In today’s business world, the idea of a sudden strategic merger or acquisition is pretty common. Look at the recent news of Staples acquiring its top rival Office Depot for a reported $6 billion as one example (and Office Depot acquiring Office Max not long before). The bottom line is that as competition becomes even tighter in business, mergers and acquisitions will only continue to increase. This holds true for giant mega retailers all the way down to small tech or financial firms.
As most of us know, change is never easy – especially in business. When a major change like a merger occurs, employees often feel threatened. This leads to a huge number of pitfalls management often falls into during the process. Here are a couple examples every professional should look out for:
- Managerial Clashes
When two or more groups of managers come together, there’s bound to be some friction involved. There’s no way to avoid some of the fire while teams are establishing a pecking order. But it becomes a big problem when the clashes overtake the overall focus of employees.
- Style Differences
This pitfall often occurs when smaller teams suddenly come together. Style differences are the reality in business – particularly in creative fields. Sometimes two newly partnered teams allow their stylistic differences to deadlock progress within an acquisition process. And this deadlock is obviously counterproductive for everyone.
- Redefining Work & Position Expectations
As new teams come together, new expectations and job descriptions are an inevitable part of that procedure. And, of course, some people will flat out refuse to accept the new changes that are happening in front of them. Once this type of thinking overtakes the goal of the merger, it’s time to recognize it as a problem.
5 Strategies for a Great Company Culture Post-Merger
The good news is that there are plenty of ways newly partnered employees (and company cultures) can get along famously during and after acquisitions. Check out five great strategic verbs that are both helpful and effective for continued growth and professional success during this process.
1. Empathize.
Everything is different for all sides of a business when a merger brings new groups of people together. Instead of only focusing on your changes, work to understand how your coworkers’ jobs have changed, too. A little empathy goes a long way in these types of environments.
2. Compromise.
When two groups come together, neither side is going to get everything they want. The idea is to work together toward mutual integration. That comes by allowing compromises which give everyone something they are inevitably happy with.
3. Adapt.
The reason two companies come together is to bring greater success in the future. That requires an adaptive approach to business which every employee needs to support. When new or tough changes come up, work to adapt your thinking while remaining focused on that new strategy for growth.
4. Listen.
This one shouldn’t be a surprise to anyone in a new environment. Put your listening ears on and stay open to what others are saying. The moment you stop listening is the moment your success and growth halts.
5. Communicate.
Piggybacking off of listening, communication is paramount for any type of success in business. It’s not only critical to listen to your coworkers, but you have to openly communicate your needs, wants and concerns. Without effective communication, all you have is ambiguity, confusion, anger and eventual resentment. This isespecially critical in post-merger environments which may already seem confusing or frustrating.
Coming Together for Success and Growth
These four simple words can bring a lot of relief to everyone within a merger or acquisition. Keep these ideas in mind as you work together with your new partners. That way everyone will continue working toward new growth and even greater business success.