Change management can be a test for any organization. Several studies by Towers Watson show that just 25% of change management initiatives are successful over the long term. I wouldn’t be surprised if the statistics are worse in my industry, financial services, where so many companies are large, global, regulated, and structurally complex.
What Spinning Off a GE Business Taught Me About Managing Ultra-Fast Change
Change management can be a test for any organization. When GE decided to spin off its Capital Retail Finance business into a new, publicly traded company, Synchrony Financial, leaders viewed it as a major challenge. Seemingly overnight, they went from being part of a 300,000-person company to a 10,000-person firm about to IPO. Key lessons they learned? First, ask, listen and be transparent with employees. Their specific anxieties and concerns may surprise you. Second, create (or revise) a defined mission and values. It will give employees something to rally around. And be open to creating new work policies and benefits; you can’t assume you know what employees value. Finally, while it sounds corny, find ways to have fun. Transitions are a lot of work, and it’s no time to let people burn out.