If
`turnaround' was used as a term for free association, our
instant recall would be of terms like finance, cash flows,
product profile, business models and the like. Few would associate
the term `corporate turnaround' instantly with employees or
people. However, we realize that turnaround is much more than
a strategic and accounting exercise. Turnarounds mean substantial
changes in the shortest possible time. It is usually a case
of "I need the solutions yesterday." At stake is
the company's image, credibility and, at times, its very survival.
The numbers game is an important part of any restructuring
exercise. But the softer aspects, i.e., the people aspects
are the defining bases upon which rests the success or failure
of the changes initiated.
The
business environment today is highly dynamic. The highgrowth
sectors and the services industry have witnessed the boomandbust
cycle. The dotcom bubble and its aftermath are not too far
from the minds of people. Despite the major ups and downs,
some companies were able to adapt themselves, anticipate changes
and move from strength to strength. There were others who
could not match the pace and went bust. There is yet another
class of companies that seek to draw attention to themselves.
These are the ones that went into the red, touched the nadir,
despaired and then, rose from the ashes like the Phoenix.
They fell and they rose; they beat the expectations and went
back into black.These
corporate turnarounds are often studied and highlighted for
their financial restructuring and their business decisions.
It is important to note that the path makers in these cases
had the support and the strength of their employees as cotravelers
in the turbulent journey of turnaround. The people are the
ones who ultimately take the process through to its rightful
goal.
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