Abstract
Re‐engineering companies should be about more than mere downsizing to cut organizational costs. It is important that the organization should be refocussed and the remaining employees (at all levels) remotivated towards growth. Part I of this article details the five stages successful turnaround leaders use in order to rebuild organizations. It also notes the danger of being stuck in the retrenchment phase where cost‐cutting and downsizing becomes a way of life. By continuously recycling through the five stages and placing emphasis on turning toward growth, organizations can avoid this scenario.
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