Industry has been advised to be change ready as that is the only way of surviving the fast pace globalisation currently taking place.
Dr Pikay Richardson, a senior visiting fellow at the Manchester Business School, made this known at a business seminar in Accra last Friday.
The seminar, organised by the China Europe International Business School (CEIBS), was on the theme: “Leading and managing organisational change in a fast growing global world economy.”
Dr Richardson explained that globalisation was simply nations getting together for common purposes in the area of trade, finance, commerce, ICT, education among others.
He revealed that industries are frequently getting together (industry collusion) making it very competitive for businesses who want to thrive.
He explained that change is the converse of the status quo adding that it could either be imposed thus exogenous or self-orchestrated which is endogenous.
He gave examples of change as personal, organisational, national as well as international.
According to the renowned scholar, success is not permanent and hence every phenomenon must prepare for change.
“Size doesn’t guarantee success and being the first at something is not enough; it gives an advantage but only for a while.”
He advised that managers should have the eye of seeing markets without borders instead of countries with borders.
On management, he posited that the world has gotten to a stage where good management is no longer enough but effective leadership.
He explained that leadership is about issues stressing that leaders manage people while managers manage structures.
Dr Richardson intimated that an ingredient for successful change effort is “being change ready and overcoming resistance to change.”
He added that there is always resistance to change because humans are creatures of habit.
The business lecturer advised everyone who wanted to succeed in his or her venture to do everything to make the customer who he is, make sure the customer stays and make sure the organisation has the staff to deliver quality service.
He outlined eight stages of leading major change among which, he said, was the need to establish a sense of urgency, creating a guiding coalition and developing a vision and strategy for oneself or outfit.
He added that there was also the need to communicate the change vision to everyone involved, empowering broad-based action and also generating short-term wins.
He concluded by saying that consolidation of gains and producing more change was inevitable for a major change direction in any system.
The seminar was attended by lecturers from CEIBS and other tertiary institutions, business managers, business students among others.
STORY: SELORM ATUTORNU
