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1、LEADING THE CHANGECopyright June 2023 by the Association of Chartered Certified Accountants(ACCA).All rights reserved.Used with permission of ACCA.Contact for permission to reproduce,store or transmit,or to make other similar uses of this document.About ACCA We are ACCA(the Association of Chartered
2、Certified Accountants),a globally recognised professional accountancy body providing qualifications and advancing standards in accountancy worldwide.Founded in 1904 to widen access to the accountancy profession,weve long championed inclusion and today proudly support a diverse community of over 247,
3、000 members and 526,000 future members in 181 countries.Our forward-looking qualifications,continuous learning and insights are respected and valued by employers in every sector.They equip individuals with the business and finance expertise and ethical judgment to create,protect,and report the susta
4、inable value delivered by organisations and economies.Guided by our purpose and values,our vision is to develop the accountancy profession the world needs.Partnering with policymakers,standard setters,the donor community,educators and other accountancy bodies,were strengthening and building a profes
5、sion that drives a sustainable future for all.Find out more at About this reportOrganisations face constant change.Drivers such as sustainability requirements,technology,cost optimisation and efficiency are all forcing organisations to change their operating models.Yet,leaders find change hard to de
6、liver.Finance leaders have a key role in driving change across their organisations.What are the key lessons?This report provides personal insights from nine professionals,drawn mainly from the ACCA Accountants in Business and Technology global forums,who provide their insights and recommendations.Th
7、e report does not set out a methodology or an approach:indeed,some of the interviewees question the applicability of these.ForewordOrganisations face substantial levels of change as they alter their operating models:not only to take advantage of developments in technology and data,but also to create
8、 more sustainable business models that address net-zero emission targets while managing stark economic realities.For some industries these changes are significant and the timescales in which to address them are ever shortening as target dates such as 2030 become closer.Helen Brand OBE chief executiv
9、e,ACCAFinance professionals play an important role in organisations.They are often the key function that interconnects all the others,driving growth and performance.This uniqueness of role means that they are also key influencers in driving and supporting change.Playing that pivotal role as a change
10、 leader and change agent,as identified in the ACCA/BDO(2023)report that considered the role of the chief financial officer(CFO)as a chief value officer(CVO),is key.This report provides examples from those who are working in this field.It is through practical stories that we can learn from others.Thi
11、s is a message that is not lost in the world of change management.It reflects the strength of expertise across ACCAs membership and how we can all learn from shared experiences.4ContentsExecutive summary 6Top tips for leading change 81.Introduction 9 1.1 The context 9 1.2 What is change management?1
12、1 1.3 Key trends in change management 132.Perspectives 15 2.1 Darren Fleming:why we dislike change 15 2.2 Jo-Ann Phl:harnessing the forces for change 18 2.3 Gregory Hill:leading from strategy 20 2.4 Stephen Dowling:the challenge of industrial-age thinking 22 2.5 Ccile Parker:six fundamental activiti
13、es for a leader 24 2.6 Ian Ng:surfing through the rough sea 26 2.7 Rashika Fernando:measure the behaviours not the outcomes 27 2.8 Oliver Colling:business sponsorship 29 2.9 Kevin Jones:change is a human phenomenon 31Conclusion 33Bibliography 35References 365Executive summaryLEADING THE CHANGE|EXECU
14、TIVE SUMMARYPeople dont resist change.They resist being changed!Peter Senge,senior lecturer,MIT Sloan School of ManagementFIGURE ES1:Macro factors driving the need to change in organisationsOrganisations are continuing to face an acceleration in the rate at which they need to change their operating
15、models.There are several macro drivers that are leading to that acceleration(Figure ES1).The drivers for change are increasing in importance as organisations look to address transforming their business models in response to changing customer demands,the impact of technology,data and generative artif
16、icial intelligence(AI)and finally,and perhaps in the medium-term,the most significant and unrealised,the impact of developing and implementing sustainable and carbon-neutral operating models.The reality is that all organisations are now living in a world of constant change and adaptation.Standing st
17、ill is a strategic risk1.Technological and dataGeopoliticalJust transitionEconomic1 The implications for risk culture are considered in ACCA 2023c.6LEADING THE CHANGE|EXECUTIVE SUMMARYEach of these trends has an impact on finance teams.ACCAs report Accounting for a Better World(ACCA 2022)highlighted
18、 seven core principles causing change within the profession that can be linked to these drivers(Figure ES2).The management of change has a reputation as challenging.It is hard to do well.It takes time.Yet in a world of constant change,it cannot be ignored.The management of change is a psychological
19、process,as several of the interviewees in this report emphasise.Each drawing their own experiences in leading change,they provide insights and recommendations based upon what they have learned.Remembering the human focus,which needs to be aligned to the strategic objectives of the organisation,is es
20、sential.Without clarity in direction,and relevance to those involved,assisting individuals to embrace the journey is a challenge.Each of us is unique.How we each react to a stimulus differs and it is important,therefore,to recognise that there is no one-size fits all approach to change management.De
21、aling with change at an individual level is essential,no matter how time consuming the intervention needed.Three key messages from this report nChange is now a constant in organisations.The effective leader embraces this when driving the strategic direction and managing the fears.nAccountancy and fi
22、nance professionals have a key role in supporting successful change as their roles pervade much of the organisation.Establishing a culture that delivers agile change is essential.nRespect the differences in how each of us reacts to change and assist each other accordingly.Adjusting to working in a c
23、hanging world is everyones responsibility.FIGURE ES2:Seven core priorities for the accountancy profession from Accounting for a Better World(ACCA 2022)mapped to macro factors1.Building resilient economies2.Developing the talent of tomorrow3.Driving sustainable business4.Advancing standards and regul
24、ation5.Transforming the public sector6.Supporting entrepreneurial growth7.Strengthening ethics and trustSeven core prioritiesECONOMYTALENTSUSTAINABILITYTRUSTSMALL BUSINESSPUBLIC SECTORREGULATIONDRIVERS OF CHANGE DRIVERS OF CHANGE DRIVERS OF CHANGE DRIVERS OF CHANGE DRIVERS OF CHANGE DRIVERS OF CHANG
25、E DRIVERS OF CHANGE DRIVERS OF CHANGE DRIVERS OF CHANGE Few people are natural leaders of change,yet for the CFO being a leader of change across the organisation is a fundamental aspect of the role.Finance teams are super-connectors in organisations,having an important reach and scope which embraces
26、 all other functions.This creates a new role in supporting a change-enabled culture,one that supports innovation and creativity.Learning from the experiences of others is perhaps the best way they can lead change in challenging times.The report does not set out a methodology or an approach:indeed,so
27、me of the interviewees question the applicability of these.FINANCE TEAMS ARE SUPER-CONNECTORS IN ORGANISATIONS,HAVING AN IMPORTANT REACH AND SCOPE WHICH EMBRACES ALL OTHER FUNCTIONS.THIS CREATES A NEW ROLE IN SUPPORTING A CHANGE-ENABLED CULTURE,ONE THAT SUPPORTS INNOVATION AND CREATIVITY.7Top tips f
28、or leading changeTIPEXPLORED IN INSIGHT(S)FROMSenior leaders must lead,otherwise change will not happen:you cannot drive change bottom-up.Stephen Dowling and Ccile ParkerThe macro-level picture is fundamental to driving the change;if people understand the context,then they will more readily accept t
29、he change.Ian Ng and Jo-Ann PhlFocus upon achieving the business goals and ensure people buy into these before starting the change process.Kevin Jones and Jo-Ann PhlDo not red line the expenditure on change and learning activities:this is counter-productive.Oliver CollingAlign the business goals to
30、roles and responsibilities in the transformed organisation before implementing related technology.Kevin JonesChange is continuous and needs to be embedded in the organisations culture.Oliver Colling and Jo-Ann PhlChange is about the individual,not the group.We each have our own reactions based upon
31、our cognitive processes(the Sensory Body Feedback Loop Figure 7).Darren FlemingDo not be afraid of the psychological aspects of change.Kevin JonesCultural differences influence the approach to change:understand different perspectives.Ian NgEffective communication is a fundamental part of the change
32、process.Jo-Ann PhlChallenge industrial-age thinking and progress to a more agile approach to change.Stephen Dowling and Ccile ParkerChange is a human process and cannot be driven through forms and processes,nor through the implementation of technology alone.Kevin Jones and Stephen DowlingMeasure beh
33、aviours and not outcomes:it is behaviours that determine success.Rashika FernandoDifferent generations have different needs and we need to plan strategies accordingly.Oliver CollingUse approaches such as Design Thinking2 to understand the stakeholder and networks needs and wants.Jo-Ann PhlCollaborat
34、ion and shared experiences are key:they embed the change.Ccile ParkerFail fast and move on:adopt an iterative or agile approach to change;failure is something to learn from,not fear.Ccile Parker and Jo-Ann PhlSupport continuous and iterative learning as part of the change journey.Rashika FernandoLEA
35、DING THE CHANGE|TOP TIPS FOR LEADING CHANGE2 Design thinking is a non-linear,iterative process that teams use to understand users,challenge assumptions,redefine problems and create innovative solutions to prototype and test.Involving five phases Empathise,Define,Ideate,Prototype and Test,it is most
36、useful for tackling problems that are ill-defined or uncertain.For example,see Interaction Design Foundation(n.d.).8LEADING THE CHANGE|1.INTRODUCTION1.IntroductionThere is nothing more difficult to take in hand,more perilous to conduct,or more uncertain in its success,than to take the lead in the in
37、troduction of a new order of things.Niccol Machiavelli,Italian diplomat (1469 1527)1.1 The contextFor much of the 2010s and into the early 2020s,many organisations have focused upon transformation,3 be that solely digital in nature or a broader organisation-wide activity.In 2023 and beyond there are
