Change management in times of economic uncertainty

Abstract

Using online survey, this study assesses the success of local businesses and how these organisations effectively cope with change. An analysis of 197 responses showed that adaptability, flexibility, and optimism were consistently correlated with the organisations' ability to cope with changes and their reported success. Adaptability is a critical factor for success and it is conceptualised as the ability to respond strategically to the external environment. Almost all local businesses surveyed had engaged in organisational change or planned to engage in change in the next three years. Organisations which are successful are more optimistic and place greater importance on planning when making organisational changes. Furthermore, an organisation introducing changes, such as that of incorporating new technologies into the workplace, should not overlook the importance of rallying the full support of the employees in executing the change for a more positive outcome.