【案例学习】-××公司合并和获得的文化整合的重要
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Watson Wyatt M & A Survey 1998 (190 CEOs, CFO, Top Executives)
n 75% are clearly disappointing or outright failures
n 50% suffer an overall drop-off in productivity in first 4-8 months
Activities required for “successful” integration
Retention of key managers Integration of corporate cultures
Managing resistance Retraining workforce Alignment of comp & ben prog Recruitment of new staff
2
Agenda
M & A Statistics What is Culture? WW’s Approach to Cultural Integration
A Case Study Q&A
3
‘Cultural & People’ Issues Often Present the Biggest Challenges
5
Source: Watson Wyatt Worldwide M&A Survey, November
Corporate culture is identified as one of the most important integration issues
Communication
91%
Retention of key talent
n Only 23% of all acquisitions earn their cost of capital
n On average, management grade the financial performance of their alliances as a “C minus” (on a scale of A to E)
n 47% of acquired company executives leave within the first year; 75% within the first three years
n “People problems” are cited as the top integration failure factor by a sample of 45 CFOs from Fortune 500 companies who have recently merged/acquired
Percentage of companies
citing the type of information
gathered during due
diligence
Market share, distribution Technological and business
competencies
Financial aspects of HR function Management capabilities and willingness to cooperate Major shareholders
The Importance of Cultural Integration in Mergers and Acquisitions
Agenda
M & A Statistics What is Culture? WW’s Approach to Cultural Integration
A Case Study Q&A
HR policy matters
56% 54%
82% 75% 72% 72%
Workforce potential
Organizational culture and dynamics of change
0
47% 46% 10 20 30 40 50 60 70 80 90 100
7
Source: Watson Wyatt Worldwide M&A Survey, November
Cultural incompatibility is the biggest problem, yet results indicate that it is the area least likely researched during due diligence.
Hard assets
86%
8
Source: Watson Wyatt Worldwide M&A Survey, November
Additional M & A Statistics
Downsizing Labor relations
Redeployment ofn Wyatt Worldwide M&A Survey, November
90% 88% 78%
63% 59% 57% 40% 37% 36% 36% 10 20 30 40 50 60 70 80 90 100
Cultural compatibility
70% 52% 41% 37% 35%
Mutual agreement of road map by partners
31%
Shared responsibility of costs involved 8% 0 10 20 30 40 50 60 70 80 90 100
Reasons for successful integration
Percentage of companies
citing reason for success
Leadership
Well planned communication throughout the deal process
Early mgt of “What will happen to me?” employee issues Expedient integration
Watson Wyatt M & A Survey 1998 (190 CEOs, CFO, Top Executives)
n 75% are clearly disappointing or outright failures
n 50% suffer an overall drop-off in productivity in first 4-8 months
Activities required for “successful” integration
Retention of key managers Integration of corporate cultures
Managing resistance Retraining workforce Alignment of comp & ben prog Recruitment of new staff
2
Agenda
M & A Statistics What is Culture? WW’s Approach to Cultural Integration
A Case Study Q&A
3
‘Cultural & People’ Issues Often Present the Biggest Challenges
5
Source: Watson Wyatt Worldwide M&A Survey, November
Corporate culture is identified as one of the most important integration issues
Communication
91%
Retention of key talent
n Only 23% of all acquisitions earn their cost of capital
n On average, management grade the financial performance of their alliances as a “C minus” (on a scale of A to E)
n 47% of acquired company executives leave within the first year; 75% within the first three years
n “People problems” are cited as the top integration failure factor by a sample of 45 CFOs from Fortune 500 companies who have recently merged/acquired
Percentage of companies
citing the type of information
gathered during due
diligence
Market share, distribution Technological and business
competencies
Financial aspects of HR function Management capabilities and willingness to cooperate Major shareholders
The Importance of Cultural Integration in Mergers and Acquisitions
Agenda
M & A Statistics What is Culture? WW’s Approach to Cultural Integration
A Case Study Q&A
HR policy matters
56% 54%
82% 75% 72% 72%
Workforce potential
Organizational culture and dynamics of change
0
47% 46% 10 20 30 40 50 60 70 80 90 100
7
Source: Watson Wyatt Worldwide M&A Survey, November
Cultural incompatibility is the biggest problem, yet results indicate that it is the area least likely researched during due diligence.
Hard assets
86%
8
Source: Watson Wyatt Worldwide M&A Survey, November
Additional M & A Statistics
Downsizing Labor relations
Redeployment ofn Wyatt Worldwide M&A Survey, November
90% 88% 78%
63% 59% 57% 40% 37% 36% 36% 10 20 30 40 50 60 70 80 90 100
Cultural compatibility
70% 52% 41% 37% 35%
Mutual agreement of road map by partners
31%
Shared responsibility of costs involved 8% 0 10 20 30 40 50 60 70 80 90 100
Reasons for successful integration
Percentage of companies
citing reason for success
Leadership
Well planned communication throughout the deal process
Early mgt of “What will happen to me?” employee issues Expedient integration