Change in Business

Reasons for Change

Change arises in Business for a number of reasons:

1. New Competitors
2. Technological Advances
3. Economic Changes
4. Consumer Preferences

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5. New Competitors: New competitors like Aldi and Lidl entering the market can force existing businesses like Tesco and Dunnes to change their strategies to stay competitive.
6. Technological Advances: New technologies can improve business operations and efficiency. Businesses need to adopt these technologies to stay ahead or risk falling behind.
7. Economic Changes: Events like Brexit can impact businesses by changing trade rules and economic conditions. Companies must adjust to these new realities to survive.
8. Consumer Preferences: Changes in what consumers want and need can force businesses to update their products and services to meet these new demands.

Reasons Employees may be wary of Change

Employees may be concerned about Change. This is for reasons such as:

9. Loss of Job Security
10. Fear of Failure
11. Inertia
12. Lack of Communication

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13. Loss of Job Security: Employees fear that changes like new technology or outsourcing might lead to job losses. They worry about losing their current roles.
14. Fear of Failure: Employees might worry they don't have the skills or training needed to succeed with new changes. This fear can make them feel unable to meet new demands.
15. Inertia: Employees who are used to the way things are might find it hard to accept new ways of doing things. They might prefer to keep things as they are because it's easier.
16. Lack of Communication: If employees are not informed about why changes are happening and how they will be implemented, they may feel left out and resist the changes.