Organizational change is never easy. It takes time, effort, resources and a lot of patience. The fact is, when faced with change, employees can become resistant. They can become frustrated. They can become angry. Even though we all know change is good and healthy — in our private lives and our professional lives — so many of us are naturally predisposed to avoid it. But why is this?
The answer is quite simple and has its roots in our evolution. Back in the day, when survival was the aim of each day, we had to be on our toes. Subtle changes in our environment often signaled danger — a lurking predator or a threat that could negatively impact us and those around us. Today, that stress response still lingers. This defense helped us stay safe centuries ago — but how do we overcome adversity to change in the modern world? How do we help employees overcome hesitation with regards to cultural change — how do we get our employees excited and bring them along with us, rather than having them fight us every step of the way?
The financial sector has been forced to navigate transformational change since the 2008 recession to regain trust from customers and their employees. While some failed, many financial organizations have thrived through change. Below five industry leaders in the field share how they have successfully navigated transformational change as a company.
1. To Get Employees Excited about Change, Communicate throughout Change
Our fear of change is — in a significant way — tied to our fear of the unknown or the unfamiliar. If someone asked you to trust them and jump, you’d find the concept daunting — because you would have no idea what would happen. This concept might sound fairly simple and yet many companies struggle through transformational change in their companies due to inefficient communication.
Ask yourself — would you be excited or motivated to change if you had no input or no information on the proposed change? If you are honest with yourself, the answer is probably “no”. To get people on board with cultural change, take the time to priorities communication before, during and after the event. Ask your employees for their opinions and insights. Take their reservations seriously and take the time to talk them through how the change would positively impact them and the organization.
During the change and in the aftermath, hold one-on-ones, conduct employee surveys and maintain an open-door policy. Such actions will show employees they are a crucial, and valued, member of the team. It will also go a long way to providing the sense of security they need to truly invest their trust.
“By making listening a regular habit, it’s more likely people will feel listened to and valued, and part of the change. So, as we navigate transformational cultural change across the industry, people who feel they have a voice are more likely to be ready to come with us than get left behind.”
— Sarah McPake, Senior Manager at TSB
2. Explain to Employees Why the Change Is Happening
The “how” of change is important, but the “why” is equally as critical. To prevent your employees from viewing innovations as change for change’s sake, take the time to explain why it is required. If your employees are engaged and your organization is a transparent one, your people will already be aware of the problems facing the organization. So, explain to your employees how this organizational change will go some way to solving or eliminating those problems. Get buy-in from your employees from day one and they will become much more invested.
"It is far easier for a business to succeed in its ongoing evolution when everyone on board has fully bought-in to the mission and that they have the positive approach necessary for embracing ongoing change."
— Peter Briffett, CEO & Co-Founder at Wagestream
3. Rethink Your Attitude Towards “Failure”
Meaningful change is unlikely to be smooth and faultless. There will be ups and downs, successes and “failures”. One way to get employees on board with change is to alter the way the company views and approaches “failures”.
When things change, employees occasionally get worried they will not be up to the task, or that they will drop the ball. Try to cultivate an environment where it is okay to fail, as long as real efforts are made in the first place and lessons were learned as a result. This mentality will help employees think of change as just another experiment — rather than something that might jeopardies their careers or their place in your company.
"Successful companies keep their best people by letting them learn from their experiences. They follow the mantra that if every single experiment is successful, then you haven't been brave enough in what you've been testing. Fail fast."
— Susanne Chishti, CEO of Fintech Circle
4. Recognize Continual Change as Part of Your Company
The one constant in life is change. Whether or not we’re aware of it, our employee journey consists of a million little alterations. Changes are not so daunting when made in increments, — but when presented as something momentous, it can trigger our fight or flight reflex.
Help your employees understand that continual advancement and adaptations are an inevitable part of your employee experience. Companies who refuse to advance and change inevitably lose out to their more forward-thinking competitors
"Much of what leaders have been taught about managing 'change' since the 1980s is no longer helpful. It assumes stability is the norm and changes can be managed as projects before returning to a steady state. But what if we recognize that constant change is the new normal?"
— Nigel Girling, Director at the Babington Group
5. Remember What’s Important and What Should Never Change
As we have explained, change is always going to happen. The face of your organization will look radically different ten years from now. Your company’s processes might be different, your culture might have undergone a shift and the technological environment might have altogether changed. Throughout all this transformation, what’s important is your company preserves and maintains what’s important. Your company is shaped around core values — keep these in mind and stay true to them throughout every change you experience. These values will offer employees a sense of consistency and stability that will encourage them to embrace, and even appreciate, change.
"Whenever culture change is discussed, people often focus on the aspects of culture which need to be changed. I believe it is also important to consider those aspects of your culture which you want to preserve.”
— Fiona Wallace Head of Organizational Effectiveness at Brewin Dolphin
