This bank learned the hard way to ramp up M&A-related retention efforts
The American Banker article, “This bank learned the hard way to ramp up M&A-related retention efforts,” quoted Russell Reynolds Associates Consultant Robert Voth about how to best communicate to your employees during a merger. The article is excerpted below.
Union Bankshares doesn’t want to repeat the mistakes of the past.
The $8.6 billion-asset parent of Union Bank & Trust, which endured employee attrition after its 2014 purchase of StellarOne Financial, has taken steps to improve the odds of keeping more people after its pending acquisition of Xenith Bankshares.
Accurate and timely disclosure is critical, particularly when addressing the company’s strategy and an employee’s future, industry experts said. Failure to do so can spur employees to look for opportunities elsewhere.
“Role clarity and honest and clear communication of the … vision are the two things that must occur,” said Robert Voth, who leads Russell Reynolds’ consumer and commercial financial services practice. “If you don’t have a clear and transparent message … you can’t have the merging of two cultures into one working toward one unified goal.”
To read the full article, click here.