Business Restructuring Plan

Business Restructuring Plan-55
There are five critical moves that your executive team, human resources leadership and organizational development staff must take in order to come out swimming on the other side of a restructuring: 1.Move on talent decisions.  Move quickly in making decisions and reseating your best talent.

There are five critical moves that your executive team, human resources leadership and organizational development staff must take in order to come out swimming on the other side of a restructuring: 1.Move on talent decisions.  Move quickly in making decisions and reseating your best talent.

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Prepare to be proactive rather than reactive." If you look back over the past five to seven years, how many times has your company gone through some type of reorganization or restructuring, whether large or small?

Deloitte found in a 2016 study that companies are not ready to meet leadership needs, with more than half of executives reporting this concern.

Deloitte found in a 2016 study that companies are not ready to meet leadership needs, with more than half of executives reporting this concern.

You Face Three Tough Challenges When a reorganization or restructuring occurs, these statistics can be exacerbated by immediate pressure from three inevitable challenges: •  Higher voluntary employee turnover: There’s often high uncertainty among employees about the future of the company.

They quickly become unsettled about their personal future with the company — both how long they might have a job or the opportunities that might exist for them.

They're tempted to look elsewhere for the next steps in their careers.Candor and transparency are important in these communications. Provide a support structure.  Create collaborative networks and support systems for the leaders placed into new roles.Make sure they are not isolated to figure things out on their own.Provide a framework for these new and promoted leaders to engage employees.Support for all people leaders dealing with this type of situation will be needed. Encourage risk-taking.  Appreciate the rewards of failing fast.So, you've got some organizational "soul-searching" to do.Five Critical Moves How do you address this dilemma?You’ve got to begin to stabilize the organization and keep operations running smoothly.This movement also will minimize turnover of the leadership talent you need to maintain. Over-communicate.  Ensure your leadership team is communicating often, sharing what it can about stabilization and how these leadership moves are strategically supporting the future health of the company.They’re not only dealing with the operational dynamics but also an unsettled workforce who they need to inspire and retain.Establish quick market intelligence (QMI) meetings for early input and rapid feedback.

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