If you have recently purchased another company, you are now tasked with blending differing – and possibly competing – company cultures. At Cox Padmore Skolnik & Skakarchy LLP, we understand the importance of ensuring that your new venture runs smoothly. There are several ways you can help accomplish this.
A report in Inc.com illustrates the importance of preparing employees on both sides of the merger. Speaking with workers about their concerns is an important part of keeping up morale during the transition. It can also help business leaders identify any differences in the two companies’ cultures. For example, one business might place more emphasis on a work-life balance. Leaders may want to take that into account when evaluating policies and managing workers’ expectations.
Inc.com points out several other important steps managers can take, such as the following:
- Put together a set of goals that all employees will work toward.
- Establish a plan for what the merger should accomplish.
- Make sure employees understand their new roles and what is expected of them.
Experts also suggest creating a new vision statement that can blend both companies’ ideas. Key leadership members from both companies should be on board with the messaging and be involved in the rollout of the information.
Lastly, tracking progress is an important part of making sure the transition is going according to plan. Prior to the merger, survey employees on topics such as their job satisfaction and any worries they have. Periodically do follow-up surveys to identify how workers are doing and pinpoint areas of concern where you could stand to improve.
For more information on this topic, please visit our page on complex mergers.