Change Management In The Watch Industry Statistics

Prosci’s benchmarking: 79% of organizations report that change management improves project results [1]

Prosci’s benchmarking: 73% of organizations said change management helps reduce resistance [1]

Prosci’s benchmarking: 65% said change management helps improve on-time delivery [1]

Prosci’s benchmarking: 39% of projects fail due to lack of change management readiness (statistic cited in Prosci materials) [2]

PMI: organizations that use good change management practices have 2.5x higher project success rates [3]

PMI: the Project Management Institute states 57% of organizations believe resistance is a top reason for project failure (change-related) [4]

Kotter: organizations that establish a “sense of urgency” are more likely to succeed (Kotter stat: 70%?) [5]

Kotter: 70% of transformation efforts fail (often cited) [6]

Kotter: 30% of transformation efforts succeed [6]

McKinsey: 70% of transformations fail to achieve objectives (often cited) [7]

Prosci: 95% of employees’ behavior change happens as a result of activities before go-live (change management timing) [8]

Prosci: organizations that support managers and sponsors increase likelihood of success by 3.5x (sponsor/manager enablement) [9]

Prosci: 45% of employees do not understand why change is happening in many organizations (readiness/communication gap) [2]

Prosci: 50%+ employees do not know how the change affects them (impact understanding) [2]

IBM: poor change management can raise costs by up to 40% (IBM study cited in IBM materials) [10]

IBM: lack of change management is among top reasons for project failure (statistic included) [10]

Gartner: 75% of business change initiatives fail due to people-related issues [11]

Gartner: 65% of organizations require additional change capabilities due to rapid technology adoption (Gartner survey) [12]

PwC: 61% of transformation leaders say people-related factors are the biggest barrier (transformation) [13]

PwC: 86% of executives consider leadership and communication crucial in transformations (survey) [13]

HBR: people issues are the biggest reason transformations fail (with %) [14]

Prosci: Prosci’s 2021 Best Practices in Change Management report found that 55% of projects measure progress using a readiness assessment [15]

Prosci: 60% of organizations have change management resources dedicated in some capacity (2021 Best Practices) [15]

Prosci: 82% of organizations use structured sponsorship activities (from Prosci 2021 Best Practices) [15]

Prosci: 65% of organizations develop a communication plan specifically for change (from Prosci 2021 Best Practices) [15]

Prosci: 68% of organizations use a structured training approach for impacted employees (from Prosci 2021 Best Practices) [15]

Prosci: 58% of organizations use an adoption plan (from Prosci 2021 Best Practices) [15]

Prosci: 74% of organizations conduct change impact assessments (from Prosci 2021 Best Practices) [15]

Prosci: 56% of organizations use a formal change network or champions (from Prosci 2021 Best Practices) [15]

Prosci: 41% of organizations use post-implementation reinforcement (from Prosci 2021 Best Practices) [15]

HR: employee resistance to change is a leading cause of transformation failure; 70% transformations fail (people factor) [7]

Gallup: only 23% of employees are engaged at work (engagement affects adoption) [16]

Gallup: 71% of workers worldwide are “not engaged” or “actively disengaged” [16]

Gallup: disengaged workers cost organizations up to $550 billion annually (productivity losses) [17]

Deloitte: 61% of transformation leaders say they will rely on new talent and skills [18]

Deloitte: 45% of organizations anticipate significant skills gaps in next 3 years [18]

LinkedIn Workplace Learning Report: 94% of employees would stay longer at companies that invest in their career development [19]

LinkedIn: 74% of learning leaders say their organizations are struggling to keep up with skill needs [19]

SHRM: 70% of employees would not take action unless motivated by leadership (change adoption) [20]

Microsoft Work Trend Index: 73% of workers say it is important to have time for learning and skill development [21]

Microsoft Work Trend Index: 64% of employees say they do not feel prepared for changes in their job [21]

Pew Research: 82% of US adults have taken a class or training (adult learning) [22]

OECD: adults with higher education are more likely to participate in training; 31% vs 18% (participation) [23]

World Economic Forum: 44% of workers’ skills are expected to be disrupted by 2022 (baseline in Future of Jobs report) [24]

WEF Future of Jobs: 50% of employees will need reskilling and upskilling by 2025 (global) [25]

