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In a Changing World, People Are Critical to M&A

Partner and Global M&A Advisory Services Leader at Mercer Mercer的全球并购战略和运营领导者

While events driven by COVID-19 have not stopped the world from turning, they certainly have shifted the axis a bit. Amidst the loss and suffering, business leaders are pivoting from responding to these events to planning a path forward for their organizations. A prism of moderating costs, mitigating risks and maximizing value guides this planning — along with an emphasis on empathy as well as economics, as the workforce adjusts to new realities in a post-COVID-19 landscape.

An underlying urgency — rarely, if ever seen before — influences this planning. Leaders face a sobering laundry list of to-dos, such as performing a realistic review on balance sheet health, re-evaluating their business model (including supply chain changes, consumer interaction and workforce environments), and dealing with external pressures from investors and shareholders.

迫切需要向前迈进将需要看看有机和无机策略。这包括返回优惠。对于某些组织来说,剥夺将在从根本上改变环境中生存所需的现金。188bet滚球投注对于其他人来说,相对稳定的资产负债表和大大减少估值的组合将提出通过收购或合资企业改变业务的无与伦比的机会。什么Covid-19没有改变是这样的:人们对驾驶交易价值仍然至关重要。

呼吁采取行动 - 战略性地解决人们的风险

The idea of capital-P People being the value catalyst in deals is nothing new. The majority of deals fail. One of the most commonly cited reasons is the failure to adequately and strategically anticipate and address people issues. Yet in the 1,200 deals Mercer’s global M&A Advisory team works on each year, we continue to see business leaders put people risks in the tactical bucket versus more strategically considered areas such as operations, supply chain, tax planning or legal and regulatory considerations.

It is unlikely that a CEO would say, “Can we just address the tax and regulatory issues of this deal post close?” Yet more often than not, this is the mindset related to people risks. The increased business risk due to the uncertainty and the reduced timeframes due to the opportunistic nature of deals in the current macroeconomic environment make this reactive posture even more likely. Leaders who identify and plan for these people issues early and strategically will be building a foundation for delivering full value.

除了在大多数战术意义上定义人们的问题,主要原因 - 主要是 - 人们的主题往往被解雇为概念性地解决战略性上。这不一定是这种情况。十个元素最终将人们塑造在任何组织中的动态,但请注意,每个元素的临界程度必须根据特定于特定的基础确定:愿景,使命和价值观导致列表,其次是领导,组织设计,治理和决策权利,通信风格,工作流程,工作环境,奖励和认可,人才管理和员工价值主张。188bet滚球投注

目前的事件导致业务领导者重新思考他们的业务模式以及他们和他们的组织如何考虑未来交易中的人民元素。

作为一个整体,这些元素代表了一个组织的运营环境。188bet滚球投注他们在一分钟内有意而无意中致辞,无意中加强领导者的行业。这对于潜在的交易伙伴来说是真的。这些要素是或应该是任何交易论文开发和分析的一部分。需要答案的问题包括:实现战略目标和财务建模价值的最关键要素是什么?交易将如何影响当前的操作环境?188bet滚球投注组织之间的这些元素是如何对齐或未对准的?什么操作将对齐或保持对齐最关键的元素?

As with other areas of the deal, the evaluation of people issues is not a one-time event. It should involve the constant testing and refining of an initial thesis. This strategic consideration is at the core of successfully anticipating and navigating issues that will negatively influence your ability to deliver value.

交易类型框架人们风险

An urgent need in some organizations to create business sustainability and in others an opportunity to transform is expected to fuel increased deals activity over the next six to 12 months.在最近的投票中,大约40%的受访者表示目前的市场状况不会在未来12个月内改变其交易策略。具有不同类型的事务的固有人的模式。虽然每项交易都带来了自己独特的情况,但有可能预测最初的交易论文创作中的这些风险,并在早期调查中优先考虑它们。以下是预期的近期交易趋势以及相关的优先级问题。

合资企业和合作伙伴:这些交易提供了一种追求新的商业模式(例如,供应链重新配置或数字转换)的路径,同时抑制其他交易结构中存在的一些风险和资本要求。商业领袖经常低估了损失价值创造的相关人员的风险。关键人士需要与绩效目标保持一致的是组织设计,治理,领导选择,激励和人才保留。

剥夺:Many organizations will leverage divestures as a way to stabilize their balance sheet and pursue new strategic imperatives. Key people issues include understanding the impact that the spin-off will have on workforce costs at both the remaining company as well as the carve-out, selecting talent to stay versus go, determining retention strategies for key talent, and executing the required stand-up expectations (e.g., Transition Services Agreement delivery or full Day One functioning).

收购苦恼和贬值的资产:对于财务状况良好的组织来说,这是一个获得以前无法达到的资产的机会。这种机会主义的收购涉及人们的风险,包括选择正确的领导者来捕获预期的价值,保留关键员工来驱动价值并创建对齐的激励计划。

时事基于“增大化现实”技术e causing business leaders to rethink everything about their business model and related processes. Just as importantly, leaders need to rethink how they and their organization consider the people elements in future transactions. Let this be a wakeup call around how to approach deals moving forward. Early and strategic consideration of these elements will set the foundation for successfully mitigating risk and delivering value — in a post-COVID-19 business climate that focuses on the human factor as much as the financial one.

杰夫黑

Partner and Global M&A Advisory Services Leader at Mercer

Jeff Black是Mercer的合作伙伴和全球并购咨询服务领导者。杰夫以25年的商业领袖为值得信赖的顾问经验,通过交易的全部生命周期向全球人员提供战略和金融买家和卖方。公认的交易专家,他是一个常见的主题演讲者,并被广泛发表并引用了众多行业期刊和媒体网点。

    克里斯汀墨菲

    Mercer的全球并购战略和运营领导者

    Kristin Murphy是Mercer全球和咨询服务的全球并购战略和运营领导者。她在人力资本咨询中拥有超过10年的经验,目前通过解决人们风险来提出捕获价值和实现协同作用的建议。Kristin拥有经营战略的专业知识,驾驶企业范围的转型,劳动力战略,运营模式和组织设计,变革管理和过程改进。

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