38、 several trends that,in combination,increase the pressure on organisations to change(Figure 1).There are substantial geopolitical trends affecting not only the organisations themselves but also their supply chains.Economic uncertainties and the increases in cost of capital that organisations have ex
39、perienced in 2022 and 2023 have renewed the focus on the efficiency and effectiveness of processes.These uncertainties are changing customer behaviours and the relationship that they have with organisations.The need for organisations to address their responsibilities to deliver a just transition one
40、 that balances economic,environmental and social equity4 and achieves climate goals while not leaving anyone behind FIGURE 1:Macro factors driving the need to change in organisations3 The nature of transformation and the role of the finance professional in it is discussed in ACCA/Chartered Accountan
41、ts Australia and New Zealand/Generation CFO 2022.4 A just transition,in particular the social agenda,is explored in ACCA 2023a.Technological and dataGeopoliticalJust transitionEconomic9is necessitating that organisations reform their operating models.This,together with the development of reporting r
42、equirements and disclosures,requires new processes and sources of data to be established.The remodelling of performance towards a more value-centric position potentially affects the finance function more than other functions.5 In addition to supporting the achievement of the outcomes necessitated by
43、 the latter two drivers,technological advancements,6 including the availability of increasing amounts of data,and the use of AI to gain insight,provide opportunities for further operational improvements.For many organisations change is now a constant,not a one-off.Each of the seven priorities identi
44、fied in ACCAs report Accounting for a Better World(2023a)involves an element of change in organisations.LEADING THE CHANGE|1.INTRODUCTION5 The concept of value and the role of the CFO is explored in ACCA/BDO 2023.6 Technological advances are explored in ACCA 2023b.FIGURE 2:Seven core priorities for
45、the accountancy profession from Accounting for a Better World(ACCA 2023a)mapped to macro factors1.Building resilient economies2.Developing the talent of tomorrow3.Driving sustainable business4.Advancing standards and regulation5.Transforming the public sector6.Supporting entrepreneurial growth7.Stre
46、ngthening ethics and trustSeven core prioritiesECONOMYTALENTSUSTAINABILITYTRUSTSMALL BUSINESSPUBLIC SECTORREGULATIONDRIVERS OF CHANGE DRIVERS OF CHANGE DRIVERS OF CHANGE DRIVERS OF CHANGE DRIVERS OF CHANGE DRIVERS OF CHANGE DRIVERS OF CHANGE DRIVERS OF CHANGE DRIVERS OF CHANGE 10While the relative i
47、mpact of each of these priorities may vary from a change-management perspective,each involves individuals,either singly or collectively,on a journey.Senior finance professionals are at the forefront of driving future performance.As leaders in organisations,it is important that they recognise the imp
48、act of change on their teams and their co-workers.The management of change is itself an activity.In the ACCA/BDO report Chief Value Officer the Important Evolution of the CFO(ACCA/BDO 2023)many of the nearly 100 CFOs interviewed placed the role of being a change agent at the centre of the core funct
49、ions of the CFO(Figure 3).FIGURE 3:The core functions of the CFOFor those playing a leading role in finance functions and organisations more broadly,leading change is a fundamental responsibility.Yet according to a McKinsey study in 2015,which remained frequently cited into 2022,7 70%of all change p
50、rojects fail(Ewenstein et al.2015).As Deborah Rowland et al.point out in their Harvard Business Review article,Management of long-term,complex,large-scale change has a reputation for not delivering on the anticipated benefits.A primary reason for this is that leaders generally fail to consider how t
51、o approach change in a way that matches their intent(Rowland et al.2023).Change management is often said to confuse because it is about people and emotions.As the business environment and ways of working continue to evolve,so must change management.If it is a core skill for finance leaders,how shoul
52、d it be approached?1.2 What is change management?Change management is a human activity of helping individuals to accept that an organisation needs to move from one state to another.The following quotes offer four perspectives on change management from organisations and authors who are deeply involve
53、d in the subject.Change management is the application of a structured process and set of tools for leading the people side of change to achieve a desired outcome.Prosci n.d.Change management is a systematic approach to dealing with the transition or transformation of an organizations goals,processes
54、 or technologies.The purpose of change management is to implement strategies for effecting change,controlling change and helping people to adapt to change.Lawton and Pratt 2022LEADING THE CHANGE|1.INTRODUCTION7 See Bodell(2022),for example.8 The model itself was refined in Kotter(2014).Change manage
55、ment is the overarching approach taken in an organisation to move from the current to a future desirable state using a coordinated and structured approach in collaboration with stakeholders.Association for Project Management n.d.Change management is the process of guiding organizational change from
56、start to finish,including planning,implementing,and solidifying changes in an organization.Whatfix n.d.An analysis of the following definitions provides an overall summary of the activity.nIt is aligned with the achievement of the organisations goals.nIt focuses on guiding from an as-is state to a t
57、o-be state.nIt has a series of activities which represent a structured approach.nIt involves collaboration with stakeholders at many levels.nIt supports individuals through a time of uncertainty and helps them manage their emotional reactions.This of itself might be relatively simple.There are sever
58、al theories,approaches and methodologies,as cited in the Bibliography,which can be applied.Whether you look to apply Kotters eight-stage model,which was first published in his Leading Change book in 1995(later updated:Kotter 2012)8,Kurt Lewins model,originally published in 1947,or the ADKAR(Awarenes
59、s,Desire,Knowledge,Ability and Reinforcement)model developed by Jeff Hiatt(2006)of Prosci,the management of change remains a process surrounded by many theories and activities.Change agentGuardian of risksSteward of assetsReporter of performanceStrategic adviser11ProcessesTechnologyDataRoleCHANGE HA
60、S A WIDE RANGE OF IMPACTS UPON INDIVIDUALS,IN A UNIQUE WAY FOR EACH PERSON.CHANGE MANAGEMENT AIMS TO HELP PEOPLE ADDRESS THESE IMPACTS SUCCESSFULLY.Nonetheless,at its core it is about people,and how they react to potential disturbance to their established way of life.As many of the contributors to t
61、his research suggest in the articles that follow,a methodology and structured approach may be one thing,but in the world of constant change of the mid-2020s,exercising humanity as a leader is one of the fundamental traits needed for driving change.This human process is one of psychology,and many who
62、 work in this field cite the 1969 work of Elizabeth Kbler-Ross in relation to the process of grief(Kbler-Ross 2008)in her model,the five stages of grief,which explains how change affects the psychology of the individual in that context.Above all,change has a wide range of impacts upon individuals(Fi
63、gure 4),in a unique way for each person.Change management aims to help people address these impacts successfully.LEADING THE CHANGE|1.INTRODUCTIONWhat can change management impact?FIGURE 4:Impacts of change management on individualsPerformanceMindset and well-beingRemuneration and satisfactionLocati
64、on121.3 Key trends in change managementThere are several trends impacting the way in which leaders should approach the management of change.Some of these arise from changes in the ways that we work,others are driven by technology,and some are a combination of the two.The following list of nine trend
65、s(Figure 5)provides examples of things that should be considered when leading a change programme.1.Change is becoming part of organisational cultureA reality for many organisations is that change is an ongoing process.This is something which is highlighted by several of the contributors.Therefore,th
66、e efforts in change management need to move away from the structured approach more associated with large-scale projects,to being part of the culture of the organisation.Change is part of the normal way of working.Embedding change in the organisational culture will reduce the resistance to change and
67、 enable individuals to embrace the agile nature of change.Gregory Hill,Jo-Ann Phl and Ccile Parker2.Agile change is a realityFor many organisations,agile and rapid transformation is a reality(Figure 6).This places a focus on small and iterative changes to operating models.In turn,the change activiti
68、es are incremental and more immediate.Jo-Ann Phl and Ccile ParkerLEADING THE CHANGE|1.INTRODUCTIONFIGURE 5:Nine key trends in change managementFIGURE 6:Waterfall and agile changePart of organisational cultureAgile is a realityDifferent aspirationsDigital first and hybridHuman approachMental health a
69、nd well-beingData driven approachDigital adoptionManagers step upTechnicalPeopleOutcomeDrivers for changeFuture stateTransition stateCurrent stateWaterfallFuture stateCurrent stateTransition stateFuture stateCurrent stateTransition stateFuture stateCurrent stateTransition stateAgile133.A changing wo
70、rkforce with different aspirationsThe pandemic accelerated several changes in the workforce.The great resignation meant that in many developed economies a skilled group of individuals who were more resilient to change and could often enhance the process of change management by sharing their experien
71、ces,left.As several of our contributors highlight,the generation entering the workplace have different views on tenure and the approach to work.Their role in change can often be to abandon the process if they dislike the outcome.This presents challenges in creating the right approach.Oliver Colling,
72、Kevin Jones and Gregory Hill4.Digital-first workplaces and hybrid workingWhile change management is about the journey of the individual,it is also often executed through teams,often relying on team activities and water-cooler moments.With the move towards more digital-first organisations,distributed
73、 workforces and hybrid working,the workplace has,in some cases,become more individualistic.The approach to change management,as our contributors outline,needs to focus on the individual.Using collaboration tools can be one way of addressing some of the issues,but an online post cannot always replace
74、 a conversation.Oliver Colling,Kevin Jones and Stephen Dowling5.The human approachChange is a necessary part of the workplace.If leaders continue to be fearful of the outcome,to focus upon the 70%of changes that allegedly fail,then it will remain a problem.Change should be a positive force,providing
