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How to Transition to an Outsourced CFO

Outsourcing CFO services provide an efficient, scalable way to access high-end financial capabilities for your business. According to a Deloitte survey, the top reason for outsourcing is cost reduction, but speed-to-market and access to leading tools are other.....

Strategy, Business - 3 min read

To the businesses of the past, change traditionally meant instability, and instability meant less growth. Today, however, businesses are in a constant state of change.

Global capital flows, variability in the labour market, live-streamed communications, and market transparency have made traditional approaches to change unsustainable.

That’s where change management comes into play. Change management accepts that business cultures are constantly evolving, and capitalises on the opportunities this presents. 

How can you use effective change management to motivate your employees?

 

Start at the Top

Change can be unsettling to people throughout all levels of your business, but when your employees see their leaders embracing change first, they have more confidence to do so themselves. Senior employees should take responsibility for leading the team in potentially disruptive periods. When done well, this strong leadership will mean renewed motivation for less senior employees.

 

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Don’t Leave Anyone Out

Change management programs involve different layers of businesses in different ways. The key is to define your strategy and set targets to implement change at each layer of the business. This works best if you identify leaders throughout the company and task them with specific implementation goals. In this way, the change cascades through the business in a positive, motivating way.

 

Address the “People Issues”

Any big change has the potential to create “people issues” of one kind or another. Some people will need to step up and assume new roles, some jobs will be changed, and some employees will need to develop new skills.

The uncertainty involved in change periods can make people feel resistant and insecure. Instead of dealing with these issues in a reactive capacity, tackle them head on in a proactive, confident way.

 

Articulate the Need for Change

When faced with change, people have every right to ask questions, and they will. You can help to ease these concerns by articulating the need for change in a clear and straightforward way. The first thing you should do is explain why a change needs to be made. Second, reassure employees that your company has the leadership and resources to reach its goals. Lastly, lay out a road map for behaviour and decision making.

 

Speak to Employees One-on-One

Your employees devote so much to your business. They spend much of their time at work, and many of them consider their colleagues to be like a second family. Check in with each employee one-on-one (or have your managers check in with them) to discuss whether or not they need additional coaching as they incorporate the changes into their routines, and request feedback. Take feedback seriously and address any issues that seem to be recurring.

For more information about change management, speak with one of our business experts at Altus Financial.

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