September 26, 2019 at 4:18 pm #95679
I am wondering if anyone has any suggestions to influence the sr. leadership so that issues with change management can be corrected. Other than the usual channels of escalation, which often do not work, I would love to hear creative, “out of the box” solutions to address specifically loss of talent throughout the integration caused by a poorly executed change management strategy. What have you seen work?March 16, 2020 at 8:23 pm #107937
I would suggest a recap of lesson learned as an opportunity to highlight what caused the strategy to be poorly executed. In this same presentation, I would highlight steps or the strategy you’d like to implement for the next opportunity. If it is hard to get agreement on the entire strategy pick the Top 3 things you’d like to change and see if you can gain buy in for 3 items. Change management sometimes takes time for leadership to understand and “see” the value.
Retention bonuses can also assist in loss of talent. If possible, obtain budget approval as soon as possible during the M&A process.March 18, 2020 at 9:28 pm #108706
I think there are a few different ways of tackling this challenge based on what you want to improve or correct. For instance is it improving the execution of a change management plan, or is it developing a more robust “retention program” approach so that the execution is less likely to fail because the plan is so strong. Some areas to consider in developing the retention program is to develop a roadmap that covers all stages of a deal for the leaders to see and “buy-in” to. Similar to Melissa’s post, getting leadership to see the value should flow through to the ability to execute.
Another area of analyses which may not necessarily be “out of the box” thinking, is to define the retention strategy for each individual based on the role and future value they bring to the organization and the probability of the individual leaving. This will allow you to customize a retention strategy for each individual, increasing the chances of achieving one’s people retention objective.April 26, 2020 at 11:11 pm #109658
Paul Gray, MBAParticipant
I agree with the comments of both Tanaquil and Melissa. Integration execution will have a life of its own almost when it comes to execution and during the process there is always the probability of unintended mistakes as well as possible underestimation of the integration efforts leading to frustration, especially at the Target whom are usually insecure. That said, during the culture integration body of work, it is instructive that the key talents are identified, those that if they leave for whatever reason, significant risk would emerge to the integration as well as the underlying strategic execution. To this end, it would be instructive that prior to legal day 1, lock-up employment agreements be executed with said, individuals designed in a way to ensure their continuity. In some transaction this lock-up agreement may need to be extended to key employees of the acquirer as well, due to potential uncertainties post acquisition.May 2, 2020 at 8:20 pm #109784
Agree with Paul and others who have already commented. The more agreements are in place, incentives designed appropriately and communication is transparent and frequent with key employees, the better the odds for retention.
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