Human Resources Using Due Diligence
Human Resources Using Due Diligence
In Mergers and Acquisitions to
Retain Talent
The following sections (Background, Problem Statement and Purpose, Significance and Outline of Study) will be discussed in greater detail.
Background
Historically, mergers and acquisitions have been recognized in management literature as being predominantly a domain for financial advisors, economists, and market strategists (Cartright & Cooper, 2002). In recent years, mergers and Acquisitions have been seen as strategies organizations use to increase market growth and long-term competitive advantage (Savovic & Pokracic, 2013) and expand vital capabilities and human capital (Bruellar et al., 2018). Business leaders require tremendous strategic and transformational thinking to provide adequate changes and remain competitive with exponential technological and global developments in the marketplace (Faulkner et al., 2012). Even during the stock market decline in 2000, international mergers and acquisitions had a valuation globally exceeding 3.5 million (Taylor, 2001). However, despite the exponential rise in mergers and acquisitions, 50-70 per cent of mergers and acquisitions failed to grasp their desired purpose (Carleton, 1997; Stahl,2004; Bijlsma-Franema,2004; Papadakis, 2007). Many researchers (Arslan, 2005; Lutukha &Panibratov,2013; Walker & Price,2000; Wuorinen et al., 2021) contend that there is an overwhelming number of mergers and acquisitions that failure to meet financial targets and long-term business objectives. Marks and Mirvis (2015, p3) suggest that three main factors account for failure rates: buying the wrong company, paying the wrong price, or a combination made at the wrong time. However, a more sufficient explanation for combining companies failing in such drastic ways is the less than-adequate integration methods between partner companies (Marks& Mirvis, 2014).
A merger can be defined as combining two companies, where the buyer absorbs all assets and liabilities of the selling firm (Sherman & Hart, 2006). An acquisition is often described as a complete purchase of a company (Gaughan, 2002). Schuler and Jackson (2001) suggest that mergers represent a new business entity created by two companies, whereas an acquisition is the total new management of the buying company at its management philosophy and acquirers' needs. Essentially, the main reason for combining two entities is that strategies for achieving goals and minimizing costs can more readily be achieved when there is a union of two rather than acting on its own accord (Haspeslaph & Jamison, 1991). Scholars and practitioners often view mergers and acquisitions as interchangeable and synonymous. However, they are different from a legal transactional standpoint (Marks & Mirvis, 2011). The critical phases of mergers and acquisitions are the premerger stage/ pre-combination, where there is a formulation of corporate strategies; the merger phase/combination, where due diligence assists managers in identifying plans and critical decisions; and the post-merger phase/post-combination, where specific responsibilities are defined in a combination (Bamikel,2006; Marks & Mirvis, 2015). Integration is the process by which two companies agree on the definition of the level of interaction and coordination after the merger and acquisition announcement (Schuler & Jackson, 2001). Specific reasons for mergers and acquisitions in a KPMG report are vertical and horizontal integration, growth, synergies and pressure to make a deal (Almazur et al., 2018).
The importance of a company doing adequate due diligence in any Merger and acquisition is paramount. In the work of the (International Business Standards Association, as cited in Arslan, 2005), a well-defined definition of due diligence is "Due diligence is an investigative process of collecting and analyzing appropriate, relevant data before reaching a decision, to understand the advantages, disadvantages and risks associated with the decision (p.119). More aligned with the objectives of this report, Reed and Reed Lajoux's (1999) explanation suggests that an inquiry should be made, not just in the present but also in the past and foreseeable future, when accessing relevant benefits and liabilities of a proposed acquisition. Subsequently, merger and acquisition practitioners such as Galpin and Herndon (2007) mention that the success of any deal or integration often benefits from the work established before an agreement during due diligence. One of the first things any business should do before an agreement is conduct a thorough analysis during due diligence to identify possible synergies (Papadakis, 2007) and articulate clear strategies and vision for integration before integration (Hubbard,2001). Arslan (2005) suggests that in the due diligence process, "companies need systematic planning and intense endeavour for integrating their production systems and cultures" (p.119). Due diligence must pay attention to the human aspect to be successful, as one study found that acquirers who adopted behavioural and cultural due diligence were 40 per cent more likely to succeed than unsuccessful buyers (Anslinger & Copeland, 1996).