75、 opportunities for people to grow,develop new skills and become more involved in the strategic direction of the organisation.If change continues to represent upheaval,it will fail in its objectives.Those leading change need not only to get employees on board with change but also to get them excited
76、about the potential it can create.By taking a more human-centric approach to change initiatives,you enable employees to see how the new adjustments can make their jobs less stressful or more fulfilling.Jo-Ann Phl and Ccile Parker6.Importance of mental health and well-beingThere is an increased appre
77、ciation of mental health and well-being in the workplace,with many organisations investing significantly in programmes to support their staff.Aspects such as isolation arising from more digital working environments can damage this sense of well-being.There is also an increasing expectation,as our co
78、ntributors note,among employees for their employers to have staff well-being as one of their key responsibilities.These can be important in times of change,or in managing incremental change.Jo-Ann Phl and Ccile Parker7.A data-driven approach to change managementThe explosion of data creates new oppo
79、rtunities to explore the effectiveness of changes made and to understand in greater detail which activities have positive outcomes.As our contributors point out,having the right metrics is essential for an effective change process.Reliance upon measures such as employee satisfaction will only presen
80、t a limited view.Change management is not immune to the data revolution.Rashika FernandoLEADING THE CHANGE|1.INTRODUCTION8.Use of digital adoption platforms to facilitate and support changeAs with several elements of the workplace,there are emergent technologies which assist in the change-management
81、 process.So-called digital adoption platforms provide the ability to enhance learning activities associated with the change-management process by providing support in areas such as:ninteractive walkthroughs nproduct tours ntask lists nstep-by-step flows nsmart tips nembedded knowledge bases.Ccile Pa
82、rker9.Managers and early adopters need to step up as change agentsThe key to adapting to many of these aspects of how change management itself is changing is to understand the role that managers and early adopters need to play.As several of the contributors highlight,leading from the front is no lon
83、ger just nice to have,but is now essential.Finance leaders need to recognise,and fulfil,their key role as early adopters and change agents.Darren Fleming,Stephen Dowling and Gregory Hill14LEADING THE CHANGE|2.PERSPECTIVES2.PerspectivesThe pace of change has never been this fast,yet it will never be
84、this slow again.You are rightly anxious about how quickly our existing business models are being disrupted.Justin Trudeau,Canadian Prime Minister,speaking to the World Economic Forum in Davos,2018What is change and why do we not like it?The first comment that Darren makes is that in the world we liv
85、e in,everything is constantly changing.As individuals we look to work against this constant change and to try and keep life steady.There is a sense of comfort in the familiar,I might not like it,but it is predictable,and predictable feels comfortable,he says.The second point he makes is that it is n
86、ot true to say that we do not like change.If someone offers to increase your pay by$10,000 a year,most people would like that.So,it is not change we do not like.What we do not like is the unknown,and how that will change our life.When we introduce change,we introduce the unknown and the unknown is u
87、ncomfortable.As individuals we want to feel happy and comfortable.Achieving this is what we are all trying to do as we make our way through the world.When people resist change it is because they are experiencing an energetic sensation in their body that they do not like.They find this uncomfortable.
88、They then wrap a label of fear and uncertainty around this sensation.In his book,Mindset Mastery(Fleming 2023),Darren explains how the body experiences the world.The body has a range of sense organs.The most well-known senses 2.1 Why we dislike change Darren Fleming15or think something.When the sens
89、e is activated,the body automatically starts recognising what it has encountered.If you see a yellow car,you cannot not know that it is a yellow car you have seen.If you hear someone speaking in your native tongue you cannot fail to understand the words they are saying.As soon as the brain has recog
90、nised the sensory input it sets about assessing it.This is an assessment of whether it likes,dislikes or is neutral about what the sense organ has encountered.It is important to note that this is not an assessment of This is good or bad,but rather I like/dont like what I have encountered.When the as
91、sessment is complete,a signal in the form of a sensation is sent to the body to let the body know what it has encountered.Without this sensation the body has no way of knowing what is happening around it.This is constantly happening.This is known as System 1 thinking in the work of Daniel Kahneman:T
92、hinking,Fast and Slow(Kahneman 2012).LEADING THE CHANGE|2.PERSPECTIVESare sight,sound,taste,touch and smell.But this short list leaves off the vestibular system(balance),proprioception(your sense of your own bodily movement)and the mind,which detects what is happening in our brain.He contends that i
93、f we did not have the mind as a sense organ,how would we know what is happening in our brain?We sense the world in a multitude of different ways.The ancient Egyptians recognised over 100 senses.When one of our senses detects a stimulus,an automated process called the Sensory-Body Feedback Loop,is ac
94、tivated(Figure 7).This feedback loop is in constant operation.The first four steps in the feedback loop(above the black line)are automated.Any attempt to interrupt these steps is doomed to fail as we cant override the automatic process.It is simply too fast for us to do so.The first step in the loop
95、 is cognition.This is when one of our sense organs is activated.We might see,hear,smell FIGURE 7:The Sensory-Body Feedback LoopUp until this point the whole process is automated.Any directive to think positive about the change,or to change your feelings about any organisational restructure wont over
96、ride the system no matter how hard we direct people to try.The reaction is the point at which this loop can come under the individuals control.Unfortunately,most people are unaware of this.As individuals we can all choose how we react to the energetic sensations that we experience in our body.We can
97、 react in one of three ways.If the body wants more of the sensation it will react with a craving to get more of it.If it doesnt like the sensation,it will react with an aversion to stay away from the environmental stimuli that it thinks is causing the unwelcome sensation in the body.Or it might reac
98、t neutrally and let it pass.This reaction step is the only step where we can break the loop and stop it starting again.We do this by consciously altering our reactions.When we alter our reactions,we do not generate new thoughts in that the sense organs of the mind detect and reactivate the loop.THE
99、ROLE OF CHANGE MANAGEMENT IS TO HELP US,AND INDIVIDUALS,DECIDE UPON WHAT REACTION WE WISH TO DEPLOY WHEN CONFRONTED WITH CHANGE.Environmental stimuliCognitionRecogniseAssessSensationReactionThe body sends a message to the brain to act in a way to get more of the stimulus.The brain creates thoughts o
100、n how to do this.The mind detects these and the loop starts again.The body sends a message to the brain to act in a way to avoid the stimulus.The brain creates thoughts on how to do this.The mind detects these and the loop starts again.No reactionDo not likeLikeThe body reacts with cravingThe body d
101、oes not react and no signal is sent to the brain.Therefore the loop is not reactivated.The body reacts with aversion16How can we manage change?Darren considers that the first step in managing change is to understand that everyone experiences life through the Sensory-Body Feedback Loop.Whenever someo
102、ne encounters change(or anything else)it triggers this loop.How they react to the energetic sensation the loop creates in the body is up to the individual.Any change to this sensation has to be done at the reaction level not the thought level.Our thoughts happen so fast and are so ingrained that you
103、 cannot catch up with them and try to re-write them.Negative(and positive)sensations are automatic and based upon a prior experience used as a reference in the assessment phase.What we cannot do is to change those negative reactions into positive ones,because the reaction is too fast.The objective o
104、f change management is to effect change.Those who are driving it need to understand that their role is to change people.You cannot change peoples reactions by trying to change their thoughts.You can only encourage people to change by showing them how to think about different sensations that they exp
105、erience in their body.In this way,change management is about the individuals recognition of the reaction that they ought to take to a stimulus.This then becomes change leadership,not change management.While we may consider that we are part of teams and organisations,Darren reminds us that the concep
106、t of an organisation is merely a mental construct we use to organise ourselves.He says that organisations do not exist in a physical sense.What we call an organisation is just a group of people gathered around a shared story (eg I work for this company).If you want to effect any change,you have to w
107、ork with the real people,not the imagined organisations.Darren observes that,for him,the process of change management is about helping people understand what is driving their reaction to change and how they can choose to react in a different way if they want to.It is about helping the individual to
108、achieve their personal goals and understand that they can experience the comfort they want in this new world.What is important to realise is that the assessment that the brain undertakes is against its prior experiences and we cannot change the past.What we can do is to understand how the individual
109、 reacts and to help them to appreciate why they react in a certain way so that they can gain control.Do not focus your skills on trying to change something that does not exist.You cannot change an organisation because organisations only exist in our head.He cautions that this is the reason what most
110、 organisational changes fail.He comments that this is,in part,because we focus upon teams and organisations rather than individuals.While a team may react in a certain way,this team reaction is just the average of everyones individual reactions.To change how the team reacts,you need to change how th
111、e individuals react.Each individual has a learned experience which embraces the need to be part of the team.Addressing the natural reactions,the impact of the Sensory-Body Feedback Loop,is essential to effective change management.LEADING THE CHANGE|2.PERSPECTIVESAbout Darren FlemingDarren has a wide
