It takes more than a strategic rationale to implement change. You need key leaders, contributors and stakeholders to rally around your vision and the benefits it can deliver. Whether you’re seeking buy-in or celebrating important milestones, the following are six key steps to leading your treasury toward effective change.
1. CONFIRM THE NEED
It's imperative to start with an inquiry since treasury transformation often means making major technology investments, transitioning functions to a shared service center, or integrating an acquisition. If change is necessary, your conclusions should be straightforward and compelling.
3. BUILD YOUR COALITION
Cultivate 'change champions' who can help recruit employees most familiar with processes, technologies and procedures targeted for change. Seek out advocates in human resources, employee training, corporate communications and your legal department.
5. IMPLEMENT AND INSTITUTIONALIZE
Your business case is critical to persuading leaders to “own” the change agenda and participate. Recruit these leaders to rally the troops and remove obstacles. Schedule regular meetings to address challenges and time-sensitive decisions. Toward the end of implementation, promote and celebrate successes.
2. MAKE A CASE
Collect feedback from process owners and functional experts so you can forecast your initiative’s benefits. Present your case to a senior-level stakeholder. Effective presentations tell a story with emotional appeal that demonstrate how change will help achieve the stakeholder’s goals.
4. DEVELOP A PLAN
Draw up a list of actions designed to persuade as many stakeholders as possible, including clients. The core elements should focus on:
- Communications: Be sure stakeholders are fully informed.
- Messaging: Connect change to organizational priorities and customize messages for stakeholders.
- Reward and recognition: Note how and when employees will be rewarded or recognized for milestones.
- Talent: Retain and shift employees based on future staff needs.
- Resistance: Identify and address obstacles early on.
- Managers: Engage team members to gauge buy-in and demonstrate your commitment.
- Support: Leverage coalition team members as "change coaches" who employees can go to with questions.
- Measurement: Select meaningful metrics to measure effectiveness, monitor progress and address plan deviations.
6. ASSESS THE IMPACT
Building a "change ready" culture requires project analysis in which you:
- Compare pre-change and post-change metrics to validate effectiveness.
- Conduct an informal survey of affected parties/departments/individuals.
- Collect and share lessons-learned for the next change initiative.
- Communicate the outcome, publish metrics and celebrate final successes.