Succession Planning Leads to Restructuring for Growth
“We needed to figure out who we are, where we are and where we needed to be as we scale our business. Now we believe we can provide better service and faster leads which we’ll ride to future growth.”
– Matt Strand, Vice President of Operations, Greaves Corporation
Greaves Corporation has been a trusted supplier of electrical connectors to the electrical construction trades since 1947. Merging with Essex Products Group in 2007, all operations were consolidated to one location in Centerbrook, Connecticut in 2016 allowing for more responsive manufacturing, quicker stocking, and centralized customer service.
Since its inception, Greaves has enhanced its manufacturing capabilities to produce mechanical and compression lugs, splices and adapters, and multiple types of grounding clamps.
The company is a full-line supplier, inventorying over 4,000 different products. They have the ability to swiftly supply standard and customized products with a variety of in-house metalworking and machining processes plus an extensive stock of raw materials.
Greaves Corporation has pivoted the organization to finding opportunities for both top-line growth and bottom-line efficiencies. This effort includes implementing a stronger management structure to address productivity issues, streamlining the execution of change initiatives, and improving accountability throughout the company for a more desirable future state.
Culturally, while company morale is good, processes are needed for handling employee conflicts, underperforming staff, developing “bench strength” for retiring workers, and conducting management training to enhance the skill set of underdeveloped and underutilized managers and supervisors.
The leadership at Greaves Corporation recognized their operations were in need of some restructuring to help them achieve their goals. They were also aware the organization would have to anticipate filling roles of senior management and key employees due to eventual retirements.
In order to boost productivity and efficiency, address retirement considerations, and introduce processes for handling management issues, CONNSTEP recommended a Succession Planning exercise. The activities in this exercise included:
- meetings with key company leaders to determine cultural strengths and weaknesses
- drafting a current state organizational chart of Greaves Corporation
- working with Greaves leadership to outline a desired future state, matching employee resources to organizational roles and assessing gaps
- evaluating current employee resources, identifying high potential employees as well as those requiring more nurturing and training
This effort was followed by development of a formal company organizational chart and an action plan to help the company realize their desired future state.
As Greaves Corporation was undergoing a period of transition in their business, CONNSTEP’s succession planning recommendations resulted in the creation of an infrastructure for growth, addressed employee’s changing responsibilities, and provided a greater understanding of management roles and how to apply them.
Production floor capacity has been increased to handle the anticipated growth of the business. A clear roadmap has been established for transitioning of leadership roles. And Greaves Corporation considers itself better positioned to become more of a leader in the electrical connector industry.
- Increased sales: $400,000
- Retained sales: $200,000
- Jobs created: 3
- Jobs retained: 2
- Cost savings: $40,000
- New equipment: $1,100,000
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