Changing organisations for a knowledge economy: The theory and practice of change management

This paper has its roots in a presentation made at CoreNet Global Summit in November 2002 in San Diego, California. In that talk, the authors briefly explained the field of human dynamics and change, and explored, through some actual experiences, the application of change management practices that Wachovia used to lead and nurture organisational change. This paper seeks to make more explicit these hidden forces by giving a more detailed overview of the theory of human dynamics as they relate to change, and some strategies for applying this theory for more effective change management. The venue for this exploration will be Wachovia Corporate Real Estate (CRE) Division’s experience, with significant organisational change required to respond to external and market conditions which threatened its continued success as an organisation. The reader will learn how to understand the human dynamics relating to change; obtain tools for communicating change concepts; find resources to help lead change; ensure that people deal more successfully with organisational change; and measure the significance of human dynamics to business performance.