Now more so than at any point in American history, the economy is in a constant state of change. The COVID19 Pandemic has caused unprecedented upheaval in economies across the globe. Some industries will recover, others will disappear never to return, and still others will alter in order to survive the changing scenery of the economy.
Throughout all the ups and downs it is easy to forget that human beings are struggling to keep their emotions in check and their focus on the job as the economy sorts itself out. For those managers trying to keep employees calm and settled during tumultuous times, there are motivational tips available to help.
Dealing with Transition
In order for many businesses to survive, mergers and acquisitions often become necessary. These business moves can have a tremendous impact on employees and keeping them motivated and focused during these transition periods can be difficult.
It is easy to understand why employees feel this way. While their successful work made the company attractive during the merger or acquisition process, a new corporate structure can leave those same employees feeling vulnerable and unsure of their future.
The first challenge many managers will face is making employees feel like they still matter. Acquisitions often involve a smaller business being swallowed up by a larger corporation. Employees who once felt like core players may now feel like just another cog in the wheel keeping a company comprised of thousands of individuals moving.
Hands-off empowerment is a great starting point. Those employees need to be reminded that it was their hard work and dedication that made their previous small business an attractive acquisition for a larger corporation. Employees need to be ensured that even though they are part of a larger structure now, their hard work and dedication remains vital to achieving corporate goals.
Lead, do not Follow
Managers will be at the forefront of the changes occurring when one business is acquired by another. As such, managers will know certain factors regarding the transition that average employees do not. Knowing the path to transition ahead of time means managers need to be leading their employees from the front. Guide them through the changing culture of the businesses and help them more clearly understand their roles and future impact in the new corporate structure.
Open Flow of Communication
Although they are adults, employees in professional industries are perfectly capable of behaving like high school students when there is little or no communication between upper and lower level employees. If the lines of communication are closed, employees will fan the flames of concern in one another with rumors and speculation.
As the manager it is critical to keep the lines of communication between employees and individuals from the larger corporate structure open. Introduce key members of the transition team and leadership from the larger corporation to the employees of the business being acquired. This allows them to gain a better understanding of one another and what their roles were in the past and will be in the future.
With open lines of communication it is easier to calm nerves and foster an environment where employees view the entire business as “us” instead of “us vs. them.”
As always, in the new business structure as in the old it will be vital for a manager to actively work to keep employees focused on the goals of the company. Constantly remind them that their performance in the past is what made the company attractive as an acquisition and will be key in them maintaining a position as the larger corporation looks to achieve a good return on its investment.
Not sure where to start? Venture North Group will provide a business owner and managers a clear understanding of how to strategically take the next step in your business with mergers and acquisitions, in Alaska and beyond.