I’m creating a restructuring framework for managers after an acquisition. I’d like to brainstorm some actionable risk management steps that I should include on it. Can you share some?
Hi Rainer. My first impression after reading your question was to take care on peoples’ involving. To restruct something means to me to involve the people of the company to create underständing but also ideas to be better in the future. You don’t need to ask the management, but to ask the ordinary workers. Why? They have proper ideas, certainly, to improve the company. To work against them will not create consistent steps for the future. So far…Regards Reiner
Hi Rainer, my first thoughts are in line with what Reiner writes. Active communications and involvement of stakeholders. First of all to create a common feel for need for change. Secondly, you need to identify critical resources and get their buy in (incentives are not unusual). Who should stay (not leave the firm) by all means? Last but not least: make the change-window as short as possible, the more time it costs, the messier the results get!
Hi Rainer , I am in line with the thought of Erik to assess critical resources however my submission is create panel for interviewing each employee and explore the potential among them. You may decide to place them as per company expectations along with their monetary benefits.
I work in Restructuring Programs as Program Manager since some years using kind of Best practice framework (which is based on theoretical approaches by Consulting companies, enriched by my Experience). You will fail when you just focus on people. I agree with the comments above but I Ireally think the focus on people/interviews/.. . is too detailed for the first evaluation. People are important but not at the beginning. In case you need some detailed support please let me know and drop me a PM. All the Best, Florian
Florian is right. Focus on the best practices of both firms and THEN study the people required to execute based on what you can afford. Identify and secure these people fast. Take Day 1 actions to protect the firm from ill doers .. stealing
/destroying data, sabatoge, etc ... by having a strong IT security plan.
Rainer, I’ve made some turn-arounds and plenty of re-organizations. People are clearly important and you need to work out who you need on your side, who can be a catalyst, but also the ones you need to get rid of. Having said this, the overall goal and end state is the guiding star.
Hi Rainer, Most of the points are quite well covered. Base level preparation should involve making a detailed job role inventory of all personnel in the company and agreeing on a clear vision of the End state with the key stakeholders. You may also want to access how much of business is conducted as per a clear & documented process and how much is individual dependent (i.e. business process or decision criteria is dependent upon individual discretion). This should give you another perspective on risks involved in the re-structuring program. BR Dinesh
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