Michael Saltzstein on Change Management in Finance

Even in the best of circumstances, navigating change can be difficult. Shocks in the financial world have a way of causing unanticipated problems in the world at large. As a result, CEOs must always be alert while still being influential leaders, informs Michael Saltzstein.

Many CEOs mistakenly believe that because financial teams are more analytical than marketing teams, they can make changes without fully understanding the consequences. Though this seems a reasonable assumption, it could not be further from the truth. Here are some best practices for navigating financial change.

Identify the Area of Change

Some aspects of your organization will change organically, while others require an administrated change for your company meets its objectives. For example, when you're scaling up, having cash flow management issues, or if your current CFO is leaving.

Evaluate Your Resources

Michael Saltzstein does not believe the time-honored adage that when you find something that works, you must stick with it. The world doesn't exist in a vacuum. Things change, and those agile enough to innovate have the best chance of success.

Imagine you have realized that your company is changing or needs to change for various reasons. Before making any drastic changes, one of the first things you should do is gather as much information as possible, which means conducting a thorough assessment of your people, processes, and systems.

Effectively Address Your Financial Team

When addressing change, Michael Saltzstein believes you must look for a way to manage it effectively, and each manager may focus on different success factors.

Michael Saltzstein emphasizes the importance of learning how you can effectively communicate with your financial team during a transitional period. A mixture of hard and soft factors can significantly reduce the turmoil of change and ensure a smooth transition. It is crucial to pay attention to your behavior and be strategic at the same time.

Comments

Michael Saltzstein: Strategies to Keep Good Employees

Michael Saltzstein: Effective Employee Retention Strategies Employee retention is a key issue for all businesses. In order to avoid excessive spending on replacing employees, it is important to know how to retain workers. What is an employee retention strategy? An employee retention strategy is a plan to reduce employee turnover. It consists of different programs and policies that are designed to make people want to stay with the company, explains Michael Saltzstein. This strategy is important for businesses as a high turnover rate means more money goes to hiring and training new employees. Also, if workers are unsatisfied, they have low morale, which can make some of them unproductive. By implementing effective employee retention strategies, you can save your company some money. Focus on your hiring practices The best way to retain employees is by hiring the best people for the job in the first place, notes Michael Saltzstein. Start your search for candidates with a ...

Michael Saltzstein on Effective Recruitment Strategies

Michael Saltzstein: Recruitment for the Modern Workforce images.pexels.com Hiring the right people for an organization is not just about filling open positions; it's also about finding the right fit for the job and the company culture. A good recruitment process helps identify and attract candidates who meet the qualifications and align with the values of the company. Effective recruitment and selection involve a thorough evaluation of job applicants to identify those who have the necessary skills and experience to function effectively in their role and can contribute to the overall success of the company. Businesses can increase their chances of finding candidates who are an ideal match for the job and the organization's culture by implementing a comprehensive recruitment process. Michael Saltzstein helps us get the process right. Provide what the candidates look for. With the rise of remote and hybrid work, people want to decide on their work environment and have better...

Michael Saltzstein on Making Employees Feel Valued

Michael Saltzstein: How to Show Employee Appreciation images.pexels.com Not everyone finds their dream job immediately, but many still live fulfilled working lives. Those who find fulfillment and meaning in the eight hours they spend at work every day will have greater job satisfaction and stick around for longer, notes Michael Saltzstein. That's why, if you're interested in developing a great company culture that people want to work in, making employees feel valued is a manager's most important job. Here are three ways to do it. Connect people across the company. images.pexels.com Many employees feel disconnected from their colleagues — especially during organizational growth. It often comes from a lack of understanding of what other employees do — every employee is needed, but people don't always know why and how, notes Michael Saltzstein. Letting people see, appreciate, and understand their colleagues is an excellent way to build happier atmospheres, says Mich...

Michael Saltzstein

Search This Blog