IRJMSH Volume 5 Issue 3 [Year 2014] online ISSN 2277 – 9809 International Research Journal of Management Sociology & Humanity Page 338 www.irjmsh.com CHANGE MANAGEMENT – CHALLENGES AND THEORIES Author – Hemant Yadav M.B.A. (HR), U.G.C. (NET) Assistant Professor – Keshav Mahavidyalya – Delhi University E-Mail : Hemant6009@gmail.com Co-Author : Ashok Kumar Assistant Professor – Bharti Vidhyapeeth University (Visiting Faculty) CANGE management models and research on it is still relevant at the present day. The article addresses various change management models and research, their relevance in today‟s global economy and the challenges faced by organizational leaders and researchers in terms of their application and expected results, and also suggest a relatively new strategic model as well as new applications of existing change management models and theories. Key Words: Change Management, Transformation, Organizational Transformation, Organizational Change Introduction Today change is constant and organizational leaders who anticipate change and react rapidly and responsibly are successful. However, the organizational leaders who anticipate and invent the future are even more successful because those who invent the game are the leaders in their industry. Other organizations are followers that adapt to change. Still others are the organizations that do not survive. There are many models that can be used for successful organizational change. What differ Winners from others is hoe they respond to the pace and complexity of change. They adapt, learn and act quickly. Losers try to control and master change in the environment. It is important for organizational leaders to identify and use a model for transformation that will help their organizations survive and flourish in the next century and beyond. By this article I have discussed and tried to compare the components of various change models that have been used to manage and/or lead change. Organizational Change versus Organizational Transformation