Among other things, the evidence shows what successful organisational change requires: a clear, compelling vision that is communicated effectively; employee participation; and fairness in the way change is implemented. Trust in leaders is also crucial.
Musk, the world's richest man, appears in a hurry to make Twitter into a money spinner-but it takes time to understand the requirements for successful organisational change. Two in three such efforts fail, resulting in significant costs, a stressed workforce, and loss of key talent.
Change management never quite goes to plan. It's hard to figure out whether Musk even has a plan at all.
Musk's 'extremely hardcore' style
Since taking over Twitter on 27 October 2022, Musk has stopped employees working from home, cancelled employee lunches, and laid off about 3 700 employees-roughly half of Twitter's workforce. Many realised they had been sacked when they could no longer access their laptops.
Just days later, it emerged that Musk had a team of snoopers comb through employees' private messages on Slack, firing those who had criticised him.
Then, on 16 November 2022, Musk sent an ultimatum to staff to pledge commitment to a new "extremely hardcore" Twitter that "will mean working long hours at a high intensity". Employees had until 5 pm the next day to accept, or take a severance package. About 500 staff reportedly wrote farewell messages.
Musk appears not to have anticipated this reaction. As the 'hardcore' deadline approached, he started bringing key staff into meetings, trying to convince them to stay.
Bu hikaye Personal Finance dergisinin December 2022 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye Personal Finance dergisinin December 2022 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
'Hack' your money psychology
Spending too much money? Tempted by sales? These money psychology hacks’ can help
Accounting tips for small businesses
It's important to properly manage your business finances
KIDS AND MONEY: FIVE WAYS TO START THE CONVERSATION
WHEN IT comes to teaching young children about the world, parents may feel that some topics—like politics and religion—are too tough to broach.
REDUCE THE PAIN OF DOWNSCALING
Investing in a holiday home as a retiree
THE RISKS INVOLVED IN INVESTING
Finding the balance between eating well and sleeping well
TESLA: WHY IT MIGHT BE TIME FOR MUSK TO GO
What 2023 holds for the electric vehicle company
FINDING SOMEONE TO STEP INTO YOUR SHOES
The Eskom crisis demonstrates again the importance of proper succession planning—loDSA
BORROWING MONEY ISN' ALWAYS A BAD THING
On the contrary, debt can be a sensible way to build wealth
WILL SOLAR POWER INCREASE THE VALUE OF YOUR HOME?
The upfront investment is high, which you'll want to recover when you sell
WHERE NEXT FOR THE GLOBAL ECONOMY?
Why central banks face an epic battle against inflation in 2023