Recently, an unnamed American company with 1,500 employees completed a successful change to its corporate structure. Other business wishing to do the same could learn much from the way this company approached it.
When a new leader came onboard to implement a corporate structure shakeup, cash shortfalls and revenue declines were the biggest challenges the company faced. It only took one year of operating under a new structure to increase employee engagement, improve customer satisfaction, and get revenue to track with the forecast.
Here are four ways the new management affected such a successful corporate structure change.
- Collaboration: As much a spirit as a way of doing business, collaboration involves people from all areas of an organization contributing their own unique skills and knowledge for the long-term success of the company. Managers in collaborative work environments improve the agility of an organization by removing silos. They also understand that giving people the power to create is an effective way to ensure they will support the outcome.
- Commitment to Details: No true corporate structure change happens without designing and then implementing a new concept. The planning phase should include specific timelines and milestones to ensure progress. Long-lasting change goes beyond reorganization and understands that it must occur at all levels to be effective. It also requires ongoing communication, consistency, and transparency throughout the entire process.
- Leadership: Collaborative change starts at the top with leadership. People at this level must commit to a process of change and demonstrate to employees how to be more engaged. Because leaders don’t always have control over outcomes, it’s important that they seek and receive support from board members, other leaders, and top levels of management.
- Phased Process: This involves several top-level employees of the organization working to expand acceptance, awareness, commitment to change, and understanding. Remaining engaged and involved with each phase makes it easier for leaders to evaluate the effects of corporate change and adjust as necessary.
Is your organization ready for big change but need financial backing to do it? Black Wolf Capital Group is here to help.