Commonly, we see organizations turn to mergers as a way to stay stronger, capitalize on knowledge and perhaps weather the storms ahead. Mergers and acquisitions can be excellent strategies, but the winners in the process will be those who pay close attention to people in addition to numbers and data.Business leaders can’t overlook the human element inherent in a merger. Studies have shown that companies who come through a merger “very successfully” are those who have a strategy in place to retain their key talent, take time to marry-up corporate cultures and focus on aligning leadership practices and strategies. This is more than just communication, it’s about planning.
Just as the balance sheets are scrutinized, so too must be departments and people when considering a merger. Get to know the cultures of teams, departments and the overall business. Look for common ground and establish ways to make a big deal out of it. Don’t downplay the differences, but do consider which direction is best for the organization going forward. People are going to play a key role in making these changes happen and in order to have the most successful merger possible, those people need to be “on-board” and aware of the realities ahead.
It may seem like an odd thing for an accounting firm to be centred on people, but if you get to know us at Invictus, you’ll understand that people are the key.