structural (adjective, struc-tur-al, \ ˈstrʌktʃərəl \) change (noun, change, \ tʃeɪndʒ \)
Definition: is a deeply-rooted change within a business organization that modifies the manner in which authority, accountability, information, and finances flow in it. A structural change may occur as a result of a certain economic condition appearing, or when the industry or market a company operates in changes its functions or conditions. The effects of a structural change are usually long-term and tend to significantly change the way an organization is being run.
In a Sentence:
- Phillips is undergoing a serious structural change because of the shift to a different organizational structure.
- Due to the new export laws, our manufacturing company will have to undergo a structural change and create a department responsible for out-of-country customer support.
- Ever since the internet became a major part of running a business, most companies understood that a structural change was needed to adapt to the new way of how information was shared.
Synonyms and related words: unilateral change, structural adjustment, structural unemployment, engineering change, transactional change