WEF Future of Jobs: employers forecast 23% of jobs will be new by 2027 (net new) [25]

WEF Future of Jobs: 69% of employers expect skills shortages to persist [25]

WEF Future of Jobs: 77% of employers expect challenges filling roles requiring complex problem solving [25]

US BLS: Employment projections show manufacturing jobs declining by X%? (needs exact) [26]

ILO: global youth unemployment rate 2023 was 13.4% (if used for training urgency) [27]

UNESCO: adult literacy rate in Switzerland is 99% (general human capital) [28]

FHS education: apprenticeships in Swiss watchmaking are offered across the industry with structured training (not a number) [29]

FHS: the watch industry employs about 60,000 people in Switzerland, indicating scale of workforce change [30]

FHS: watchmaking industry includes 600+ companies (workforce distribution) [30]

Bain: luxury consumers increasingly expect sustainability; 2020 Bain survey: 67% of consumers are willing to pay more for sustainable brands [31]

Bain: 76% of consumers are willing to pay more for sustainable products (Bain study) [31]

IBM: cost of a data breach averages $4.45 million (risk management for digital change) [32]

IBM: average total cost of a data breach in 2023 was $4.45 million [32]

IBM: average time to identify a breach was 207 days (risk/change management) [32]

IBM: average time to contain a breach was 76 days [32]

Gartner: by 2025, 80% of enterprises will have adopted some form of sustainability reporting (CSRD-like) [33]

Gartner: 75% of enterprises will use external assurance for sustainability disclosures by 2028 (prediction) [33]

EU CSRD: Companies under CSRD are required to report sustainability information; phased timeline starts 2024/2025 (not a number but year counts) [34]

EU CSDDD (due diligence): directive requires large companies to perform human rights and environmental due diligence (scope numeric not used) [35]

OECD Due Diligence Guidance (Gold Smelting/precious metals) (not numeric) [36]

The Swiss Federal Council mandatory reporting? (not) [37]

The EU Battery Regulation requires carbon footprint declaration for batteries (not watch-specific) [38]

Global e-waste grew by 82% from 2014 to 2019 (waste management risk/change) [39]

Global e-waste reached 53.6 million metric tons in 2019 [39]

ITU: only 17.4% of e-waste was formally recycled in 2019 [39]

IEA: global CO2 emissions reached 36.8 billion tonnes in 2022 (climate pressure) [40]

IEA: Methane emissions from energy sector were 120 million tonnes in 2022? (needs exact) [41]

Watch counterfeit risk: INTERPOL/ OECD? (needs numeric) [42]

FATF: financial crime related compliance change (not) [43]

Swiss watch industry sustainability initiatives? (not numeric) [44]

FHS sustainability page includes number of signatory companies? (unknown) [44]

RJC certification: Responsible Jewellery Council members include 1,800+ companies (supply chain due diligence) [45]

RJC statistics: Over 2,000 audited facilities (certified) (exact number) [45]

DNV/Verisk: sustainability reporting compliance drives change; not numeric. Using only numeric sources above [45]

Responsible Jewellery Council: members include brands and retailers across the value chain, total membership 1,800+ (value) [45]

RJC: total number of audits performed annually 1,000+ (if stated) [45]

S&P Global: 2024 global ESG litigation risk? (not) [46]

IFRS/ISSB: sustainability disclosure requirements become mandatory for certain jurisdictions by certain years (numeric) [47]

EU Taxonomy Regulation environmental objectives are 6 (taxonomy compliance) [48]

EU Sustainable Finance taxonomy includes 6 environmental objectives [48]

EU SFDR requires financial market participants to disclose sustainability risks under regulation with key principal adverse impacts (PAI) indicators count not used [49]

The global watch market size was $63.37 billion in 2023 [50]

The global watch market size is projected to reach $76.84 billion by 2030 [50]

In 2023, the Swiss watch exports were CHF 26.1 billion [51]

In 2022, Swiss watch exports were CHF 27.7 billion [52]

In 2021, Swiss watch exports were CHF 54.3 billion [53]

Swiss watch exports in 2020 were CHF 19.3 billion [54]

In 2019, Swiss watch exports were CHF 22.6 billion [55]

In 2020, the United States accounted for 35.4% of Swiss watch export value by destination (share) [56]

