Advances in Regulatory Economics series
Edited by Michael A. Crew and Paul R. Kleindorfer
Chapter 22: The IPO as a Driving Force in the Change Process
Peter Koppe, Christian Bosch, Silke Hömstreit and Stefan Pohl 1 INTRODUCTION There are three main inﬂuences aﬀecting the business of postal operators (POs), namely privatization, liberalization and electronic substitution. In order to be successful within this changing environment, the challenges to be faced are: greater eﬃciency, increasing ﬂexibility and stronger customer orientation. Coming from being a public authority infused with bureaucratic overtones, Austrian Post, like other POs in Europe, successfully made the step towards process orientation by implementing new cost accounting systems, streamlining distribution channels and understanding the relevant mail streams. Now, the Austrian PO is facing the next challenging step, which is developing a strong culture of customer orientation. The positive perception of the company by diﬀerent stakeholders – shareholders, customers and employees – is a key success factor in this ongoing change process. Change management is a crucial topic for most companies. In postal organizations, major changes are needed. Theoretically and in most cases applied in practice, the change process is started with various ‘kick-oﬀ events’ to increase the involvement of employees. Sometimes an exogenous occasion can also stimulate the change process. In the case of Austrian Post, its initial public oﬀering (IPO) as the third European postal organization listed on the stock market provided new impetus for the change process. The chapter proceeds as follows. In Section 2, the historical roots of the IPO and the challenges that led to it are traced. Section 3 discusses the importance of customer orientation for future...
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