Michael Saltzstein gives reminders on change management in finance.

Michael Saltzstein has found that change management can profoundly affect businesses in the financial industry. Because the industry itself deals with something as ever-changing as finance rates and money management strategies, changes in business management can cause more significant ripples in a company. It leads to disruption in everyday work, which can cost money.

Therefore, he offers a few reminders for change management in this delicate market.

Communicate now, not later.

As the saying goes, time is money. Do not squander time; communicate new information while still recent and accurate. Inform all affected employees about the latest changes and don’t just leave them guessing and trying to figure it out independently. This only leads to more time when work is not being done correctly.

Most pertinent information first.

When communicating the change to your employees, Michael Saltzstein recommends giving them the most vital information. Don’t flood them with unnecessary details and add to the confusion. Please give them the critical, easily digestible data first to use it to adapt and adjust immediately. Management can iron out the details once everyone is informed.

Encourage feedback.

Ensure that your employees feel heard by asking their thoughts, feedback, and reactions. Because many of them are well-versed in their jobs and have been doing it for years, they might be able to point out blind spots that you haven’t as you make the change. It can help ensure that the transition goes as smoothly as possible.

Adjust as needed.

There’s no universal way to make the change happen throughout the company. Michael Saltzstein has always been a proponent of adopting and adjusting as necessary. This means you can approach the change differently between departments or roles.

Some areas will be more resistant to change; some might be unable due to no fault of their own—it’s just how the company has done business for a long time. Adapt and change to this resistance and find ways to make the change happen.

Michael Saltzstein feels that when change happens to a financial system, it needs to be applied with precision and care like a surgical blade. This way, you can prevent disruption or difficulty throughout the company and its processes during the change.