1、公司合并和获得的文化整合的重要41页PPT文档Agenda M&A Statistics A Case Study WWs Approach to Cultural IntegrationWhat is Culture?Q&A 2AgendaM&A Statistics A Case Study WWs Approach to Cultural IntegrationWhat is Culture?Q&A 3Cultural&People Issues Often Present the Biggest Challenges4Watson Wyatt M&A Survey 2019(190 C
2、EOs,CFO,Top Executives)n75%are clearly disappointing or outright failuresSource:Watson Wyatt Worldwide M&A Survey,November 2019n50%suffer an overall drop-off in productivity in first 4-8 monthsn47%of acquired company executives leave within the first year;75%within the first three yearsn“People prob
3、lems”are cited as the top integration failure factor by a sample of 45 CFOs from Fortune 500 companies who have recently merged/acquirednOnly 23%of all acquisitions earn their cost of capitalnOn average,management grade the financial performance of their alliances as a“C minus”(on a scale of A to E)
4、5Corporate culture is identified as one of the most important integration issues Source:Watson Wyatt Worldwide M&A Survey,November 2019Activities required for“successful”integrationDownsizingRedeployment of workersRecruitment of new staffRetraining workforceAlignment of comp&ben progLabor relationsM
5、anaging resistanceIntegration of corporate culturesRetention of key managersRetention of key talentCommunication37%40%59%57%36%63%78%88%91%90%0102030405060708090 10036%6Cultural incompatibility is the biggest problem,yet results indicate that it is the area least likely researched during due diligen
6、ce.46%47%54%56%72%72%82%86%01020304050607080Organizational culture and dynamics of changeWorkforce potentialHR policy mattersMajor shareholdersManagement capabilities and willingness to cooperateFinancial aspects of HR functionMarket share,distributionHard assets90 100Technological and business comp
7、etencies75%Percentage of companies citing the type of information gathered during due diligenceSource:Watson Wyatt Worldwide M&A Survey,November 20197Reasons for successful integrationSource:Watson Wyatt Worldwide M&A Survey,November 2019Percentage of companies citing reason for success8%41%31%37%52
8、%70%Shared responsibility of costs involvedEarly mgt of“What will happen to me?”employee issuesCultural compatibilityMutual agreement of road map by partnersExpedient integrationWell planned communication throughout the deal processLeadership0102030405060708090 10035%8Additional M&A Statistics n1992
9、(Coopers&Lybrand):-In 100 failed or troubled mergers,85%of executives who were surveyed said the major problem was differences in management style and practices.n2019(British Institute of Management):-reported the difficulties involved in merging two cultures to be a major factor in M&A failures.n20
10、19(A.T Kearney):-reviewed 155 M&A deals and determined most failures to be people-related.nHewitt Associates-69%of respondents in 162 organizations involved in M&A reported the top challenge to be integrating two organizational cultures.9How integration is handled will make the difference between su
11、ccess or failure.nEarlier realization of financial“deal”goals(e.g.cost synergy,strategic initiatives)nProtect productivitynMaintain customer focusnSmoother transitionnEmployees are focused on their jobs and not on personal issues10Organizational Effectiveness Levers 11AgendaM&A Statistics A Case Stu
12、dy WWs Approach to Cultural IntegrationWhat is Culture?Q&A 12What is culture?Definition of Culture:8The attitudes and benefits about something that are shared by a particular group of a people or in a particular organization(Longman)8The set of important assumptions that members of a community share
13、 in common(e.g Schein)13Reflects“What is tangible”,e.g.Organisational structure&processes Policies&procedures Physical environmentReflects the“Way we do things”,e.g.Degrees of collaboration Decision-making patterns Approaches to process improvementComponents of CultureValues have little meaning unle
14、ss they bring about specific behaviors.VISIBLECore ValuesBehaviourINVISIBLEattitude14The implementation plan will encompass initiatives to create and support these behaviors.Core ValuesBehaviourThe best way to achieve culture change is to focus on desired behaviors.15AgendaM&A Statistics A Case Stud
15、y WWs Approach to Cultural IntegrationWhat is Culture?Q&A 16Our Approach to Cultural IntegrationPerformGapAnalysisDesign DesiredCulture-Top Team WorkshopValidation/OwnershipCustomer StrategyAssess Current Culture-Interviews Focus GroupsCulture AuditBusiness ObjectivesDISCOVERDefiningOrganizationalCu