Human resource managers play a pivotal role in integrating companies during mergers and acquisitions, particularly concerning capabilities, the ability to evaluate cultures, and how to configure two enterprises (Bramson,2000; Heller,2000), as well as the fundamental question of retaining talented employees during the integration stages (Harding & Rouse, 2007). Price and Walker (2000) mention that to understand what talent is necessary, role definition, capability acknowledgement, critical skills needed to fill essential roles, and actions to retain key employees through the Merger are important. Subsequently, mergers and acquisitions, if done right, improve competitiveness if they provide sufficient management oversight transfer skills and capabilities needed for success (Martin, 2016). Human resources must also understand and realize people's strengths and weaknesses of the target company through comprehensive due diligence to increase long-term financial success (Latukha & Panibratov, 2013). According to Appelbaum et al. (2000), communication is crucial to ensure employees understand intended mergers or acquisitions. Human resources must concern themselves with the people issues that come with a merger announcement. Davey et al. (1989) mention that communication effectiveness should be timely, cover essential information, and be seen as having credibility for employees. An interview with Fortune's Chief Human Resource officers indicates that communication is critical to ensure expectations are realized and mitigate misunderstanding besides creating a clear vision, overcoming cultural obstacles, and retaining talent (Wuorinen et al., 2021).
Problem Statement
Although many CEOs and executives hope to gain shareholder value, profitability and market growth, many organizations fail in proper due diligence and talent retention strategies. The short-term returns of the target company's shareholders are primarily undermined by poor performance in bidding firms before acquiring firms (Agrawal & Jaffe, 2000). Besides often detrimental financial effects, there are frequently lasting less than desirable consequences on the people and businesses involved (Marks and Mirvis, 2010). These less-than-desirable situations have caused several negative psychological and behavioural discrepancies, such as anxiety, stress, and trauma, which often accompany a Merger and acquisition (Ivancevich & Schweiger, 1987). Subsequently, this has been known to occur from poor communication from senior leadership about who will stay or go, leading to a lack of trust and, inevitably, departures of key talent and knowledge in organizations because of uncertainty, is known as the "merger syndrome" (Marks and Mirvis. 2011, p.164).
Unfortunately, many top executives who make initial plans and decisions on mergers and acquisitions often do not see people as essential to the success of a merger and have frequently been labelled the "forgotten or hidden factor" (Cartright & Cooper, 2012, p.2). Consequently, although the acquiring company doing due diligence may have studied its financial, revenue and profit mechanisms, it will fail to recognize humans in the transaction without looking at some of the target's policies, structure, and culture (Pritchet, 1987). Thus, executives and administrators' lack of focus on human factors can have deleterious repercussions for the lifeline of any organization (Jemison and Sitklin, 1986a). A survey conducted by Forbes of 500 CFOs found that it was not financial issues contributing to many M&A failures but people-related substantial problems, such as the inability to manage change, culture, and the acquired company (Wallace & Price, 2000). Essentially, if the main human dimensions of the target company (knowledge, capabilities, talent, culture, and leadership) are not recognized by the acquiring firm, then the value can seemingly be destroyed in the deal.
Papadakis (2005) showed in their study that as many as half of the participants failed in their due diligence to find any problems in the target firm. Thus, a considerable issue for CEOs is hubris, lacking the ability to accept information, doing an incomplete job of due diligence, uncovering resulting problems, and often disregarding underlying problems (Pritchett,1987; Hitt et al., 2001). Indeed, if senior executives fail to consider the difficulties outlined in the due diligence, then talent can be lost, cultures can clash, and overall value can decrease due to distracted and unreliable decisions (Charman,1999). Concerning culture, many more prominent and established firms are failing in their integration best practices, as suggested in a McKinsey survey, reporting that as much as 92 % of respondents indicated that a greater understanding of culture would have benefited them before the Merger (Deutch & West,2009).
David Kidd, a partner at Egon Zehender, suggests that shareholder value, along with competitive advantage, is often lost because human capital initiatives are not recognized during integration (Light, 2001). The current research methodologies in mergers and acquisitions have failed to explain the high failure rates. Thus, now than ever, researchers are showing more and more interest in the human and cultural factors in mergers and acquisitions (Pablo, 1994). What is clear is that human resource managers must take a proactive role in working with CEOs and senior managers in developing integration teams that can benefit human capital strategies (Stone et al.,2020).
