Models of Organizational Turnaround
Abstract
The present paper proposes a concrete framework to successful organizational turnaround. Here, we propose the DARE Model (conceptual framework) for Organizational Turnaround together with R5 Model (pragmatic framework) of organizational turnaround and the correlation between them. DARE model provides a conceptual understanding of why, when and to what level each stage of R5 model of turnaround must be implemented. Moreover, R5 model provides a practical framework for how to achieve the organizational turnaround with necessary inter- relation of independent, dependent and multiple dependent issues of organizational turnaround. The DARE model and R5 model exhibits a symbiotic relationship among themselves where in DARE model defines the PATH of turnaround and R5 model defines the PROCESS of turnaround. The present work also includes proposed H-Score (human performance processes score) and O-Score (Operational performance score) along with Z-Score (Altman's Bankruptcy Predictor Formula/ Financial Performance Score) defined by Edward I. Altman, to be used as touchstones for re-evaluation stage of R5 model. The scope of implications of the study and interventions is not limited to evolving a turnaround strategy but also has wider consequences in terms of crafting out the organizational strategy taking into consideration every aspect of management be it human resource, marketing, production, finance and so forth.Downloads
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