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14March2002,ShanghaiKwanCheeWeiDirectorHumanCapitalGroupWatsonWyattSingaporeTheImportanceofCulturalIntegrationinMergersandAcquisitions
AgendaM&AStatisticsACaseStudyWW’sApproachtoCulturalIntegrationWhatisCulture?Q&A2
AgendaM&AStatisticsACaseStudyWW’sApproachtoCulturalIntegrationWhatisCulture?Q&A3
‘Cultural&People’IssuesOftenPresenttheBiggestChallenges“Thehardstuffiseasy-it’sthesoftstuffthat’ssohardtochange.”-FrederickSmithCEO,FederalExpress4
WatsonWyattM&ASurvey1998(190CEOs,CFO,TopExecutives)75%areclearlydisappointingoroutrightfailuresSource:WatsonWyattWorldwideM&ASurvey,November199850%sufferanoveralldrop-offinproductivityinfirst4-8months47%ofacquiredcompanyexecutivesleavewithinthefirstyear;75%withinthefirstthreeyears“Peopleproblems”arecitedasthetopintegrationfailurefactorbyasampleof45CFOsfromFortune500companieswhohaverecentlymerged/acquiredOnly23%ofallacquisitionsearntheircostofcapitalOnaverage,managementgradethefinancialperformanceoftheiralliancesasa“Cminus”(onascaleofAtoE)5
CorporatecultureisidentifiedasoneofthemostimportantintegrationissuesSource:WatsonWyattWorldwideM&ASurvey,November1998Activitiesrequiredfor“successful”integrationDownsizingRedeploymentofworkersRecruitmentofnewstaffRetrainingworkforceAlignmentofcomp&benprogLaborrelationsManagingresistanceIntegrationofcorporateculturesRetentionofkeymanagersRetentionofkeytalentCommunication37%40%59%57%36%63%78%88%91%90%010203040506070809010036%6
Culturalincompatibilityisthebiggestproblem,yetresultsindicatethatitisthearealeastlikelyresearchedduringduediligence.46%47%54%56%72%72%82%86%01020304050607080OrganizationalcultureanddynamicsofchangeWorkforcepotentialHRpolicymattersMajorshareholdersManagementcapabilitiesandwillingnesstocooperateFinancialaspectsofHRfunctionMarketshare,distributionHardassets90100Technologicalandbusinesscompetencies75%PercentageofcompaniescitingthetypeofinformationgatheredduringduediligenceSource:WatsonWyattWorldwideM&ASurvey,November19987
ReasonsforsuccessfulintegrationSource:WatsonWyattWorldwideM&ASurvey,November1998Percentageofcompaniescitingreasonforsuccess8%41%31%37%52%70%SharedresponsibilityofcostsinvolvedEarlymgtof“Whatwillhappentome?”employeeissuesCulturalcompatibilityMutualagreementofroadmapbypartnersExpedientintegrationWellplannedcommunicationthroughoutthedealprocessLeadership010203040506070809010035%8
AdditionalM&AStatistics1992(Coopers&Lybrand):-In100failedortroubledmergers,85%ofexecutiveswhoweresurveyedsaidthemajorproblemwasdifferencesinmanagementstyleandpractices.1996(BritishInstituteofManagement):-reportedthedifficultiesinvolvedinmergingtwoculturestobeamajorfactorinM&Afailures.1997(A.TKearney):-reviewed155M&Adealsanddeterminedmostfailurestobepeople-related.HewittAssociates-69%ofrespondentsin162organizationsinvolvedinM&Areportedthetopchallengetobeintegratingtwoorganizationalcultures.9
Howintegrationishandledwillmakethedifferencebetweensuccessorfailure...Earlierrealizationoffinancial“deal”goals(e.g.costsynergy,strategicinitiatives)ProtectproductivityMaintaincustomerfocusSmoothertransitionEmployeesarefocusedontheirjobsandnotonpersonalissues10
OrganizationalEffectivenessLeversCareerDevelopmentPerformanceManagementStaffingCompensation,Benefits&RewardsEmployeeCommunicationOrganizationDesign&StructureBusinessStrategy&AlignedCultureLeadershipEffectiveness11
AgendaM&AStatisticsACaseStudyWW’sApproachtoCulturalIntegrationWhatisCulture?Q&A12
Whatisculture?DefinitionofCulture:Theattitudesandbenefitsaboutsomethingthataresharedbyaparticulargroupofapeopleorinaparticularorganization(Longman)Thesetofimportantassumptionsthatmembersofacommunityshareincommon(e.gSchein)Simplyput:“CorporateCultureisthewayyoudothingsinyourorganization”13
Reflects“Whatistangible”,e.g.Organisationalstructure&processesPolicies&proceduresPhysicalenvironmentReflectsthe“Waywedothings”,e.g.DegreesofcollaborationDecision-makingpatternsApproachestoprocessimprovementComponentsofCultureValueshavelittlemeaningunlesstheybringaboutspecificbehaviors...VISIBLECoreValuesBehaviourINVISIBLEattitude14
ImplementationPlanImplementationPlanImplementationPlanTheimplementationplanwillencompassinitiativestocreateandsupportthesebehaviors.CoreValuesBehaviourThebestwaytoachieveculturechangeistofocusondesiredbehaviors...15
