Change Management During Tough Financial Times | Law ...

Conducting Effective Change Management

Poor economic conditions have thrust change management strategies right back into the spotlight. A period of sustained stagnation has followed the global recession that started in 2007, meaning businesses all across the world have been forced into a fight for survival. In this climate, many companies have had to make drastic cuts in order to survive, or completely restructure their organisations and processes to carry on operating.

Managing Personnel Change

The poor financial conditions have meant many companies have had to make the difficult decision to lay off staff members. This strategy presents many challenges, and heavily affects the employees who remain at the organisation. Managers need to be aware that the people who have been let go are likely to be close friends of those who remain, and so there may well be feelings of resentment and anger if the change is not correctly managed. The key to limiting the damage of personnel change is to make it clear that the decisions are absolutely necessary to company survival, and to be open and honest with all employees. Trust is an important ingredient to a successful and functional team, and it?s likely that trust within the organisation will be a major casualty if job losses occur.

Maintaining a Successful Team Using Change Management

Strategies to manage change can be used to bring people together and create a backs to the wall team spirit during these tough times. Fostering close ties between employees during tricky periods will help to keep morale up, and ensure employees continue to try their hardest and remain productive. While it may take time, consistent team building activities will slowly rebuild the trust that is the foundation of any good team. It?s important to consider the full effects any dismissals will have. While cutting staff members may appear to be a good idea initially, employers need to be certain that the remaining employees will be able to cope with the increased workload. Spending money paying employees off, and then having to rack up bills outsourcing work to freelancers, can quickly become just as expensive as keeping the employees on in the first place. It?s easy to panic at the thought of finance problems, but calm, careful management is essential to handle these problems. No decision should be rushed, and effective change management strategies can be used to limit the damage caused when restructuring.

Source: http://www.lawcommons.org/change-management-during-tough-financial-times.html

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