Organizations that successfully manage change are more likely to follow a formal, systematic process and employ a staff that focuses on change management, according to a new study by global professional services company Towers Watson.

"When it comes to managing major organizational change, many companies have a difficult time getting it right," says Kathryn Yates, global leader of communication consulting at Towers Watson. "In fact, our research shows that less than half stay on schedule, come in at — or under — budget or hold people accountable for deadlines. Considering that the average survey respondent went through three major changes in the past two years and the effect change management can have on the bottom line, there is plenty of reason for them to learn how the best organizations manage change."

Specifically, the study shows that 65 percent of respondents with the best change management adhere to a formal, systematic process as opposed to only 14 percent of respondents with low change effectiveness. Another 45 percent of respondents with high change effectiveness employ a staff that solely focuses on change management compared to 16 percent with a lower level of change effectiveness.