Every credit union is affected by change, especially during these times of exponential technological change. Change initiatives have an alarming failure rate. The critical missing piece is largely the ability to take into account how change affects the employees at a credit union. Studies show that nearly 75 percent of all organizational change programs fail because they don’t create the necessary groundswell of support among employees. When credit unions deploy a three-phase organizational change approach, their change initiatives stand a much greater chance for success. These three organizational elements both drive and are affected by change:
- Processes: business processes and policies that are redesigned for new members or to provide improved service to existing members
- Technology: Driven by process, technology ensures greater organizational efficiency in implementing change.
- People: those responsible for developing and implementing new processes and using new technology.