Startup Funding Espresso – Managing Employees in a Turnaround

Managing Employees in a Turnaround

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

During a turnaround it’s important to maintain team morale and involve everyone in the process.

Here are some key steps to managing the team.

Make clear the need for the turnaround.

Employees may not have visibility on the financials and don’t know how much the company is losing.

They also may not know the situation with competitors or see changes in the market.

Involve employees in the decision making.

Gather feedback from the employees on how to cut costs and improve revenue.

Update them on the progress of the business.

Measure performance.

Metric the company’s performance to show where gains are being made.

Give employees the ability to improve the company’s performance.

Recognize excellence.

Provide incentives to employees to achieve key metrics.

Track the metrics and provide rewards to those who achieve it.

Address concerns.

Some employees may not buy into the turnaround plan.

Address their concerns and work to bring them into the process.

Gain alignment.

Make sure employees understand the turnaround process and align with the goals.

Success will depend on employee buy-in for the turnaround process to work.

 

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

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