... through focused restructuring.

This requires

• a clear and sustainable strategy for the future,

• open and honest communication with all stakeholders: employees, unions, shareholders, and customers,

• the right balance between investment and downsizing, and

• 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

• an honest analysis of the current situation,

• an awareness of all the obstacles to change,

• the identification of change agents, and

• an appropriate timeframe and budget for implementation.