CHANGE MANAGEMENT: A STRATEGIC TOOL FOR CORPORATE SUSTAINABILITY IN CONTEMPORARY TIMES
Authors:
Wobodo, Chinonye Chris, PhD & Prof. Zeb-Obipi, Isaac,
Abstract:
The environment of business is complex and unpredictable. Such complexity and unpredictability impose both opportunities and threats on the business as a result of changes (political, economic, technology, social etc.). These changes can make or mar the organization’s sustainability if not effectively managed. Therefore, this study conceptually examined how managers in contemporary business settings can utilize effective change management in pursuit of corporate sustainability in the face of rapid changes. In view of the study purpose, the paper critically and extensively assessed the literature on the two study variables in order to understand the features of each, as well as their correlation. Thus, the study found that: i) managers find it increasingly difficult to cope with the rapid changes that characterize contemporary business; ii) in situations of human resource, organizational culture and others, an incremental change management approach is found to be appropriate for sustainability; iii) radical change management approach applies better to situations of organizational structure, strategy, technology, products and services to attain sustainability; iv) there are situations where neither of the two approaches is sufficient to bring about sustainability. Therefore, the paper concludes that change management is a strategic tool for corporate sustainability in contemporary times through the adoption of incremental and radical approaches and a continuum of the two in some cases. Based on this, the study recommends that to remain sustainable in the face of changes, managers should: (i) continuously embrace change as an inescapable aspect of the environment; (ii) adopt an incremental change management approach in situations relating to human resource and organizational structure issues; (iii) employ radical change management approach where an organization is confronted with issues pertaining to the structure, culture and strategy; (iv) apply an appropriate combination of the two approaches in situations of punctuated equilibrium.