Purpose, Significance and Outline of Study
Human Resources has a vital task, yet considerably tricky, which is ensuring that talent is not lost during mergers and acquisitions by adequately ensuring human due diligence initiatives. Human Resource Managers in any size firm should be prepared to understand the human factors necessary to accomplish business goals and outcomes. For this research, I contend that due diligence during Mergers and Acquisitions should be focussed on capitalizing on human capital by having HR strive to restore, revitalize, and enhance cultural and organizational behaviour. Consequently, by concentrating on the human factors, businesses can retain talent, capabilities and efficiencies that may proliferate the chance of competitive advantage through long-term growth strategies. Although financial and operational functions use quantitative data to analyze business viability, qualitative aspects, particularly in the due diligence process, are imperative to ensure that human capital is not lost during the merger and acquisition phases.
My research questions ask: How can human resource managers use due diligence to enhance the human capital of the targeted company before, during, and after a merger? Evidence in the Merger and Acquisition literature (Schweiger& Weber; Lovallo et al., 2007; Papadakis, 2007; Hubbard,2001) suggests that there are considerable options to enhance the success of business transactions in all phases of mergers and acquisitions by using strategies to strengthen human capital. This research aims to recognize that no two companies are alike and that the human resource management role is vital during the due diligence process in mergers and acquisitions to identify knowledge, capabilities and skills needed for business success. Thus, I aim to show that during due diligence, it is paramount that talent and promoting knowledge transfer (Charman1999; Haspelaugh & Jemison, 1991; Sarala et al., 2016) of employees can be fulfilled so that businesses can sustain competitive by planning and being prepared for different synergies that can be positive or negative. Subsequently, the nature and purpose of this research are not solely to focus on singular events such as premerger or post-integration but instead to build on existing theoretical perspectives (psychological, behavioural, process, strategy) to formulate answers to how human resources can build human capital, by adapting human due diligence.
My research is significant because it aims to identify a conceptual framework that encapsulates all the phases of mergers and acquisitions. Subsequently, my idea for the theory comes from the premerger integrative framework on physiological/behavioural outcomes (Seo & Hill, 2005), merger studies that incorporate process theory (Haspleph & Jamison, 1991), and post-merger integration strategies (Brueller et al.,2018).
Using a theoretical lens in line with qualitative interpretivism (Chowdury, 2014), which aims to gain a deeper understanding of individual experiences, the literature review considers interviews and case studies surrounding mergers and acquisitions, due diligence, and the role of human resource managers in human capital enhancement. I take a methodological approach to identifying dissertations and scholars that provide rich and contextually significant information. During my literature review search using Google Scholar, I identified research from the past twentyears about the topic to ensure criteria for reliability and consistency throughout the research project and bring the latest information (Yadev,2022). I propose that my literature review findings will provide evidence for my conceptual framework through thematic analysis (Braun & Clarke, 2013) to deliver themes that justify my analysis of the research. From my data analysis, I hypothesize that the basis for a conceptual model incorporating all phases of mergers and acquisitions can add to the existing knowledge of the literature and give suggestions on how human resources and scholars alike can adapt the principles in my recommendations of due diligence in mergers and acquisitions.
2. Literature Review
2.1 Introduction
2.2 Background
2.3 The importance of premerger due diligence and understanding the psychological impact on the human aspects
Arslan (2005) elucidates that the significance of premerger due diligence and comprehending the psychological effects on individuals are crucial elements in effectively managing the intricacies of organizational mergers. Through comprehensive within both organizations, human resource managers can formulate customized approaches that facilitate a seamless integration process and reduce opposition from employees. Harding (2007) mentions in their research that successful mergers and acquisitions often hinge on the ability of Human Resources managers to effectively navigate the complexities of organizational culture and employee dynamics, highlighting the critical role they play in shaping the post-merger integration process The author mentions that the premerger phase is important in that it allows Human Resources managers to conduct thorough assessments of the organizational structures, leadership styles, and employee engagement levels of both companies involved, laying a solid foundation for a successful integration strategy. However, it could be argued by researchers Jena and Sahoo (2012) that the role of gaining employee trust and culture fit cannot be adequately fulfilled if senior managers are not congruent in strategies for aligning people's interests. This is further expanded by the researchers Marks and Mirvis(2015), who mention that pre-combinations can adversely affect realizing capabilities and synergies because of overlooking the human factors or overestimating the complicated factors, thus becoming financially biased in their thought processes. Subsequently, Veeraselvasm (2014) makes a particularly relevant point by suggesting that the realization of people and their capabilities should be a prime reason for business strategy in bringing two organizations together. As the authors provide evidence from a PricewaterhouseCoopers global study that implicated poor people-related aspects as a contributing factor to merger failure.
