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A comprehensive change management process with tools assists professionals of organizational development in value addition within the process of change by indentifying hindrances to change and acting appropriately. Most acquisitions and mergers do not deliver anticipated synergies.
Awareness is created through education within an organization on the importance of managing change. Individuals within the organization then apply what they grasp to a real case involving change. In “Succeeding in a changing environment”, change has four stages. When preparing people for a major change, we have project managers specialized in change management. They are professionally skilled which assists them to spot problems, comprehend the need for change, take charge and become consultants in such situations.
Most major change initiatives call for partnering with consultancy businesses. Most internal organizations do not have the requirements to implement change in a business. They have to hire or outsource services from consultancy firms for their expectations to be met. Several important success factors should be considered while leading a process involving change. These factors are aimed at achieving the best results in the quest for change and creating involvement with middle level management down the corporate ladder.
Change management should be viewed and implemented holistically like any organization mission. Tools of change management should be applied to bring consistency and structure to a cumbersome process. Websiteson change management and leadership education give information on tools, techniques, processes and other reference materials to aid workers to be self sufficient. Management and junior workers constantly receive feedback.
Key Learning Points
Education is the most efficient way to inculcate knowledge on change management and its importance. This is because matters learnt through learning are then applied in real life situations for better understanding by the student. Secondly, project managers prepare us to manage change in detail and avoid disastrous consequences that ensue if change is not managed in a business environment. This ensures that change does not negatively affect the bottom line of a company in case it occurs. Thirdly, friction between employees and change consultants is minimized when duties and roles are clearly defined. This ensures that at any one time, the activities of the company are running smoothly. It is also imperative to point out that change affects people differently and it is in the best interest of the management to align employee’s interest with the changing process. This helps to reduce resistance and reduce diminished productivity as a result of the change. Finally, change management tools especially if well used can lead to desired synergies especially during mergers and acquisitions. This would subsequently translate to an improved bottom line for the business entity and the realization of its full potential.
Acquisition of Nova Chemicals Corporation by IPIC
International Petrolleum Investment Company (IPIC) is a firm that is based in Abu Dhabi and made acquisitions totaling 6.4 billion dollars in 2009. IPIC is a 100% government controlled fund. On July 6th 2009, both IPIC and Nova Chemicals made an official statement that the acquisition process was complete.
In such a scenario, I would apply various tools and techniques that I have learnt to facilitate change. I would implement a comprehensive change management process and hire professionals of change management in order to deliver anticipated synergies. I would then create awareness within the organization via education on the importance of managing change. I would then ask the project manager to spot problems, comprehend the need for change, take charge and become consultants in these situations.
I would request the management of International Petroleum Investment Company to partner with consulting firms that deal in change management. These consulting firms would effect the change down the line to middle level managers. Finally, I would ask the workers for feedback on the process to assess whether the strategies are working. In case of negative feedback I would change strategies immediately and adapt new ones.
Since information during a merger or acquisition is rare, I would research information regarding IPIC and its business culture and give it to former employees of Nova Chemicals Corporation for them to familiarize themselves with it. I would also recognize and reward those that participate in the change initiative and in building of a contingency plan.