At some point during every corporate manager’s life, there comes a time when a service provider goes through a merger or acquisition – and it can be extremely frustrating. This is especially true in relocation, because the provider selection process is time consuming, expensive and often a burden on already strapped HR and procurement departments.
Imagine if your department has gone through the lengthy request for proposal (RFP) process, selected a relocation provider and built the relocation program, only to find out that things might be changing. The team was probably hoping that it would be at least another 3-5 years before another RFP is considered, let alone implemented. Does this merger mean you need to do it all over again…now? Here are some important steps to take when you learn the big news:
Don’t panic! You’ve probably received an email from your current relocation company that explains the merger and why it is a great thing for your business. Read it and try to understand some of the benefits that will come with the deal.
Review Your Criteria. Take another look at the criteria set forth at the beginning of the RFP process. Does it mesh well with the merger? For example, your company might have preferred to partner with a small-mid-sized relocation company but now, due to an acquisition, you are involved with a something much larger. Does this matter to you? Should it? The answer depends on what was important to you when you initially selected your relocation provider.
Don’t Be Afraid to Ask a lot Questions. One you have reviewed your original criteria, you are going to have questions about how the merger is going to impact your relocation program. This is perfectly normal and you are entitled to ask as many questions as you want about the new relationship. Here are commons questions to consider:
Be a Super Sleuth. Mergers are prone to failure. There are a lot of reasons why mergers fail, but many of them boil down to leadership and relationships. It’s up to you to peek behind the curtain. Was this is hostile merger or was it a friendly agreement? Is your provider’s leadership team staying on board or jumping ship? Does the relocation industry see this as a good development? Are you getting a positive or negative vibe from the employees? Knowing a little more about the deal, including the players involved and the emotions behind it, will give you insight into the potential for success.
Once you do all of your homework, there will no longer be a need for knee-jerk reactions. Instead, you should be able to make an educated decision on the best course of action for your relocation program.
Are you a corporate human resources officer who has had your relocation provider merge with or be acquired by another relocation management company? Are you concerned about how this might affect you? If so I’d be interested in hearing your views, comments and/or concerns below!