Waikato Business News August/September 2023

Waikato Business News has for a quarter of a century been the voice of the region’s business community, a business community with a very real commitment to innovation and an ethos of cooperation.

Waikato Business News has for a quarter of a century been the voice of the region’s business community, a business community with a very real commitment to innovation and an ethos of cooperation.

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Navigating restructures<br />

and outplacement in a<br />

changing economy<br />

In today’s ever-changing economic landscape, employers<br />

often find themselves in the challenging position of<br />

having to restructure their businesses to stay competitive<br />

and adapt to market shifts.<br />

While these changes<br />

are often necessary<br />

for survival<br />

and growth, they can also<br />

be emotionally taxing for<br />

employees and business<br />

owners. Managing restructures<br />

and outplacement effectively<br />

is not only a legal and<br />

ethical responsibility but also<br />

crucial for preserving a positive<br />

company culture and<br />

reputation. Here are our tips<br />

for managing change with<br />

good faith in mind:<br />

Transparent<br />

Communication:<br />

Open and honest communication<br />

is key. Employers<br />

should clearly communicate<br />

the reasons behind<br />

the restructure, its potential<br />

impact on employees, and the<br />

company’s commitment to<br />

supporting affected individuals<br />

throughout the process.<br />

Upfront Planning:<br />

Careful planning is essential.<br />

Employers should outline<br />

their goals and the desired<br />

outcomes of the restructure,<br />

identifying which roles will be<br />

affected and how they intend<br />

to fill the gaps.<br />

Support and Training:<br />

Invest in training and<br />

upskilling programmes to help<br />

employees adapt to new roles<br />

or acquire new skills. This<br />

not only benefits the employ-<br />

ees but also ensures the company<br />

has a more versatile and<br />

skilled workforce.<br />

Outplacement Services:<br />

Providing outplacement<br />

services, such as career<br />

counselling, resume building,<br />

and job search assistance,<br />

demonstrates a commitment<br />

to the well-being of<br />

outgoing employees and helps<br />

them transition into new roles<br />

smoothly.<br />

Legal Compliance:<br />

Ensure your restructure complies<br />

with all NZ Employment<br />

Laws. It is critical to follow<br />

a robust process and not<br />

to pre-determine any potential<br />

outcomes. Seek advice if<br />

you’re considering changing<br />

your business model.<br />

Employee Wellbeing:<br />

Monitor the emotional wellbeing<br />

of your employees. Offer<br />

counselling/coaching services<br />

or access to support networks<br />

to help them cope with the<br />

stress of change.<br />

Maintaining Company<br />

Culture:<br />

Protect your company’s<br />

culture by fostering a sense<br />

of unity among remaining<br />

employees and emphasizing<br />

the company’s values and mission.<br />

Feedback and Evaluation:<br />

Continuously gather feedback<br />

from employees and<br />

assess the effectiveness of<br />

the restructure. Make adjustments<br />

as needed to improve<br />

the process.<br />

In a changing economy,<br />

adaptability is the key to survival.<br />

Employers who manage<br />

restructures and outplacement<br />

with empathy,<br />

transparency, and a commitment<br />

to employee well-being<br />

will not only navigate these<br />

challenges successfully but<br />

also emerge with a stronger,<br />

more resilient business poised<br />

for future growth.<br />

If you need support during<br />

a change process or outplacement<br />

services for your employees,<br />

contact 0800 EVEREST.<br />




Managing Director,<br />

Everest People.<br />

Specialising in workplace advice,<br />

recruitment, training and<br />

coaching.<br />


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