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People

In: Corporate Restructuring

Author

Listed:
  • David E. Vance

    (School of Business Rutgers University)

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.

Suggested Citation

  • David E. Vance, 2009. "People," Springer Books, in: Corporate Restructuring, chapter 0, pages 29-45, Springer.
    • Handle: RePEc:spr:sprchp:978-3-642-01786-5_3
    DOI: 10.1007/978-3-642-01786-5_3
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