Please Join Us!
When: Friday, June 9 @ 1pm EST (5pm GMT/10:30pm IST)
Topic: Coping With Restructuring
About This Week’s Chat
Corporate restructures are a fact of life. But why is it necessary every now and again? We usually restructure companies to make them more profitable or to make them operate more effectively. It may also happen in response to a major change in the business, such as a merger, takeover or bankruptcy, or a major change in the market such as the 2008 global financial collapse.
A scene that many of you might have seen on television during the 2008 financial crisis was people walking out of high-rise office buildings clutching boxes containing a few of their personal possessions. That’s typically the type of scene you envisage when you hear that the organization you work for is going to restructure. But that’s not all it means. The word “restructure” can represent many different fears.
Losing your job.
You know what your financial position looks like. You also know if you have to leave your job clutching a box tomorrow, your finances (or lack thereof) will be a major stressor. Your basic needs like food, housing, clothing, transport, and education for your children all depend on your finances. Here, the word “restructure” represents uncertainty and lack of security.
During a restructure, some people may lose their jobs, others can be moved between departments (and even cities), and reporting structures often change. The bottom line is that the restructuring process will change relationships between people. The boss that you trusted implicitly may be moved to another department. Colleagues that you got along with and relied on may no longer be there. Even worse, you may be forced to compete with them for positions in the new structure. Here, the word “restructure” represents changed dynamics and disrupted relationships.
Company politics can be difficult to navigate during good times. But, they have the potential to become a dirty game during a restructure. Those who have political power will use it to their own and their allies’ benefit. It’s not necessarily beneficial to the company. Here, the word “restructure” represents compromised effectiveness and efficiency of a department – the complete opposite of what the restructure is supposed to do.
In a difficult economic climate, companies may offer employees four-day work weeks or shorter working hours in exchange for keeping their job at a reduced salary. Many people would choose to have some income rather than none, even though it would put them in a difficult position. In this case, the word “restructure” represents unfair compromise.
Although a restructure may bring about positive changes for the company and even some of its employees, most of us associate it with lots of stress. In this case, the word “restructure” represents physical and mental issues caused by prolonged stressful circumstances.
Coping With Restructuring
We’re going to talk about “Coping with Restructuring” during our #MTtalk Twitter chat this week.
In last week’s poll, we asked you what you’d most likely do to cope with an organizational restructure. It was interesting to see that 35 per cent of participants said they’d learn a new skill, while 28 per cent would focus on keeping their colleagues positive. To see all the options and responses, take a look at the poll here.
We’d love you to participate in the chat, so, in preparation, ask yourself the following questions:
- What can we do as leaders to help employees to thrive during a restructure?
- When you know a restructure is certain, how do you prepare?
- Thinking about a restructure you’ve experienced, how would you prefer it to have been handled, and why?
- What are the effects of restructuring on employees?
- Change occurs all the time. Why do we find restructuring so traumatic?
- There are persistent rumors about a possible restructure. How can you support others in the organization?
- What are some practical tips you’d like to share with others about going through a restructure?
- How can you manage the emotional impact of going through a restructuring process?
To help you to prepare for the chat, we’ve compiled a list of resources for you to browse.
- How to Recover From Job Loss
- Into the Deep End
- Rebooting Your Career
- Surviving a Merger
- Kelley and Conner’s Emotional Cycle of Change
- Physical Relaxation Techniques
- Toffler’s Stability Zones
- Locus of Control
At Mind Tools, we like hearing from people all over the globe. We’d like to learn from you, too, and we invite you to participate in the #MTtalk chat this Friday at 1pm EST (5pm GMT/10:30pm IST). Remember, we feature great participant responses right here on our blog every week!
How to Join
Follow us on Twitter to make sure you don’t miss out on any of the action this Friday! We’ll be tweeting out 10 questions during our hour-long chat. To participate in the chat, type #MTtalk in the Twitter search function. Then, click on “All Tweets” and you’ll be able to follow the live chat feed. You can join the chat by using the hash tag #MTtalk in your response.