According to the report from Changefirst, more than 40% of change managers believe at least a third of the financial gains could be attributable to change management activities alone. This means that, after nine months, for every £1 spent on change management these organisations were getting £6.50 as a return.
Almost eight out of 10 respondents (77%) of respondents reported the proportion of implementation budgets spent on change management activities was less than 10%.
In terms of overall project performance the respondents were asked about the financial results six to nine months after implementing the project, and reported that where more than £1 million was spent, they had realised about £2.5 million in savings by month nine.
In terms of the non-financial objectives, the survey reveals 67% of managers thought that their initiatives improved customer service and a 96% saw a positive impact on employee behaviour.
It also shows that the biggest objective for change projects (42%) was to increase productivity, followed by 17% looking to improve quality and 13% saying that efficiency savings were their key goal.
Those taking part in the survey included project managers, HR and learning specialists, six sigma black belts and consultants.
David Miller, managing director at Changefirst, said: "Our sample is sufficiently large to offer real indications as to the success of using change management during these challenging economic times, and their views illustrate the commitment many people have made to making change work for them in their own organisations."