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CHANGE MANAGEMENT


led to a series of miscalculations and inadequate responses and their ultimate closure in 2009.


Reward the company as whole


Bonuses and remuneration are often far too narrowly focused. Tis tends to lead to competition rather than cooperation. And this is where HR teams can bring real added value in the change process. Ideally base around 80% of the monetary reward on overall company performance, with only 20% towards individual performance. Tis can help to prevent a competitive culture and in its place create a more positive, cohesive working environment.


Innovation


Unquestionably, innovation is one of the keys to success. It is an essential part of growing a brand and ensuring it prospers. Your business must contin- ually seek new ways to innovative and develop. Te best way to do this is by having a clear strategy with a focus on learning and development. Again, HR teams can add considerable value here by organising training that ensures each individual sees the powerful benefits of innovation, has the skills to think creatively and knows how to pitch and sell their ideas to the management.


Staff morale


the most important stakeholders in your business and it is their opinions and views that matter most.


Strategy


It is very common, and far too easy, for managers and CEOs to get stuck working in the everyday needs of the business, rather than on its future growth. Tis can lead to senior management losing their perspective and result in a lack of clear aims and objectives. Regular strategy away-days are


a great way to mitigate this. Tese strategy days can create a more coherent and cohesive culture where staff feel supported and appreciated. An example of this is Borders


which, after decades of phenomenal success, was finally closed in 2009. Originally the company was run,


30 | may 2017 | ❝


managed and supported by a team of booklovers. But then in 1992 it was bought by Kmart – a discount department store. Tis saw a number


Make sure your customers’ views are always incorporated into any change in your business


of senior management leave the company, and as the world turned digital, Borders was simply not able to adapt. Instead of adopting a cohesive change management strategy they simply seemed to change ad hoc, moving in a different direction each time their back was against the wall. Tis lack of a clear, balanced approach


Finally, and perhaps most importantly, the workplace should be fun. Far too many employees are being abused in today’s workplace; suffering from low wages, long hours and poor leadership. Tis can result in disillusioned em- ployees who see work as something to get through rather than a place to feel empowered, inspired and appreciated. It is therefore essential to incorporate social events, birthdays and perks in your company annual calendar. Making sure staff feel motivated


and encouraged doesn’t have to cost a lot – but it can have the single biggest impact on your profitability.


Clive Hyman FCA is an expert in change management and chair of the 528 Advisory – see www.528advisory.com. Follow him on Twitter @clivehyman


@TrainingJournal


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