16、ltureImplement Culture Change Programs-Training Org.Dev.CommunicationMeasurementDELIVERReinforcingOrganizationalCultureKnowledge sharing,involvement,and communicationsDevelop Culture Change Programs-Leadership Development,Culture Change Teams&Learning&DevelopmentINVENTDevelopingOrganizationalCulture
17、17Agenda M&A Statistics A Case Study WWs Approach to Cultural IntegrationWhat is Culture?Q&A 18A Case Study:Background InformationnTwo organizations merged to form a new entitynBoth organizations existed as government statutory boards with regulatory functionsnNew company got listed on the local sto
18、ck exchange with a clear bottom-line objectivenNew company aims to be performance-driven,improve competitiveness and grow through strategic partnerships19 Interviews Focus Groups Management Workshop Interviews Focus Groups Corporate Culture AuditThe Process of Culture Development 20Mission#1 in the
19、region Customer Focused Profit DrivenInternal Environment Professional and flexible Better decision making process Clear Performance-based rewards More Inter-department collaboration Tailored employee communicationStrategy Bottom-Line orientation Profitable products and services Cost efficiency Mark
20、et confidence Expansion into other markets Strategic alliances Service efficiency Technology is importantExternal Environment Intense competition Increasing customer demands and sophistication Leveraging leading-edge technologyCore Values?What is the Current Culture?21Defining the new Core ValuesStr
21、ategyMissionInternal EnvironmentExternal EnvironmentCore Values?22Core Values:Customer service quality Bottom-line drivenDefining the Core Values#1 in the region Customer focused Profit drivenMissionCore ValuesMissionStrategyExternal EnvironmentInternal Environment23Core Values:Bottom-line driven Ob
22、jectivity and integrity Product innovation Customer service quality Technology leveragedDefining the Core Values Bottom-line orientation Profitable products and services Cost efficiency Market confidence Expansion into other markets Strategic alliances Service efficiency Technology is importantStrat
23、egyCore ValuesMissionStrategyExternal EnvironmentInternal Environment24 Intense competition Increasing customer demands and sophistication Leveraging leading-edge technology Customer service quality Speed and efficiency Flexibility Technology leveragedCore Values:External EnvironmentDefining the Cor
24、e ValuesCore ValuesMissionStrategyExternal EnvironmentInternal Environment25 Professional and flexible Better decision making process Clear performance-based rewards More inter-department collaboration Tailored employee communicationInternal EnvironmentDefining the Core ValuesCore Values:Core Values
25、:Employee of choice Efficient decision making-initiative,flexibility Objectivity and integrity Open communication TeamworkCore ValuesMissionStrategyExternal EnvironmentInternal Environment26Mission Customer service quality Bottom-line drivenNew set of Core ValuesInternal Environment Employer of choi
26、ce Efficient decision making-initiative,flexibility Objectivity and integrity Open communication TeamworkStrategy Bottom-line driven Objectivity and integrity Product innovation Customer service quality Technology leveragedExternal Environment Customer service quality Speed and efficiency Flexibilit
27、y Technology leveragedNew Set of Core Values27New Core ValuesOrganisationnBottom-line drivennEmployee orientednTeamwork nTechnology leveragedCustomers/StakeholdersnCustomer service quality nObjectivity and integritynProduct innovation28 Interviews Focus Groups Management Workshop Interviews Focus Gr
28、oups Corporate Culture AuditThe Process of Culture Development 29Reinforcing New CultureDesired CultureCommunicationPerformance ManagementCulture Development InitiativesPerformance Mgmt PlanTotal Rewards StrategyCulture Development TeamLearning&Development PlanLeadership Development Plan30Employee a
29、cceptance and support was enhanced through a comprehensive communication planKnowledge sharing,involvement,and communications Phase ScopePurposePhase 1Awareness BuildingThis is what is happeningCompany-wide*Link change initiatives with strategic plans*Give specific information about the process.*Ann
