It’s not exactly pleasant news learning your organisation or company is about to go through a restructure.
Whichever type of restructuring you’re about to experience, we know it can be costly not only in time and money but also emotionally. There is often a great deal of uncertainty surrounding a big change like a restructure, and it can be helpful to know what you’re in for.
To start you off, let’s cover the different forms of restructures known to business. We’ve listed a few below for you to explore:
- Mergers and acquisitions: integrating two businesses together to form one.
- A Turnaround: the restructure and reorganisation of a company’s administration, operation and product offering that are performing poorly in the market. This often requires a major change in culture, strategy and leadership.
- Repositioning: changing the direction of a business unit or operation, such as offering a new service instead of an old product.
- Divestment: closing down a business unit that is performing poorly.
Now, in terms of handling the restructure itself, we’ve put together some handy tips to help you cruise through these turbulent times. Have a read and remember that this restructure is only temporary.
- Don’t panic. This is part of the working world and happens more often that we’d all like.
- Get the facts. Before you do anything, gather as much information as you can about the restructure. That might mean you need to ask these questions:
- What’s the purpose of the restructure?
- How long is it going to take?
- Am I going to be affected?
- Are there voluntary redundancies available?
- Will employment contracts be renewed?
- Will the work my department/ team is doing change?
- Determine your next move. Once you’ve got the facts you can formulate your next move. Remember your worth and how valuable you are!
- Take the restructure in your stride and pitch for a better position in the company.
- Look for upskilling opportunities to increase your value. Browse our nationally recognised qualification or professional development workshops to gain your competitive edge.
- Put the feelers out for better opportunities in another department, organisation or company. This will give you a good idea of what’s on the job market and how in-demand your skills are.
- Update your resume and LinkedIn profile just in case.
Deanne Ranyard, Head of the National Training Portfolio at CIT Solutions says the most important thing to do through a restructure is to stay positive.
A person’s attitude can be a powerful influencer to those around them. Many opportunities can come from a restructure but it’s your attitude that will determine whether you see them or not.
Deanne Ranyard leads the National Training Portfolio at CIT Solutions and brings over 20 years of Vocational Education and Training sector experience to the helm. She’s passionate about adult learning and takes a visionary leadership approach to empowering and building her high performing team’s capability.