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At the same time, Deloitte says that, on average, purpose-driven companies report 30% higher levels of innovation and 40% higher levels of workforce retention than their competitors. When a project people work on connects to their inner purpose and passions, they can achieve extraordinary things.Īccording to the EY Beacon Institute, purpose-driven companies are 2.5 times better at driving innovation and transformation than other companies. People have enormous strengths, and the best leaders know that it’s possible to tap into those strengths through hearts and minds. Yet these goals don’t inspire people to commit passionately to the change initiative.īesides having a business case, a project should be linked to a higher purpose. Most change projects use financial goals, such as a 10% return on investment (ROI).

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Purpose: An Easy-to-Apply Tool to Fire Up EngagementĪll change and project management methodologies demand that projects have a well-defined business case with often lengthy, technical, and deliverable-focused goals: for example, a new software rollout, a new platform, an expansion program, a new set of company values, a reorganization, or a digital transformation project. I introduce two of them in the HBR Project Management Handbook: the importance of the purpose behind any change project, and the focus on the benefits. New concepts and tools to address change are emerging. Strategies for transformation at midsize companies and beyond. In fact, most of the current change management methods were developed for a stable world, where change projects were temporary and in addition to day-to-day operations, which were always the priority. It requires that we approach change management in a radically different way, not only from a methodological perspective, but also from an organizational, cultural, and pure human perspective. The idea that 69% of change projects result in wasted resources and budgets and unrealized benefits is mind-blowing. While the number of change projects keeps rising, the failure rates continue to be staggering: According to the Standish Group, only 31% of projects are considered successful. Welcome to the Project Economy and a World Driven by Change Everyone at all levels of organizations - employees, managers, project managers, senior leaders, and CEOs - must understand and adapt to this shift.

Yet, nowadays, continuous transformation is at the center of the strategy of any organization, small, midsize, or large. These fundamental changes have created huge anxiety in the workplace and a natural dislike to change projects.

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This meteoric growth of projects is affecting not only organizations, but also our professional lives and the very nature of work.Ĭhange management can no longer be ignored, relegated, or misunderstood.

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A full 25% of respondents said that the number of projects had increased by more than 50%.

Some 85% of the respondents had seen an increase in the number of projects, and out of these respondents, 56% had seen a rise of more than 25%. In a survey of 1,284 executives and project management professionals, the majority of senior executive respondents indicated that the number of change projects in their organizations had exploded over the last five years. Operating a business in this environment means having a massive proliferation of change projects. A dramatic shift is taking place in industries everywhere: We have left behind a century dominated by increasing efficiency and are now living in an always-changing environment.

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