30、ounce senior managements involvementPhase 2Program StatusThis is where we are going.Company-wide*Demonstrate senior management commitment.*Identify managers and employees issues.*Gain information from pilot tests.*Provide the big picture.Phase 3Roll-OutThis is what it means to you.Program Specific*P
31、rovide specific information on the changes being made and how they will affect people.*Provide training in new roles skills and methods.Phase 4Follow-UpThis is how we will make it work.Team Specific*Listen to and act on managers and employees needs to implement changes.*Refine changes to ensure succ
32、ess.31Communication PlannCommunication of Core Values to ALL employees=Core Values statement=Video from CEO=Divisional briefings=Incorporate into orientation for new staffnIncorporate into Performance Management training via competency model32Performance ManagementnUsing the Balanced Scorecard appro
33、ach,we helped develop the organisation scorecarddevelop the departmental scorecardsdefine the performance targets nDeveloped a competency model based on Core ValuesnPerformance management training for all employees33Recognition ProgramsBonuses/IncentivesIndividual MeritBase PayBenefitsPerformanceRes
34、ults-RelatedProgramsCoreProgramsStockTotal Rewards Strategy34Culture Development InitiativesLearning&Development PlanIdentify organisational development needsDevelop learning and development plans that link to business and strategic objectivesLeadership Development PlanConduct one-to-one sessions wi
35、th management team members to develop individual leadership development plan Culture Development TeamsBuild cross-functional teams WW facilitates the interactions,planning and decision making of the teamsEncourage and appraise the demonstration of desired behaviours35Leadership Development Plan“Lead
36、ers walk the talk.”The degree to which the TopTeam accepts the change plan as the best one under the circumstancesThe degree to which the TopTeam accepts the new culture as being in line with their personal goals.The competence of the organization,in terms of abilities,systems,infrastructure in achi
37、eving the change plan.The extent to which the Top Team shares the interpretation of the new culture.In any change initiative,the critical point is to give people the competencies they need to make change happen.This should start from the leadership team who needs to act as Role Models.Through a self
38、 assessment,we assisted members of the senior management team to build an individualized leadership development plan.36Learning and Development PlanLEARNING AND DEVELOPMENT provides the knowledge,skills and the information sharing forum to help employees change their behaviors to match the culture a
39、nd vision.Tackles the areas needing development in the whole organization.The training or development might take several forms:project work,customer visits as well as classroom training.We identified the organization-wide gaps and a development plan to bridge them.We then monitored the implementatio
40、n of the plan.37Teams created within each Business Unit to address existing barriers that prevent the desired culture from being demonstrated.Issues may involve:rules and policies goals and measures physical environment organizational structure HR culture teams can address these issues:staffing and
41、selection training and development ceremonies and events rewards and recognitionCulture Development TeamsCULTURE DEVELOPMENT TEAMS instill new culture,values and behaviors by solving critical business problems,caused by old work culture and thinking,that prevent us from most effectively supporting t
42、he strategy.38Organization MeasurementSurveys“We keep a continual pulse check on whether we are staying true to our culture/vision.”MEASUREMENT Regularly tracks the current state and progress to enable readjustment of goals and methodsMethods might include:Culture Audits 360 Degree Feedback Employee
43、 Opinion Surveys Customers Surveys39Lessons LearnedlImportant to get the CEOs personal involvement in culture development or any other major HR initiativeslUnderstand the CEOs style and personality and adapting the approach accordingly.lIntimate involvement of client(HR team)at all stages of project e.g.getting their sign off on any communication documents interview questionspresentation slidesliaison for all meetingslBe open to changes in project scope and deliverables40
