If you would like to receive Perspective - our monthly newsletter – which brings you all of our latest news and views as well as interviews and opinion pieces then please follow the link below...
Change management 'can help to regulate labour costs'
Change management programmes can be instrumental in helping companies to successfully bring spiralling labour costs back under control.
Mitchell Osak, managing director of Quanta Consulting, told the Financial Post that careful analysis and strategic planning is essential when attempting to sustain profitability by curbing labour expenses.
Ways in which this can be accomplished include through the implementation of an internally consistent compensation framework to guide hiring policies and wage levels, compliance with which should become part of performance management.
Meanwhile, job responsibilities and categorisations should be firmly aligned via pay ceilings and pay floors, with change management techniques proving vital to making sure these ideas can be integrated on a company-wide basis.
"This kind of nuanced and holistic approach to labour cost reduction looks to be a winning strategy for many firms," Mr Osak said.
Earlier this year, the Chartered Institute of Personnel and Development suggested that coaching programmes should be considered a key aspect of any successful change management effort.
Odgers Interim are UK leaders in Interim Management solutions for the Commercial Sector. We have offices in London, Birmingham, Leeds, Manchester, Glasgow, Aberdeen and Cardiff as well as over 50 offices globally. We are the only Interim Management providers who are part of a top tier international executive search firm. We work closely with our executive search colleagues to find candidates who can offer short term solutions with long term benefits. www.odgersinterim.com
Categories: Financial Management