“To improve is to change; to be perfect is to change often.” – Winston Churchill
The business world is continuously changing. This aspect of it is critical to the survival of businesses. It’s like a law of nature in a way, you cannot grow without change. The kicker here is that companies that do effectively change with the times, carry a competitive edge. This is a major contributor to why so many businesses opt for company restructuring. The company could be restructuring for many reasons. For one, it could be that there is a merger or acquisition in play. On the other hand, it could be a corporate spin-off being undertaken to help the business adapt to changing market conditions.
At the end of the day, the name of the game is survival, and the only business that will survive is the business that changes. While the exact meaning or parameters of restructuring could vary, the end goal is the same across the board. All businesses do it to boost performance, bolster their bottom line and expand their reach. In this blog, we will take a look at some of the important questions to see if you are ready for a restructure, how to get started, how an RPO helps you, and how to lower the risk of a high turnover during this period.
Restructuring is no walk in the park. If done well, it can make a huge difference in locking down the future of your company, its employees, and the business processes therein. However, before you can even think of implementing a change, you need to ask yourself a few important questions. Do you have the talent you need to successfully execute this? If not, have you and how do you plan on sourcing this?
If there is no more room for growth in your current situation or if you feel like the business desperately needs a change of pace, then you need to get started on this path. So, then the question becomes: How do I begin? Simple, you hire a professional agency such as an RPO firm to help you! This would be especially helpful if this is the first company restructuring that you are doing. This brings us to the last question, which is: Why an RPO agency?
Well for starters, most businesses these days have a hard enough time holding onto their current employees. Now add to this a stressful workplace as a result of restructuring and you have a recipe for high turnover. You need to be able to have a strong grasp of your employees’ and candidates’ expectations and several cultural nuances. This is something that RPO agencies are experts at. Through market research and experience recruiting the region, they know the ins and outs of candidate expectations and what platforms they’re most likely to be active on.
RPO providers don’t need us to vouch for them though, they do it themselves through their actions. They don’t just fill roles. They reduce the time taken to fill the spot, RPO agencies focus on quality over quantity, and also decrease cost per hire. All this, plus their ability to scale up or down, access a diverse pool of top-tier talent, and the ability to understand and track the latest market trends makes them an invaluable asset to have!
Another major green flag is that they can help you streamline the talent acquisition technology that you get from consolidation or mergers. If you are doing a corporate spin-off, on the other hand, they can give great advice on which technologies can contribute to your growth!
“When in doubt, choose change.“ – Lily Leung, Hong Kong Actress
RPO providers help with company restructuring by aiding you in building change management protocols and communication plans. They also keep in touch with key stakeholders so everyone is aware of what will change and when. All this is based on a foundation of careful analysis and execution.
RPO agencies tend to often develop training materials such as email templates, sample communication material, reference guides, and so on, to make it easier for their clients to manage the transition. As the process continues, RPOs will usually consult and have regular feedback sessions with stakeholders to determine what needs to be adjusted as per the needs of the business and the scenario.
Realistically, there are a million ways you could go about your company restructuring. There are so many options that it can be overwhelming, especially if it is your first transition. Ask any HR or recruiter out there and they will tell you what a stressful time it is for the employees. Bringing in a trained professional who knows what to look out for can be a huge asset. An RPO partner will help you define your key talent requirements; help you source them from its massive network and all the while analyzing the process each step of the way.
With all these resources and data you will know exactly what to do and when to do it, to get the best possible results from your company restructuring.