Appelbaum and colleagues (2000) assert that mergers can induce significant stress levels among employees, especially in cases where organizational leaders fail to establish a coherent and unambiguous communication strategy. The authors further point out that effective communication during a merger is crucial for managing stress and ensuring transparency and trust among employees, which are essential for successful integration and long-term organizational success. Researchers Monin et al., (2013) persist that actions taken in the pre- combination can have deleterious ramifications on employee's ability to make sense of deal announcements. One problem with pre-combinations as suggested by Marks and Mirvis(2015), is the inability of organizations to access potential synergies and capabilities.To mitigate such ambiguities Carter (2020) found in their exploratory inquiry that merger outcomes, can be significantly beneficial when human resource managers involve themselves. As mentioned by Carter, when employees have been given adequate information, then the anxieties and fears during a merger.
Aevoae et al. (2018) mention that companies that look after the well-being of their employees during mergers tend to experience higher levels of employee satisfaction and retention post-merger. In addition to the findings of Aevoae et al., it is further proposed that facilitating effective communication and establishing a cohesive team can enhance synergies and promote successful integration. This is well brought out in a study conducted by Smith and Johnson (2020), where they found that organizations that prioritize open and transparent communication during mergers are more likely to achieve their strategic objectives and financial goals in the long term. Angwin et al (2016) proved in their research on the African Bank sector that to alleviate concerns and psychological aspects during the proposed premerger, it is essential to offer employees continuous communication. The evidence of Angwin et al article showed that at the IBTC Bank, when managers were able to foster interactive communication with employees, they felt better able to engage, be committed and have past events, but also to project long-term value drivers, and specificities, that can only come from being critical during initial investigation, and by customizing the process so that success in the deal.
Bhaghan et al. (2019) emphasized the need for open communication channels and transparent leadership to address employee concerns and foster a sense of trust and stability during times of organizational change. Veeraselvam (2014) proposes that the adoption of a strategy which integrates individuals into the premerger integration planning phase may result in more seamless transitions and increased levels of employee engagement following a merger. This methodology entails actively engaging employees in decision-making, establishing transparent communication channels, and implementing supportive mechanisms to effectively tackle any apprehensions or ambiguities that could emerge throughout the transitional phase. Therefore, as Coff (2002), engagement plays a primary role in ensuring that key talent is retained by understanding potential cultural clashes. The authors propose a possible resolution by advocating for increased rigour in the initial planning and management processes to prevent potential issues from exacerbating and leading to further complications in the premerger phase.
Ceil (2003) mention that a perfected strategy can evolve from incorporating a thorough job of investigating the target company by seeing the strengths and weaknesses of a potential merger. Furthermore, as the authors mention, due diligence shouldn't be a singular event; it should be continual to achieve long-term goals. Nouboussi et al. (2008) argued in their study on the financial industry that organizations need to customize their due diligence process before signing any agreement. Thus, as the authors mention, a thorough understanding of any challenges and issues of the target company should be evaluated. Further to these views, the research of Arslan (2005) argues that traditional due diligence has often failed to navigate the human factors of aligning employees' interests. As the authors persist, due diligence in a new generation should involve human resource managers proactively helping the organization build a comprehensive capability-building strategy.
Angwin et al (2016) proved in their research on the African Bank sector, that to alleviate concerns and psychological aspects during the proposed pre- merger, it is important to offer employees continuous communication The evidence of Angwin et al article showed that at the IBTC Bank when managers were able to foster interactive communication with employees, they felt a better able to engage, be committed and have past events, but also to projected long term value drivers, and specificities, that can only come from being critical during initial investigation, and by customizing the process so that success in the deal.
Almazur et al (2018) suggest that one of the most significant challenges in the premerger phase is retaining key members; losing such talent can increase turnover rates and hurt potential customer relationships and productivity. The problem as Almazur et al., mention, can arise from unclear information or direction or management philosophy that doesn't efficiently create clear and concise direction, leading to job insecurity and uncertainties. Cheng and Seeger (2012) recommend that a solution to such problems can come from implementing retention programs that offer incentives, such as bonuses or career development opportunities, and can motivate key employees to stay with the company. These programs can be tailored to address the specific needs and concerns of the employees.
2.4 Getting the process right in the Merger and Integration phase
Research from Tatuskar(2014) suggests that outcomes of a merger deal can successfully be measured by the organisations ability to successfully align cultures in a merger process. However, as Akrofi(2016) discuss, the integration phase is often one of the most problematic parts of a merger, because off several human factors( politics, cultural differeneces and poor communication. Hubbard and Purcell(2001) emphasise the importance of clear and effective communication in managing expectations, The authors suggest that transparent communication helps reduce uncertainties and rumors amongst employees. Another way to reduce uncertainty while sustaining cultural alignment according to Able(2007) is to have leadership symbolise what the new organisations culture stands for, by modelling the forms of behaviours which can enhance vision and cultural alignment in the new entity.
