Broadway Brokers Essay -- Economy, Layoffs

The reliable economic downfall has forced many organizations to strategically restructure and downsize. Broadway Brokers is not immune to these economic challenges and has been faced with competition from discount brokers and Internet brokerage firm services. Broadway Brokers position of holding the largest market share has been jeopardized by their slow reply to the shifting turns within the industry. Broadway Brokers staff possessed strong selling and social skills however lacked in their knowledge of the high tech skills that had been inundating the market. The organizations lack of adapting to unexampled technology and their absorbent overhead was threatening their profitability. The organization was faced with the ask to restructure, consolidate, and implement employee layoffs in order to remain competitive with the current fiscal climate. Rumors of impending office integrations and staff layoffs had existed for some time. However, the CEO commentary in a Finan cial Times article confirmed such gossip. In fact, decisions had already been made by top focus to enact a structural plan that would severely curtail offices, close offices, and reduce the take aim of employees across the organization. Top management was firmly fixed upon downsizing 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 formulate a plan for pitch (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 team is faced with the challenging task of downsizing and consolidating the organization. A positive investigation as to how to execute pro posed changes will need to occur originally the organization can forge ahead. Change processes must be execute in a fashion that portrays compassion and consideration for all involved. For change to be successful the management team must have brain and empathy for the psychological impact of imposed change and how employees will react. Most worldly concern 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 befitting planning and understanding positive change can sustain the prospective of the organization.