In the past, businesses knew what they did and did it well. As a result, the managers of these organizations focused on stability. They hired the resources they needed to continue producing the same high-quality work, with a focus on profitability over adaptability.
Workforce hiring costs stayed low, employees were (largely) satisfied in their jobs and organizations continued to produce work consistently year on year.
This philosophy has been completely reinvented over the past 10 years. Saturated markets full with competition, improved instantaneous communication tools, the rise of remote workers and a shift towards project-based work has forced large organizations to accept change.
To be successful, companies must now embrace a new way of working that focuses on workforce flexibility and the ability to be able to constantly adapt to ever-changing market demands.
In fact, according to Deloitte’s ‘The infinite organization; Realizing lasting success’ report: “Rapid technological development and globalization are changing how we live, work, and conduct business. What made companies successful in the past is no longer the best predictor for success in the future.”
Yet, despite 55 percent of the Canadian companies surveyed in the study believing they are positioned for lasting success, Deloitte’s analysis found that few actually are.
So, how can companies ensure they are ready to embrace change and adopt an approach that makes use of different skills and resources depending on their client’s needs? Implementing change management is a good start.
Change management defined
Change management is the management of change and development within your organization. This can include any type of change from technological evolution, process review, the merging of businesses, but is more commonly referred to the changing management of your company’s workforce.
The process involves preparing for, anticipating, and supporting your employees in an effort to proactively react to change.
A successful change management strategy will ensure that your organization, and its employees, are able to adapt to market demands that are out of your control. This could include anything from consumer habit changes, disruptive businesses entering the market or a shortage in skilled workers.
Why does change management matter?
Change management matters because if your organization doesn’t prepare for change, you’ll soon fall behind your competitors. By ensuring your company is flexible and able to keep up with market demands, you will prepare your business for future growth.
Benefits of change management include:
- Preparing your company for future market demands.
- Minimize your organization’s resistance to change.
- Ensuring your company has the resources necessary to achieve results.
- Increasing the likelihood of project success by ensuring everyone is on board with change.
- Your company will be able to adapt to changing market demands far faster when a change management strategy is already implemented.
- The knowledge of understanding exactly what your company needs to keep up with change will ensure you're able to stick within your budget.
- Improving client satisfaction by staying ahead of the curve and constantly exceeding their expectations.
The contingent workforce can make change management more effective
The contingent workforce has grown rapidly in recent years, and estimates now believe it makes up around 30-40 percent of the entire US workforce. Tapping into remote workers will not only give your company access to highly talented workers, but you’ll also significantly improve the agility and flexibility of your company.
By implementing a contingent workforce management program that runs side by side with your change management strategy, your organization will be able to constantly adapt its workforce to ensure you are meeting ever-changing business goals.
Not sure how to efficiently manage your organization’s ever-growing, and hugely beneficial, contingent workforce? Contact HCMWorks today. Our team of experts would love to learn about your company’s specific needs and design a workforce management solution that ensures your company is ready to adapt to changing market demands.