By Nancy Hubbard
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Extra info for Acquisition: Strategy and Implementation
ADDRESSING EMPLOYEE CONCERNS: THE IMPORTANCE OF MANAGING EMPLOYEE EXPECTATIONS As discussed earlier, employees' concerns are greatly affected by the acquirer's actions during the implementation process. Contrary to what many believe, it is not what you do to employees after acquisition which causes the stress, uncertainty and concern, but rather how you do it. Countless studies conducted throughout the US and Europe suggest that employees find the uncertainty related to acquisition hard to bear; in fact, the uncertainty associated with acquisition is what causes much of the stress, not the events themselves.
This is seen quite often in the internal and extern al communication surrounding the implications of acquisition. In some cases, acquirers will publicly announce to shareholders, the City or analysts, major structural changes to the organization including job los ses or relocations, yet internally promote the idea of no changes occurring. When change does inevitably occur, management's credibility as a source of honest communication is shattered. Instead, the source which has proven correct in the past is relied upon in the future.
When joining a company, it can be assumed that employees have done so willingly, thereby suggesting that they are receptive to the organization. Employees in acquired firms can find themselves in the difficult position ofbeing members of an organization into which they never agreed to enter. While they may have been amenable to their original employers, they may not like the acquiring organization or its way of conducting business. Consequently, they may not be willing to undergo the acquirer's socialization process which would normally culminate in an acceptance of the new psychological contract.