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’sApproachtoCulturalIntegrationWhatisCulture?Q&A3AgendaM&AStatisticsACaseStudyWW’sApproachtoCulturalIntegrationWhatisCulture?Q&A4‘Cultural&People’IssuesOftenPresenttheBiggestChallenges“Thehardstuffiseasy-it’sthesoftstuffthat’ssohardtochange.”-FrederickSmithCEO,FederalExpress5WatsonWyattM&ASurvey1998(190CEOs,CFO,TopExecutives)75%areclearlydisappointingoroutrightfailuresSource:WatsonWyattWorldwideM&ASurvey,November199850%sufferanoveralldrop-offinproductivityinfirst4-8months47%ofacquiredcompanyexecutivesleavewithinthefirstyear;75%withinthefirstthreeyears“Peopleproblems”arecitedasthetopintegrationfailurefactorbyasampleof45CFOsfromFortune500companieswhohaverecentlymerged/acquiredOnly23%ofallacquisitionsearntheircostofcapitalOnaverage,managementgradethefinancialperformanceoftheiralliancesasa“Cminus”(onascaleofAtoE)6CorporatecultureisidentifiedasoneofthemostimportantintegrationissuesSource:WatsonWyattWorldwideM&ASurvey,November1998Activitiesrequiredfor“successful”integrationDownsizingRedeploymentofworkersRecruitmentofnewstaffRetrainingworkforceAlignmentofcomp&benprogLaborrelationsManagingresistanceIntegrationofcorporateculturesRetentionofkeymanagersRetentionofkeytalentCommunication37%40%59%57%36%63%78%88%91%90%010203040506070809010036%7Culturalincompatibilityisthebiggestproblem,yetresultsindicatethatitisthearealeastlikelyresearchedduringduediligence.46%47%54%56%72%72%82%86%01020304050607080OrganizationalcultureanddynamicsofchangeWorkforcepotentialHRpolicymattersMajorshareholdersManagementcapabilitiesandwillingnesstocooperateFinancialaspectsofHRfunctionMarketshare,distributionHardassets90100Technologicalandbusinesscompetencies75%PercentageofcompaniescitingthetypeofinformationgatheredduringduediligenceSource:WatsonWyattWorldwideM&ASurvey,November19988ReasonsforsuccessfulintegrationSource:WatsonWyattWorldwideM&ASurvey,November1998Percentageofcompaniescitingreasonforsuccess8%41%31%37%52%70%SharedresponsibilityofcostsinvolvedEarlymgtof“Whatwillhappentome?”employeeissuesCulturalcompatibilityMutualagreementofroadmapbypartnersExpedientintegrationWellplannedcommunicationthroughoutthedealprocessLeadership010203040506070809010035%9AdditionalM&AStatistics1992(Coopers&Lybrand):-In100failedortroubledmergers,85%ofexecutiveswhoweresurveyedsaidthemajorproblemwasdifferencesinmanagementstyleandpractices.1996(BritishInstituteofManagement):-reportedthedifficultiesinvolvedinmergingtwoculturestobeamajorfactorinM&Afailures.1997(A.TKearney):-reviewed155M&Adealsanddeterminedmostfailurestobepeople-related.HewittAssociates-69%ofrespondentsin162organizationsinvolvedinM&Areportedthetopchallengetobeintegratingtwoorganizationalcultures.10Howintegrationishandledwillmakethedifferencebetweensuccessorfailure...Earlierrealizationoffinancial“deal”goals(e.g.costsynergy,strategicinitiatives)ProtectproductivityMaintaincustomerfocusSmoothertransitionEmployeesarefocusedontheirjobsandnotonpersonalissues11OrganizationalEffectivenessLeversCareerDevelopmentPerformanceManagementStaffingCompensation,Benefits&RewardsEmployeeCommunicationOrganizationDesign&StructureBusinessStrategy&AlignedCultureLeadershipEffectiveness12AgendaM&AStatisticsACaseStudyWW’sApproachtoCulturalIntegrationWhatisCulture?Q&A13Whatisculture?DefinitionofCulture:Theattitudesandbenefitsaboutsomethingthataresharedbyaparticulargroupofapeopleorinaparticularorganization(Longman)Thesetofimportantassumptionsthatmembersofacommunityshareincommon(e.gSchein)Simplyput:“CorporateCultureisthewayyoudothingsinyourorganization”14Reflects“Whatistangible”,e.g.•Organisationalstructure&processes•Policies&procedures•PhysicalenvironmentReflectsthe“Waywedothings”,e.g.•Degreesofcollaboration•Decision-makingpatterns•ApproachestoprocessimprovementComponentsofCultureValueshavelittlemeaningunlesstheybringaboutspecificbehaviors...VISIBLECoreValuesBehaviourINVISIBLEattitude15ImplementationPlanTheimplementationplanwillencompassinitiativestocreateandsupportthesebehaviors.CoreValuesBehaviourThebestwaytoachieveculturechangeistofocusondesiredbehaviors...16AgendaM&AStatisticsACaseStudyWW’sApproachtoCulturalIntegrationWhatisCulture?Q&A17OurApproachtoCulturalIntegrationPerformGapAnalysisDesignDesiredCulture------------TopTeamWorkshopValidation/OwnershipCustomerStrategyAssessCurrentCulture------------InterviewsFocusGroupsCultureAuditBusinessObjectivesDISCOVERDefiningOrganizationalCultureImplementCultureChangePrograms-----------TrainingOrg.Dev.CommunicationMeasurementDELIVERReinforcingOrganizationalCultureKnowledgesharing,involvement,andcommunicationsDevelopCultureChangePrograms-------------LeadershipDevelopment,CultureChangeTeams&Learning&DevelopmentINVENTDevelopingOrganizationalCulture18AgendaM&AStatisticsACaseStudyWW’sApproachtoCulturalIntegrationWhatisCulture?Q&A19ACaseStudy:BackgroundInformationTwoorganizationsmergedtoformanewent