Date Added: May 2009
The financial cost of ineffectively managing change cannot be overlooked, especially in the current economic climate. Change is not the exception now days, but an ongoing inevitable process. Poorly managed change in the workplace leads to stress which, in turn, creates poor job performance, more absenteeism and increased employee turnover. A recent survey by the American Psychological Association revealed that 74% of Americans identified work as the main cause of their stress; this is a 15% increase over the year before. Over half of the participants acknowledged that stress negatively affects their job performances.