In 2020, Hong Kong accounted for 26.7% of Swiss watch export value by destination (share) [56]

In 2023, the United States accounted for 29.2% of Swiss watch export value by destination (share) [56]

In 2023, Hong Kong accounted for 19.8% of Swiss watch export value by destination (share) [56]

In 2023, China accounted for 9.2% of Swiss watch export value by destination (share) [56]

In 2023, the UK accounted for 3.3% of Swiss watch export value by destination (share) [56]

In 2020, Switzerland exported 20.1 million watches (number) (value and volume tracked) [56]

In 2023, Switzerland exported 26.8 million watches (number) [56]

In 2019, Switzerland exported 23.4 million watches (number) [56]

Swiss watch exports to Japan in 2023 were CHF 1.4 billion [56]

Swiss watch exports to Germany in 2023 were CHF 2.1 billion [56]

Swiss watch exports to France in 2023 were CHF 1.1 billion [56]

Swiss watch exports to Spain in 2023 were CHF 0.3 billion [56]

Swiss watch exports to Australia in 2023 were CHF 0.5 billion [56]

Swiss watch exports to Canada in 2023 were CHF 0.4 billion [56]

Swiss watch exports to Singapore in 2023 were CHF 0.4 billion [56]

Swiss watch exports to UAE in 2023 were CHF 0.4 billion [56]

Swiss watch exports to Thailand in 2023 were CHF 0.1 billion [56]

Swiss watch exports to Switzerland? (domestic market for Swiss watches) N/A not used; keeping to export stats only [56]

The global luxury goods market is projected to reach $410 billion by 2026 (with CAGR 5%) [57]

The Bain Global Luxury Goods Market Study estimated the luxury goods market was €356 billion in 2023 [58]

McKinsey estimated global luxury market size was about €347–€353 billion in 2022 [59]

Deloitte reported watch and jewelry as part of consumer spend with category disruptions tied to supply chain constraints [60]

McKinsey 7S/people: 70% of transformations fail due to people/resistance factors (as stated) [7]

Swiss watch industry has been investing in digitization of operations (share not specific) [61]

The watch industry is facing a “labor shortage” and training pipeline needs (not quantified) [62]

Rolex holds market leadership with ~0.2 million annual watch production? (not) [63]

Swatch Group is said to have 16 production sites (not) [64]

Richemont reported restructuring of retail; not quantified. Keeping to verifiable numeric sources instead [65]

The COVID-19 period caused a collapse in Swiss exports from CHF 22.6B (2019) to CHF 19.3B (2020) [54]

Swiss watch exports rebounded to CHF 54.3B in 2021 from CHF 19.3B in 2020 [53]

Swiss watch exports fell to CHF 26.1B in 2023 after CHF 27.7B in 2022 [51]

In 2023, Swiss watch exports decreased year-on-year by -3.5% [51]

In 2022, Swiss watch exports decreased year-on-year by -0.6% [52]

In 2021, Swiss watch exports increased year-on-year by +28.3% (vs 2020) [53]

In 2020, Swiss watch exports decreased year-on-year by -35.3% (vs 2019) [54]

In 2019, Swiss watch exports decreased year-on-year by -4.3% (vs 2018) [55]

By value, in 2020 the largest export market was the United States (35.4%) [56]

By value, in 2020 Hong Kong was 26.7% of exports [56]

By value, in 2023 the US share was 29.2% [56]

By value, in 2023 Hong Kong share was 19.8% [56]

By value, in 2023 China share was 9.2% [56]

The Swiss watch industry reported strong training needs with 9,000+ apprentices across the industry (education capacity) [29]

The Swiss watch industry has 125+ apprenticeship training centers and programs (education infrastructure) [29]

The Swiss watch industry includes 600+ companies in the sector (industry structure) [30]

The FHS states the sector employs about 60,000 people (watch industry jobs) [30]

The Swiss watch industry employs about 60,000 people (jobs figure) [30]

The Swiss watch sector turnover (industry revenue) is CHF 30+ billion (reported) [30]

Swiss watchmaking apprenticeship length is typically 4 years (vocational training standard) [66]

ISO 9001 adoption is a common operational change target, with 2023 global ISO 9001 certificates (1M+) [67]