When it comes to successful companies facing big changes, IBM's shift in direction provides an important lesson. It is essential to honor the company's legacy and build on the foundations of the past, while teaching employees that old strategic frameworks, processes, relationships, and values must be reworked to meet new challenges. An example of this is McDonald's, whose routines have hindered its response to changing market conditions. Alastair Beveridge and Joff Mitchell, global co-directors of Turnaround & Restructuring Services and CEO respectively, have been recognized in the International Company Turnaround of the Year category for their work with Swissport International.
This is a world-leading aviation services company headquartered in Switzerland. Does being a transformation consultant require a degree in psychology? While it may not be necessary, it takes a good dose of emotional intelligence, intuition, and attention to detail to understand the conflicting perspectives and attitudes of all players. The consultant must be an inclusive part of the team and earn respect by demonstrating open communication, as well as solid, coherent, and considered recommendations. Developing a relationship of trust with company leaders is the cornerstone of any successful recovery effort. Kevin Nystrom, CEO, has been recognized in the Mega Company Turnaround of the Year category for his work with Murray Energy Holdings Co. Clint Neider, senior vice president, is recognized in the Big Business category for his work with Tuesday Morning Company, a major retail outlet for household goods based in Dallas. In any circumstance, the restructuring consultant must validate the team's strengths, recognize their feelings, and express their desire to support and help both individuals and the company.
As a business transformation consultant, they work in a specialized consultancy that helps companies get out of trouble. With all the “feelings” involved, perhaps the best way to describe a transformation consultant to an outsider is as “a financial, operational and business psychologist”.