HR's Role in Mergers and Acquisitions

132 Pages·2006·3.52 MB·English

Corporate Leadership Council®
HR’s Role in Mergers
and Acquisitions
Tools and Mandates for the Chief
Human Resources Offi cer
(cid:1)
Business Case for HR Involvement Across the M&A Process
(cid:1)
End-to-End M&A Guide for the Chief Human Resources Offi cer
(cid:1)
Tools to Overcome Human Capital Risks Throughout the M&A Process
© 2006 Corporate Executive Board. All Rights Reserved.
Corporate Leadership Council
Project Manager
Christoffer Ellehuus
Corporate Leadership Council Consultant
www.clc.executiveboard.com Warren Howlett
Lead Analyst
Washington, D.C., United States
Sari Levine
Telephone: [phone]
Fax: [phone] Contributing Analysts
Paul Dennis
London, United Kingdom Katherine Stackhouse
Telephone: [phone]
Managing Directors
Fax: [phone]
Nicholas Connolly
Jean Martin-Weinstein
New Delhi, India
Telephone: [phone] Executive Director
Fax: [phone] Conrad Schmidt
General Manager
Peter Freire
Creative Solutions Group
Senior Graphic Design Specialist
Christie Drake
Contributing Designers
Dan Gautsch
Chris Helming
Note to Members
This project was researched and written to fulfi ll the research requests of several members of the Corporate Executive Board and as a result may not satisfy the
information needs of all member companies. The Corporate Executive Board encourages members who have additional questions about this topic to contact
the Board staff for further discussion. Descriptions or viewpoints contained herein regarding organizations profi led in this report do not necessarily refl ect
the policies or viewpoints of those organizations.
Confi dentiality of Findings
This document has been prepared by the Corporate Executive Board for the exclusive use of its members. It contains valuable proprietary information belonging
to the Corporate Executive Board, and each member should make it available only to those employees who require such access in order to learn from the
material provided herein and who undertake not to disclose it to third parties. In the event that you are unwilling to assume this confi dentiality obligation,
please return this document and all copies in your possession promptly to the Corporate Executive Board.
Legal Caveat
The Corporate Leadership Council has worked to ensure the accuracy of the information it provides to its members. This report relies upon data obtained from
many sources, however, and the Corporate Leadership Council cannot guarantee the accuracy of the information or its analysis in all cases. Furthermore, the
Corporate Leadership Council is not engaged in rendering legal, accounting, or other professional services. Its reports should not be construed as professional
advice on any particular set of facts or circumstances. Members requiring such services are advised to consult an appropriate professional. Neither the Corporate
Executive Board nor its programs are responsible for any claims or losses that may arise from a) any errors or omissions in their reports, whether caused by
the Corporate Leadership Council or its sources, or b) reliance upon any recommendation made by the Corporate Leadership Council.
© 2006 Corporate Executive Board. All Rights Reserved. CLC16U33BD
The Role of HR in Mergers and Acquisitions
Key Conclusions
(cid:1)
HR performance in integration is a key driver of M&A success—Council research
shows that 44% of senior executives report that integration is the greatest source of
error in M&A and that overcoming human capital challenges is more important to
integration success than any other aspect of integration.
(cid:1)
HR is underperforming in integration—Only 15% of chief human resources
offi cers rate their organizations as effective in managing human capital risks
throughout integration.
(cid:1)
Early identifi cation of and response to human capital integration risks is critical to
deal success—Only 34% of HR organizations are involved early in the deal process,
inhibiting their ability to identify and overcome human capital integration risks.
(cid:1)
Organizations that effectively identify and respond to human capital integration
risks are more successful at M&A—Council research fi nds that organizations that
effectively manage human capital risks throughout the M&A process experience 60%
better talent outcomes (defi ned by higher workforce engagement, increased talent
retention, and more effective deployment of talent) and better deal outcomes.
(cid:1)
Chief human resources offi cers need to adhere to fi ve imperatives throughout the
M&A process to ensure successful integration:
1. Gain early insights into the strategic objectives of the deal, ensuring that HR
has the skills and processes in place to support those objectives.
2. Assess and identify human capital risks that impact valuation of the target and
integration planning.
3. Prepare proactive responses to identifi ed human capital integration risks.
4. Continually monitor key talent metrics related to performance, retention, and
engagement to respond to emerging human capital risks that have an impact
on value capture.
5. Assess HR’s performance post-integration and capture lessons learned to
ensure improved future performance.