112、 and varied background.He has worked as a para-legal,sold vacuum cleaners door-to-door,worked as a debt collector,was a banker for three years,spent five years as a statistician for the Australian government,and even spent two years as a tele-marketer while putting himself through university as a ma
113、ture age student.While doing all of this,he spent 10 years representing Australia in sailing and got a brown belt in Judo.Darren now works with major Australian and international companies to unblock their performance.He is passionate about helping people get out of their own way so they can stop st
114、ruggling and achieve more with less effort.He counts Global 100 companies such as CISCO,Caterpillar,Komatsu and others among his clients.He is the author of seven books on communication,leadership and influence.His seventh book Mindset Mastery Mind Control Techniques to Master Anything was published
115、 in March 2023.Download a free copy of it from www.MindsetMastery.online THE PROCESS OF CHANGE MANAGEMENT IS ABOUT HELPING PEOPLE UNDERSTAND WHAT IS DRIVING THEIR REACTION TO CHANGE AND HOW THEY CAN CHOOSE TO REACT IN A DIFFERENT WAY IF THEY WANT TO.IT IS ABOUT HELPING THE INDIVIDUAL TO ACHIEVE THEI
116、R PERSONAL GOALS AND UNDERSTAND THAT THEY CAN EXPERIENCE THE COMFORT THEY WANT IN THIS NEW WORLD.172.2 Harnessing the forces for change Jo-Ann Phlcollaboration opportunities.It has spurred the flow of capital,investments,and financial information across borders.This interconnectivity has paved the w
117、ay for the exchange of varied financial methodologies,cultivating an environment in which financial experts demonstrate increased openness to new ways of doing things and a greater willingness to engage and collaborate.Sharing expertise and experience provides a valuable foundation for leading chang
118、e with greater precision,agility,and confidence.By tapping into the collective wisdom of individuals who have walked a similar path,leaders can navigate complex change initiatives more effectively and achieve sustainable,positive outcomes for their organisations.In fact,three of our Kearney values(J
119、o-Anns employer)definitely have an impact on leading change curiosity,generosity,and boldness.Curiosity drives the quest for knowledge,generosity nurtures a culture of sharing and learning with collaboration uniting diverse perspectives,and boldness propels individuals to act with conviction.Jo-Ann
120、notes that many CFOs are still focused upon cost drivers and optimisation.These traditional focus areas in uncertain times remain essential,however maintaining margins with a shift to customer and protecting the top line are key.Should you apply the same user experience,or do you need to innovate in
121、 the space where you have a sticky proposition?.Finally,Jo-Ann points out the shift in the interections within the business environment and how we connect with people as a force for change.There are increasingly trends in developing alliances and a partnership approach to doing business.Jo-Ann comme
122、nts that CFOs need to lead with a balance of rigour and empathy.Jo-Ann believes that empathy has become a critical skill in the finance function because it enhances client relationships,improves communication,enables customised solutions,supports LEADING THE CHANGE|2.PERSPECTIVESIf you do not change
123、 direction,you may end up where you are heading.Lao Tzu,Chinese philosopherForces for changeIn todays rapidly evolving landscape,organisations are facing an unprecedented demand to change,making change agility a core competence for finance professionals in Jos view.As businesses evolve and take on n
124、ew responsibilities,while still managing existing ones,finding hybrid strategies to balance these varying demands becomes essential.Drawing on her experience in the financial sector she comments that you see organisations increasingly offering innovative financial products alongside their more tradi
125、tional offerings.If you add to the mix the geopolitical and sustainability challenges that organisations and their supply chains face,so the range of changes that the CFO needs to navigate and provide leadership on are quite daunting.She continues that CFOs more and more need to view what they are s
126、olving for through multiple lenses to consider the outcome of scenarios being considered and the ripple effect of decisions made now.Macro-economic factors will always have an influence and in a turbulent economy,CFOs must focus on understanding and mitigating risks,they need to be deliberate about
127、scenario planning and using technological advances such as generative artificial intelligence(GAI)for supporting business and doing what is essentially right in terms of the environment,society,and good governance(ie,their ESG initiatives).The permanence of globalisation plays an undeniable role too
128、,with a more interconnected and compact global landscape that has created competitive pressure and 18ethical decision-making,and contributes to both short-term and long-term success.It enables finance professionals to not only provide sound financial advice but also to genuinely care for their clien
129、ts well-being and financial success.Plus,empathy enables finance professionals to anticipate and adjust to changes by being more attuned to changing needs and market trends.All of this means that change is almost a constant in our daily lives,it is a programme as opposed to a one-off project.Leading
130、 change in dynamic worldAt the forefront,CFOs must create a clear case for change that resonates with employees to drive commitment and adoption.Given the range of factors driving organisations forward,it may well be that there are several changes or requirements to recalibrate along the way to achi
131、eve the overall goal.Jo-Ann likens this to a satnav recalculating as you undertake a journey.We are used to that when driving a car,being re-routed and course-corrected,she comments,why are we not acceptant of it in our business life.Her second observation is that change is now fundamental to organi
132、sational culture.When change programmes were large scale projects,we had defined stages.In a more agile world where change is a constant,any organisation needs to embed the acceptance of change in its culture.Culture is really important because it happens everywhere from the town halls to the waterc
133、ooler and carpark.It is important to have a learning culture,one that embraces failure as readily as it accepts success,to enable individuals to put new behaviours into action,elevate their skills,and firmly establish a rejuvenated culture.She continues that change is about being bold,doing the thin
134、gs that you would not necessarily have done before and creating very different ways of working.In leading change,the CFO needs to ensure that there is an all-embracing conversation.Jo-Ann comments that there is a need to create a safe space for a conversation that is not just a top-down leaders conv
135、ersation as often the most junior members of the team will help drive progress.This is especially important in a hybrid environment.Regular,open,and consistent communication throughout the change initiative,utilising various channels to enhance awareness and active involvement,contributes to the suc
136、cess of the transformation.She concludes that this is where culture lives and is important.The role of influencersJo-Ann comments that she has utilised design thinking to support her team in managing change and collaboratively shaping the future direction.She noted that there was often a need to ret
137、hink what we do and to rethink how we do it,as adults we are wired in certain way,so we have to be deliberate in making change agility successful.Being a trusted adviser is an important attribute in the future of finance,and this requires the political skill to navigate organisational dynamics and i
138、nfluence to do the right thing.That often requires thinking differently and accommodating constant change.Much like influencers and social media drives change in todays digital world,it is important to understand who creates influence in an organisation as an important part of leading change.Leaders
139、hip is not simply about organisational structures;it comes from influence and presence.LEADING THE CHANGE|2.PERSPECTIVESAbout Jo-Ann PhlA seasoned board member and c-suite professional,Jo-Ann has experience spanning start-ups to listed corporates;having operated locally,regionally and globally.She i
140、s currently an Associate Director for Kearney Africa,on the Sanari Capital Advisory Board,and chairs the Charities Aid Foundation Southern Africa Board.Prior to this,she held positions as the Group CFO for iOCO and Bowmans,an Executive Director and Group CFO for TIH,Africa CFO for Standard Chartered
141、 Bank,Executive Director and CFO for Ubank Ltd,and the Head of Finance for Barclays Africa,Middle East and Indian Ocean.Jo-Ann is a qualified Chartered Accountant(FCCA and CA(SA),Certified Financial Officer(SA),member of SAICA and SAIBA,a Professional Banker of the Institute of Bankers in SA(PBSA),a
142、nd a member of the IOD with a Post Graduate Diploma in Business Administration from the University of Wales and completed an executive development programme with the University of Oxford Said Business School.She is highly principled and passionate about empowering people and philanthropy.She mentors
143、 entrepreneurs,is an adviser for the Women in Technology Global movement,adjudicator for the Gender Mainstreaming Awards,on the ACCA member network panel,and supports the Angaza Forum that recognises and supports African women who are shaping the financial services sector while contributing to socio
144、-economic development through financial inclusion and ethical finance.Two aspects to consider in leading changeJo-Ann summarises by making two points.nFirstly,change management has to be part of the DNA of your organisation,embedded in your core values.It is important to constantly strive for progre
145、ss over perfection,look at how to do things better as opposed to assuming the status quo.nSecondly,foster effective communication and be very deliberate about stakeholder engagement.Managing the messaging is critical and leading by example is essential.Being vulnerable as a leader is vital to leadin
146、g authentically.192.3 Leading from strategy Gregory HillThe true northANSA Merchant Bank is a leading provider of financial services across the Caribbean Region,with registered offices in Trinidad and Tobago,and Barbados.As the managing director,Gregory Hill,outlined,having a strategic vision that s
147、erves as the organisations True North9,is essential to successful change management and business success.The past few years have seen major changes for the bank:the migration and adoption of several technology platforms,the acquisition of a commercial bank and a resulting enterprise-wide transformat
148、ion have required a significant change programme which is still under way.Most of these changes,he underscored,were completed during the pandemic,showing the resiliency of ANSA Merchant Bank,exemplifying its excellence in execution,leveraging change management as a core aspect of its transformation.
