THE CHALLENGE: Two global reinsurance firms were merging to maximize their market share. While the merger made sense financially, the corporate cultures were very different. Culture fit was going to be a challenge that had to be addressed in a timely manner. Each firm had different support systems along with overlapping and sometimes incompatible job positions.
THE SOLUTION: After interviews of key stakeholders leading the merger, we provided a merger checklist from the human development perspective. With a merger checklist and four months of analysis and planning, implementation of critical steps prevented overlap and provided open communication with all staff. A transition team, made up of a variety of people from both companies, met virtually every week and an intranet site was accessible to ensure transparency about the merger to staff. Management of both cultures was given an opportunity to work together and create joint strategies to move their teams forward through our training initiatives. A measurement guide, created early in the initiative, kept all involved and accountable.
THE RESULTS: The organizations merged with limited turnover. Public relations around the transition was positive, and sales goals were exceeded in the first year of the merged organization. The reinsurance firm continues their upward growth.