Numerous researchers, including Sarala et al. (2019), propose that the process perspective effectively mitigates the adverse impact of psychological elements like the "Merger syndrome" and emphasizes the socio-political and more intricate human dynamics. The authors suggest that a more holistic approach is needed to understand the complexities of the human side of mergers. As mentioned by Naghshbandi and Ombati (2015), businesses that have effectively been through mergers are better equipped to take a systematic approach to deal with human resource issues that may hinder progress in maximizing the deal. Thus, as research by Daber (2013) shows, businesses that incorporate the continuation of learning in initial due diligence into the integration process are better situated to remember vital aspects of due diligence.
Risberg(2003) acknowledges that what happens after an agreement will essentially shape the success of a merger. Risberg further mentions that a process perspective is not solely about focusing on the results of a merger but all the underlying factors that make the results accomplishable. Essentially, this can mean that managers need to broaden their thought processes. Bernoncelj et al.(2007) 's integrated approach is significant in that it aims to rectify traditionally based research on hard or soft tissues. The authors suggest that the empirical results from 250 employees who answered a questionnaire in Slovenia showed that a balance in managerial focus is necessary for success.
2.5 A Post merger Perspective for knowledge, value and growth
Carey and Ogden (2004) put forward a theoretical structure that emphasizes the significance of leadership in facilitating effective post-merger consolidation, elucidating the essential requirement for robust and forward-thinking leadership amidst periods of organizational transformation. Moreover, Carey and Ogdens research highlights the importance of communication strategies in fostering employee engagement and alignment with the new organizational direction following a merger. The challenges emerging in the post-merger scenario, as revealed by Fubini et al (2007), originate from a leadership shortfall marked by a lack of proficiency, leading to engagements without a thorough understanding of the intricacies related to the merged entities.
Aevoae et al. (2018) emphasize in their research the importance of having a thorough understanding of the interconnections within the business sector, which is dependent on specific requirements. The authors argue that human resources need to emphasize the importance of viewing employees not just as business expenses, but as valuable assets.
Birkinshaw, et al.,2000) suggest that post mergers are significant in that they provide a unique opportunity for organizations to reassess their strategic goals and realign their resources to achieve sustainable competitive advantage in the market. Moreover, the authors highlight the importance of a thorough integration strategy that covers not just operational and financial elements, but also emphasizes the significance of cultural assimilation to facilitate a seamless transition and optimize the synergies arising from the consolidation of the merging organizations. Malick et al(2014) mention in there conceptual review highlighting that synergy, can benefit both parties, because the value of two parties is far greater than the value of one entity.
2.6 Case Studies and Emperical evidence ( Still developing Daniel)
Although some researchers argue that human resource managers is often limited or underestimated by CEOs( Aguilera & Denker,2004), evidence suggests otherwise. Marks and Vansteenkiste(2008) in there case study found that human resources can help employees psychologically by helping employees through merger issues, which evidentally improved talent retention and business continuity. Simarly, in relation to determing the success of performance in mergers Nikandrou and Papalexandris(2007) showed in there case studies, that companies that involved HR in relevant business processes and strategic decision making procedures were more successful than businesses that didnt involve HR.
2.7 Theory Building
Seo and Hill (2005) recognize that by incorporating psychological theories and comprehensive due diligence before the merger, companies can enhance their readiness for potential challenges, actively manage employee apprehensions, and promote a more seamless transition throughout the merger and acquisition procedure. Seo and Hill suggest that psychological theories are necessary in planning an understanding of human factors. They can help companies and HR manage the facilitation of effective communication strategies, address potential resistance from employees, and foster a positive organizational culture during the post-merger integration phase.
Brueller et al's (2018) seminal research on the correlation between merger strategies and post-merger integration holds considerable importance. This model highlights the significance of aligning organizational structure, processes, and people to achieve optimal performance post-merger. The authors suggest the AMO model in several ways and provide a configurational approach to theory.
( still developing this section Daniel)
2.8 Conceptual Model
Post- Merger
(Strategic due
Diligence)
Synergies
Capabilities
Merger
(Cultural due
Diligence)
Planning
Leadership
Pre- Merger
(Human due
Diligence)
Psychological
Trust
Human Capital Enhanced In all Phases
3. Methodology
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