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The People-First, Bottom-Up Approach to M&A

Amid the COVID-19 pandemic and daily geopolitical chaos, large mergers and acquisitions (M&A) deals have飙升256%季度,第三季度全球总共3,494份优惠。今年的第二个和第三季度导致私募股权的记录设定措施,私募股权的市场份额为19.7%,all-time high

规模,范围和人才池是驾驶交易决策的主要因素,让40%的受访者Mercer调查,conducted in September. The current environment — wherein companies being held to higher standards of social responsibility by their own employees and consumers alike — is putting a greater emphasis on getting the workforce issues right when merging or acquiring businesses, and it’s time for business models to transform.


The categories of people-risks in the deals process include retention of key talent, integration of corporate culture and placement of the right talent in the right roles. Successful efforts rest on treating workforce risks in the same early-and-proactive manner as regulatory and tax risks, a mindset also underscored in this report ontalent retention



聘请劳动力:The first step is to understand the workforce and define a strategy to build momentum during and after the transition. Change management is the glue that binds the objectives of the deal to the business strategy, leading to long-term value creation. This starts with articulating a vision, engaging the leadership and key stakeholders, and building a robust communications and workforce transition plan with identifiable metrics to monitor adoption.

将严谨围绕留住顶级人才:Retention programs are viewed as insurance policies to hedge against flight risk in transactions. By applying the right framework, buyers and sellers can effectively retain critical talent and drive operational excellence post-close.

奖励:对齐奖励 - 补偿,长期激励,福利等 - 是组织内的驾驶行为的基础,以解锁真实价值。


A People-First, Bottom-Up Approach Is Key

在设计保留计划时,成功的收购者正在采取人们 - 第一,自下而上的方法。他们不是保留的第一次预算,然后向员工分发 - 典型的自上而下进程;相反,他们首先专注于人才,并确保保留的是重点关注关键员工。

这种自底向上的方法揭示了另一个significant trend: Retention programs are expanding outside of the C-suite. In fact, when asked about retention bonus eligibility outside of senior management and the C-suite, 70% listed “other employees critical for integration” and 35% listed “other employees regardless of critical for integration.”

In addition, the “where” matters. Mercer’s look at global talent retention practices reveals that a company’s headquarter location and industry can greatly influence talent retention practices, company culture and incentive structures. These nuances need to be understood and taken into account to avoid talent flight and to ensure the right level of expenditure. Buyers and sellers need to be aware of certain industries that pay financial incentives that vary greatly from the norm. For example, globally in the technology sector, buyers fund individual retention bonuses for all levels on average at 49% above the market median.

A Risk-Transfer Trend to Be Aware of


成功的买家保留圣升高rategies from an art to a repeatable science. The results are tangible and clear — increased productivity, engagement, owner-like behaviors on the part of retained employees and accountability. As M&A activity continues, successful organizations cannot risk ignoring the right strategies for talent retention. Taking the time to understand the workforce and culture of a new company is imperative, along with recognizing that people execute on what they are rewarded to deliver.



杰夫黑is a partner and Global M&A Advisory Services Leader at Mercer. With 25 years of experience as a trusted advisor to business leaders, Jeff advises strategic and financial buyers and sellers on global people risks through the full lifecycle of a transaction. A recognized expert in deals, he is a frequent keynote speaker and been widely published and quoted in numerous industry journals and media outlets.

Kristin Murphy


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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