Managing change successfully in today's rapidly changing and very competitive business environment is regarded as a fundamental organizational imperative, since the process of change is never-ending and, indeed, ever alternating. This book is the first detailed analysis of turnaround strategies and change management processes in the Indian context using the Steel Authority of India Limited (SAIL) as a case study.
The Steel Authority of India, a public sector undertaking, has had it all: once a blue-chip company, it declined to the status of a loss-making corporate behemoth, recovered to record handsome profits through a successful turnaround, only to head into the red again. Organizational history in recent times is replete with such instances of mixed success in change management. What causes this discrepancy? Why do some corporations find it impossible to adapt to changing environments while others thrive and prosper?
Dr. Madhavi provides some interesting answers to these important questions from SAIL's experience. In order to do so, she examines a number of issues including the strategies and processes of change that were adopted at SAIL; resistance to change and the strategies used to overcome it; the consequences of change in terms of the performance of the company; and the role of leadership and change agents. Being a public sector unit, the corporate leadership also has to contend with political interference and changes in economic policies and plans over which they have no control. The author demonstrates convincingly that in these circumstances SAIL's attempt at initiating a change process was in itself a major achievement authored by charismatic leaders.
Based on her analysis, Dr. Madhavi presents 26 key lessons, which all Indian organizations (both public and private) would find instructive while coping with change. These include:
- The presence of an outstanding leadership with a strong desire to make things happen.
- The importance of human resource development and continuous communication to change working practices, styles and attitudes.
- Effective and holistic market strategies.
- Initiating fundamental change as opposed to making incremental changes.
- Ensuring the capability of a company to manage large projects before planning massive investment.
Written with exceptional clarity and based on unique primary data and first hand interviews, this book will be an invaluable resource for business leaders and professionals involved with strategic management, human resource management, and organizational development as also for teachers, students and researchers concerned with organizational behaviour and change management.
