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Business transformation rates significantly improve through people-driven change, rather than on technology and process alone.
The success rate for business transformations significantly improves when organizations drive change by focusing on people, rather than on technology and process alone. What does that really mean? The gap between industry leaders and laggards now depends on your organization’s ability to put humans at the centre of the business agenda and to transform accordingly.
People-related challenges are one of the top reasons transformations fail. Absent executive sponsorship, clear leadership alignment and a well-articulated vision, people won’t buy into the need for transformation.
Without the right talent, skillsets, motivation and incentives, teams aren’t always ready to execute on the required change. Put simply: organizations that underestimate the human component of change often lose out on the full value of transformation they might otherwise unlock.
That can entail a high cost. How so? Competition for good talent is fierce right now and burnout is high. Keeping and building talent is already a challenge. On top of that, 90% of employers believe they prioritize employees for long-term value creation while making decisions. But only 69% of employees agree that their organization has made employees the priority. There’s no room in today’s working world for ways of working that are developed at the top and implemented without understanding the dynamism and diversity of the actual workforce (Reimagined workplaces for employers & employees | EY Canada).
The good news is: putting humans at the centre of your transformation approach can help you avoid these pitfalls and generate greater value from transformation efforts. Start by recognizing that technology alone can’t move transformation forward — but focusing on the real needs of real people can.
It’s time to elevate our collective focus on talent. That means prioritizing your people right alongside operations, systems, finance and risk at the very heart of the transformation agenda.
Of course, a lot goes into refocusing business and transformation through a more human lens. This isn’t just about layering new policies or programs into existing structures or HR programs. Rather, it requires a combination of interconnected levers that must be considered throughout the entire transformation journey.
With that in mind, our EY Humans@Centre series will address each of these areas to help you transform using a people-first strategy. Watch out for my colleagues’ upcoming perspectives to learn more about how a meaningful focus on your people can drive more successful transformation:
- Antoine Mindjimba on culture
- Steve Wakeham on change experience
- Karen Hutchison on leadership coaching
- Kat Lee on agile enterprise
- And many more to come
Summary
Organizations that underestimate the human component of change often miss out on the full value of transformation, as the success rate for transformation significantly improves when change is people focused. This means the gap between industry leaders and laggards now depends on your organization’s ability to put humans at the centre of business. Our EY Humans@Centre series will help you address transformation topics using a people-first strategy.
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Humans@Center, the first step towards a successful transformation
A human-centric approach is key to building a future-ready workforce. That includes building a culture that supports continuous growth and evolution. Learn more.