149、Gregory highlights that becoming excellent at change is now a competitive advantage,with the stark reality being that those unable to adapt as quickly as the external environment dictates will undoubtedly be casualties of market recalibration.As change is the only constant,he comments,the bank sees
150、excellence in change management as a source of its continued success and competitive advantage,and as a tool which increases its ability to achieve corporate goals.The significant impact of changes is predominant,with the world just exiting from the COVID-19 pandemic,spread over two years,and the re
151、cent rise of AI,with each being a shock event on its own.These events,materially change consumer preferences,counteractions by competitors,regulatory enhancements,and the global markets.In a world where there is such significant uncertainty and changes,there is a need to adjust the organisations str
152、ategy and operations.In turn,this increases the need to constantly communicate the plan and obtain buy-in among staff and key stakeholders,without which the change management efforts will be less than successful.Alignment between the strategic management and operational leaders is essential.Gregory
153、reflected upon the importance of ensuring that the board of directors are part of the change process.The assessment of strategic risks informs the development of the True North and hence the transformation required.He comments that,a healthy governance framework allows for a clear understanding of a
154、uthority,approvals and risk considerations in making changes across the organisation.Drivers of change for the organisationGregory identifies three key drivers for change that organisations are currently seeing:nEconomic challenges in the post-pandemic era the rapid acceleration of digitalisation an
155、d adoption of technology that we saw in the pandemic is now the norm.The acceptance of constant change is essential.nSustainability making changes to operating models to help organisations achieve their sustainability goals.nDesire for improved shareholder returns with increasingly mobile capital an
156、d an increased emphasis on investors risk-adjusted returns,those organisations that do not provide healthy returns are at risk of long-term failure.Transformation is essential in optimising efficiency and innovation and focusing on improving and diversifying revenue streams.LEADING THE CHANGE|2.PERS
157、PECTIVESChange hurts.It makes people insecure,confused and angry.People want things to be the same as theyve always been because that makes life easier.But,if youre a leader,you cant let your people hang on to the past.Richard Marcinko,US military commander (1940 2021)9 Alternatively known as a Nort
158、h Star.20Executing changeGregory highlights three considerations in executing change.Firstly,that the focus must be on the people.He notes that business and financial success depends on how thoroughly individuals embrace change.The teams voices,opinions and views must be considered as core to any si
159、gnificant change.Gregory noted that,a big part of change management is making sure that people know what we are going to do,and that they believe in it.This depends upon how well we as leaders are committed to ensuring that we communicate openly with our team,and actively consider their views and ma
160、ke calculated adjustments,in order to receive buy-in at all levels.Secondly,that excellence in change management enhances the chances of success.Irrespective of the change methodology adopted,the underlying principle is to ensure that teams are informed and engaged,and understand the change so as to
161、 adapt to it.Once they have adapted,then they become change agents themselves and this is where the magic of the competitive advantage occurs.The third consideration is that long-term sustained change is necessary.He notes that as an organisation,the bank applies the refreeze10 stage in the Lewin mo
162、del(Lewin 1947/1997).This emphasises that every team member must have bought into the change before the organisation moves on.This has been particularly important in the light of the three key changes that the bank has undergone,which have all been highly successful.Gregory also commented on the imp
163、act of micro-and macro-level changes.He noted that,making small increments will be a challenge,but it will not be as successful if there is no alignment of the micro with the macro.The execution of the micro will not get the resources required if there is no alignment with the strategic level.For Gr
164、egory,resilience is also important.He commented,you have to build resilience to deal with change and avoid burn out.This is especially important as change is now a constant.LEADING THE CHANGE|2.PERSPECTIVES10 Refreezing in Lewins model is the ultimate stage in which people accept or internalise the
165、new ways of working and change,accept it as part of their lives and establish new relationships.About Gregory HillGregory is an investment banker and financial services executive from the Caribbean,with a diverse range of experience and global networks across multiple sectors and asset classes.He is
166、 a member of ACCAs Accountants for Business Global Forum.Three key tips in driving changeGregory offers three key tips for CFOs and finance leaders to drive change in their organisation.nHave a visionary outlook anyone can look back,he suggests,but what is important is looking forward.The best way t
167、o predict the future is to create it,he comments.Disrupt the status quo before somebody else does.nSteward new business models business life cycles are changing dramatically,and the impact of sustainability requirements and technological change are likely to accelerate this pace.Finance leaders need
168、 to ensure that they are driving innovation both at a strategic and tactical level.nBecome an executive sponsor/co-sponsor to be the go-to business partner.Finance leaders must ensure that they sponsor,or co-sponsor,projects and change activities by creating a narrative that encourages buy-in from t
169、he board and across the organisation.212.4 The challenge of industrial-age thinking Stephen Dowlingwe face a world of constant change and evolution.A world where we need to learn and,perhaps more importantly,unlearn and relearn,on an ongoing basis.He explains this by saying that we have this system
170、that we are operating within and if people perceive change as being a threat to their livelihood,then the shackles go on in the back part of the brain.The survival part kicks in.This leads him to the conclusion that the classic change-management models are being challenged.He comments if we do not f
171、undamentally change the kind of thinking within the organisation,which then helps you to evolve the bigger system that you are operating in,then you are only doing a small piecemeal part and the bigger system remains broken.He adds,if we as individuals do not help ourselves to be able to constantly
172、unlearn and relearn and to be able to get into that cycle,then we are in danger of becoming obsolete very quickly.Knowledge and skills are becoming outdated quicker and faster now.He concluded by commenting that if you leave that old world industrial-age thinking where things are just getting faster
173、 and faster and people do not have time,you need to look at,more agile ways of working,where people continually prioritise and time-box things to allow for focus.For example,they work on something for a six-week period to achieve the outcome and then have a two-week time box where they can down tool
174、s and breathe before starting the process again.He said Its like surfing.If you fight against the tide,its a losing battle.You need to go with the tide but then you need to find a sand bar to periodically rest and recuperate.Recharge the batteries,then youll be ready to go again!Change your thoughts
175、 and you change your world.Norman Vincent Peale,American clergyman (1898 1993)The objective of change managementFor Stephen the reality of change in organisations is that it must start with the leader.Your job is to support and enable the achievement of business outcomes and set the vision of where
176、the organisation wishes to go,and then behave in a way that supports this.He cautions,however,that if an organisation wishes to go from A to B,there is limited value in understanding the context of B without first understanding why it wishes to leave A.The reality for organisations now is that there
177、 are many drivers of change and the interplay between these means that organisations cannot afford to get stuck,or they will be left behind.Today there is no such thing as neutral.You are either going forward or you are going backwards!The challenge of industrial-age thinking in the context of chang
178、e managementThe other reality that Stephen considers is that change is constant in organisations.It is not just a matter of transformation but of enabling continual evolution.Many organisations still embrace what he considers to be industrial-age thinking.11 By this he means assuming that there is a
179、 linear path of a transition from A to B.That might have been the case in previous times,but organisations have seen a rapid acceleration in the challenges that they face.The adoption of new technologies,the impact of generative AI on the workplace and the need to focus on creating sustainable organ
180、isations means that,for Stephen,LEADING THE CHANGE|2.PERSPECTIVES11 In this context Stephen is using the term industrial-age thinking to refer to a process centric approach which might be typified of labour intensive production processes.22How do leaders drive change?Stephen considers that the role
181、of leaders in driving change is crucial because they exert a massive cultural shadow,and they have the power and influence to change the bigger system in which people are operating.The challenge is that most leaders seem entrenched in the industrial age model and only the more courageous and brave l
182、eaders can break the system.As the speed of change accelerates,he considers that it is finance leaders who have a significant and influential role.If you can get them to lead the journey,then others will follow.The challenge is that the brain likes to behave on autopilot and that maintains entrenche
183、d thinking,the industrial-age model.Consciously stepping into a world of constant change and transformation is essential.The second piece of advice that he offers leaders is not to be afraid to say,I dont know.The role of leaders,he considers,is to surround themselves with the right people who have
184、the capability to solve problems and to transform.The leaders job is to remove obstacles and to get the right people allocated to the right task.Too many teams are still siloed,and this stifles agile change.The third piece of advice is to have courage and humility.Leaders should set guard rails for
185、people to operate within and then trust them to deliver results and to solve the problems.It is important to give autonomy and empowerment to allow teams to thrive.As a leader of change you need to be constantly curious yourself,challenge old thinking and explore new ways and options.Stephen conside
186、rs that leading change is about creating an environment where people are engaged and hence you are getting the best out of them.It is about attracting the right people(those with an appropriate combination of skills and ability)to work with you.As a leader,you need to be cautious about following pre
187、scriptive frameworks and methodologies rather than instincts and intuition.While these can assist,delivering change is about being brave and courageous and stepping unto uncertainty,creating the right environment and system within which people can work.Having individuals working with you(not for you
188、),sharing a vision and explaining why the journey is important,but also letting them actively participate and shape that journey,are absolutely essential.LEADING THE CHANGE|2.PERSPECTIVESAbout Stephen DowlingStephen Dowling is the founder and owner of ETM,a company passionate about delivering high-i
189、mpact knowledge to help organisations improve engagement and performance.An educator,sense-maker,problem solver and simplifier,Stephen explores this very important topic and introduces current and future business leaders to the key elements of this new simple but innovative business model.Stephens k
190、nowledge and passion for business have developed over more than 30 years experience.He has delivered many global projects,the largest being a complex upgrade of a US$2bn technology system across 17 countries in Europe for a US Pharmaceuticals company.Stephen consults with some of the biggest compani
