When trying to build lasting transformation for a company, many company executives choose the same comfortable systems that miss the mark. So 70% of company-wide transformations fail. Three common pitfalls plague executives executing change. First, they underestimate how difficult meaningful change is to achieve. Second, executives are unrealistic about the company's capacity to implement change. And third, executives must ensure that their workers know why the transformation is important. If your major change is stuck in a ditch, examining these three areas will help you emerge from the trenches.
A financial services company found its transformation from a product-based company to a service-based company in shambles after a two-year transformation initiative. The executive in charge of that change said,
“We’ve done all things necessary to keep this transformation on track. We relentlessly communicated, had town halls for engagement, and implemented more than nearly 30 activities to promote the vision.
