Mergers and Your Career
Author:
Karin Lanigan
The merger process is not simply about the changes in the balance sheet. It also has a lasting impact on the employees of the organisations concerned. It can have a significant affect on your position and your future career. You may have the option to remain with the merged entity or you may decide to further your career elsewhere. You might even be forced to seek another opportunity outside of the new organisation. How you manage the situation is critical. It will require you to be entrepreneurial about your career and to investigate and evaluate all your options.
Imagine the scenario! You return from a family holiday feeling relaxed. On your first day back you are summoned to a meeting with senior management who announce that the organisation is in the process of merging with a competitor. Your initial reaction may be one of disbelief and shock. Your professional self can appreciate the business case, but personal fears are raised. Whether your company is being bought or is buying another the ramifications can be enormous in terms of reorganisation, restructuring and even redundancies.
Evaluate the situation
Now is the time for you to formulate a plan of action and take control of your own destiny. Developing a plan to manage your long-term career (and in the short term to survive the merger process) will help you to maintain focus and direction throughout. To do this effectively you need to assemble all the facts. Speak to as many people as possible within the organisation and the market in general to learn all you can about the likely implications of the merger. Speaking to an independent third party such as a fellow CA or other professional can provide you with a broader perspective and will ensure that you remain objective. Check out your current market value and potential with the ICAI Careers Advisory and Placement Service or a professional careers advisor. When you are in possession of all the facts and you have gained a full understanding of the likely implications then you can decide your course of action. Once you know the benefits and threats you can make a wise career decision and convert the risks into opportunities.
The rumour machine
During times of uncertainty within organisations idle gossip can be widespread. Do not become involved in any such negative activity, or be seen to be driving it. Management will be aware that rumours will be circulating and they will be actively seeking the drivers of these rumours. If you have been instrumental in this it may conspire against you. Keeping an open mind and remaining positive is your best approach. In reality the merger is likely to be beneficial to the organisation and therefore it could also impact positively on your career options. A positive attitude during the process will stand to you. It will help you to cope with the pressure and you will also be seen in a more favourable light by management. This could ultimately work to your advantage in terms of career opportunities.
Managing your response
A time of change inevitably brings stress. This is particularly true where you have worked for the organisation for many years as you will feel a strong sense of attachment and involvement. Do not dwell on the past. Think of all the positive elements of the future. See it as an opportunity to re-energise your career.
Ensure that you are allowing yourself time to absorb all the ramifications. Allocating sufficient time for exercise and sleep will benefit you enormously. Take a 10 minute walk during your lunch break and make sure that you eat healthily and regularly. You need to ensure that you come out of the process in a healthy state to take full advantage of new opportunities. Remaining motivated, focused and energised will make the transition easier.
Threats vs Opportunities
The merger process could in fact work to your advantage. To decide what the likely outcome may be, you need to assess the potential impact of the merger on the business especially on your role. Learn more about the other businesses such as the
- Size and turnover
- Culture and strategy
- Structures, hierarchy and organisation chart
- Technology and systems
- Profile, background and experience of your peers in the other organisation
- Product/service offering
- Markets serviced
One factor that should not be underestimated is the market and competitor reaction. To gauge this you should speak to customers and observe market sentiment.
Once you have conducted your research you can evaluate the risks and opportunities that are presented.
Make Yourself Known
Ultimately to learn more about the merger process and the true implications you need to be actively involved in a hands-on capacity.
Seek to play an instrumental role by volunteering for related projects. You may also be able to influence the transition to the advantage of the organisation and to yourself. Being involved in the integration process will allow you to make yourself known. You will be in a position to get to know the management team and to impress them. Keeping the lines of communication open at all levels will benefit you hugely. You need to be aware of new developments as they happen to assess the implications of these on your own situation.
A New Boss
Having a new boss or a new team reporting to you will mean establishing and building new relationships. You will need high level interpersonal and communication skills as well as patience and persistence. If you lack confidence in your abilities in this regard, seek help. ICAI should be your first port of call. You will also have to prove yourself to your new boss. Balancing your loyalties to your parent organisation and nurturing a new sense of loyalty to the merged entity can be a challenge. Respect and trust will have to be earned by all concerned.
Adjusting To The Cultural Change
The likely success or failure of the merger may ultimately depend on the merging of the cultures of both businesses. It will take you time to understand the culture of the new organisation. Self awareness will go a long way here. You need to know what company culture suits you and which stimulates you best in a work environment. This can help you to decide if it is possible for you to continue your career with the new organisation.
Remember to Keep your Options Open
Changes associated with mergers are evolutionary. Prepare for all eventualities. Have a back-up plan should you need to look outside the organisation for your next career move. With this in mind you should prepare your curriculum vitae and ensure that you polish up your interview skills. Seek the assistance of a professional in this field. Preparing for the interview process takes time, especially if you have not been in the market recently.
Upskilling
Whilst you are in the mode of assessing your career options conduct a critical review of your core skills. Upskill if necessary. Show your adaptability and willingness to learn new skills or achieve additional credentials. Research the skills currently in demand and seek advice in terms of what courses and new knowledge will benefit you and your career most. Consulting ICAI will assist you greatly with this process.
Conclusion
A merger scenario will ultimately impact significantly on your role, your career and your life. To what extent can very much depend on how you take control and manage the event. Remain focused and driven throughout. With strategic planning and execution the outcome can be very positive both for you and your employer. The entire process will serve as a learning curve for you. It will enhance your professional experience and exposure, ultimately making you more marketable and employable.
Karin Lanigan is Careers Advisory & Placement Executive at the Institute of Chartered Accountants in Ireland.