Mergers are a constructive force that can leave a path of destruction in its track. Indeed, mergers make a lot of sense on paper. They combine skills, market, expertise, and audience groups. They seem like the perfect recipe for success.
However, at a personal level, employees are the first to pay the price of a merge and acquisition decision. Indeed, merging with another company can lead to an increase in stress. Many employees feel uncertain about the future of their role, whether they are on the side of the acquirer or the acquiree. It’s not uncommon to come across alarming gossips in the office, which only reinforces stress and fear positions. Teams can record a productivity drop by 60% to 70% after a merger announcement. Many professionals are likely to resign following a merger as they are worried about being made redundant. How can businesses put their employees first when they merge?
Create a collaborative, connected space
You wouldn’t pick random ingredients and throw them into a baking mold in the hope of getting a delicious cake. You’d follow a recipe. If you don’t have any recipe, you are likely to make sure your ingredients work together and complement each other. The same principle applies to merging teams. You can’t force people who don’t know each other together and expect them to hit the ground running. Team building activities are essential to build trust between employees and remove any lasting sensation of awkwardness.
Additionally, it can be helpful to build a community online that connects employees, suppliers, and partners. The idea of a merger is to combine two separate entities into one bigger unit that is fully functional. Therefore, a community platform can be an effective solution to bridge the gap between the two companies.
Introduce an “ideal employee” profile
Who is your perfect employee?
You may have a clear idea of who was a perfect employee before the merger. But things are different when you combine the cultures of the two companies. It can be helpful to create a profile of how the ideal merger’s employee should be. You can refer to it when you reach out to a recruitment company to bring new staff to the business. Indeed, recruiting agents are likely to refer to what you want to achieve when they examine candidates. Ultimately, as a merger may lead to redundant positions, it also creates new opportunities for growth, which means you’ll need to hire new talent for your team!
Create a future for your team
Employees are worried that a merger will cause them to lose their jobs. Redundancies are sometimes expected in those situations, but they are best avoided. Losing members of the team will impact morale and productivity. However, you can tackle the issue by helping vulnerable individuals who may be made redundant with a growth training program. Building a future for your team through a merger can ease the transition and reduce anxiety.
Merging companies is more than a smart money investment. It is a business decision that puts a lot of pressure on the people in your team. We can’t afford to forget that people are a business’s most important asset. A successful merger, therefore, begins with your team.