AgendaM&AStatisticsACaseStudyWW’sApproachtoCulturalIntegrationWhatisCulture?Q&A16
OurApproachtoCulturalIntegrationPerformGapAnalysisDesignDesiredCulture------------TopTeamWorkshopValidation/OwnershipCustomerStrategyAssessCurrentCulture------------InterviewsFocusGroupsCultureAuditBusinessObjectivesDISCOVERDefiningOrganizationalCultureImplementCultureChangePrograms-----------TrainingOrg.Dev.CommunicationMeasurementDELIVERReinforcingOrganizationalCultureKnowledgesharing,involvement,andcommunicationsDevelopCultureChangePrograms-------------LeadershipDevelopment,CultureChangeTeams&Learning&DevelopmentINVENTDevelopingOrganizationalCulture17
AgendaM&AStatisticsACaseStudyWW’sApproachtoCulturalIntegrationWhatisCulture?Q&A18
ACaseStudy:BackgroundInformationTwoorganizationsmergedtoformanewentityBothorganizationsexistedasgovernmentstatutoryboardswithregulatoryfunctionsNewcompanygotlistedonthelocalstockexchangewithaclearbottom-lineobjectiveNewcompanyaimstobeperformance-driven,improvecompetitivenessandgrowthroughstrategicpartnerships19
InterviewsFocusGroupsManagementWorkshopBestPracticeResearchInterviewsFocusGroupsCorporateCultureAuditCurrentCultureListofDesiredValuesBehaviourIndicatorsCultureDevelopmentProgramsDesiredCultureTheProcessofCultureDevelopment20
Mission#1intheregionCustomerFocusedProfitDrivenInternalEnvironmentProfessionalandflexibleBetterdecisionmakingprocessClearPerformance-basedrewardsMoreInter-departmentcollaborationTailoredemployeecommunicationStrategyBottom-LineorientationProfitableproductsandservicesCostefficiencyMarketconfidenceExpansionintoothermarketsStrategicalliancesServiceefficiencyTechnologyisimportantExternalEnvironmentIntensecompetitionIncreasingcustomerdemandsandsophisticationLeveragingleading-edgetechnologyCoreValues??WhatistheCurrentCulture?21
DefiningthenewCoreValuesStrategyMissionInternalEnvironmentExternalEnvironmentCoreValues??22
CoreValues:CustomerservicequalityBottom-linedrivenDefiningtheCoreValues#1intheregionCustomerfocusedProfitdrivenMissionCoreValuesMissionStrategyExternalEnvironmentInternalEnvironment23
CoreValues:Bottom-linedrivenObjectivityandintegrityProductinnovationCustomerservicequalityTechnologyleveragedDefiningtheCoreValuesBottom-lineorientationProfitableproductsandservicesCostefficiencyMarketconfidenceExpansionintoothermarketsStrategicalliancesServiceefficiencyTechnologyisimportantStrategyCoreValuesMissionStrategyExternalEnvironmentInternalEnvironment24
IntensecompetitionIncreasingcustomerdemandsandsophisticationLeveragingleading-edgetechnologyCustomerservicequalitySpeedandefficiencyFlexibilityTechnologyleveragedCoreValues:ExternalEnvironmentDefiningtheCoreValuesCoreValuesMissionStrategyExternalEnvironmentInternalEnvironment25
ProfessionalandflexibleBetterdecisionmakingprocessClearperformance-basedrewardsMoreinter-departmentcollaborationTailoredemployeecommunicationInternalEnvironmentDefiningtheCoreValuesCoreValues:CoreValues:EmployeeofchoiceEfficientdecisionmaking-initiative,flexibilityObjectivityandintegrityOpencommunicationTeamworkCoreValuesMissionStrategyExternalEnvironmentInternalEnvironment26
MissionCustomerservicequalityBottom-linedrivenNewsetofCoreValuesInternalEnvironmentEmployerofchoiceEfficientdecisionmaking-initiative,flexibilityObjectivityandintegrityOpencommunicationTeamworkStrategyBottom-linedrivenObjectivityandintegrityProductinnovationCustomerservicequalityTechnologyleveragedExternalEnvironmentCustomerservicequalitySpeedandefficiencyFlexibilityTechnologyleveragedNewSetofCoreValues27
NewCoreValuesOrganisationBottom-linedrivenEmployeeorientedTeamworkTechnologyleveragedCustomers/StakeholdersCustomerservicequalityObjectivityandintegrityProductinnovation28
InterviewsFocusGroupsManagementWorkshopBestPracticeResearchInterviewsFocusGroupsCorporateCultureAuditCurrentCultureListofDesiredValuesBehaviourIndicatorsCultureDevelopmentProgramsDesiredCultureTheProcessofCultureDevelopment29
ReinforcingNewCultureDesiredCultureCommunicationPerformanceManagementCultureDevelopmentInitiativesPerformanceMgmtPlanTotalRewardsStrategyCultureDevelopmentTeamLearning&DevelopmentPlanCommunicationPlanLeadershipDevelopmentPlan30
