Broadway Brokers Essay -- Economy, Layoffs

The current economic downfall has forced many organizations to strategically restructure and downsize. Broadway Brokers is not resistive to these economic challenges and has been go about with competition from discount brokers and Internet brokerage services. Broadway Brokers position of holding the largest market share has been jeopardized by their slow reaction to the shifting changes inside the industry. Broadway Brokers staff possessed strong selling and interpersonal skills yet lacked in their knowledge of the high tech skills that had been inundating the market. The organizations lack of adapting to new technology and their absorbent strike was threatening their profitability. The organization was faced with the need to restructure, consolidate, and implement employee layoffs in order to remain competitive with the current financial climate. Rumors of impending office consolidations and staff layoffs had existed for somewhat time. However, the CEO commentary in a Financial Times article confirmed such gossip. In fact, decisions had already been made by top prudence to enact a structural final cause that would severely curtail offices, close offices, and reduce the level of employees across the organization. Top management was firmly fixed upon furlough and consolidation and was now relying on its management staff to come up with a plan to implement a transition. A dozen of the companys most respected managers everyone from assistant vice presidents to managing directors were join together to devise a plan for change (Jick & Peiperl 2003). In developing a transitional plan many concerns were presented to the management staff for consideration. First, Broadway Brokers has successfully grown and had not been ... ...ees and a potentially more flexible organization. Broadway Brokers management police squad is faced with the challenging task of downsizing and consolidating the organization. A thorough investigation as to ho w to execute proposed changes will need to occur before the organization can work on ahead. Change processes must be executed in a fashion that portrays compassion and consideration for all involved. For change to be successful the management team must have understanding and empathy for the psychological impact of imposed change and how employees will react. Most humans are fearful of change and do not embrace change in a positive manner. The road ahead will be difficult for the management team at Broadway Brokers, however with proper planning and understanding positive change can sustain the future of the organization.