Every day the business press is filled with headlines touting corporate America's latest merger or acquisition. But most organizations mishandle the people and culture side of mergers and acquisitions and that can radically reduce a merger's chances of success, according to a recent study conducted by Right Management Consultants, an organizational consulting firm based in Philadelphia.
In a six-month study of 156 companies in North America, Europe and the Asia-Pacific that had either acquired or been acquired by another company, Right uncovered seven key findings about the factors that can make or break a merger, says Steve Wall, managing vice president and head of Right's M&A consulting practice. "The first four are new findings that have emerged since Right conducted its benchmark M&A study in 1999; the last three were conclusions of the first study," he says.
Wall offers the following seven tips for workforce development professionals to help their company complete a successful merger or acquisition:
1. Pay attention to differences in organizational culture and be prepared to address them.