EmployeeacceptanceandsupportwasenhancedthroughacomprehensivecommunicationplanKnowledgesharing,involvement,andcommunicationsPhaseScopePurposePhase1AwarenessBuilding"Thisiswhatishappening"Company-wide*Linkchangeinitiativeswithstrategicplans*Givespecificinformationabouttheprocess.*Announceseniormanagement"sinvolvementPhase2ProgramStatus"Thisiswherewearegoing."Company-wide*Demonstrateseniormanagementcommitment.*Identifymanagers"andemployees"issues.*Gaininformationfrompilottests.*Providethe"bigpicture".Phase3Roll-Out"Thisiswhatitmeanstoyou."ProgramSpecific*Providespecificinformationonthechangesbeingmadeandhowtheywillaffectpeople.*Providetraininginnewrolesskillsandmethods.Phase4Follow-Up"Thisishowwewillmakeitwork."TeamSpecific*Listentoandactonmanager"sandemployees"needstoimplementchanges.*Refinechangestoensuresuccess.31
CommunicationPlanCommunicationofCoreValuestoALLemployeesCoreValuesstatementVideofromCEODivisionalbriefingsIncorporateintoorientationfornewstaffIncorporateintoPerformanceManagementtrainingviacompetencymodel32
PerformanceManagementUsingtheBalancedScorecardapproach,wehelpeddeveloptheorganisationscorecarddevelopthedepartmentalscorecardsdefinetheperformancetargetsDevelopedacompetencymodelbasedonCoreValuesPerformancemanagementtrainingforallemployees33
RecognitionProgramsBonuses/IncentivesIndividualMeritBasePayBenefitsPerformanceResults-RelatedProgramsCoreProgramsStockTotalRewardsStrategy34
CultureDevelopmentInitiativesLearning&DevelopmentPlanIdentifyorganisationaldevelopmentneedsDeveloplearninganddevelopmentplansthatlinktobusinessandstrategicobjectivesLeadershipDevelopmentPlanConductone-to-onesessionswithmanagementteammemberstodevelopindividualleadershipdevelopmentplanCultureDevelopmentTeamsBuildcross-functionalteamsWWfacilitatestheinteractions,planninganddecisionmakingoftheteamsEncourageandappraisethedemonstrationofdesiredbehaviours35
LeadershipDevelopmentPlan“Leaderswalkthetalk.”ThedegreetowhichtheTopTeamacceptsthechangeplanasthebestoneunderthecircumstancesThedegreetowhichtheTopTeamacceptsthenewcultureasbeinginlinewiththeirpersonalgoals.Thecompetenceoftheorganization,intermsofabilities,systems,infrastructureinachievingthechangeplan.TheextenttowhichtheTopTeamsharestheinterpretationofthenewculture.Inanychangeinitiative,thecriticalpointistogivepeoplethecompetenciestheyneedtomakechangehappen.ThisshouldstartfromtheleadershipteamwhoneedstoactasRoleModels.Throughaselfassessment,weassistedmembersoftheseniormanagementteamtobuildanindividualizedleadershipdevelopmentplan.36
LearningandDevelopmentPlanLEARNINGANDDEVELOPMENTprovidestheknowledge,skillsandtheinformationsharingforumtohelpemployeeschangetheirbehaviorstomatchthecultureandvision.Tacklestheareasneedingdevelopmentinthewholeorganization.Thetrainingordevelopmentmighttakeseveralforms:projectwork,customervisitsaswellasclassroomtraining.Weidentifiedtheorganization-widegapsandadevelopmentplantobridgethem.Wethenmonitoredtheimplementationoftheplan.37
TeamscreatedwithineachBusinessUnittoaddressexistingbarriersthatpreventthedesiredculturefrombeingdemonstrated.Issuesmayinvolve:rulesandpoliciesgoalsandmeasuresphysicalenvironmentorganizationalstructureHRcultureteamscanaddresstheseissues:staffingandselectiontraininganddevelopmentceremoniesandeventsrewardsandrecognitionCultureDevelopmentTeamsCULTUREDEVELOPMENTTEAMSinstillnewculture,valuesandbehaviorsbysolvingcriticalbusinessproblems,causedbyoldworkcultureandthinking,thatpreventusfrommosteffectivelysupportingthestrategy.38
OrganizationMeasurementSurveys“Wekeepacontinualpulsecheckonwhetherwearestayingtruetoourculture/vision.”MEASUREMENTRegularlytracksthecurrentstateandprogresstoenablereadjustmentofgoalsandmethodsMethodsmightinclude:CultureAudits360DegreeFeedbackEmployeeOpinionSurveysCustomersSurveys39
LessonsLearnedImportanttogettheCEO’spersonalinvolvementinculturedevelopmentoranyothermajorHRinitiativesUnderstandtheCEO’sstyleandpersonalityandadaptingtheapproachaccordingly.Intimateinvolvementofclient(HRteam)atallstagesofprojecte.g.gettingtheirsignoffonanycommunicationdocumentsinterviewquestionspresentationslidesliaisonforallmeetingsBeopentochangesinprojectscopeanddeliverables40
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