12 Apr Benefits to Workforce Restructuring
Evolving your business may involve either upsizing or downsizing, which may both lead to better outcomes in the long run. Adapting to the environment may take a lot of work, but the result can be very beneficial.
Why pursue workforce restructuring?
There are multiple reasons why a business will decide to engage in workforce restructuring. Businesses can be largely affected by external forces such as the COVID-19 Pandemic that has greatly changed how all workplaces have functioned. Some reasons why a workplace would decide to shift its structure:
- The business owner may want to modify the business environment. For example, planning to have more employees work from home and online because of the COVID-19 pandemic. Online work has become greatly normalized due to the pandemic, and many businesses believe it has been more functional and less costly than employees working from the office.
- The business owner may feel they need to change their business model. For example, this may include replacing certain services that their business provides. There are times when business owners need to re-think what their business is providing and adapt to current demands.
- The business owner may innovate the workplace by acquiring a new method of operations. This may include purchasing new technologies or evolving workplace culture that could be advantageous for a particular business.
- Another party could acquire a portion of the company, known as a buyout. Workforce restructuring can be involved in a buyout because the new party may want to make adjustments to the business. These potential modifications may involve organizational and/or legal management so that all parties are content with the changes being made.
Benefits to restructuring
As mentioned previously, there are certain benefits that may be attached to restructuring the workforce. These benefits could encompass:
- A decrease in operational costs,
- Refined communication and decision making,
- An increase in operational efficiency and productivity. One way this may be achieved is if the business owner introduces new technology into the workplace,
- Securing a competitive advantage in the market,
- Refining the focus of the business and prioritizing certain products.
If you want to know more about the advantages of workforce restructuring as it pertains to your business, please contact KCY at LAW by filling in an online consultation request or contact us by phone at 905-639-0999 to book your consultation today!