The global companies that failed to adapt to change. — from trainingmag.com by Professor M.S. Rao, Ph.D.
Excerpt:
Eastman Kodak, a leader for many years, filed for bankruptcy in 2012. Blockbuster Video became defunct in 2013. Similarly, Borders — one of the largest book retailers in the U.S. — went out of business in 2011. Why did these companies, which once had great brands, ultimately fail? It is because they failed to adapt to change. Additionally, they failed to unlearn and relearn.
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Former GE CEO Jack Welch once remarked, “If the rate of change on the outside exceeds the rate of change on the inside, the end is near.” Thus, accept change before the change is thrust on you.
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Leaders must adopt tools and techniques to adapt to change. Here is a blueprint to embrace change effectively:
- Keep the vision right and straight, and articulate it effectively.
- Create organizational culture conducive to bring about change.
- Communicate clearly about the need to change.
- Enlighten people about the implications of the status quo.
- Show them benefits once the change is implemented.
- Coordinate all stakeholders effectively.
- Remove the roadblocks by allaying their apprehensions.
- Show them small gains to ensure that entire change takes place smoothly without any resistance.
From DSC:
Though I’m not on board with all of the perspectives in that article, institutions of traditional higher education likely have something to learn from the failures of these companies….while there’s still time to change and to innovate.