![Building Trust While Cutting Costs](/summary-img/29994-JMFTSELC.jpg?h=M&b=0)
Building Trust While Cutting Costs
During a restructuring, rumors spread and fear takes hold. You can reduce the turmoil by finding ways to inform, empower, and inspire employees.
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Recommendation
Almost always, the announcement of a restructuring initiative occasions cynicism and fear among employees – with good reason. Too often, these programs backfire and leave the organization weaker than before. Even apparently successful cost-cutting programs can cause turmoil and damage employee morale. Nevertheless, a well-managed restructuring initiative offers opportunities to create a more agile, more competitive organization. Vinay Couto, Deniz Caglar and John Plansky, experts in strategic cost transformation, outline the elements of a well-led program. getAbstract recommends this article to all leaders and managers of organizations planning cost-cutting programs.
Take-Aways
About the Authors
Vinay Couto and Deniz Caglar are leading practitioners for Strategy&, PwC’s strategy consulting group. John Plansky is executive vice president and head of State Street Global Exchange at the financial services and bank holding company State Street Corporation.
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