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The Importance of Cultural Integration in Mergers and Acquisitions 14 March 2002, Shanghai Kwan Chee Wei Director Human Capital Group Watson Wyatt Singapore Agenda Agenda ‘Cultural People’ Issues Often Present the Biggest Challenges Watson Wyatt M A Survey 1998(190 CEOs, CFO, Top Executives) Corporate culture is identified as one of the most important integration issues Cultural incompatibility is the biggest problem, yet results indicate that it is the area least likely researched during due diligence. Reasons for successful integration Additional M A Statistics 1992 (Coopers Lybrand) :- In 100 failed or troubled mergers, 85% of executives who were surveyed said the major problem was differences in management style and practices. How integration is handled will make the difference between success or failure ... Earlier realization of financial “deal” goals (e.g. cost synergy, strategic initiatives) Protect productivity Maintain customer focus Smoother transition Employees are focused on their jobs and not on personal issues Organizational Effectiveness Levers Agenda What is culture? Agenda Our Approach to Cultural Integration Agenda A Case Study: Background Information The Process of Culture Development What is the Current Culture? Defining the new Core Values Defining the Core Values Defining the Core Values Defining the Core Values Defining the Core Values New set of Core Values New Core Values Organisation Bottom-line driven Employee oriented Teamwork Technology leveraged Customers / Stakeholders Customer service quality Objectivity and integrity Product innovation The Process of Culture Development Reinforcing New Culture Employee acceptance and support was enhanced through a comprehensive communication plan Communication Plan Communication of Core Values to ALL employees Core Values statement Video from CEO Divisional briefings Incorporate into orientation for new staff Incorporate into Performance Management training vi