6 Tips to Keep Key Employees from Jumping Ship After a Merger
Create Buy-in with Key Employees.
Before the merger, review the roles of key employees and consider how they may shift post-merger. Then have conversations with the employees to create buy-in for the merger and ensure alignment on any changes to their role. Finally, it is a best practice to have the key employees sign new contracts under the new company and provide them with a retention bonus to stay on post-merger.
Standardize Policies.It can be easy for companies, and their employees, to struggle with which policies apply post-merger. Audit your company’s employment policies to ensure they are up-to-date, legally compliant, and standardized for all employees.
Get Employees to Acknowledge and Receive Training on New Policies.Once which policies apply has been determined, there remains the challenge of ensuring all employees are up to date on the applicable policies. Some policies may be new to employees of one of the companies, or language may have been updated in the merger. It is essential to train employees on how the policies work in action and have a signed acknowledgment of each policy in their HR files.
Spread a Clear Branding Message.Following the merger, it is critical to train employees on the branding message for the new entity and ensure that everyone is aligned on primary goals moving forward. By cultivating a shared brand message and understanding of the new company’s mission, you are encouraging employee buy-in and engagement.
Avoid a One-Size-Fits-All Approach.Post-merger, employees are trying to see if the new entity is a good fit for them. Flexibility is key to ensure that employees do not get “my way or the highway” messaging.
Be Patient and Give it Time.Post-merger, don’t expect employees to immediately snap into their new roles. Give transition time, coaching, support, and training on the company’s new goals and objectives. Patience is key.
Conscient Strategies was founded with the idea that every organization is capable of thriving through change. With a focus on strategy development, program implementation, workplace dynamics, and leadership development, Conscient Strategies equips leaders with the tools necessary to continuously navigate the constancy of change in ways that not only benefit their team, but, equally as important, their business outcomes as well. From mergers to c-suite changes to sudden or explosive growth, organizations turn to Conscient Strategies when change is threatening their financial health and cultural wellbeing.
Based in Washington, D.C., Conscient Strategies is comprised of a talented group of consultants, executive coaches, strategists, and account executives. The team has worked with organizations of all sizes in the private, federal, and non-profit sectors across the United States and Internationally.
You may also be interested in:
Leadership misalignment is risky, yet all-too-common in operator-led acquisitions. When conducted at the outset of an investment, a culture and leadership assessment is a data-driven way to mitigate risk and drive maximum ROI.
After a year of unprecedented workforce disruption, many leaders are finding that their standard approach to team management, communication, and decision making is no longer adequate. To manage disruption and move beyond survival, we recommend that leaders focus on culture as the core of their future of work (FOW) strategy.
Twenty years after the infamous America Online (AOL) – Time Warner Cable (TWC) merger, the failed transaction continues to highlight the importance of culture in successful M&A deals.
Ready to grow a stronger organization?
Contact us to get started.