... through focused restructuring.
This requires
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a clear and sustainable strategy for the future,
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open and honest communication with all stakeholders: employees, unions, shareholders, and customers,
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the right balance between investment and downsizing, and
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much more than just layoffs: early retirement schemes, voluntary redundancy programs, special-purpose companies for re-qualification, reduced working hours, divestments through management buyouts, joint ventures, etc.
... through change processes.
This requires
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an honest analysis of the current situation,
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an awareness of all the obstacles to change,
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the identification of change agents, and
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an appropriate timeframe and budget for implementation.
... let's talk about some specific references which might be of relevance for you.