Mergers and acquisitions are with few exceptions organizationally complex and emotionally demanding. Not only is there uncertainty among employees about the future but the passion and purpose of the work is an intrinsic motivator that most often stops with limited warning. “It can be like having trained for a marathon and arriving at the race to be told This isn’t a race it’s a carnival” says Fitzpatrick. “While the carnival might be truly amazing and even more appealing than running the marathon, that’s not what captured your heart, mind and passion in the same way that the marathon did. Helping employees understand how their work continues to have purpose is the key to engaging and retaining those vital to achieving your desired outcome.”
Due to the Life Science Marketing Challenges of the acquired company typically experience uncertainty about whether or not they will have a role in the combined company and what role they may be asked to play during and following the transition. These employees are often opposed to the referral process and may express unfounded optimism or pessimism. Employees of the acquiring company often feel uncertain about their roles after the company is incorporated as well as a range of other reactions ranging from positive to negative. Executives at other companies are also responding to uncertainty around their roles and responsibilities and often unspecified changes in their control and influence over them. with results. Many middle managers can feel caught between top management’s expectations and loyalty to those who report to them. Investors seek confidence in business leaders and reaffirm the company’s business strategy.
Although Life Science Marketing Challenges occur very often, nothing is more important in the transition than communicating openly and honestly with employees. During the first few days after the trade sinks many often complex decisions are made. The following may help: At the beginning of the transition resist promises no matter how tempting. Prioritize regular and frequent communication with employees. Communicate what you can if only to say that decisions are being made and will be communicated when details have been determined. Convey messages consistently and ultimately meet or exceed communication commitments. Company leadership should strive to provide as much transparency as possible in decision making and address employee concerns such as changes in roles and responsibilities compensation and benefits as quickly as possible. .
More often than not the actions needed to bring businesses together take longer than expected and involve considerable thought and attention under adverse conditions. People whose knowledge and cooperation are at the heart of the onboarding process naturally feel very distracted and most likely ored. Typically acquiring companies bring together integrated teams consisting of knowledge holders from both companies who are responsible for transferring all kinds of information. Often employees retained for the period of transition are provided special compensation over and above any severance benefits available that is designed to reward their commitment to the transition period.
In some cases geography and time zones affect the speed and timeliness with which decisions are made and communicated. Staffing decisions related to the retention of employees essential to the transition are a priority. Depending on the value drivers of the acquisition certain employees may be offered positions with the acquiring company.
The quiet period during which these important decisions are being made can be painful and frustrating to employees who are anxious to learn about their status and plan their next steps. Life Science Marketing Challenges can favorably impact the efficiency of transitions as they make clear decisions as quickly as possible, decide on nuance when necessary and allow course modifications and corrections. They also need to clarify roles and responsibilities (both short- and long-term) , quickly identify and recruit key talent, communicate short-term plans and manage expectations.
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