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[MUSIC PLAYING] Businesses must constantly evolve and adapt to meet challenges from technology advancements, to updated laws and regulations, to shifts in economic trends. Failure to do so can lead to stagnation, or worse, failure. Research shows that half of all organizational change initiatives are unsuccessful. Its vital for business leaders to know how to plan, coordinate, and implement change. Organizational change broadly refers to a businesss actions to alter or adjust a docHub component of how its organized. This can include culture, internal processes, underlying technology or infrastructure, or hierarchy. Change management is the process of guiding change to fruition from conception to resolution. Change processes have a set of starting conditions, point A and a functional endpoint, point B. What happens between is dynamic and unfolds in a series of five steps. Step one is preparing for change. In the preparation phase, the manager helps employees recognize and unders
