The Challenge
A telecommunications organization engaged Verity’s Career Transition services when their new CEO and Board of Directors initiated restructuring to prepare the organization for privatization. The restructuring called for a reduction of 25% at the management level, impacting 2,500 management employees. The restructuring needed to be completed within six weeks. Its scope had to be kept confidential due to the organization’s high public profile.
The Solution
Verity’s team assisted the organization with the development of a restructuring plan that met the target of implementing all changes within six weeks by focusing on one management level per week for the first four weeks. We coordinated all departure meetings across Canada, which included a company representative, one of our career coaches, and the employee.
To support affected employees, we opened off-site career centres in London, Mississauga, Toronto, and Montreal, which were available to employees for six months. In addition to supporting the individuals affected, we also provided comprehensive status reports to the organization to give insight into the impact of their investment.
The Result
The company achieved its cost reduction targets and held to the planned schedule of rapid restructuring. The support provided by Verity allowed the organization to move forward with a new business plan, structure, and model. Of the employees affected, 70% were employed within six months, and 95% within 12 months. The employees and the organization indicated high satisfaction with the services they received.
