From the somewhat plausible to the downright outrageous, rumors abound whenever a transaction is announced. While some rumors may be innocuous, unfortunately others may have lasting, damaging effects on your company and employee morale so it’s important to quickly put a stop to them.
Here are three practical steps to kill gossip and reduce confusion.
1. Communicate Early
Of course the best way to stop rumors from spreading is to prevent them in the first place. On day one of the acquisition, publish and distribute your 100-Day Plan, your integration program for the newly merged company, so that employees understand what to expect including changes to benefits, payroll, and operations. No one likes being left in the dark and in an information vacuum people will likely imagine the worst. You don’t have to share every last detail of the deal, but you should let employees how they will be affected by the transaction.
2. Set up an Anonymous Hotline
A toll-free hotline or an online or physical question box, is a great way for employees to anonymously voice their frustrations, concerns, and questions without fear of repercussions. You’ll also be able to answer relevant questions rather than allowing employees to fill in the blanks on their own or through the grapevine.
3. Be Honest
Don’t lie. This simple principle most of us learn as children is vital to establishing and maintaining trust in a company. The truth will come out eventually and the consequences of lying will be worse than if you had told the truth in the first place. Although it might be bad news, it’s best to rip the band aid off quickly. We once had a buyer tell an entire plant they were losing their jobs because the buyer was shutting the factory down as a result of the acquisition. Of course people were upset, but they respect our client’s honesty and had ample time to plan next steps in their career rather than being blindsided.
Change is hard, but by communicating early, addressing questions, and remaining honest, you can prevent rumors from spreading after an acquisition.
For more advice on integration, download our special report “Planning for Integration – Begin at the Beginning.”
