David Rubenstein, co-founder of Carlyle Group, the private equity firm, said last week that his industry ought to consider adopting a new name to describe what it does more accurately. How about “change capital”, he suggested. I am not sure that this is a good idea. If Mr Rubenstein thinks the word change will be less provocative than private equity, then he is likely to be disappointed.
Change is everywhere in business, and people tend not to be very happy about it. But it is not just nostalgia, or laziness, that causes the negative reaction. Change is rarely managed well.
What do managers get wrong about change? There is quite a long list. They underestimate how long it will take to get people to accept change. They fail to recognise how difficult it is to spread the message that change may be necessary or unavoidable. They do not understand what change feels like beyond the boardroom or the top management table. And, having finally got the organisation to accept the need for change, they forget to explain that the new direction or mission may change again, and possibly quite soon.
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