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Despite the best efforts of senior executives, major change initiatives often fail. Those failures have at least one common root: Executives and employees see change differently. For senior managers, change means opportunity--both for the business and for themselves. But for many employees, change is seen as disruptive and intrusive. To close this gap, says Paul Strebel, managers must reconsider their employees'' "personal compacts"--the mutual obligations and commitments that exist between employees and the company. Personal compacts in all companies have three dimensions: formal, psychological, and social. Employees determine their responsibilities, their level of commitment to their work, and the company''s values by asking questions along these dimensions. How a company answers them is the key to successful change.