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Firms that restructure through downsizing are not more profitable than those that don't, and often end up hurting themselves in the long run. Responsible Restructuring draws on the results of an eighteen-year study of S&P 500 firms to prove that it makes good business sense to restructure responsibly-to avoid downsizing and instead regard employees as assets to be developed rather than costs to be cut.
Wayne Cascio explodes thirteen common myths about downsizing, detailing its negative impact on profitability, productivity, quality, and on the morale, commitment, and even health of survivors. He uses real-life examples to illustrate successful approaches to responsible restructuring used by companies such as Charles Schwab, Compaq, Cisco, Motorola, Reflexite, and Southwest Airlines. And he offers specific, step-by-step advice on what to do-and what not to do-when developing and implementing a restructuring strategy that, unlike layoffs, leaves the organization stronger and better able to face the challenges ahead.
- Sales Rank: #1605143 in eBooks
- Published on: 2002-10-02
- Released on: 2002-08-02
- Format: Kindle eBook
Review
"Responsible Restructuring is a thoughtful, responsible and necessary outline for management of all levels of Corporate America. Professor Cascio has with a short, but powerful, book issued a common-sense blueprint for restructuring in today's rapidly changing business world. A mustread for all levels of management. - Eugene K. Anthony, U.S. Administrative Law Judge, Ret.
About the Author
Earned his B.A. degree from Holy Cross College in 1968, his M.A. degree from Emory University in 1969, and his Ph.D. in industrial/organizational psychology from the University of Rochester in 1973. Since that time he has taught at Florida International University, the University of California/ Berkeley, and the University of Colorado/Denver, where he is at present Professor of Management. He has served president both of the Human Resources Division of the Academy of Management and of the Society for Industrial and Organizational Psychology. In addition to hosting an annual week-long conference on international human resource management at the University of Colorado, Professor Cascio has consulted on five continents with a wide variety of organizations in both the public and private sectors on HR matters. He also periodically testifies as an expert witness in employment discrimination cases. Professor Cascio is an active researcher and is the author or editor of five books on human resources management.
Most helpful customer reviews
0 of 0 people found the following review helpful.
Great Alternatives
By Amazon Customer
By focusing on alternatives rather than the chopping block, this book should be the first read for anyone considering layoffs or downsizing. This is a necessary read for today's economic climate and anyone that is interested in keeping the company sustainable for the long haul should consider this book.
1 of 1 people found the following review helpful.
Many good ideas as alternatives to layoffs
By DAVID-LEONARD WILLIS
Not all companies follow the slash and burn tactics of laying off staff in an economic downturn - some look upon employees as an asset to be developed and follow an approach called 'responsible restructuring' because they know that cutting people can be disastrous, especially in a knowledge-based organization. Cascio investigated the way that companies restructure and identified two main groups, - the larger saw employees as a cost to be cut while a smaller group of responsible restructurers saw employees as assets to be developed by asking how they could change their way of business to use staff more effectively. By analyzing S&P 500 companies over eight years Cascio showed that downsizers were not more profitable nor were stockholders better off.
A medium sized securities trading firm, relying heavily on its employee's knowledge and creativity, experienced a major downturn in revenues and stock price after a decade during which employees generated excellent results and built customer loyalty. However, faced with the fact that employees accounted for more than half of expenses, top management sought the best solution. There were many different approaches to learn from: Merrill Lynch cut one in six employees world wide; Charles Schwab used layoffs only as a last resort; Lehman Brothers insisted on keeping staff in tact and even hiring new talent; Edward Jones kept all staff but cut bonuses. After 9/11 Boeing laid off 30,000 employees while Airbus reduced head count through attrition. As the economy weakened some firms seized the opportunity to strengthen their competitive position through a variety of strategies such as cost cutting, expansion, marketing, and acquisitions. Kodak restructured to compete in the digital era; computer based typesetting revolutionized the newspaper industry. But what would be the best strategy for the medium sized securities firm? This book provides a wealth of case studies and examples of proven alternatives to layoffs.
Layoffs are not only traumatic to those who leave but can affect the quality of work done by those that stay. For three years union workers at the Decatur Plant at Bridgestone/Firestone were on strike or working without a contract during which their tires prompted more complaints, compensation claims rose and the loss of 40 lives was attributed to the labor dispute. Each year Fortune magazine publishes a list of the best companies to work for - companies which satisfy all stakeholders. "High-performing companies do walk the talk when it comes to performance measure. It is clear that they are seriously committed to the human elements that contribute to their success."
Responsible restructuring relies on workers to provide substantial competitive advantage by adapting a wide range of practices such as training, information sharing, participatory management, flattened organizational structures, labor management partnerships, compensation linked to skills, and customer satisfaction. Chapter 5 "Responsible Restructuring - Alternative Strategies" is full of case studies and examples of strategies such as 'use downsizing as a last resort while reinventing your business' and 'do everything you can to manage survivors well' and 'generate good will, even loyalty, among departing employees' and 'provide unemployment benefits for employees whose hours are cut' and 'ensure employment security through redeployment' and 'ask for sacrifices from executives and employees'.
Chapter 6: "The Virtues of Stability" provides a lot of information on three companies. 100-year-old Lincoln Electric Holdings features high wages, guaranteed employment, few supervisors, a lucrative bonus system, and piece work compensation; Harvard Business School cites it as a model of corporate responsibility while others praise its innovative management practices. Core values at SAS Institute are: 'treat everyone fairly and equally; treat people with respect and dignity; make work fun; trust people to do a good job.' They focus on employees and customers, believing that if they find and keep the best people, everything else will take care of itself. The rags to riches story of Southwest Airlines that started in 1966 and by 2001 had become the most successful airline in history is reviewed. Top employers share three characteristics: clear vision; excellent delivery and execution of people-related initiatives; and highly engaged employees who are aligned to the business strategies of their companies.
Chapter 7 "Responsible Restructuring: What to Do and What Not to Do" starts with "Even though there is no one, right way to restructure, following the guidelines presented in this chapter has yielded positive results for companies and their workforces." It is highly unlikely that anyone can read this book without coming away with ideas for improving their competitive position.
2 of 2 people found the following review helpful.
responsible restructuring
By Mike Cook
Every once in a while I read something that confirms an intuition I've had for some time.Responsible Restructuring is one of those books.Wayne Cascio does us all a favor by staying away from the moral argument around using massive layoffs to cure organizational ills,and bascially demonstrates that, from a pure business perspective, it is a flawed tactic.From a pragmatic perspective he doesn't rule out the possibility of layoffs,just suggests that CEO's put that card on the bottom of the deck.I actually think many of us knew this but he provides the facts.
In just over 100 pages and seven concise chapters he puts some telling facts in front of us,making a case for restructuring that has more to do with long term success than "making the numbers." What a concept,he is endorsing "being good" over "looking good.'
This is a book to be read by anyone in a management position then shared.If you are a CEO,Board member or Senior Manager who has ever been through a big layoff this is a must read.If you are any of these and can imagine that someday you might face this possibility,this is also a must read.And its quick! I read the entire book on a plane ride from Rochester to Detroit.
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