How to Restructure your Business to create a Positive Work Culture
In a dynamically changing society, we are constantly presented with new challenges and obstacles that need to be navigated and/or responded to. Oftentimes, organizations and businesses create a foundation and system through which they function rigidly, allowing them little room for changes and restructuring. If approached and implemented properly and with an open-mind, restructuring an establishment as a response to ever changing societal and employee needs can be a positive experience for both employees and employers.
This blog post aims to bring several different perspectives together and, along with the Peace Innovation Process, to create a reinforcing guide with ways to positively improve and restructure your business.
5 STEPS TO POSITIVE CHANGE IN THE WORKPLACE
“That’s just how we do things here.” Many of us reading this have either used or been told this discouraging statement in various walks of life, likely in response to a call for some sort of change.
Students asking for leniency from their educational institutions hear this. Employees asking for more support or opportunities hear this. Employers seeking permission from higher-ups to make changes hear this. We hear this.
Changes in an already established business or company are often viewed in a negative light. Is it because of the uncertainty surrounding new and unexpected changes? Is it because of the lack of clarity and communication regarding those changes? Or maybe it is because of the lack of support and focus on those individuals impacted by these changes?
Keep reading to learn more about how we can better handle these changes to create a positive restructuring experience for everyone involved!
1. Take preemptive steps to identify and address the issue at hand.
As obvious as it may seem, the first and most important step to positively restructuring your company is to identify that change is needed. In an excerpt from his book Creating Value Through Corporate Restructuring, Harvard Business School professor Stuart Gilson discusses that oftentimes, companies realize too late that they need some sort of change or restructuring. This delay often results in a financial crisis and subsequently layoffs for the company, a situation which can be avoided if the correct preemptive steps are taken! In fact, Gilson writes that voluntary preemptive action could actually generate more value than attempts to restructure under financial or other pressures.
As a leader, you will be attentive to changes in the market, potential competition, and other direct threats to your company. What you must also be aware of - and what people are just coming to realize - is the unpredictability of the society and the world, which could certainly indirectly affect your company.
Unfortunately, a very real example of this unpredictability is the COVID-19 pandemic, which left businesses and companies all over the world scrambling to manage this crisis. The stock market reached an all-time low, and unemployment rates reached an all-time high.
While nobody could have predicted a pandemic with such drastic effects, this is just an extreme example that highlights the importance of the tried and true: expect the unexpected. In an attempt to help businesses recalibrate, KPMG, a multinational professional services network, advises asking questions such as: what can be changed to make my business more resilient?
Ultimately, it is crucial to be aware to some extent of all possible issues that will require some sort of change; then by addressing how your company can be resilient in addition to preventative, you will be better prepared in the face of an issue.
2. Openly communicate with employees and those who will be impacted by your restructuring.
Those most affected by the changes that come with restructuring are your employees. Thus, in order to make this as positive of an experience as possible, open communication with your employees and coworkers is key. In the Manager’s Resource Handbook, an MRH survey found 50% of respondents believe open communication is the most important characteristic of a good manager. When bringing a restructuring to everyone’s attention, be sure to tell them why, what, when, and how you believe the restructuring needs to be done.
Being transparent with your employees about the issues at hand is mutually beneficial; your employees and coworkers will value you more as their leader and supporter, and in exchange you will find value in their responses and ideas. Since your employees and coworkers may experience these changes differently, they may have extremely beneficial input in your restructuring process, which will in-turn also make for a more desirable workplace. The plethora of positive interactions gained from open dialogue will serve to strengthen and uplift both your team and your restructuring process.
3. Design and follow a game plan
Once you have identified, addressed, and communicated a need for change in your company, you need to define a clear timeline or game plan to map out your path towards your desired positive outcome. The more detail you can include in this game plane, the better. Include as many dates, numbers, and entities involved as you can - this will not only help you visualize your plan, but also take your communication about it with others to the next level.
Keep in mind that thorough details do not equate to rigidity - if anything, the more details you include, the easier it will be to visualize what you can change and move around. Harvard Business Professor Gilson also highlighted this idea in his book, that designing the plan of restructuring is a crucial part of the process that could lead to failure if not executed properly and thoroughly.
4. Create and sustain a solid support network for your employees.
Once you have successfully created and set in motion a game plan to tackle this company restructuring, the key to making the restructuring a positive experience is to create positive peace interactions with your employees and coworkers. Creating and maintaining a positive support system for everyone involved in this process will be extremely valuable to all parties moving forward.
If you are figuring out how to restructure your company during this pandemic, for example, an easy and rather effortless way to create value for your employees is by hosting team or group Zoom events. What could be better than everyone sitting in the comfort of their own homes, participating in a Zoom happy hour?
A more discreet way of supporting your employees and coworkers could be to invest in mental health resources for your company members. Especially in times of uncertainty and turmoil, knowing that your boss is looking out for you creates immense value for your employees, even if they decide not to use those resources all the time or at all. In exchange, you are creating value for your company as an establishment that truly values the mental health and teamwork of their employees.
5. Follow up on the changes that have been made
So, you’ve undergone a successful restructuring for your company - so far. The final and one of the most important steps in this restructuring process is to follow up with your employees, coworkers, and check in on your overall company performance after the restructuring process has been completed. As with any new project, feedback is crucial in making final adjustments to create the best and most positive possible outcome.
One efficient way you can do this by creating a quick, anonymous survey to send out to all of your employees and coworkers for their feedback, questions, comments and concerns. To further build a strong relationship within your team and company, you could also host a zoom conference meeting and simply have an open discussion about the changes that have been made. This will give you the opportunity to hear how the restructuring has impacted your colleagues, and where there may still be room for tweaking. Ultimately, this step brings things full circle for a successful and positive business restructuring experience!
Being apprehensive to acknowledge an issue that needs change or action is the biggest challenge in attempts to positively restructure a company; however, there are 5 simple steps you can follow to guide you on the path towards a successful and positive peace creating company restructuring.
The first two steps that must take place are:
Be proactive about identifying issues that need change,
Be transparent and openly communicate with all parties involved.
Once you are ready to move forward with the reconstruction, you should:
Create and follow a detailed game plan for the restructuring,
Create and sustain a solid support network for employees
Be sure to follow up and reflect on the changes brought upon by the restructuring.
If you use these steps as a guide, you can successfully and positively restructure your company.
If you read this blog post, chances are you are either looking to restructure your business. If you’re interested in culture change, behavior design, or learning to manage your workplace more effectively, you’ll enjoy our newsletter, and you can sign up here.