Source: Corporate Leadership Council research.
© 2006 Corporate Executive Board. All Rights Reserved.
© 2006 Corporate Executive Board. All Rights Reserved.
The Council’s research on mergers and acquisitions provides resources to overcome three key challenges that chief
human resources offi cers must address to improve HR’s impact on M&A value creation:
• A lack of role clarity for the HR function
• A lack of alignment between corporate and HR functional objectives
• A lack of HR capabilities to execute against critical mandates throughout the transaction process
M&A Tools and Mandates for the
Chief Human Resources Offi cer
This study provides chief human resources offi cers with the business case,
mandates, and staff tools to improve HR’s impact on M&A value creation
CHRO Questions and Council Responses
How Can HR Most Improve
on M&A Value Creation?
How can HR improve
What are the key HR
What role should execution at overcoming
pitfalls and mandates
HR play in M&A? human capital risks
throughout the process?
throughout M&A?
Business Case for HR End-to-End Guide for the Tools to Overcome Human
Involvement Across the Chief Human Resources Capital Risks Throughout
M&A Process Offi cer the M&A Process
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(pages 1–8) (pages 9–18) (pages 19–100)
Source: Corporate Leadership Council research.
© 2006 Corporate Executive Board. All Rights Reserved.
Table of Contents
Letter to the Membership ix
With Sincere Appreciation x
Advisors to Our Work xi
Section I: Business Case for HR Involvement Across the M&A Process 1
Defi ning the HR Challenge
CLC research demonstrates that a majority of deals fail due to poor integration
of human capital elements and lack of HR involvement early enough in the
deal process to effectively identify, prepare for, and respond to human capital
risks.
Section II: End-to-End M&A Guide for the Chief Human Resources Offi cer 9
The 30,000-Foot View of the M&A Process 12
The Council has created the following guide to the M&A process to focus HR
involvement on the highest-impacting areas throughout M&As.
The HR Map to the M&A Process 14
The HR map to the M&A process provides an overview of the key chief human
resources offi cer mandates throughout M&A in support of the CEO’s priorities.
Twenty-Three Key Questions for the CHRO Throughout M&A 16
The Council has created this list of 23 key questions that chief human resources
offi cers must answer to ensure successful execution on key M&A mandates.
The CLC M&A Resource Center 18
Section III: Tools to Overcome Human Capital Risks Throughout the M&A Process 19
Executing on Mandates 20
The Council has documented a series of best practice tools to support HR’s
execution on critical mandates throughout the M&A process.
Stage I: Opportunity Identifi cation and Deal Preparation 23
HR M&A Rapid Response Team 25
Intel creates a fl exible HR M&A staffi ng plan consisting of a core team of
seven HR staff as well as 15 to 20 HR functional employees trained in M&A
skills to ensure that HR always has the necessary resources to provide support
for any deal volume, size, or complexity.
Early Human Capital Risk Analysis 29
Cadbury Schweppes uses an assessment tool to identify and assess the
organizational and cultural dimensions that matter most for target
integration, valuation, and risk assessment.
Risk-Driven HR M&A Team 33
Philips builds an HR M&A team with the key skills to manage critical human
capital risks specifi c to each transaction and fast tracks the team’s development
on how to support the critical elements of a transaction.
Stage II: Due Diligence 37
HR Due Diligence Risk Assessment 39
Seagate requests fi nancial, compliance, and talent information from the target
during due diligence, and creates a due diligence dashboard to provide an
overview of major human capital risk areas, which informs deal valuation as
well as integration planning.
Cultural Assessment 47
Sterling Financial evaluates culture indicators during due diligence by
reviewing standard due diligence documents and searching for cultural insights
to assess the level of fi t between the target and acquirer for each attribute,
determining whether to walk away from the deal or begin planning culture
confl ict mitigation efforts.
Talent Identifi cation and Retention Audit 51
Nortel identifi es critical talent early in the deal process so that targeted
retention and transition support can be put in place.
Stage III: Integration Planning 59
M&A Integration Playbook 61
Brambles uses a comprehensive integration playbook on all aspects of
integration, including HR key responsibilities such as cultural alignment,
organization design, staffi ng, talent retention, rewards and redundancy, and
communication planning.
Workforce Communication Plan 65
Kraft recognizes that employee uncertainty and anxiety is a signifi cant driver of
attrition and employee underperformance through an M&A transaction and
builds a communication plan around the key communication risk moments.
