Mergers and acquisitions (M&A) are a cornerstone of corporate growth strategies. The success of an M&A hinges not just on financial calculations, but also on the ability to integrate the acquired company seamlessly. One of the biggest hurdles in this process is fostering collaboration between the two formerly distinct workforces.
Here, fostering a collaborative environment becomes crucial. By nurturing teamwork and knowledge sharing, the combined company can leverage the strengths of both entities, leading to increased innovation, productivity, and overall success. Here are the 3 main strategies for fostering collaboration between acquired and acquiring companies:
1. Bridge the Communication Gap:
Effective communication is the foundation of any successful collaboration. After an acquisition, establishing clear communication channels between teams is paramount. Here’s how to ensure smooth communication:
- Leadership Commitment: Leaders from both companies need to actively champion collaboration. This includes facilitating joint meetings, fostering open communication, and setting the tone for a collaborative environment.
- Regular Updates: Provide regular updates on the integration process, including progress reports, changes to policies or procedures, and the combined company’s vision for the future. This transparency fosters trust and reduces confusion among employees.
- Cross-functional Teams: Establish cross-functional teams with representatives from both companies. These teams can work on specific projects, fostering communication and collaboration at a ground level.
2. Break Down Silos and Promote Knowledge Sharing:
M&A can often lead to the creation of silos, where teams from both companies remain isolated and hesitant to share knowledge or ideas. Proactive steps are needed to break down these silos:
- Joint Training Sessions: Organize joint training sessions where employees can learn about each other’s skills, expertise, and working styles. This promotes mutual understanding and facilitates future collaboration.
- Knowledge Sharing Platforms: Create knowledge-sharing platforms like internal wikis or forums. This allows employees to share best practices, insights, and documents across teams, fostering a collaborative learning environment.
- Mentorship Programs: Implement mentorship programs where employees from the acquiring company mentor those from the acquired company. This fosters knowledge transfer while building relationships and trust.
3. Celebrate Diversity and Embrace New Ideas:
Mergers and acquisitions bring together people with diverse backgrounds and work experiences. This diversity can be a powerful asset for the combined company. Here’s how to leverage this advantage:
- Value Diversity: Leaders need to actively promote and celebrate the diversity of the workforce. This creates a sense of belonging and encourages employees to bring their unique perspectives to the table.
- Encourage Collaboration Across Teams: Encourage collaboration across teams with diverse skill sets. This can lead to innovative problem-solving and generate fresh ideas for the combined company.
- Recognize Collaborative Achievements: Recognize and reward successes achieved through collaborative efforts between acquired and acquiring company teams. This reinforces the positive impact of collaboration and motivates employees to continue working together.
How Datafisher Can Help:
Datafisher’s eLearning solutions and learning management system (LMS) can be a valuable tool in fostering collaboration between acquired and acquiring companies. Here’s how:
- Culture Building Courses: Datafisher offers ethics & compliance courses on topics such as code of conduct, supplier code of conduct and diversity and inclusion. These courses are one of the best communications vehicles for creating a shared ethical culture for the new organization.
- Onboarding Programs: Datafisher’s LMS can be used to create and deliver customized onboarding blended learning onboarding programs for new employees from the acquired company. Videos, policies, elearnings, and one-to-one trainings where management can follow in realtime the progress.
Building a collaborative environment following an acquisition requires a dedicated effort. Datafisher can be your partner in creating a seamless integration process.
Contact Datafisher today to discuss eLearning solutions and learn more about how we can help your newly formed company thrive through collaboration.
By implementing these strategies and leveraging tools such as Datafisher, you can create a collaborative environment where both acquired and acquiring teams feel valued and empowered to contribute their expertise. This will unlock the full potential of the combined company, leading to sustained innovation and long-term success.