191、es in Australia.He presents at business workshops and is a regular international speaker at conferences and industry events.Stephen is a member of ACCAs Technology Global Forum.THE ROLE OF LEADERS,IS TO SURROUND THEMSELVES WITH THE RIGHT PEOPLE WHO HAVE THE CAPABILITY TO SOLVE PROBLEMS AND TO TRANSF
192、ORM.THE LEADERS JOB IS TO REMOVE OBSTACLES AND TO GET THE RIGHT PEOPLE ALLOCATED TO THE RIGHT TASK.Two key considerations in leading changeStephen reminds leaders of two key considerations.nMove away from industrial-age thinking the world is less process centric so embrace this in how you lead chang
193、e.nTrust your instincts do not be a slave to a methodology,embrace the human element as change is about people.232.5 Six fundamental activities for a leader Ccile ParkerThe second activity is very much linked to the adaptive thinking process,which is to accept that not all initiatives work some fail
194、.It is important to recognise that in this fast-changing and agile working environment,change is part of an iterative process.Ccile commented that,not everything is going to succeed,some of it will not work.We need to allow our teams to have the mindset that when they tried and,perhaps,it did not wo
195、rk,people should be allowed to try again.It is important to avoid a culture of blame in instances where a failure occurs.Everything is a learning experience.This concept of failing fast is really close to her heart.That learning experience is part of the continuous learning process,the third activit
196、y.Ccile comments that one action she undertakes with her team is to ensure that they spend one day a month exploring new ideas and opportunities.This helps to create a pervasive attitude of agility and adoption.Your success in life isnt based on your ability to simply change.It is based on your abil
197、ity to change faster than your competition,customers and business.Mark Sanborn,authorThe world of constant changeWe live in a world of constant change and organisations therefore need to be agile.Ccile comments that,there are so many changes that impact the world of finance.For example,anything to d
198、o with ESG environmental,social and governance issues and anything that is related to AI.With the fundamental and rapid changes in AI,we really need to embrace that change and not to be afraid of it.Ccile comments that from her experience there are some people who embrace change and others who find
199、change in both their working and personal lives unsettling.For her,the objective of change management is to evaluate what is happening and to be really onboard with it.She added that we are all individuals so the message about the nature of change must be individualised.People need to understand the
200、 vision,she commented.Six activities of change managementCcile identifies six activities in leading change in organisations(Figure 8).The first is to develop the skills and mindset necessary to quickly adapt and respond to changing circumstances.Adaptive thinking means fostering a mindset that embra
201、ces change and uncertainty.The important aspect of this is to encourage the team to think creatively and explore alternative solutions in this rapidly changing environment.In so doing they become part of the change process themselves.LEADING THE CHANGE|2.PERSPECTIVESFIGURE 8:Six activities of change
202、 managementIt is fine to fail and move onContinuous learningCollaboration and communicationTechnology adoptionAdaptive thinkingStress management and well-being23451624Collaboration and communication are fundamental activities.We are used to the conversation about business partnering and how finance
203、teams engage with their stakeholders and provide value through insights that support decision making.It is an important aspect of delivering change.Finance teams cannot be an island;rather,they need to appreciate the context of the work that they do.Ccile comments that individuals need to be adaptiv
204、e and flexible,that is they need to collaborate with people.You need to fundamentally understand what the stakeholders need and how you can serve them.How you can do that or adapt to what they need.Recognising that one is part of a wider context is valuable.In Cciles view you need to embrace and lev
205、erage the available technology solutions that embraces efficiency and enables faster data analysis,reporting and decision-making.She commented about this in relation to the fear of change.The launch of generative AI,such as ChatGPT,has led to a range of discussions about fundamental changes in ways
206、of working.As a finance leader it is important to be reassuring.While it is impossible to predict the future 10 years(say),and its impact on individuals,we have to help our team members with that and reassure them that there is still going to be need for human involvement.Technology can help us stre
207、amline processes and make the ways of working easier but,in the broader context,it is collaboration and communication that facilitates adoption.Ccile explained that when she looked to improve the monthly contract accounting process it was face-to-face communication that overcame the resistance to ch
208、ange.Having good relationships clearly helps,she noted.The final activity of a finance leader is to help their team manage stress and encourage well-being.Ccile comments that change creates uncertainty and pressure.She commented that,as leaders we have to support our teams to manage the stress and m
209、aintain resilience in a dynamic and high-pressured environment.She reflected that it takes a degree of life experiences to understand the complexities and while no one can experience every life experience,you do need to appreciate that some people embrace change naturally and on the other hand some
210、individuals do not cope as well.As a leader through a time of constant change,both at an organisational and personal level,helping people to manage their well-being is essential.The responsibility as a finance leaderCciles leadership philosophy revolves around leading by example and adapting message
211、s to different audiences.She understands that,for a finance leader,embracing change and demonstrating a willingness to adapt is crucial to inspiring and engaging team members.Ccile encourages finance leaders to engage with the broader business context,have conversations about the bigger picture,and
212、be ambassadors for change.With her expertise in change management,agility,and collaborative leadership,Ccile Parker continues to inspire and drive transformation within the finance industry,positioning her team and organisation for success in an ever-changing world.LEADING THE CHANGE|2.PERSPECTIVEST
213、wo key thoughts in leading changeCcile summarised her thoughts in two key tips.nEngage with the business as much as you can.Have the conversations about the bigger picture so that those concerned understand the vision.nLead by example and be an ambassador for the change.Live it!About Ccile ParkerCci
214、le Parker is a finance leader with a deep understanding of the importance of agility and change management in the finance industry.With a career marked by navigating dynamic and fast-paced environments,Ccile has honed her skills in leading change and fostering adaptive thinking within finance teams.
215、Beyond her financial prowess,Ccile adds value to organisations overall well-being.As a member of the executive board,she leverages her experience to foster talent development,providing coaching and mentoring to team members.Her passion for education,sustainability and diversity is evident through he
216、r involvement as a STEM Ambassador12 and ACCA UK Corporate Sector Panel Member.Ccile is also dedicated to enhancing the visibility of the Heat Networks sector and creating opportunities for diverse talent.12 STEM Ambassadors are advocates of science,technology,engineering and maths who visit schools
217、 to promote the value of studying,and pursuing careers in,these subjects.252.6 Surfing through the rough sea Ian NgThe world hates change,yet it is the only thing that has brought progress.Charles Kettering,American inventor(1876 1958)Picturing the broader contextIan is an Asia Pacific(APAC)head of
218、finance and IT who is based in mainland China.The leadership of change is challenging,he comments.Ians first perspective is to look at the holistic picture.The natural approach to leading change is to look into the past and seek to improve upon it(a contextual approach to change).However,one of the
219、biggest challenges is that past experience is no longer valid as a predictor of the future.The current world is very dynamic and has changed drastically(we are in a BANI13 world),in which the former certainties no longer hold.Leaders need to adapt to the latest situation and there is no“one-size fit
220、s all”.This is especially true when placing the initiatives that organisations undertake in a macro-level context.The shifting nature of geopolitical risks means that initiatives are frequently repositioned to address specific changes.He adds that,the very experienced leader will still have to adapt
221、 to this new environment because nobody has been through the range of economic crises that we have.There is no checklist.Ian offers a second perspective,that of the impact of technology on organisations.He comments that,we never know how fast digital disruption will occur.We have seen the advent of
222、ChatGPT4.0 and probably soon we will see ChatGPT5.0.He comments that we need to be careful in assessing the constraints and opportunities that technology will bring.LEADING THE CHANGE|2.PERSPECTIVES13 Brittle,anxious,nonlinear and incomprehensible;a concept developed by Jamais Cascio(2020).The cultu
223、ral impact of changeIan reminds us that the leadership of change is highly individualistic.We all have learned experiences throughout our lives that will influence how we react to change.There are differences in the education systems in North America,Europe and Asia that influence how people react.S
224、ome influences are more principles based,others binary in nature or rules based.Each of these will influence how somebody reacts to a business leader who advocates a change.There may be acceptance or fear,but how these are demonstrated,in his view,is significantly influenced by the culture.In turn t
225、his determines attitudes to concepts such as fail fast and move on in his view.For some people,he suggests this may be counter-cultural.He notes that some individuals will,do a very deep thought about the key performance indicators assigned to them and carefully evaluate them.They wish to make sure
226、that they know that outcomes are achievable.This in turn may influence peoples perception of failure.Failure is an outcome that some people will not accept.In leading change,especially across borders,these factors can become significant.They may determine the difference between success and failure.T
227、wo key observations in leading changeIan offers two key observations on leading change.nEstablish the broader context of the change remember the macro-economic and geopolitical factors as well as the organisation-specific drivers.nChange has a cultural context consider how different cultures approac
228、h change and adjust your interventions accordingly.About Ian NgIan is a finance professional who has 23 years of finance work experience from Big Four accountancy firms,US Industrial companies,and US market research firms.Currently,he is the APAC head of finance and IT for a European industrial comp
229、any.Ian participates actively in ACCA events,and he is a member of ACCA Accountants for Business Global Forum,and ACCA Central China Steering Committee,and is an ACCA Global Council Member.262.7 Measure the behaviours not the outcomes Rashika Fernandoemployee satisfaction,he notes.To measure behavio
230、ural change,measures such as adoption and use need to be incorporated into project success measures.The benefit is that corrective action can be taken earlier and hence the outcome has a greater chance of being achieved.Rashika commented that while there are standard models for change and these migh
231、t have originated from academic study,in the real world what matters is how people react to change,how you adopt the right approach and how receptive they are.He continues that it is important to remember that people are not objects,they are emotional constructs.There is a danger,in his view,that fo
232、llowing a methodology will not deliver the desired outcome as it may not place an appropriate level of emphasis on behaviours and emotions.These cannot be delivered by methodologies,only by effective communication.The changing workforceRashika has noted that a change in the workforce has presented n
233、ew challenges for those wishing to drive and lead change management.He comments that,in his experience,the workforce is becoming more transitory and tenure in organisations is shortening.The impact of this is that individuals are less receptive to change.They do what they need to do and move on.He a
