July 16, 2014 By FTI Consulting
The interim report from the Financial System Inquiry has been dominating the headlines. While the media has invariably focused on the BBQ stopper topics – house prices and superannuation charges – the detail in the report shows David Murray and his team are preparing to make substantial recommendations on the structure and operation of Australia’s financial system. How far and how fast the Abbott government reacts to the recommended changes remains to be seen, but one thing is certain: change is coming. It will impact workers, employees, investors and tax payers and importantly, it will be disruptive.
Changes to the financial system will likely touch almost every company in Australia in some way. This will no doubt present challenges and opportunities for many. But while the benefits of much of the change will be realised in the medium to long-term, effectively communicating the reason for change in the short-term will be critical. Which raises the question, how can communication help during times of change?
At FTI Consulting, we partner with clients during periods of change. In our experience there are a few golden rules to communicating during period of change, which repeatedly prove critical to success.
Each situation is different and every company undergoing change faces a unique set of challenges. But almost always communication has a large bearing on adapting to change and reassuring stakeholders.