Stage IV: Integration Management 69
Employee Pulse Dashboard 71
FPL Group tracks human capital metrics throughout integration to develop
an ongoing understanding of employee morale and turnover that enables the
creation of targeted responses which overcome root causes.
Integration Risk Survey 77
Danske Bank uses an integration risk survey to increase visibility into changes
in employee commitment during integration, respond to escalations in
employee commitment risks, and continually monitor progress.
HR Integration Execution Dashboard 83
ABN AMRO uses a dashboard to monitor execution of integration activities
and tracks progress against task milestones, highlighting tasks that are likely to
be completed late.
Stage V: Post-Deal Assessment 87
HR M&A Performance Assessment 89
Deutsche Bank’s HR integration leader conducts in-the-moment performance
analysis based on feedback from team members and third-party M&A
stakeholders to measure HR M&A team performance and target skill building
on 10 imperatives previously identifi ed as critical to the M&A process.
HR M&A 360-Degree Performance Assessment 93
Intel’s HR M&A team collects performance feedback from all key stakeholders
impacted by HR’s activities throughout key deal phases to assess performance
and improve effectiveness of the HR M&A team.
Appendix 101
Supplementary Tools 101
In this appendix, the Council offers the complete Seagate Due Diligence
Dashboard, pages from the HR section of Brambles’ M&A Integration
Playbook, and the Danske Bank Full Integration Risk Survey profi led in
the study.
Seagate: Due Diligence Dashboard 102
Brambles: M&A Integration Playbook—People-Related Pages 104
Danske Bank: Full Integration Risk Survey 113
Order Form 119
ix
Letter to the Membership
As indicated by sharp increases in both deal volume and value, companies are once again
pursuing mergers and acquisitions as a means to strengthen their competitive position.
Yet recent surveys show that a majority of companies fail to capture the full value from
mergers and acquisitions, mainly due to poor integration management. Human capital
related factors (e.g., cultural integration, workforce engagement, talent retention) are
frequently at the root of failed mergers and acquisitions (M&A).
All too often, HR is not involved throughout the key deal phases to ensure effective
identifi cation and management of human capital risks. HR often lacks specifi c deal
skills, knowledge, and tools to be an effective partner to the CEO and deal team. Given
the importance of effective integration of human capital–related aspects to overall deal
success, chief human resources offi cers must be hardwired with the knowledge and tools
to overcome the key challenges they face throughout the M&A process.
In response to these imperatives, the Corporate Leadership Council is pleased to offer
HR’s Role in Mergers and Acquisitions—Tools and Mandates for the Chief Human Resources
Offi cer, which provides chief human resources offi cers with three critical tools to improve
their overall impact on deal outcomes:
• Business Case for HR Involvement Across the M&A Process
• End-to-End M&A Guide for the Chief Human Resources Offi cer
• Tools to Overcome Human Capital Risks Throughout the M&A Process
It is our hope that this initiative will support member organizations in improving their
impact throughout the M&A process and help them to realize the strategic objectives of
the organization. Since the fi ndings presented here do not address every challenge faced by
organizations during the M&A process, members are encouraged to contact the Council’s
research team for further assistance. As always, we encourage and look forward to your
feedback.
With our continued appreciation,
Corporate Leadership Council
Washington, D.C., London, and New Delhi
December 2006
© 2006 Corporate Executive Board. All Rights Reserved.
x
With Sincere Appreciation
The Corporate Leadership Council would like to express its gratitude to the following
individuals who contributed time and insight to the development of this study.
Marco Boschetti Mark Herndon
Principal President
Towers Perrin Parkwood Advisors, LLC
Global Merger, Acquisition, and 15455 Dallas Parkway, Suite 600
Divestiture Practice Addison, TX 75001
71 High Holborn [phone]
London WC1V 6TP [email protected]
United Kingdom
[phone] Timothy J. Galpin, Ph.D.
[email protected] Professor of Management
The University of Dallas
Robert F. Bruner 3410 Lakeside Drive
Dean and Charles C. Abbott Professor Rockwall, TX 75087
of Business Administration [phone]
Darden Graduate School of Business [email protected]
Administration
University of Virginia
100 Darden Boulevard
Charlottesville, VA 22903
[phone]
[email protected]
Ravi Chanmugam
Partner, Corporate Strategy/M&A
Accenture
1345 Avenue of the Americas
New York, NY 10105
[phone]
[email protected]
© 2006 Corporate Executive Board. All Rights Reserved.