文化整合在公司并购中的重要作用ppt课件.ppt

xxMarchxxxx Shanghaiyyyy TheImportanceofCulturalIntegrationinMergersandAcquisitions 2 Agenda M AStatistics ACaseStudy WW sApproachtoCulturalIntegration WhatisCulture Q A 3 Agenda M AStatistics ACaseStudy WW sApproachtoCulturalIntegration WhatisCulture Q A TheImportanceofCulturalIntegrationinMergersandAcquisitions 4 Cultural People IssuesOftenPresenttheBiggestChallenges Thehardstuffiseasy it sthesoftstuffthat ssohardtochange FrederickSmithCEO FederalExpress 5 WatsonWyattM ASurvey1998 190CEOs CFO TopExecutives 75 areclearlydisappointingoroutrightfailures Source xxyyM ASurvey November1998 50 sufferanoveralldrop offinproductivityinfirst4 8months 47 ofacquiredcompanyexecutivesleavewithinthefirstyear 75 withinthefirstthreeyears Peopleproblems arecitedasthetopintegrationfailurefactorbyasampleof45CFOsfromFortune500companieswhohaverecentlymerged acquired Only23 ofallacquisitionsearntheircostofcapital Onaverage managementgradethefinancialperformanceoftheiralliancesasa Cminus onascaleofAtoE 6 Corporatecultureisidentifiedasoneofthemostimportantintegrationissues Source xxyyM ASurvey November1998 Activitiesrequiredfor successful integration Downsizing Redeploymentofworkers Recruitmentofnewstaff Retrainingworkforce Alignmentofcomp benprog Laborrelations Managingresistance Integrationofcorporatecultures Retentionofkeymanagers Retentionofkeytalent Communication 37 40 59 57 36 63 78 88 91 90 0 10 20 30 40 50 60 70 80 90 100 36 7 Culturalincompatibilityisthebiggestproblem yetresultsindicatethatitisthearealeastlikelyresearchedduringduediligence 46 47 54 56 72 72 82 86 0 10 20 30 40 50 60 70 80 Organizationalcultureanddynamicsofchange Workforcepotential HRpolicymatters Majorshareholders Managementcapabilitiesandwillingnesstocooperate FinancialaspectsofHRfunction Marketshare distribution Hardassets 90 100 Technologicalandbusinesscompetencies 75 Percentageofcompaniescitingthetypeofinformationgatheredduringduediligence Source xxyyM ASurvey November1998 8 Reasonsforsuccessfulintegration Source xxyyM ASurvey November1998 Percentageofcompaniescitingreasonforsuccess 8 41 31 37 52 70 Sharedresponsibilityofcostsinvolved Earlymgtof Whatwillhappentome employeeissues Culturalcompatibility Mutualagreementofroadmapbypartners Expedientintegration Wellplannedcommunicationthroughoutthedealprocess Leadership 0 10 20 30 40 50 60 70 80 90 100 35 9 AdditionalM AStatistics 1992 Coopers Lybrand In100failedortroubledmergers 85 ofexecutiveswhoweresurveyedsaidthemajorproblemwasdifferencesinmanagementstyleandpractices 1996 BritishInstituteofManagement reportedthedifficultiesinvolvedinmergingtwoculturestobeamajorfactorinM Afailures 1997 A TKearney reviewed155M Adealsanddeterminedmostfailurestobepeople related HewittAssociates 69 ofrespondentsin162organizationsinvolvedinM Areportedthetopchallengetobeintegratingtwoorganizationalcultures 10 Howintegrationishandledwillmakethedifferencebetweensuccessorfailure Earlierrealizationoffinancial deal goals e g costsynergy strategicinitiatives ProtectproductivityMaintaincustomerfocusSmoothertransitionEmployeesarefocusedontheirjobsandnotonpersonalissues 11 OrganizationalEffectivenessLevers CareerDevelopment PerformanceManagement Staffing Compensation Benefits Rewards EmployeeCommunication OrganizationDesign Structure BusinessStrategy AlignedCulture LeadershipEffectiveness 12 Agenda M AStatistics ACaseStudy WW sApproachtoCulturalIntegration WhatisCulture Q A 13 Whatisculture DefinitionofCulture Theattitudesandbenefitsaboutsomethingthataresharedbyaparticulargroupofapeopleorinaparticularorganization Longman Thesetofimportantassumptionsthatmembersofacommunityshareincommon e gSchein Simplyput CorporateCultureisthewayyoudothingsinyourorganization 14 Reflects Whatistangible e g Organisationalstructure processesPolicies proceduresPhysicalenvironment Reflectsthe Waywedothings e g DegreesofcollaborationDecision makingpatternsApproachestoprocessimprovement ComponentsofCulture Valueshavelittlemeaningunlesstheybringaboutspecificbehaviors 15 Theimplementationplanwillencompassinitiativestocreateandsupportthesebehaviors CoreValues Behaviour Thebestwaytoachieveculturechangeistofocusondesiredbehaviors 16 