THRIVE MEANING DICTIONARY DRIVERS

Adapt so that they may continue to thrive. When companies are faced with new legislation or rules imposed by the relevant regulatory authorities, they need to do two things: 1. Rules and regulations (government policy) If a new rival comes onto the scene with completely different commercial behaviors, the other players may have to adapt, especially if that competitor is successful in gaining market share. Without technological change, our business leaders would still be dictating correspondence to human beings, who would then type them out and arrange for them to be distributed to the relevant people – wasting an incredible amount of time and resources. New hi-tech systems and devices have completely changed how commercial enterprises do business and interact with other entities in the marketplace.īusiness models such as virtual collaboration and outsourcing are only possible today thanks to the Internet and ultra-high-speed communications. It will also fail to meet the requirements of what most of us hope will be a growing base of loyal customers. Without change, your company will lose its competitive edge. If you run a business today and hope that the pace of change will slow down, you will be in for a huge disappointment. Since the advent of the Internet, these changes have been occurring at significantly faster rates. People’s lifestyles and how they shop, work, and spend their leisure times are forever changing. If there is a recession, a company may have to lay off workers this requires restructuring.Ī merger or takeover also means total reorganization and changes in corporate culture.Ĭorporate culture or organizational culture is a group of internal values and behaviors within an organization. The term ‘economic climate’ means the state of the overall economy, i.e., economic conditions.

THRIVE MEANING DICTIONARY DRIVERS

They say the definition should not limit organizational change just to something that happens in large companies.Īn organization’s change drivers include: The economic climate Many people would disagree with Cambridge Dictionary’s description. “A process in which a large company or organization changes its working methods or aims, for example in order to develop and deal with new situations or markets.” Only with change will businesses be able to lay the foundations for long-term success.Īccording to Cambridge Dictionary, organizational change is: Organizational change is a requirement for any business that wants to survive and thrive.Ĭhange is something that should be embraced rather than feared. It must also strive to operate more cost effectively.Įver since the advent of the Internet, the business environment today has been changing at a considerably faster pace compared to forty years ago. To avoid falling behind, or to remain a step ahead of its rivals, a business must seek out ways to operate more efficiently. Large rivals need to adapt rapidly when a smaller, innovative competitor comes onto the scene. They also need to learn to thrive in that environment. Small commercial enterprises need to adapt to survive against larger competitors. It is all about reviewing and modifying structures – specifically management structures – and business processes. Organizational change usually happens in response to – or as a result of – external or internal pressures. Organizational Change looks both at the process in which a company or any organization changes its operational methods, technologies, organizational structure, whole structure, or strategies, as well as what effects these changes have on it.

Thrive meaning dictionary