Mergers and acquisitions are a great way to boost the growth and success of your company. Many times, however, they fail. One of the top reasons behind a failed merger or acquisition is poor communication. Everyone needs to be able to get questions answered quickly, and all steps need to be synchronized. You also need to keep employees in the loop, otherwise rumors can quickly spiral out of control, leading to low morale and poor productivity. Every company has their own version of a corporate culture, and blending two or more organizations together could lead to a culture clash.
One of the most important steps you can do to reduce stress during this time is to pick a point person. This individual with help field questions, assist in meetings pertaining to the merger, and develop a new, shared company culture.
Role
Your point person will have many roles. One of these includes developing consistent messaging. Every employee of the merging organizations should be receiving the same information about the group’s new shared vision and values. Consistent communication is one of the crucial ingredients in creating unity, and having one person who can develop communication strategies and answer questions will go a long way. Your point person can also join conversations about the retention of key employees, participate in meetings about new processes, and discuss how to best disseminate information.
Common Challenges
Some of the biggest challenges associated with mergers include unclear communication that leads to widespread confusion, loss of top performing employees, and losing your company culture. An individual appointed with the task of minimizing these issues would need to be an excellent communicator, critical thinker, and creative problem solver. Overcoming these challenges will require an individual who can communicate effectively, no matter the level of employees they are speaking with, and be able to identify and assess challenges. They’ll also need to develop creative solutions and a new, shared vision for the combined organizations.
Mergers and acquisitions are associated with a variety of challenges, many of which can be avoided with clear communication, consistent messaging, and the development of a new corporate culture. Many times, the best practice is to utilize a point person for people to approach with questions and to play an important role in the future of the organization.