3 Reasons To Study Change Management
Technological innovation can create unforeseen circumstances in financial markets. Take financial technology (FinTech), for example. This emerging industry has seen a boom in start up ventures and MBA programs frantically trying to incorporate FinTech into their curriculums.
Yet, one business discipline is applicable within nearly all business sectors: change management. The change management discipline focuses on transforming companies into more profitable enterprises. An MBA focus on change management can provide future business individuals with guidance on how to revive distressed companies.
A recent article by the Harvard Business Review says that successful change management comes from “experienced professionals who know how to weave together a set of practices to help a business reach its change goal.”
Here are three reasons, from US News, on why prospective MBAs should consider a focus in change management:
1) You’ll relate to your future coworkers better
Change management focuses on understanding the changes companies go through. Through studying the psychology of change, MBA students can build emotional and social awareness skills that will be beneficial in their future careers. Anat Lechner, clinical associate professor of management and organizations with New York University’s Stern School of Business, tells US News that “the interpersonal skills MBA students cultivate in change management courses are just as important for business success as hard-core technical skills such as company valuation and strategic analysis.”
2) You’ll be ready if a future employer asks for help with a restructure
Companies go through restructuring constantly. MBA students with experience in change management can provide future employers with the essential expertise on restructuring. Karrie Prehm is the CEO of the Florida-based Global Regulation Advisers consulting group. Prehm tells US News that students with change management experience can play an important role in building a company’s future.
“At some point or another, MBA students will be in a situation where they are either part of a company that is being acquired, where their firm is acquiring another firm, where their firm or division is in trouble, or in a business that is in need of an operational overhaul,” Prehm says. “Those MBA students who have the education and training in this type of work will be ready to step in and play an integral role that will change the history of that business.”
3) You’ll learn how to adjust business plans based on market conditions
By studying change management, MBA students can learn how to respond quickly and intelligently to changes in their target industry. Lisa Barrington, the founder and principal of a workplace strategy company, says that adaptation is essential for companies to grow and thrive. This is where change management expertise plays an essential role.
“Technology, laws, and global politics are all changing at a rapid pace, and each has infiltrated the workplace,” Barrington tells US News. “In the past, an organization could get ahead by managing change effectively. Now, if an organization doesn’t manage change effectively, it will lose in the marketplace, period.”