Professor Tony O'Driscoll outlines a People-Centered Transformation (PCT) framework for creating real change
The issue is not that organizations are resisting change, but rather that they fail to successfully execute their intended strategies.
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Professor Tony O’Driscoll of Duke University’s Fuqua School of Business says the pressure to continually change as a result of a constantly shifting business environment has shortened the life of many organizations.
O’Driscoll explained on Fuqua’s LinkedIn page (full video above), that between 1970 and 2020 the average lifespan of a publicly traded company fell from 55 to 31.6 years.
“When my mom and dad told me, ‘You should keep your job at IBM, and stay there for the gold watch’, that's probably statistically very difficult to do today,” O’Driscoll said.
The issue is not that organizations are resisting change, he said, but rather that they fail to successfully execute their intended strategies.
“They fail in their transformation efforts almost 80% of the time,” O’Driscoll said. “That’s like $2 trillion a year (in failure costs), roughly equivalent to the GDP of Brazil.”
[This article has been reproduced with permission from Duke University's Fuqua School of Business. This piece originally appeared on Duke Fuqua Insights]