ever the cause change should not be taken lightly. Why?

Because it threatens belief systems, self-esteem, and even finan­cial secu­rity. Without a clear direc­tion and proper guid­ance, it creates internal resis­tance and gets employees to turn against the company. 

We’ve talked in the past about how to get your team excited about change. Now we’ll take a look at what can (and often does) go wrong when leaders try to guide their company through major upcoming changes. 

A compre­hen­sive 2018 report by Harvard Busi­ness Review and Stra­tivity found that failure is wide­spread in change initia­tives. In fact, 91% of partic­i­pants revealed that change programs for their orga­ni­za­tions had failed in the past. 

Well, I think you can agree that these are some shocking figures. So what lies behind these fails?

Researchers were able to outline the major road­blocks to successful change. Here are some more stag­gering numbers from the report:

  • 62% of partic­i­pants stated poor commu­ni­ca­tion as the number one reason change manage­ment failed
  • 54% of partic­i­pants claimed poor lead­er­ship was another primary reason
  • 50% of partic­i­pants blamed a lack of under­standing of the purpose of change
  • 47% of partic­i­pants said lack of user buy-in was another major culprit

You might be surprised to find out that insuf­fi­cient budget or time and lack of momentum were on the bottom of the list, and overall weak obsta­cles in the face of successful change management. 

Now that we know what causes change initia­tives to fail in a majority of cases, let’s learn about what we can do to bypass these deep-rooted issues. 

Common issues when managing change (and how to solve them)

Let’s start with the main reason why change initia­tives are reported to fail: poor commu­ni­ca­tion. Have a look at 3 mistakes leaders make regarding this issue:

1. Not plan­ning ahead 

If you want your employees to get on board with your proposed changes, you need to be trans­parent with them every step of the way. There­fore, it’s impor­tant to plan ahead regarding what you will tell them, how you will imple­ment the change and how you will commu­ni­cate with them after the initial goals are achieved. 

A posi­tive response to change requires constant commu­ni­ca­tion. So plan­ning a series of meet­ings throughout the trans­for­ma­tion is a must if you want to succeed. 

2. Not involving employees in the process 

You need to engage employees in a mean­ingful way. It’s crucial to commu­ni­cate with them how exactly they can influ­ence the coming changes and make it easier for everyone involved. 

Make sure you get people on board who aren’t managers, but still key stake­holders at different levels of your organization. 

3. Not having clear communication

When you present your message to the team, it needs to radiate authen­ticity. Be clear and direct in what you say. State your objec­tives openly, answer ques­tions, and explain all of the different aspects of your initia­tive in detail. 

The second core issue that can halt your progress in change manage­ment is poor lead­er­ship and support. This usually mani­fests as:

Not listening to feedback

Leaders can get carried away when things are going really well. But it’s impor­tant to stop, ask and actu­ally listen to the feed­back you receive. That way, you avoid relying on guess­work to make neces­sary adjust­ments, and you also keep your team in the loop and let them know their input is valu­able to you. 

Mini­mizing the impact of the change

Never try to down­play the effects of a major change to your team. They’ll figure out what you’re trying to do right away, and even­tu­ally lose respect and even their trust in you. Be honest about what’s to come (even if it makes you look like the bad guy), and acknowl­edge that you’ve had a lot more time to analyze and warm up to the new change than they did.

Enforcing change, instead of inspiring and educating

Don’t just send a mail to your managers telling them to let everyone know there won’t be a pay rise at the next standup. Although it’s in your power to do that, it’s not in your best interest (or anyone else’s for that matter). 

A skilled leader knows how to make change look appealing in the context of a dynamic market. True leaders teach, train and inspire others. So instead of fixating on over­coming adver­sity to your change, seek to educate others on its bene­fits and to enable and support them in managing the chal­lenges that come with it. 

Another factor that can get in the way of change is your team not under­standing the purpose of a certain change, or how it will be implemented. 

The solu­tion? Have unwa­vering clarity. Clarity about your mission, vision, and goals. Don’t just expect your employees to be passive and accept to do what­ever they are told. Make it a priority to help them under­stand the reasons for the specific change and its overall objectives.

Share with them a well-defined vision and a clear direc­tion. This will make them less likely to resent you, and also more inclined to contribute to your initiative’s success. 

The last reason why a new change might not have your desired results is a lack of user buy-in — which will even­tu­ally lead to a low contri­bu­tion from your team as well as to internal resistance. 

If this happens though, the way you could fix it is to make a strong case (both ratio­nally and emotion­ally) for the change

For most people, deci­sions are largely driven by emotions, not logic. If you want your team to be on board, you need to make them buy into your plan emotion­ally, not just on a rational level. And always be aware that when you bring up a major change, people will undoubt­edly ques­tion it. 

You need to be able to artic­u­late why your initia­tive makes sense from a busi­ness perspec­tive, and also bring a sense of deter­mi­na­tion and trust to your team. Make a case for why the change is not only neces­sary but also why it’s good. 

In other words, have a compelling story that’s based on facts, but also appeals to emotions

The bottom line

Change manage­ment strate­gies fail because the human factor is ignored. 

To be successful, a global leader must prior­i­tize clear commu­ni­ca­tion, get key players on board with your plan, be trans­parent about the impact of your initia­tive and, most impor­tantly, be open to feed­back and adapt your approach along the way. 

Change manage­ment in a dynamic market can be a chal­lenge, there­fore staying up-to-date and learning how to manage contin­uous change is a must as a global leader

And if you want to learn more about how to manage change in an ambiguous and uncer­tain world as a global leader, sign up for our newsletter here: