As a business owner, going through a merger or acquisition (M&A) spells out a whole world of possibilities for your company. This exciting time can even spell the actualization of a goal in your long-term business plan. However, for your employees, the feeling may not translate in the same way.
It’s common for your team, especially if you’re the company being acquired, to feel insecurity and stress during this time. At this point, a lot is going through their minds. For one, there will be changes in their work environment, coupled with the need to adjust to new working conditions.
There will undoubtedly be new policies and rules that they will have to follow, some of which may not be what they signed up for when they agreed to work for you, like salary adjustments or work time parameters.
There’s also having to endure two separate workplace cultures and being uncertain about the company’s future. These don’t sound enticing to a person who wants a stable livelihood to pay the bills and support his/her family.
That said, it’s understandable why a lot would consider jumping ship before the M&A takes place. Unfortunately, this results in a loss of great talent—people who are integral to your company processes and growth.
Losing an employee hurts your business. It takes around one to two years for a new hire to match the productivity rate of an existing employee. Therefore, you need to come up with an employee retention program, so your team won’t flee during a delicate time in the company. Here are a few tips on how you can avoid them from quitting.