In today’s ever-changing economic landscape, employers often find themselves in the challenging position of having to restructure their businesses to stay competitive and adapt to market shifts. While these changes are often necessary for survival and growth, they can also be emotionally taxing for employees and business owners. Managing restructures and outplacement effectively is not only a legal and ethical responsibility but also crucial for preserving a positive company culture and reputation. Here are our tips for managing change with good faith in mind:
Transparent Communication: Open and honest communication is key. Employers should clearly communicate the reasons behind the restructure, its potential impact on employees, and the company’s commitment to supporting affected individuals throughout the process.
Upfront Planning: Careful planning is essential. Employers should outline their goals and the desired outcomes of the restructure, identifying which roles will be affected and how they intend to fill the gaps.
Support and Training: Invest in training and upskilling programs to help employees adapt to new roles or acquire new skills. This not only benefits the employees but also ensures the company has a more versatile and skilled workforce.
Outplacement Services: Providing outplacement services, such as career counselling, resume building, and job search assistance, demonstrates a commitment to the well-being of outgoing employees and helps them transition into new roles smoothly.
Legal Compliance: Ensure your restructure complies with all NZ Employment Laws. It is critical to follow a robust process and not to pre-determine any potential outcomes. Seek advice if you’re considering changing your business model.
Employee Wellbeing: Monitor the emotional wellbeing of your employees. Offer counselling/coaching services or access to support networks to help them cope with the stress of change.
Maintaining Company Culture: Protect your company’s culture by fostering a sense of unity among remaining employees and emphasizing the company’s values and mission.
Feedback and Evaluation: Continuously gather feedback from employees and assess the effectiveness of the restructure. Make adjustments as needed to improve the process.
In a changing economy, adaptability is the key to survival. Employers who manage restructures and outplacement with empathy, transparency, and a commitment to employee well-being will not only navigate these challenges successfully but also emerge with a stronger, more resilient business poised for future growth. If you need support during a change process or outplacement services for your employees, contact 0800 EVEREST.
Senga Allen, Managing Director