CEO of AllenComm since 2003.
Corporate leaders have long understood that demonstrating value to shareholders must include navigating and managing change. From the early days of Kurt Lewin’s change management model, it has been well understood that companies need to adequately prepare for both sudden unexpected shifts and gradual changes.
The current economic and health crises have propelled organizations toward long-overdue examinations of the role of employee training and development in shaping corporate readiness. It’s often said that 70% of change initiatives fail. While the Harvard Business Review has estimated that number is actually around 10%, it should still be no surprise that failure to adapt to changes due to the coronavirus can have far-reaching ramifications for employees and stockholders.
Although industries have seen several sudden disruptions due to advancements in technology, sudden changes due to Covid-19 have revealed unexpected challenges. Some organizations quickly overcame or adapted to these