Don't Forget to Let Your Employees Know the Score

I read an article this morning about an area bank that's acquiring 24 branches of a bank in Chicago. That's good news all around - for the financial community, Northeastern Ohio and the economy in general. Another sign of recovery - all good.

There's plenty of work ahead for that bank - especially in marketing communications.

In addition to the myriad of legal, compliance and operational communications that are required during an acquisition, there are communications to current and new clients that are not only mandated but a good idea. It's critical that current customers retain confidence in the brand and that new customers feel comfortable enough to give the new bank a chance.

While all this is going on, one of the bank's biggest assets often is neglected: employees, especially those in the acquiring company. After all, they should be happy. Their company has acquired a new bank - more customers and the prospect of better stock prices and satisfied shareholders.

But in reality, this group also needs consistent, constant communication from management about what the acquisition will mean to them and what behaviors may need to change for them to continue as ambassadors of the brand. No matter how good the acquisition is for the company, change is stressful and needs to be managed.

When it is, and the internal communications are as good as the external, the rewards are significant.

• Morale is higher
• Turnover is reduced
• Employees are more productive

And who wouldn't want that?