Change 3 Strategic Change Management Lecture Notes

Jun 27, 2024

Lecture Notes: Strategic Change Management

Class Setup

  • New camera setup: Trying a different approach with the camera at the back of the room. Feedback on the new setup is needed.

Key Topics Discussed

  1. Business Growth and Capability

    • Discrepancy between lifestyle growth and capability growth.
    • Unhappiness in companies due to unmet salary expectations despite rising expenses.
    • Importance of upskilling to match lifestyle and remuneration.
    • Fear of obsolescence in the workforce.
    • Overhaul needed in 6 out of 10 employees in the next few years.
    • Opportunities for trainers in the upskilling sector.

  2. HR and Training Organization

    • Organizations facing challenges in developing effective training programs.
    • Collaboration with Harvard (Harvard Manage Mentor and Harvard Spark) for on-demand training solutions.
    • Need for flexible, on-demand training that personalizes learning paths (similar to Netflix recommendations).

  3. Training and Upskilling Strategies

    • Discussion on best practices for Corporate Social Responsibility (CSR): training employees rather than traditional campaigns.
    • Continuous society-wide improvements through employee upskilling.
    • Different learning preferences and the need for acknowledging and catering to diverse learning styles (ADHD, Autism, etc.).
    • Reflection on personal learning methods and their effectiveness.

  4. Skill Sets and Lifelong Learning

    • Critical skills for future: critical thinking, curiosity, decision-making, reflection on experiences.
    • The concept of metacognitive skill: learning from reflecting on experiences.
    • Importance of curiosity and lifelong learning as a critical skill.

  5. Competency-Based Training

    • Improving skills to handle cultural change, change management, diversity, and inclusion.
    • The importance of connecting theoretical knowledge with practical experience.
    • Insight into adult learning and the role of reflection and experience.

  6. Growth Mindset

    • The importance of a growth mindset for achieving targets and continuous self-improvement.
    • Incremental growth despite initial doubts about reaching targets.

  7. Self-Development

    • The need to dedicate time for self-development (half a day per week suggested).
    • Removing bad habits and building beneficial ones gradually.

  8. Future Skills in Organizations

    • Design thinking, curiosity, generative AI, and critical thinking are highlighted as future skills.
    • Immersive sessions may be needed to help employees connect training with practical relevance.

  9. Technological Changes and Business Models

    • Disruption in traditional industries with technological advancement (e.g., clothing rental models, digital transformation, etc.).
    • The shift towards service-oriented models over ownership models.

  10. Sources of Change

    • Different types of change: continuous improvement, episodic change, and disruptive change.
    • Understanding external environment, competitive forces, and internal triggers for change.
    • Example of car industry: shift from vehicle ownership to mobility services (Uber, Tesla, etc.).

  11. Challenges in Implementing Change

    • Addressing employee fears and hopes regarding change (Hopes and Fears exercise).
    • Strategies for managing change anxiety in organizations.
    • Importance of questioning basic assumptions in long-range planning.

Practical Insights & Application

  • Case Studies: Automotive industry and the shift from traditional models to autonomous, service-based models.
  • Real-world examples: Video rental industry disruption by Netflix; transformation in the banking sector through digitalization.
  • Company-specific Issues: Tackling resistance to change at various corporate levels, addressing continuous improvement, and adaptation strategies.

Reflections from Participants

  • Challenges in drawing relevance between future skills and current roles.
  • Examples and reflections from various industries and organizational roles.

Key Takeaway

  • Importance of continuous reflection, upskilling, curiosity, and adapting to both incremental and transformative changes in the business environment.