The acronym VUCA stands for volatility, uncertainty, complexity and ambiguity, which represents the potentially high speed and turbulent times which a business or company may face. Managing personnel issues, HR takes part in mastering these challenges.
Volatility happens when a business is subjected to rapid, frequent and significant change such as the rise or fall of prices in a short period of time. This results in uncertainty since a business may not be able to predict what will happen next. This further leads to complexity or chaotic situations as the business grapples with the effects and tries to come up with changes. The last stage is ambiguity, which is a result of the business not understanding the situation and its underlying causes. It is estimated that 69% of organisations will see an increase in volatility, 54% will face uncertainty, 71% will be at the complexity stage, while 47% will face ambiguity.
Over the past 2 years, 85% of major changes did not yield success and fewer than one in three change management initiatives were not received well. According to the Human Capital Institute (HCI), HR is responsible for developing change competencies and capabilities in the organization. When change is initiated in-house, it will most likely result in a higher success rate. HCI has developed 3 persona types for effecting in-house change:
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