234、lso notes a distinct cultural difference between the generations.He says that those entering the workplace may have unrealistic expectations about their skill sets,and lack critical experience.This presents a challenge when leading change as the emphasis on the journey to the new state is hard if th
235、e differing constituencies disagree on the start point.This is also part of an organisational change journey.As a leader of change you need to appreciate this and to address it.You need to accept the granularity of change and to model the behaviours that everyone will have to The pessimist complains
236、 about the wind.The optimist expects it to change.The leader adjusts the sails.John Maxwell,American authorFocus on behavioural change,not on a processThroughout his career Rashika has had considerable experience in implementing change initiatives in large financial institutions.His perspectives sho
237、w how change is a constant but is first and foremost about the people involved.It is a journey from A to B and change management is how you make people comfortable on that journey.One of his earliest learning experiences in this area was with a financial institution where there were about 850 projec
238、ts underway across the globe and this represented a sizeable investment.Each project had a different approach to change management.This resulted in the employees being confused and bombarded by differing change initiatives,all of which aimed to deliver improvements in their ways of working.The issue
239、s became so great that the regulators became concerned and demanded action.So,we had to do a change-on-change management.That was my task,he comments.The reality of one consistent approach across the organisation that will deliver the desired impact was essential.This presents challenges in globally
240、 and culturally diverse organisations.Rashikas next learning experience in this area showed him that it is behaviours that you are looking to change.He commented that people tend to focus on the deliverable rather than the behavioural change.In his experience,too many projects focus on the outcome o
241、r the deliverable and do not recognise the need to measure how the changes in behaviours are progressing.Rashika accepts that this is challenging.It is far more complex that measuring LEADING THE CHANGE|2.PERSPECTIVES27adopt so that they can all,no matter what their tenure,work towards creating a vi
242、sion of the future.The monitoring of appropriate metrics at a senior level is essential.The adoption of technology is lower-level roles alters the employees value proposition.One impact of this is that we are moving away from team-centric to more individualised roles and the achievement of the desir
243、ed outcomes of change is therefore even more focused upon the individual what is my role and how do I best fulfil it?Hybrid working is another factor in stressing this individuality.If we are not careful,people lose one of the tools that enables them to deal with change:conversations or the sharing
244、of experiences.The challenge for the change team is to find new and effective ways of creating the same impact,maybe by using collaborative technologies as one component.This presents new challenges in driving change.Rashika comments that with the rise of individuality,the command structures break d
245、own because command structures are based on democracy.Change activities therefore need to be focused upon the individual and,as a result,measurement is of the individual,not the team.Overall,as senior leaders,it is important for us to recognise that the management of change is itself changing.The ol
246、d methods and metrics need to be reappraised.Focus upon the individual and their behaviours and engage with them.LEADING THE CHANGE|2.PERSPECTIVESAbout Rashika FernandoRashika Fernando is vice president,portfolio governance and analytics,business transformation,RBC Capital Markets.He has led large o
247、rganisational change initiatives at CIBC(Canadian Imperial Bank of Commerce)and Scotiabank.The largest of these transformations include a)revamping the strategic annual planning process at CIBC,b)implementing a project portfolio management system at Scotiabank and c)migrating the creditor insurance
248、portfolio of approximately 600,000 clients to a new reinsurer at CIBC.Rashika Fernando is an FCCA and a CPA(Canada).He a member of ACCAs Technology Global Forum.IT IS IMPORTANT FOR US TO RECOGNISE THAT THE MANAGEMENT OF CHANGE IS ITSELF CHANGING.THE OLD METHODS AND METRICS NEED TO BE REAPPRAISED.FOC
249、US UPON THE INDIVIDUAL AND THEIR BEHAVIOURS AND ENGAGE WITH THEM.Two key tips in leading changeRashika has the following two key tips for those leading change.nCommunicate Rashika stresses the need to communicate through involving people in various forums and giving them time and space for change.Ch
250、ange is not a widget,he suggests:rather,it is a process that involves human beings and we should not lose sight of that.nMeasurement Rashika stresses behavioural change and many organisations focus on measuring the progress in effecting the change and not the outcomes.There is a need to focus upon l
251、eading and lagging indicators that tell you how change is being adopted.Doing this enables you to make adjustments during the course of an initiative,not realising at the end that the initiative has failed to deliver the expected outcomes.This is too late.282.8 Business sponsorship Oliver Collingsen
252、ior people what it means and how it is going to work;what the outcomes are going to be,quite often they become the biggest advocates once they get it.In his view,time invested in senior people often pays off.In one experience of a finance transformation in a large multinational organisation,neither
253、the chief executive officer nor the chief financial officer wished to be the project sponsor.The chief information officer assumed the role and there was no effective business sponsor.The project failed.He commented that,in his experience,it is amazing how many projects do not have any kind of visio
254、n or any expected outcome.If you are not able to articulate that and then work out from the bottom-up how you will achieve it,then the project may well fail.The failed red pencilOliver commented that some finance leaders are as guilty as anybody in getting this wrong.When project costs over run and
255、costs need to be saved it is always the change and training budget that is cut first.He added that most organisations are also guilty of looking for perfection.While 80%of the effort might be sufficient to achieve the outcomes,it is not the expense of the change and training activities that is alway
256、s the problem.In any project the human endeavour is always the weakest link.Adoption suffers if people do not properly understand their context in a process.A good jobOliver highlights that what people are looking for from an employer is a job that is satisfying and meets their physical and psycholo
257、gical requirements.He says that there is an increasing sense that people expect their employers to look after them in many ways.The tenure of individuals in roles is reducing,especially for newer entrants to the workforce.Rather than adapt,they may simply choose They always say time changes things,b
258、ut you actually have to change them yourself.Andy Warhol,artistThe importance of business sponsorshipOliver explained that for him the first thing about change management is starting with the end in mind.It is important to understand what the end outcome is before undertaking any change journey.If y
259、ou cannot do this,how can you expect people to follow you?He comments that to lead change you need a deep understanding of how the organisation works,how adaptable it is and how ready for change it is.Oliver contrasts this with the application of technology itself.He commented that new technology,ge
260、nerally does what it says on the tin but until you contrast that with the ways that people think,it is easy to underestimate how difficult change can be in some organisations.As a leader of change you need to be able to articulate the end goal in one or two sentences that people can readily apprecia
261、te and that enables them to reach the same conclusion.There is a need to be clear about what it means for the organisation and what it means for the individual and from this there needs to be an acceptance that not everyone will like it:some wont.This brings us to Olivers second point,which is that
262、there is no one size fits all approach to change management.There may an approach that fits a majority and there may be a need to accept that taking the majority with you is fine.Change is never an easy process and there will always be some people who do not find the outcome to their liking.Oliver n
263、oted that,from his experience in leading change projects as a consultant,that the challenges often rested with some of the senior people in organisations.Once you take the time to actually explain to the more sceptical LEADING THE CHANGE|2.PERSPECTIVES29to move on,should their needs not be addressed
264、.In Olivers view,this alters some of the paradigm of change management.He comments that you need to keep a balance between the individuals requirements and the overall organisations needs.Oliver also comments that the expectations of individuals may have changed because of the pandemic.He referenced
265、 one individual,in an extreme example,who had worked from home since the pandemic with no issues.When a change in the business model required them to come into the office more frequently,they said that they were unable to do so because they had relocated.He commented that,as those leading change,we
266、need to be very careful that we need to get the balance right,particularly where there is a lot of change going on.LEADING THE CHANGE|2.PERSPECTIVESAbout Oliver CollingOliver is an FCA and FCCA-qualified accountant with over 30 years experience of helping organisations improve the way they work.He i
267、s an experienced executive and non-executive board member and is a partner in a consultancy firm.He has recently held interim chief financial officer roles at MS3 Networks,Mi Hub and Scottish Rugby.He also sits on ACCAs Global Accountants for Business Forum.Two key challenges in leading changeOliver
268、 highlighted two key challenges in leading change.nThe changing leadership model One of the impacts of the pandemic,although it was a trend which started before,is a more devolved leadership model in organisations.As an example of this,when change is needed at a global level there may be resistance
269、at a divisional level where greater autonomy has been granted:it is now easy for divisions to lose sight of the overall imperative and just say no.Establishing a stronger case for change,as well as reinforcing leadership hierarchies,is sometimes necessary.nBeware of change fatigue and over promising
270、 It is easy for change programmes to become self-fulfilling without achieving their ultimate goals.They tend to absorb increasing amounts of effort for diminishing returns.It is easy to over promise about the outcomes of a change programme but if these are not achieved it leads to resentment and inc
271、reased resistance to change.As a leader you should always be realistic and look to the feasible by communicating the reality.302.9 Change is a human phenomenon Kevin JonesAt this point prising the barnacles off,or getting people to change the way they work,requires immense effort.Kevin suggests that
272、 the key work as a leader is to ensure that you have your team onboard from the start.If you havent got the people onboard before you start,they will resist the whole thing.Getting engagement and buy-in is difficult.First there needs to be a compelling reason for the change youre aiming at.The team
273、then has to be free to debate and challenge to get to a solution that works.Everyone must feel that they have the right,and the duty,to challenge existing ways of working.Peoples position will change when theyre very clear about what it is that we the leaders are asking them to deliver and that the
274、old ways of working will not deliver the outcomes that youre collectively committed to.If you cant get to here,then the change is never going to stick,he adds.Kevin explains that for a recent large-scale implementation that he has been undertaking in his organisation,the project team started with th
275、e organisational objectives and translated these into roles and responsibilities.Only once these foundations were in place did the team start to look at the technology.He added,you get the ownership of the broader strategy and once you have an idea of what the future looks like,then you are in a pos
