Change in a Pension System: A Manageable and Measurable Process?
Purpose: This paper aims to answer whether a change process in a pension system is manageable and measurable. And if so, how it can be measured and assessed. Design/Methodology/Approach: In the theoretical part of the paper, the multidimensionality of a change process in a pension system is analyzed. In the empirical part, a procedure for measuring the effectiveness of change management in a pension system is proposed. It is based on ratio analysis and linear ordering. The cross-country analysis is carried out from 2005 to 2018 for eleven CEE countries, i.e., Bulgaria, Croatia, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Romania, Slovakia, and Slovenia. The choice of states is justified by converging historical, political, and economic conditions. The use of ratio analysis combined with linear ordering enables the identification of benchmarks in the group of analyzed countries. Findings: Change in a pension system can be perceived as a manageable and measurable process. One of the categories in which the change management process in a pension system can be evaluated is the effectiveness, understood as a measure of the convergence between the result obtained and the goal defined. Practical Implications: Countries characterized by the highest effectiveness in the period considered are Slovakia, Bulgaria, Poland, and Croatia. Estonia and Latvia are countries represented by the lowest effectiveness. Originality/Value: The conducted research allowed for the development and application of the measuring procedure, which can be used to assess the effectiveness of the change management process in a pension system.