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02.11

Surviving the Unexpected Job Interview

It begins. You notice that executives’ doors are shut more often than usual, and mysterious strangers having been showing up at the office. Rumors about a reorganization or acquisition begin floating around. You come to work one morning, open up your e-mail and there is an all-hands meeting notice for that morning. The speculation reaches a fever pitch as everyone gathers in the conference room noting the presence of more strange faces. Finally, the meeting starts with the boss announcing “great news” — the company is being acquired. You listen to all the benefits and to the strange faces expounding on how valuable each employee is, but you leave the meeting knowing one thing: things are going to change.

You have just started an extended job interview.

The steps you take following this news can have a significant impact on whether or not the forthcoming changes provide you with favorable opportunities. You can’t control everything, so stay focused on the actions that will improve your prospects.

Awareness

Learn everything you can about the transaction. Read press releases, material provided to employees, the notices on the websites, and public news sources. If the deal is large enough, the Wall Street Journal, Bloomberg, and your local paper will report and comment on the deal. If it is smaller, trade press and websites specializing in your company’s market may run articles. Attend company briefings and teleconferences, and discuss the acquisition with your management to hear their perspective on the deal. Study the website and annual report of the acquiring company to learn about them and their objectives. Beware of curmudgeons and self-proclaimed experts. It is good to be skeptical, but some perspectives/assessments can be inaccurate and misleading. Your objective is to understand what is really going on.

There are several things to look for:

1.       Why is the acquisition occurring?

2.       What are the plans for your location?

3.       What is the schedule for action and what are the next steps?

4.       What is the end objective of the acquisition organizationally?

5.       Why does the acquiring company pursue deals like this? Look at their previous acquisitions to see what they have done. While each acquisition is unique, history provides clues about what is likely to happen.

Attitude

If you treat this time as a job interview and prepare and perform well, you can improve your chances of a favorable outcome. During this period, the new company is evaluating the employees of the acquired company in every meeting, e-mail and interaction. It is, for all intents and purposes, an informal job interview. Companies invest a lot of time and money into acquisitions and one of the things they are looking for are people who will help make the acquisition strategy a success. Whether you are pleased or disappointed with the acquisition, it is to your advantage to be a professional and productive employee. Even if you decide not to stay with the new company, your reputation for professionalism will be a major asset in your future career. Your contributions may open a door for a temporary retention bonus or extended employment while you simultaneously search for a job and help with the integration.

When a merger or acquisition is first announced it usually comes as a surprise, and understandably, the news can elicit concerns about what will happen. All too often, curmudgeons and malcontents find reasons to spark fear, uncertainty and doubt about the deal. This negative attitude can spread quickly during the early weeks when details are limited and people are looking for answers. Focusing on what is really happening and positioning yourself and your department to take advantage of the situation is a much more productive use of your time than spending it speculating on all manner of outcomes. Tactfully looking for answers and insights will help you get a clear picture of the deal and help management understand what the concerns are that should be considered.

Action

Once you have an awareness of the deal and have resolved to keep an open attitude about the situation, you will have a good foundation on which to build. What you should do next depends on how the acquisition plays out. However, several fundamental steps are always helpful:

·         monitor the deal

·         be clear about what you bring to the company

·         network, network, network

Continue to monitor the acquisition’s progress. Quarterly earnings reports, analyst reports and internal announcements will give you clues about what the future company will look like. Are there plans to grow and invest in the business? Is there talk about consolidation of sites or operations? Do you see any indications as to what and when specific integration milestones are planned? Are there any indications on organizational structure or reporting?

Clarify your value to the company. Develop a simple statement to summarize what you do for the company. If you get an opportunity to speak with members of the acquiring company, boost your standing by explaining crisply and concisely your role at the company. It’s also a good idea to ask about the goals of the acquisition. Show them that you are interested in what the acquiring company is trying to achieve.

The importance of networking can’t be stressed enough. Networking can raise your profile and also help you gain a clearer picture of where things are going. Start within your company by getting some informal time with your manager and others who will have various perspectives on the impact of the acquisition. Use social networking tools like LinkedIn to see if you have fellow alumni or acquaintances that work for or have worked for the acquiring company that can provide you with insight. IEEE events can be an opportunity to network with other industry experts that can provide a perspective on the acquisition and how you might add value to the business. If your position ultimately goes away, the networking you have done may open a door, helping you to find a new position.

One important caveat before talking to outsiders about the deal: make sure it is okay to discuss publicly. Until a deal is announced officially to the public, the information is confidential and talking to others about it could be damaging to one or both companies, and in some cases may be illegal.

Addressing Change

As the deal closes and moves into the integration phase the details of what the future holds will start to become clearer. The reality is that when a company makes an acquisition it is because it expects to get more value out of the deal than it pays for it. Some consolidation and simplification of the businesses are to be expected. Also, the acquiring company is going to have a strong influence over the culture and processes of the new business. Expect change and look for ways to positively embrace it.

If the direction of the integration is going to put your job at risk, clearly the most important step you can take is to prepare to find a new job. Updating your resume, networking, and checking job boards are all good steps to take. But you may also want to investigate other opportunities within the acquiring company. Sometimes your skills and legacy knowledge can have substantial value. Check the internal job boards, contact HR and explore opportunities the new company might have. Often the organization will need continuing support and help transferring knowledge during the transition period. Being one of the people trusted to help with the transition buys you time to look for a new job and can sometimes get you a bonus for staying on through the transition.

Sometimes an acquiring company does not fully understand the new business, and unknowingly imposes changes that will hurt the business. This can be a tricky situation, but if you understand what the company wants to achieve and you are able to help them implement the right changes, that can be a powerful and invaluable contribution. Understand the objectives and the strategies that the acquiring company wants to implement so that you might craft a compelling alternative if you truly think their approach is harmful. Once your concerns have been heard and a final approach is selected, getting on board with that choice is critical. If you can’t support the direction or influence an acceptable alternative, look for a different role in or outside the company. If done tactfully and respectfully, such a move can enhance your standing.

If, as in most cases, your job remains and you stay with the company, opportunities still exist to benefit from the acquisition. Changes will occur. Many people will fight or impede those changes. A willingness to contribute positively to the changes will afford you opportunities to distinguish yourself. The new combined business will often open up new opportunities. If during the acquisition and integration you demonstrate openness and a proactive approach, you will have established a reputation for being a team player. This builds trust and will make managers more comfortable considering you for new positions.

 Announcement of an acquisition usually comes as a surprise. It initially creates uncertainty and stress, but can also put you into a position to demonstrate your value to the new bosses. Treating the process like a job interview and putting your best foot forward will help you position yourself for the best possible outcome.

Doug Holly is Director of Business Development at JDSU, responsible for managing Mergers and Acquisitions. During his career he has held a variety of leadership positions in Engineering and Program Management at IBM and JDSU. As a Senior member of IEEE, he is active in the Washington Section and also Chair of the joint IEEE Technology Management Council of Northern Virginia and Washington. Doug also enjoys conducting seminars on leadership and project management.

Comments may be submitted to todaysengineer@ieee.org.

This article originally appeared in the January-February 2011 issue of the IEEE National Capital Area Scanner. It is reprinted here with permission.