Raise your hand if you want a frigid work environment! Nobody? Well…
It’s no secret that downsizing or merging a business means facing inevitable challenges such as combining two different work cultures. The process is often expensive and draining, but there are steps that can support a smooth transition for both employers and employees.
Congrats! Your merger is underway. Your hard work has nearly paid off! But you’re not quite done yet. That is—unless you want sh*t to hit the fan.
At Culture Works, we don’t want that—and neither should you. Did you know that more than half of mergers and acquisitions fail? And the reason behind it? The clashing between two separate company cultures: Culture shock.
If you’re looking to merge your company down the road, you need to consider your options to be one of the few successes. This includes, in many cases, deciding to hire a facilitator to help merge two cultures.
Here’s why.
Entering into a merger can be challenging for both companies. Whatever your reasoning for the merger, one thing is for sure—change is coming. According to Harvard Business Review, between 70 and 90% of mergers and acquisitions fail. Culture clash may be to blame for this extremely high number.
There are a few things you can do to combat this issue.
Are you preparing your business for a merger or acquisition? While it is essential to get your financials and your business plan in order, it is also important to ensure your company culture is optimized. According to the study “Corporate Culture: Evidence from the Field” 91% of executives said they believed improving company culture would increase their company’s valuation. Here’s why.