Agenda M AStatistics ACaseStudy WW sApproachtoCulturalIntegration WhatisCulture Q A 17 OurApproachtoCulturalIntegration 18 Agenda M AStatistics ACaseStudy WW sApproachtoCulturalIntegration WhatisCulture Q A 19 ACaseStudy BackgroundInformation TwoorganizationsmergedtoformanewentityBothorganizationsexistedasgovernmentstatutoryboardswithregulatoryfunctionsNewcompanygotlistedonthelocalstockexchangewithaclearbottom lineobjectiveNewcompanyaimstobeperformance driven improvecompetitivenessandgrowthroughstrategicpartnerships 20 InterviewsFocusGroupsManagementWorkshop InterviewsFocusGroupsCorporateCultureAudit CultureDevelopmentPrograms TheProcessofCultureDevelopment 21 Mission 1intheregionCustomerFocusedProfitDriven InternalEnvironmentProfessionalandflexibleBetterdecisionmakingprocessClearPerformance basedrewardsMoreInter departmentcollaborationTailoredemployeecommunication StrategyBottom LineorientationProfitableproductsandservicesCostefficiencyMarketconfidenceExpansionintoothermarketsStrategicalliancesServiceefficiencyTechnologyisimportant ExternalEnvironmentIntensecompetitionIncreasingcustomerdemandsandsophisticationLeveragingleading edgetechnology CoreValues WhatistheCurrentCulture 22 DefiningthenewCoreValues 23 DefiningtheCoreValues Mission CoreValues Mission Strategy ExternalEnvironment InternalEnvironment 24 DefiningtheCoreValues Strategy CoreValues Mission Strategy ExternalEnvironment InternalEnvironment 25 ExternalEnvironment DefiningtheCoreValues CoreValues Mission Strategy ExternalEnvironment InternalEnvironment 26 InternalEnvironment DefiningtheCoreValues CoreValues Mission Strategy ExternalEnvironment InternalEnvironment 27 MissionCustomerservicequalityBottom linedriven NewsetofCoreValues InternalEnvironmentEmployerofchoiceEfficientdecisionmaking initiative flexibilityObjectivityandintegrityOpencommunicationTeamwork StrategyBottom linedrivenObjectivityandintegrityProductinnovationCustomerservicequalityTechnologyleveraged ExternalEnvironmentCustomerservicequalitySpeedandefficiencyFlexibilityTechnologyleveraged NewSetofCoreValues 28 NewCoreValues OrganisationBottom linedrivenEmployeeorientedTeamworkTechnologyleveragedCustomers StakeholdersCustomerservicequalityObjectivityandintegrityProductinnovation 29 InterviewsFocusGroupsManagementWorkshop InterviewsFocusGroupsCorporateCultureAudit CultureDevelopmentPrograms TheProcessofCultureDevelopment 30 ReinforcingNewCulture 31 Employeeacceptanceandsupportwasenhancedthroughacomprehensivecommunicationplan 32 CommunicationPlan CommunicationofCoreValuestoALLemployeesCoreValuesstatementVideofromCEODivisionalbriefingsIncorporateintoorientationfornewstaffIncorporateintoPerformanceManagementtrainingviacompetencymodel 33 PerformanceManagement UsingtheBalancedScorecardapproach wehelpeddeveloptheorganisationscorecarddevelopthedepartmentalscorecardsdefinetheperformancetargetsDevelopedacompetencymodelbasedonCoreValuesPerformancemanagementtrainingforallemployees 34 RecognitionPrograms Bonuses Incentives IndividualMerit BasePay Benefits PerformanceResults RelatedPrograms CorePrograms Stock TotalRewardsStrategy 35 CultureDevelopmentInitiatives 36 LeadershipDevelopmentPlan Leaderswalkthetalk Inanychangeinitiative thecriticalpointistogivepeoplethecompetenciestheyneedtomakechangehappen ThisshouldstartfromtheleadershipteamwhoneedstoactasRoleModels Throughaselfassessment weassistedmembersoftheseniormanagementteamtobuildanindividualizedleadershipdevelopmentplan 37 LearningandDevelopmentPlan LEARNINGANDDEVELOPMENTprovidestheknowledge skillsandtheinformationsharingforumtohelpemployeeschangetheirbehaviorstomatchthecultureandvision Tacklestheareasneedingdevelopmentinthewholeorganization Thetrainingordevelopmentmighttakeseveralforms projectwork customervisitsaswellasclassroomtraining Weidentifiedtheorganization widegapsandadevelopmentplantobridgethem Wethenmonitoredtheimplementationoftheplan 38 TeamscreatedwithineachBusinessUnittoaddressexistingbarriersthatpreventthedesiredculturefrombeingdemonstrated Issuesmayinvolve rulesandpoliciesgoalsandmeasuresphysicalenvironmentorganizationalstructureHRcultureteamscanaddresstheseissues staffingandselectiontraininganddevelopmentceremoniesandev