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Monday, April 22, 2019

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Instability in the market and economic meltdown frequently results in restructuring management infrastructure. This process is a double edged sword which has its own benefits and disadvantages. Such a change affects organizational performance and productivity.

When there's a change in management, there's also a change in ideas and approach. This is very crucial in today's competitive business scenario. Ideas that worked in the past become inefficient with time and a brand new person might come up with something which clicks for the company. New individuals at helm of a company continuously interact with the workforce to understand them. Communication on a regular basis with the workforce helps the new members to be familiar with the issues bothering the employees. 

Change in management give shape to the future culture of an organization. Culture of a firm depends upon behaviours of employees. During a revamp, company policies are reset in accordance with the prevailing situation. Frequently new rules are more client and employee focused. Depending the size and financing of an organization, investors might turn hostile during a restructure process. Frequently investors feel that they'll lose money if a change takes place at the top level. Negative investor reaction can result in dropping of stock prices for firms which are publicly traded. In several cases, organizational restructuring involves curtailing the workforce and facilities. 

Employees are the core strength of any organization. With members of an outgoing team, a company loses its assets. With employees leaving, an organization loses the skills and experience of those working on several projects. Frequently employees after hearing the revamp news start to search for new jobs. Frequently companies do not share all the details on the process at one go. Restructure in management hurts the company's reputation in the market. Customers and the public start to raise questions regarding the future of the company. The process still hurts during economic turmoil when many individuals are already jobless. It is better to receive help of a pro public relations consultant who'll project a positive image throughout the entire revamp period. In case the visions are clear, then the new structure will improve efficiency and productivity of an organization.

 Ashok Kumar Todi is an industrialist with forty years of vast experience in the arena of production, marketing and exports hosiery products and Allied products. He is currently Chairman of Lux Industries Limited and has played a key role in transforming India's socks industry into a current position.

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