Ask most professionals who have gone through the phase of surviving mergers and acquisitions, and they would probably tell you the experience was agonizing. Studies have shown that most career professionals don’t survive it.
Every business is usually in business for profit. The more profit a company makes the more chances its ability to grow and keep its employees employed increases.
Mergers and acquisitions refer to the consolidation of companies or assets. Sometimes, to achieve growth, most businesses get acquired or merge with another for several reasons. Some of those reasons can include avoiding bankruptcy, to eliminate competition and much more.
The truth is that for most employees, mergers and acquisitions happen at their detriment. However, when you look at the larger picture, you will discover that surviving mergers and acquisition shouldn’t give you nightmares if you are providing value as an employee. Whether you are at an organisation currently going through a merger or not, the following tips will ensure that you do not get swept away in the tide of structural changes that might happen somewhere along the line.
Carry Out a Self-Audit
Mergers and acquisitions provide you with an opportunity to review your roles within the organisation. Are your tasks redundant? Are your skills transferable or not? Would the merger and acquisition provide you with an opportunity for career growth? These are some of the vital questions you need to ask yourself
A self-audit gives you a clearer picture of how valuable your skills are as well as how transferable your skills are. It is also at this point that your skills can be incorporated into the new structure. A self-audit is crucial to your career if you are keen on surviving mergers and acquisitions. It helps you plan your next line of action.
Define Your Contingency Plan
After carrying out a self-audit, it is important for you to define your contingency plan for staying and/or leaving the organisation. A contingency plan will prepare you to develop your profiles for job search; especially if you feel that the vision of the organisation does not align with yours after the merger or acquisition. The contingency plan also prepares your power struggles, confusions that can arise from shifting roles.
To be honest, layoffs are inevitable during most mergers and acquisition but a contingency plan makes you more prepared for an unfavourable outcome.
Be Mentally Prepared
Be prepared for the worst as well as the best. This puts you in a better position to deal with whatever happens after the merger or acquisition. As stated earlier, getting laid off should be one of the possibilities you should be prepared for. If this might happens, you should realise that it is probably not because you were underperforming or because you have suddenly become dispensable. Some people lose their jobs after mergers and acquisitions because the company simply needs to shed weight by asking some employees to leave. This should not mark the end of your career. Rather, it is simply time to get back to the drawing board to come up with a strategy that works.
Being mentally ready to survive mergers and acquisitions can sometimes involve reporting to younger bosses. This should not derail you from focusing your energy on the task of surviving mergers and acquisitions.
The workplace is about building meaning networks and career relationships. A merger and acquisition provide you with an opportunity to build new relationships with colleagues and line managers. Rather than consider your new colleague a threat. Instead, be a champion of ensuring a smooth transition phase wherever you are responsible.
Final Thoughts on Surviving Mergers and Acquisitions
Quite a number of employees find mergers and acquisitions largely disruptive but the way forward is to ensure you are not caught unprepared. Improve your skill-set by taking additional courses and training. Do not allow yourself to get consumed by the chaos and uncertainty that trails mergers and acquisitions. Make yourself flexible and adaptable to the changes as they come.