Essay from the year 2017 in the subject Business economics - Business Management, Corporate Governance, grade: 90, University of Canberra (School of Management, Faculty of Business, Government & Law), course: Master of Business Administration, language: English, abstract: Change is a common feature which displays its impacts through all businesses regardless of size, structure, industry and age. Our world is changing rapidly within the fourth industrial revolution and to sustain in this innovative and competitive era, organisations must adopt, change and react quickly. Organisations that handle change well thrive, whilst those that do not may struggle to survive. Organisational changes such as processes, visions, strategic goals, structures, product lines and offering etc. do not have to be a very complex process. During the organisational change process, organisations may face different problems and barriers in different stages. Approximately two-thirds of transformational change projects fail because of ineffective direction in the change processes. Therefore, organisational leaders, managers and supervisors need to understand what stage they are in now, and how change or transformation can be implemented effectively in the current stage. Only with refreezing phase of recent changes, organisations can be stabilized and institutionalized in a new state after the movement stage therefore, institutional and influential roles of leaders, managers and change supervisor are enormously significant. Some people and critics argue that the refreezing step is outdated in modern business practices due to the continuous need for change, reforms and innovation in the fast-paced competitive environment. They consider it unnecessary to spend or waste time in the freezing process a new state when obvious chances are that it will need to be re-evaluated and possibly changed again in the immediate future. However, as stated earlier that without the refreezing step, there are high chances that people, employees and even personal behaviours will revert to the old practices and old thinking boundaries. Taking one step forward and two steps back can be a common exercise when organisations overlook the vital refreezing step in anticipation of future changes and reforms. Further, refreezing phase must be flexible enough to allow people sharing ideas about innovation and intrapreneurial reforms; and encourage them to think outside box