Restructuring Consultants Reveal 3 Keys to a Successful Turnaround
Let's be honest:
Restructuring. Turnaround. Experts.
These are the kinds of euphemistic words corporate leaders use to put a good spin on a bad situation. When employees hear words while restructuring consulting firms or turnaround consultant, what they really hear is layoffs, unemployment, and anxiety.
And that means that most restructuring consulting firms aren't doing their jobs right in the first place.
When done correctly, the best restructuring consultants not only help a company reorganize in a time of crisis, they help employees keep their heads above water during a difficult transition.
Adapt or Die Restructure or Die
Globalization isn't going anywhere. And even though the U.S. economy has stabilized in recent years, companies of all sizes have to adapt to the new reality. Your competitors aren't just across town, or on the other side of the country, they're on the other side of the world, where they can hire workers for a fraction of what it costs you.
When companies need to adapt in a time of crisis, they turn to restructuring consulting firms. There's no one size fits all approach, but there are some common denominators in any successful reorganization. So how can you help your company turnaround without destroying morale in the process?
1. How To Prepare for the Reorganization Itself
While some restructuring consulting firms do the bare minimum, our firm will do everything in our power to reduce stress, help employees, and minimize damage to the company.
What does that mean in practical terms?
- Evaluating all alternatives to reduce the number of layoffs
- Review selection methodology to minimize negative impact on company
- Developing a compassionate notification and communication strategy to fine tune your message
- Minimize legal risks from disgruntled employees
2. How To Help Laid Off Workers
When you have no choice but to reduce your workforce, you have two choices. Some employers choose to take the cold, dispassionate approach. They tell themselves, "This is the way the world works. Life isn't fair, and this isn't my fault." That leaves laid off employees out in the cold, and can destroy morale among the workers who remain.
Or, you can choose to approach restructuring from a place of compassion, trying your best to help your team through the transition. That's where restructuring consulting firms come into the picture. With the right outplacement services, career counseling, and communication, former employees can make it through this difficult time.
3. How To Protect Your Reputation, Company Morale and Employees
Even in the best of times, the most successful companies struggle with staffing, talent acquisition, and employee retention. But after a painful restructure, those problems can become fatal.
Human resource studies have found that 57% of organizations cite employee retention as a major problem. And in a survey of small to medium sized businesses by Vistage, 35% of CEOs said staffing is the number one issue they face.
When you need to turnaround your company, consider restructuring consulting firms as a bridge, giving your team the support and structure you need to get to the other side safely.