| Having a good team is fundamental in | | | | needed at this stage is a change agent. It calls for |
| accomplishing your dreams. In this complex | | | | a more democratic and participative team as |
| corporate world, no single person can have all the | | | | opposed to the 'surgical' team, which calls for a |
| answers. The world is changing so rapidly that | | | | more autocratic one. |
| even a team comprising internal experts is | | | | Thus increasingly, human resource management |
| overwhelmed in trying to follow and monitor the | | | | has recognised the importance of good teamwork |
| changes. | | | | as an ingredient to the success of the company. |
| The internal team should also include the use of | | | | Staff appraisal system has recognised one's ability |
| external consultants and experts to bring in | | | | to work as a team and not just individual |
| knowledge and skills that are currently not | | | | performance as a key measurement of the |
| available in the company. | | | | staff's performance. Nicor Steel put great |
| Similar to a surgical operation, a company needs a | | | | emphasis on teamwork. |
| team to successfully perform a turnaround. | | | | There are cases whereby staff voluntarily chase |
| Turnaround is seldom a one-person show. Most | | | | out their own colleagues who are poor |
| well-orchestrated corporate comeback teams are | | | | performers. The staff of Nicor Steel are one of |
| fielded with the best talents from within or | | | | the highest paid employees in the industry. |
| outside the company including skilled professionals | | | | Companies too need to work in teams. No |
| such as insolvency lawyers, auditors and | | | | company is an island. Companies also need to |
| turnaround consultants. | | | | team up share expertise, financial resources and |
| The first step, especially during the surgical stage | | | | technology. Companies at times too need to |
| is to assemble the turnaround team by getting | | | | consider teaming up with their competitors in |
| everyone on board. Change is crucial and is | | | | strategic alliances when venturing overseas. |
| characteristic of a turnaround process. | | | | In today's corporate world, things are no longer |
| Preferably, the team should comprise the | | | | cut dried and clean. For instance, there are mega |
| turnaround manager, whether appointed from | | | | infra-structural projects that require the |
| outside the organisation or seconded internally, the | | | | competitors to pool their financial resources |
| financial controller and other key internal staff. | | | | together to clinch mega-projects, which are too |
| The team must work closely with the other | | | | big for any single player to handle. |
| stakeholders such as the shareholders, creditors | | | | In the pharmaceutical industry, R&D development |
| and union. | | | | costs for new drug development may be too |
| Whatever the composition, the team must move | | | | prohibitive and requiring a few pharmaceutical |
| swiftly like the SWAT unit. Members need to | | | | companies to pool together their resources |
| regularly update each other on the status as well | | | | towards its development. As a matter of fact, |
| as progress of the specific duties of each | | | | pharmaceutical companies are merging and |
| member. There must be a clear and unchallenged | | | | teaming up because of the phenomenal |
| team leader who has the final say in case of | | | | development costs. Some studies indicate that in |
| dissenting views. | | | | the years to come, there may only be five major |
| Flexibility is the key and the team may be | | | | pharmaceutical companies left worldwide as |
| changed periodically as the situation warrants. For | | | | compared to the current few dozens. |
| instance, once the company turns around and the | | | | Therefore no man or company can be an isolated |
| financial crisis blows over, the company may need | | | | island. A good team is vital to fulfilling your dream. |
| to transform its corporate culture. The team | | | | |