NEWTOWN SQUARE, Pa.--(BUSINESS WIRE)--According to the Project Management Institute’s Pulse of the Profession® In-Depth Report: Enabling Organizational Change Through Strategic Initiatives, 48 percent of strategic initiatives are unsuccessful, and as a result, nearly 15 percent of every dollar spent on strategic change initiatives is lost due to poor project performance. The good news is that success rates are significantly higher in organizations that report being highly effective at organizational change management. For these high-performing “change enablers,” twice as many strategic initiatives meet original goals and are completed on time and on budget compared to organizations that are not as good at managing change.
Expanding on findings from the global 2014 Pulse of the Profession® study and PMI’s Managing Change in Organizations: A Practice Guide, this new research identifies standardization, communication, leadership and executive support as the practices used by companies that are most successful at driving change through successful implementation of strategic initiatives. These “change enablers” share a common set of practices that include:
- Using standardized project and program management practices
- Creating an effective communication plan; thoroughly executing that plan; and identifying, measuring and communicating the expected benefits of change
- Engaged sponsors who actively rally senior management to actively support the change
- Creating a vision and leading stakeholders through organizational change
“We know that all strategic change happens through projects and programs. This new study reinforces the importance of organizational change management as an essential capability in managing an organization’s most important projects and programs—their strategic initiatives,” said PMI President and CEO Mark A. Langley. “It’s clear that, in order to create competitive advantage, organizations must enhance the competencies and practices that allow them to drive change through successful strategic initiative management.”
To learn more about successfully leading change and the practices used by “change enablers”:
- Visit PMI.org/Pulse to download Pulse of the Profession® In-Depth Report: Enabling Organizational Change Through Strategic Initiatives
- Visit PMI.org/Knowledge-Center/Change-Management/Change-Management-Form.aspx to download Managing Change in Organizations: A Practice Guide (available at no charge to PMI members)
About the Pulse of the Profession/Methodology
PMI’s Pulse of the Profession® study - the industry's annual global outlook for project, program and portfolio management - examines the latest in project management around the world as well as future trends. Conducted since 2006, PMI’s Pulse of the Profession is the industry's annual global survey of project management professionals. The newest edition of the Pulse features feedback and insights from over 2,500 project management leaders and practitioners.
About Project Management Institute (PMI)
Project Management Institute is the world's leading not-for-profit professional membership association for the project, program and portfolio management profession. Founded in 1969, PMI delivers value for more than 2.9 million professionals working in nearly every country in the world through global advocacy, collaboration, education and research. PMI advances careers, improves organizational success and further matures the profession of project management through its globally recognized standards, certifications, resources, tools academic research, publications, professional development courses, and networking opportunities. As part of the PMI family, Human Systems International (HSI) provides organizational assessment and benchmarking services to leading businesses and government, while ProjectManagement.com and ProjectsAtWork.com create online global communities that deliver more resources, better tools, larger networks and broader perspectives. Visit us at PMI.org, facebook.com/PMInstitute and on Twitter @PMInstitute.