276、ition to say what capabilities are needed to deliver that.In this instance it necessitated rewriting every position description not only across finance,but also for procurement and other shared service functions.Once you are on this direction and path you ensure that you can have the right people in
277、 the right roles in place.Then can you put the development plans in place and ensure that you have the right amount of training.Powerful and sustained change requires constant communication,not only throughout the rollout but after the major elements of the plan are in place.The more kinds of commun
278、ication employed,the more effective they are.DeAnne Aguirre,board directorChange is a human phenomenon driven by strategyKevins first comment is that change is a human phenomenon.I think that the temptation for CFOs is to see things through the lens of system and process because they are comfortable
279、 there,he notes.If you are not impacting the work and peoples relationship with their work,then you are not undertaking transformation.What you are doing is incremental change and this gets resisted.Kevins experience in this area goes back over 20 years.He uses the implementation of a large-scale en
280、terprise resource planning as an example of how change usually works out in the face of human behaviour.When the system is launched,it is like launching a big shiny boat.It is clean and you can see where the lines are.On day one the first work around happens.He likens this to a barnacle attaching it
281、self to the ship.As time progresses so more barnacles are added until you reach a point when all you can see is the barnacles and its hard to tell whether youre looking at a yacht,a frigate or a tugboat.Barnacle creation is like an act of heroism every barnacle is regarded as making something work,h
282、owever it is often merely the reimposition of old ways of working on top of a new platform.People will cling to their old ways of working for dear life in the way that the barnacle clings to the ship,but each barnacle slows the progress of the ship in a small increment until such time as the drag be
283、comes significant.LEADING THE CHANGE|2.PERSPECTIVES31Why do some CFOs find change management challenging?Kevin suggests that they kind of know the tricks and how to do it,but there is no consistency to the process and no consistency in the outcomes.People perceive the change through the lens of diss
284、ociated individual impact and,as a result,get to work on barnacle addition.It is a sort of an orderly chaos.Kevin links this to his views on the future role of finance.I believe in a different future for this function.I believe that we can add real value and contribute to decision making.This means
285、success not just for the people who work here,but also for our customers,the community,and the broader society around us.Finance team members get excited,and they want to draw out that alignment and discover the new journey.Change is about leading,not about a processKevin explains that the reality o
286、f leading change,for him,centres on organisational psychology.He has had the assistance of an organisational psychologist in his change programme for the past three years and this has delivered significant benefits.They can act as a sounding board to explain what works and does not work.He adds that
287、 one of the challenges that he sees with the traditional view of change management is that it is about writing operating instructions for a person using a new system and developing training plans,when in reality that is about 5%of the role of a change manager.CFOs,in his view,tend to favour projects
288、 and processes that have a level of complexity but also a high degree of certainty.We orientate towards a whole raft of numbers,which you can then analyse.We are happy with the complexity of project plans and process documentation as this type of complexity tends to be linear.In contrast,transformat
289、ion is non-linear.It is messy and living through that complexity and ambiguity is hard this is where engaging an expert in change and human behaviour makes all the difference.Measuring the progress is equally challenging.Kevin favours measures based upon staff engagement and what it is like to work
290、in the organisation.This helps you understand whether you have the people aligned before you start the hard work.It is hard to place a financial value on this.You cannot measure human behaviour in a spreadsheet.Yet if you fail to align the people at the start the money will be haemorrhaging because
291、what you are trying to do is not working.CFOs like certainty and hate shades of grey.Asking a CFO to lead change is asking them to lead in an area that they hate ambiguous complexity while ignoring the one that they love certainty.LEADING THE CHANGE|2.PERSPECTIVESAbout Kevin JonesKevin was appointed
292、 as chief financial officer of SA Power Networks in March 2020.Prior to this,Kevin had more than 20 years experience in finance,strategy,governance and general management roles across a wide range of industries.Kevin brings transformative thinking and people-centred leadership to the roles he undert
293、akes.Since migrating to Australia in 2007,Kevin has worked in the utilities sector,firstly at Water Corporation in WA,then as CFO and corporate secretary at Yarra Valley Water in Victoria,and most recently as CFO of Sydney Water,Australias largest water utility.Kevin in a member of ACCAs Accountants
294、 for Business Global Forum.Two aspects to consider in leading changeKevin summarises by making two points.nFirstly,make your strategy compelling every minute that you spend on developing your future strategy is worth it in establishing the why and hence the buy-in.nSecondly,be clear about the role o
295、f finance in the future organisation.You need to rescale your people in areas that add value.Automation and generative AI will change processes and your team needs to be ready for that.CFOs need to work forward from the burning platform of change.TRANSFORMATION IS NON-LINEAR.IT IS MESSY AND LIVING T
296、HROUGH THAT COMPLEXITY AND AMBIGUITY IS HARD THIS IS WHERE ENGAGING AN EXPERT IN CHANGE AND HUMAN BEHAVIOUR MAKES ALL THE DIFFERENCE.32LEADING THE CHANGE|CONCLUSIONConclusionChange has a bad reputation in our society.But it isnt all bad not by any means.In fact,change is necessary in life to keep us
297、 moving,to keep us growing,to keep us interested.Imagine life without change.It will be static,boring,dull.Dr Dennis OGrady,psychologistOrganisations continue to face the need to change their operating models.There are several important drivers for this:economic realities,technological advances and
298、the need to modify operating models to accommodate sustainability objectives.The pace of change is unlikely to slow down.Creating organisations that are successful in delivering and adapting to change on an ongoing basis is essential.From the culture of the organisation to its talent policies and pr
299、ocedures,change is an integral part of todays organisations.Finance teams and,in particular,finance leaders have an important role to play in successfully delivering organisational change.Finance cannot just be concerned with numbers.It has a role as super-connector across the organisation,which mea
300、ns that our actions are highly influential in whether changed practices are adopted.There are several actions that finance leaders can do to ensure success in change management(Figure 9).FIGURE 9:Success factors in leading change managementLeadershipLive in an agile worldEmbedding into cultureFail f
301、ast and move onEmployee supportInfluencersPrecise,measureable goalsLearning for rolesAdaptabilitySuccess factors in leading change management33Firstly,effective change management comes from leadership action.That action starts with creating and instilling an effective set of strategic goals which fo
302、rm the basis of all the subsequent activities.Gaining employee support is a two-way process.Change is about human emotions and how each individual reacts to the circumstances in which they find themselves.Using techniques such as design thinking to create ownership and buy-in across the organisation
303、 is essential.Identifying those who have influence will assist in creating ownership.In a world of social media,using the principles of influencers in the communication and delivery of change is an important technique.As teams become more hybrid and disparate,so the importance of these influencers i
304、ncreases as teams use increasingly informal communication tools to share experiences and define actions.Each one of us has the capability and capacity to influence.The measurement of change is not about outcomes,it is about progress and sentiment.In a world of constant change,projects often become o
305、vertaken by successive initiatives.Measuring behaviours and not outcomes is essential in evaluating the effectiveness of adoption.Organisations increasingly need to be adaptable.The nature of the constant change that they now face is that the culture needs to reinforce the principles of rapid adopti
306、on.Long-considered projects are,for the most part,a thing of the past.Being able to change as and when required means that deploying people,processes,technology and data to their best advantage is key.This enhances commercial advantage.For that reason,the focus is increasingly on learning for roles
307、rather than processes or team activities.Defining the skills and capabilities necessary to undertake a role before defining how that role is to be performed is important.Providing the learning to support the development of the individual to fulfil that role is key.Some learning may be developmental,
308、some may be commercial,but ensuring the individual is sufficiently flexible and adaptable means that they are prepared for the future.Fail fast and move on should be the new mantra.It may be that a change initiative does not work or deliver the anticipated benefits.That may not matter.What is import
309、ant is that the lessons are learned,no blame is ascribed,and the those involved are ready to move onto the next challenge.As leaders it is important to establish a no-blame culture for change and innovation.Each of these activities come back to the embedding of change into the culture of the organis
310、ation.For a finance leader,this means establishing a belief that individuals will always be supported through innovation and change.No one is left behind,so those who find change hard to manage will always be supported,while those who champion change will also have a strong role.With an emphasis on
311、culture,change becomes less centred on methodology and more on psychology.Understanding that is an important step for finance leaders.Finally,live in an agile world.Change is now a constant in most organisations and that in turn can create fatigue.As a CFO,recognise the impact that this is having on
312、 your team and the organisation as a whole,but also recognise your role as a leader.LEADING THE CHANGE|CONCLUSION34BibliographyChange management journalsThe Journal of Change Management A journal devoted specifically to change management,including academic articles,research,and studies.The Journal o
313、f Organizational Change Management A journal devoted to organizational change.International Journal of Strategic Change Management This journal focuses on strategic change.Change management blogsProscis Blog Prosci is a leader in the change management industry,offering consulting services,courses,an
314、d other change-management options.Torbin Ricks Blog Torbin Rick,an executive and change management expert,has many blog articles on the topic of change management.Agile Change Leadership Institute Conversations of Change is the blog of change-management professional Dr Jen Frahm,and it offers many a
315、rticles on the topic of change management.Enclaria Blog This blog is another one focusing strictly on business change and change at work,by change professional Heather Stagl.Lean Change Blog This blog,specifically devoted to lean change management,has many articles and podcasts by change coach Jason
316、 Little.Lean Change Management a user community blog which focuses on lean and agile change management.Kotter a change management blog based upon the work of John Kotter.Change Management Review This is an excellent resource for change management information,as well as many other tools,such as white
317、 papers,podcasts and training.WalkMes Change Management Blog This blog is constantly updated with information about change management,change leadership and other relevant topics.LEADING THE CHANGE|BIBLIOGRAPHYChange management theory and practiceKurt Lewin(1947/1997),Field Theory in Social Science,i
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