Change is an inevitable part of doing business. The constant business cycle of evolution often involves significant changes in processes, systems, and organisational structures. But what should Kiwi businesses be prepared for regarding industry change heading into the new year?
Change management is a structured approach to dealing with change in an organisation. It involves identifying the need for change, planning the change process, executing it, and reinforcing it to ensure it sticks. Change management helps businesses manage the transition from the current state to the desired future state, minimising disruption and maximising the benefits of the change.
Change management is particularly important in New Zealand due to the country’s unique business environment. New Zealand is a small, open economy with a strong focus on innovation and international trade. This means that New Zealand businesses are often at the forefront of global trends and changes. We can’t take this for granted, though! Consequently, effective change management is needed for New Zealand businesses to adapt to these changes and seize new opportunities.
Modern innovative approaches to change management focus on leveraging technology and data to drive change, fostering a culture of innovation, and empowering employees to drive change from the bottom up.
One of the key trends in modern change management is the use of technology and data to drive change. This can involve using data analytics to identify areas for improvement, leveraging digital tools to facilitate the change process, or using technology to engage employees and stakeholders in the change process.
Another important aspect of modern change management is fostering a culture of innovation. This involves creating an environment where innovation is encouraged and valued, and employees feel empowered to suggest and implement new ideas.
A third key aspect of modern change management is empowering employees to drive change from the bottom up. This involves giving employees the tools and resources to drive change and creating a structure where their ideas and suggestions are valued and implemented.
One example of a modern, innovative approach to change management is Xero, a leading global small business platform. Xero has been recognised for its innovative approach to change management, which involves leveraging technology, fostering a culture of innovation, and empowering employees. Xero made considerable profits during the pandemic and was recently labelled a truly iconic company as its CFO Kirsty Godfrey-Billy won CFO of the Year. They get that change management is critical to doing business in New Zealand.
Modern innovative approaches to change management are becoming increasingly important. By leveraging technology and data, fostering a culture of innovation, and empowering employees, businesses in New Zealand can effectively manage change and drive their success. Xero is just one example – the list truly goes on, unsurprising as the Kiwi business situation can only be described as growing and dynamic.
Change management is not just about dealing with change; it’s about harnessing change to drive innovation, improve performance, and achieve strategic objectives. As we move forward, businesses in New Zealand must embrace change as an opportunity for growth and innovation, and adopt modern innovative approaches to change management to thrive.
Looking ahead and beyond, several key trends in change management are likely to emerge. These include an increased focus on digital transformation, a greater emphasis on employee engagement, and a continued focus on innovation and agility.
Digital transformation involves using digital technologies to create new or modify existing business processes, products, services, and experiences. As digital technologies evolve, digital transformation will become an increasingly important change management aspect.
Employee engagement involves getting employees involved in, committed to and enthusiastically contributing to the organisation’s strategy and objectives. As the importance of employee engagement continues to grow, businesses will need to focus more on engaging employees in the change process.
Innovation involves introducing new ideas, methods, or products, while agility involves adapting quickly to change. Both innovation and agility are crucial. As we head into 2024, businesses will need to continue to focus on fostering a culture of innovation and agility.