In today’s oil & gas industry climate, restructuring and layoffs are unfortunate but inevitable. “The ultimate goal of any restructuring and layoff is to make the business more efficient, productive, and therefore more competitive”, says VP of Keystone Associates, Dave Denaro. According to an article on CIO, there are several things we all need to do and be aware of as a manager, to keep morale high during these tough times.
Be prepared to lose talent- people are doing what they feel is best to protect their livelihoods. To prevent this from happening, make sure you engage those who stay to successfully navigate the workforce through a layoff and beyond. Trust issues will remain, so it is important in the C-suite to aim to be as transparent and truthful about the why and how of the restructuring as possible, right from the beginning. Mid-level managers must deliver a message of stability and clear plans for how the business will move forward as well, and communicate this to the remaining workforce effectively. The employees have a role, too. Denaro suggests to make sure your remaining employees have a career plan sketched out that covers their strengths, weaknesses, their interests, and goals in driving the business forward.
Every industry goes through boom and bust. It is what is done in the bust portion of the cycle that truly shows the character and integrity of the firm that is dealing with it.