A global economy spiraling out of control continues to throw business leaders from their seats, forcing companies to adapt and quickly, sometimes blindly, embrace leadership changes. Senior executives for some of the largest companies in the world agree these adjustments have largely been unsuccessful, according to new research.
A recent study from the Economist Intelligence Unit (EIU) and a management consulting firm showed that 42% of business leaders in the U.S. and Europe admit their change-management programs in the past five years have more or less failed. Companies plan to spend more money on leadership transitions to fix the problem--yet, at the same time, they aim to reduce operational costs.
Experts say a successful leadership transition is not defined by a sound plan to restore a company's fiduciary responsibility, but rather it's about knowing how to make it happen. "It's easy to write a plan and make a fancy notebook, but it's hard to actually implement it," said Constance Dierickx, a senior consultant of RHR International.
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