Surviving A Company Merger
Victor Sans was expecting to be promoted to the role of a client relations manager. The news of his company being acquired came as a letdown because, in order to cut costs, the new organization put all promotions on hold.
Mergers and Acquisitions -- The story of the “big fish” eating the “little fish,” where larger companies buy out the smaller ones, is becoming more and more common in the workforce. The key principle behind a merger or acquisition is that two companies joined together are more valuable than two separate companies.
what's in store for you?
M&A can mean a loss of employment for you or that you may have to relocate to a new city in order to keep your job. Your profile may change and your current skills may become redundant in the new company. Reporting to a new boss and dealing with a different work culture are also part of the package. Here are some strategies to help you keep your job, your status and your sanity.
Communicate regularly with the management
Early communication is critical in any merger or acquisition situation. If you receive initial word of the change without immediate follow-up information, make sure that you ask your boss about the updates. Do not believe the rumor mill and make sure that you are not a part of it. People may suspect that you know more than others and are not revealing the information. This can damage morale and you can loose the trust of your colleagues.
Speak to your boss
Take the initiative. An acquisition can quickly shift priorities, so ask your boss what is most important. Don't wait for direction. Show that you are capable of shifting gears and moving forward. Have a clear idea of what kind of work you want to do. There are many factors to consider, including your knowledge, skills, values, work style, and preferred environment. Discuss these openly with your boss and gain the right perspective.
Don't expect any sympathies from your new boss either. You have to make a fresh start, demonstrate your skills and bring your talents to his or her attention. Be candid in asking about what the immediate plans are and how you can add value. Become a trusted advisor and share your experiences with the new boss.
The degree of HR's participation is directly linked to the success of mergers and acquisitions, therefore your HR team may have a lot of insight to offer you. Ask your HR manager for details about the organization’s plan to merge and how it will affect the workers. You could even ask them about the new functions and job profiles that are likely to become part of the new structure.
Be prepared to relocate
There may be a need for employees to relocate to the new company's location. Informing your new boss about your location preferences in advance will minimize the potential for gossip and spread of misinformation.
You should also discuss private issues, such as individual layoffs or shifts in job responsibilities before the formal change is announced. Don't just look at career objectives, but consider personal factors as well. A working spouse, children, or health issues may stop you from relocating.
Get the big picture
Gather information about the buying company. Does it have a history of mergers? How has it handled merged staffs in the past? You can find this information on the company’s website or elsewhere online.
Volunteer to lead a new project
Use your time and energy wisely. If you're part of a project that may soon dissolve as a result of the merger, volunteer for a transition team and be willing to assume new responsibilities. This shows initiative, puts you in a visible position, and will help you build new skills. It also gives you the opportunity to showcase your leadership skills.
Stay current in your field
Read industry publications and reports. Be aware of changing trends, and position yourself accordingly. Use this knowledge to your advantage by taking a course in an up-and-coming area or a specialization that will benefit your organization and give you an edge over the competition.
Update your resume
Prepare for the worst. Polish up your resume, use the internet, contact recruiters, and network. Take a proactive stand and gear up for the times ahead.
Be congenial
People who are unpleasant are the first to be laid off. Invest in relationships and make sure that you don't pick fights with your boss or colleagues during this phase. Mergers test work relationships, especially those with colleagues whose jobs may be phased out. Your dealings with others will take on a new dimension as job descriptions change and layoffs are announced. Your position may survive, but a colleague's might not. Listen and be empathetic to his or her plight. Offer encouragement and suggestions.
Excel in your current position
Exceptional performance speaks for itself. You won’t get ahead with a mediocre performance, regardless of how many other steps you implement.
be open to change
With corporations keen on expanding, the chances are good that the number of mergers and acquisitions will only increase. This makes preparing yourself imperative. Be open to change, and make sure that you are ready to ride the waves.
