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The improved economic outlook brings with it opportunities for business growth via merger and acquistion. Whilst this brings great excitement, remember that this is also a momentous and complex process. A strategic workshop with HR involvement early on can help to define how you integrate the new business and address the people issues. Points to consider: Does TUPE apply? Transfer and analysis of all employee data. Harmonsation of terms and conditions of employment? How will you retain talent and motivation during a period of change? Clarify the structure and address any areas of role duplication quickly and fairly. Identification of individual issues. The workspace itself.
Communication is key. HR and Marketing should have an agreed strategy which considers the internal focus: frequency, content, use of methods: email, notice boards, intranet, face to face, written letter etc and the opportunity for staff to be heard. You simply cannot overcommunicate during this process.
Culture and Values will be impacted no matter how closely aligned the businesses are on paper. It is not easy, nor fair, to ask a new team to simply buy into a culture and set of values thrust upon them. Engage in a review process with a cross section of staff to identify the impact of the change and what solutions there might be to integrate the teams or indeed amend the values to suit the 'new look' business.
If you are planning for, or already going through, an acquisition, do call us to talk through your plans and disucss where we can help create success.
“In an ever-changing business environment, we at Crest Medical are keen to focus on developing our business commercially to be a best in class provider to our target markets of first aid, hospitals, pharma and retail. We know that to achieve our goals we need to deliver for our staff by recruiting the best talent, giving them the opportunity and working environment to make a difference. As the business environment changes so does best practice for employing, directing and motivating our staff. To be best in class we know that we need specialist advice and support in continually developing our HR practices and processes. P3 People Management provide that support. We have built a business with more than 100 members of staff and £50m in turnover in a little over 10 years, P3 People Management’s support has been a critical component of our success. If you are looking for professional, flexible HR support for your business I couldn’t recommend them highly enough. ”
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