We all know change is constant, but what is the cost of a change-resistant company culture?
According to a study by Innosight, the average lifespan of a company on the S&P 500 has decreased from 61 years in 1958 to just 18 years in 2012. This means that companies must constantly evolve and innovate if they want to survive in the long run. While it's difficult to provide exact failure statistics related to change-resistant company cultures, many companies have struggled or failed due to their resistance to change. Here are a few notable examples:
These examples demonstrate the high cost of a change-resistant culture. Companies that fail to adapt risk losing market share, falling behind competitors, and ultimately going out of business. Companies must be willing and able to embrace change to remain competitive and successful in today's rapidly evolving business landscape. But how can you create a culture that embraces change?
It needs to be strategic. You need to align your culture with your company's strategy and goals. Your team needs to believe that a culture that embraces change is a competitive advantage, and the tactics to foster this culture will flow naturally, and that starts with the leadership: The company's leaders should be the first to embrace change and set an example for others to follow. Further to this, continuous communication, encouraging innovation, embracing diversity, baking in continuous learning and taking risks are all tactics and traits needed to support a culture that embraces change.
Of course, creating a culture that accepts change is not an overnight process. It takes time, effort, and commitment from everyone in the organization. But considering the alternative, maybe it is time for your culture to change.Let's Talk!