Mergers and acquisitions happen every day, and they’re not slowing down. In January 2016 alone, global M&A activity in the pharmaceutical industry totaled $56 billion – more than double the total a few years ago, the Financial Times reports. In medical technology, the total value of mergers reached $127 billion in 2015, according to data from EP Vantage. And those are just two industries.
M&A activity has a large and obvious impact on employees, but recruiters are impacted as well. There’s new information, new requirements, new positions, and new employees. All that equals a lot of challenges for recruiters to overcome in order to find the best candidates. But how?
My employer, MedReps, created a white paper to answer that question. Here are some of the insights we learned on how recruiters can get back on track after M&A activity:
Build New Relationships
After M&A activity, the infrastructure of a company can change. That can mean new leaders in charge of hiring and HR, which can change the entire recruiting process. A new hiring manager or HR director may have different recruiting strategies, have new input on the type of candidates to look for, and may want to change the whole way of doing things.
While the change may be frustrating at first, it will just take some time to build a new relationship with the hiring manager. Listen to their ideas, adapt to their process, and share your input. Reestablish yourself as the expert so they trust your judgement and allow you to do your job the best you can. Work with them to create a new strategy that fits the changes of the employer.
The best way to build a new, solid working relationship is to prove your expertise and find the best candidates for open positions.
Relearn the Job
You were an expert on the company and its positions. You knew exactly what hiring managers wanted in candidates, and you knew all the details to tell job seekers – the salary structure, the benefits, and more.
But that’s all changed now. After M&A activity, roles shift, culture changes, and the needs of the employer are different. To recruit the right candidates, you need to get back up to speed, and fast.
Relearn the details of open jobs so you can accurately present them to job seekers. Work with the hiring manager to review the information you have, and make sure you have all the details straight. Take the time to get a firm grasp on new roles, new potential career paths, and the salary and perks the employer is offering.
Look at the Positives
M&A activity brings a lot of new factors for recruiters to work with – but it’s not all negative. The company may have acquired new resources like HR software and subscriptions to industry job boards that can make recruiting easier.
In addition, there are new employees on the HR team and throughout the company. That means you have a fresh set of people to tap for industry contacts and referrals to fill positions. A new HR and hiring team means new strategies, new perspectives, and new input on where to find the best talent.
M&A activity also brings new opportunities to present to job seekers. The company is growing; there are new roles, new products, and new career paths for candidates.
Instead of focusing on the negatives, make the most out of M&A. Use new resources, tap into newly acquired employees to source talent, and present the change as an exciting opportunity for job seekers.
Stay on Top of Industry Activity
M&A activity in your industry also brings opportunities to source new talent. When other companies in your field merge, some employees are bound to leave. Some may be laid off while others may go on the hunt for more stable positions elsewhere.
Pay attention to M&A activity for opportunities to reach out to talent and bring them onboard.
M&A can complicate recruiting, but it’s not hopeless. Take the time to rebuild what was lost and take advantage of what the employer gained to keep recruiting moving forward.
Robyn Melhuish is the communications manager at MedReps.com, a job board dedicated to medical sales and pharmaceutical sales jobs. Connect with Robyn and MedReps.com on Facebook, Twitter, and LinkedIn.