19 Nov About restructuring

We are close to the end of 2020, and we are still adapting.

Companies have rethought and are rethinking their strategies to increase their profitability, maintain it or to reach breakeven.

Monitoring and streamlining staff costs is on the agenda of any CEO and management team. Many companies have been put in a position to implement restructuring plans to survive.

What is important to know when you must implement a restructuring plan?

Here are the aspects to work on with your colleagues in the management team:

– Clarity of the plan – current vs. future;

– Economic argumentation;

– Impact on costs;

– Internal / external risks;

– Communication plan;

– Support provided to affected colleagues: moral, material;

– Compliance with legislation;

– Outsourcing certain activities.

Our departing colleagues need to be treated with respect. When their feedback consists of words of thanks, then we were professionals and people at the same time.

Communication remains one of the most sensitive actions in such a context.

There are stages in which only certain information can be transferred. Lack of details leads to fear, insecurity, stress. That is why it is important that as things become clear they are communicated.

Sincerity in communication accompanied by empathy matters enormously!

In addition, the concern for alternatives in favor of those whose positions are being restructured is becoming one of the priorities.

Individual explanations regarding termination documents and support in dealing with post-restructuring authorities (e.g. access to unemployment benefits) are particularly appreciated by those affected.

The larger the company, the greater the likelihood of misinformation and misinterpretation.

That is why we need everyone’s involvement, collaboration, transparency and sincerity.

Restructuring is with and about people, emotions and not just about numbers!