 PeopleDavid E. Vance (dvance@camden.rutgers.edu)
Chapter Chapter 3 in Corporate Restructuring, 2009, pp 29-45 from Springer Abstract: Abstract Corporate restructuring is not simply a matter of cutting costs, revising numbers and shuffling blocks on an organization chart. It is a people process which begins by getting authority to act from the board of directors, setting up a turnaround committee to act as the day to day board contact, and selecting a turnaround team with a mix of skills in sales and marketing, operations, finance and human relations. Some executives and managers can’t or won’t make the dramatic changes necessary to improve a company’s fortunes; some will dissemble, delay, and sabotage restructuring efforts. These people must be eliminated. Employees who act out, fail to perform or have negative attitudes should also be eliminated. Warnings are ineffective and waste time. Companies shouldn’t be in the behavior modification business, they should be in the behavior selection business. Termination should be done in the most professional possible manner. Federal and state statues usually require substantial notice before termination can take place. This lead time should be factored into the overall restructuring plan. Keywords: Audit Committee; Unemployment Compensation; Circuit City; Incumbent Management; Desk Lamp (search for similar items in EconPapers) There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-642-01786-5_3 Ordering information: This item can be ordered from DOI: 10.1007/978-3-642-01786-5_3 Access Statistics for this chapter More chapters in Springer Books from Springer |
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