5. outlets* by country 2004 - 2006
end of period 2006 2005 2004
the Netherlands 827 819 822
Germany 438 288 258
Belgium/Luxembourg 245 227 204
France 166 170 163
Spain 172 165 147
United Kingdom 126 116 106
Italy 150 132 109
other countries 95 64 56
North America 430 424 455
Asia 21 6 0
total 2,670 2,411 2,320
* branches and in-house locations
4
11. Volkskrant
Gekke koppeling van uitzenders
ACHTERGROND, Van onze verslaggever Xander van Uffelen
Amsterdam - Het uitzendbedrijf Vedior heeft een brochure van maar liefst 36 pagina’s nodig om al zijn merken op te sommen. Van het uitzendbureau
Promatica in Angola, via Expectra in Frankrijk naar Dactylo in Nederland. Randstad daarentegen hanteert slechts een handvol belangrijke uitzendmerken
en heeft zijn bekende blauwe logo in bijna alle landen geïntroduceerd.
De versnippering van de merken van Vedior tegenover de eenvormigheid van Randstad is slechts een van de vele grote verschillen tussen beide
bedrijven. Voor bedrijven die ervaring hebben met het aan elkaar koppelen van twee geschikte kandidaten, is de aangekondigde samenvoeging van
Vedior en Randstad op zijn minst opmerkelijk te noemen.
Randstad is ijzersterk in thuisland Nederland, maar heeft verder zijn activiteiten goed gespreid over vele landen. Vedior leunt zwaar op Frankrijk, waar 40
procent van de omzet vandaan komt, en kan zich in andere landen nergens marktleider noemen. Randstad richt zich primair op de algemene markt van
uitzendkrachten, waar Vedior allerlei gespecialiseerde uitzendkantoren voor werving en selectie heeft verzameld.
‘Je mag aannemen dat bij een geslaagde overname de koers van Randstad de boventoon gaat voeren’, zegt analist Johan van den Hooven van
zakenbank Theodoor Gilissen. ‘Het nieuwe bedrijf zal een duidelijke lijn aanbrengen in de bedrijfsvoering van Vedior en de winstmarge verbeteren.’ Ook
zal bij Vedior de bezem door het aantal merken gaan, iets wat de nieuwe baas Tex Gunning waarschijnlijk toch al van plan was. Bij zijn vorige werkgever
Unilever heeft hij ervaring opgedaan met het saneren van merken.
De geschiedenis van Randstad oogt ook meer als een rechte lijn. Oprichter en grootaandeelhouder Frits Goldschmeding zwoer bij een autonome groei.
Vedior daarentegen is een afsplitsing van het conglomeraat Vendex en heeft sinds zijn zelfstandige bestaan in 1997 uiteenlopende bedrijven opgekocht.
Naast de grote bedrijfs- en cultuurverschillen zullen er nog meer obstakels overwonnen moeten worden om Vedior en Randstad tot een geheel te
smeden. Zo zijn er de mogelijke bezwaren van de mededingingsautoriteiten. Randstad is met een marktaandeel in Nederland van 37 procent al veel te
sterk. De inlijving van de Nederlandse kantoren van Vedior (7 procent marktaandeel) zal daardoor op problemen stuiten. In andere landen spelen deze
bezwaren minder.
Het tweede probleem is de vraag hoe Randstad de overname kan betalen. Voor Vedior zal het bedrijf naar schatting 4 miljard euro moeten neertellen. Met
leningen en kasgeld kan het bedrijf zo’n 2 miljard euro opbrengen. Er zal dus voor 2 miljard euro aan nieuwe aandelen uitgegeven moeten worden, wat
door de kredietcrisis een dure zaak is. Die crisis, waardoor aandelen van uitzendbedrijven flink in waarde zijn gedaald, is ook een meevaller, zegt analist
Van den Hooven. ‘Vedior is nu wel een stuk goedkoper.’
10
14. Culture — Six hard-earned core beliefs
on cultural integration during the merger
Start with a fact base Deliver coherent program and
1 4
Secure insights on existing make it a personal
cultures of Randstad-Vedior; True behaviour change requires
don‘t exaggerate culture well-designed, coherent set of
differences to create a systemic interventions, and
―scapegoat‖ for individual resolve to make a
underperformance difference
Ensure value creation focus Integrate seamlessly with
2 5
Don‘t just blend two cultures to operational PMO initiatives
a ―nice‖ mix, but use merger to Don‘t execute cultural program as
boost daily performance, capture separate ‗HR, Friday afternoon‖
identified synergies and increase effort, but integrate it with the
long term health ―hard‖ post-merger Randstad-
Vedior integration initiatives
Design for leader-led Let experts lead from behind to
3 6
program build capability to self-deliver
Top team alignment and role Use proven experts to design and
modelling is first and most deliver initial steps of the program,
critical step to success, and soon and develop Randstad-Vedior
to be appointed business unit managers to continue the journey
managers (N-1) have to take it independently
forward 13
15. Integration buiding blocks to plan and execute SAMPLE CHART
the integration of Randstad & Vedior successfully
Define blue print and implementing plan for after closure Integration support
1 Top structure and
5 Functional
4 6 Culture 1 Program office
Central appointments/ integration • Assessment project support
alignment • HR • Target culture
• Marketing
• Finance • Pre closure
2 Strategic topics
– Investor intervention
• Branding Relations • Post closure Communication
2
• Prof.Service – Tax intervention & strategy story
strategy – Reporting
3 HQ integration
(Re) Branding as a primary
– Internal controls
& risks
(e.g. facilities)
strategic and central subject toretention
– Profit per-
formance 3 People
and
Local Belgium
plan for BEFORE the closure of
management
– Internal controls redundancy
– Insurance, Risk
markets France
Netherlands
the deal
& treasury
• Legal Synergy
• IT 4
definition/
4 Country • Government tracking/
integration relations baseline
• Support functions • Purchasing
• Organization • Communications
structure 5 Risk
• Branding identification and
• Branch network mitigation
integration
• Rollout best
practice operating 6 Active
model monitoring of
ongoing
businesses*
* Monitoring efforts included, specific efforts to keep the business momentum 14
to be executed by business owners
Source:Team analysis
16. master comms schedules with draft documents,
contingency planning - prepared well in advance (Q2, Q4 2007)
Communication options
and planning
General press, Own Target Own Target (EU) Works Target (EU) Own Target Own top Target top Authorities General Own Clients Target EB and MT, Friendly
media shareholders shareholders analysts analysts council Works employees employees management management (Nma?) public & clients MD networks independent
council flexworkers consultant(s)
Rough short term scenario 1:
(orderly process)
Announcement to other party secret SB only n/a secret n/a secret n/a secret n/a secret n/a tbd secret secret secret secret secret
Period of silence secret SB only n/a secret n/a secret n/a secret n/a secret n/a tbd secret secret secret secret secret
Actions become public Press release and Press release Press release Press Press Press Press Internal Open letter C Internal tbd Public Press release Informal letter
(announcement of intentions or press conference, plus basic plus open letter release plus release plus release plus release plus communication or D conference call message in all plus letter
informed leak, rumors) factual EB interview Q&A A ppt and ppt and letter B open letter B message plus branches
round as required conference conference or C basic Q&A
call call
Period of intense (public) Press release and Press release normal IR additional IR Internal memo open letter if internal memo Feed with info
attention to process, bidding press conference, plus basic contacts calls as required required if required they can
between parties and others regular EB Q&A dessiminate
interviews when
required
Actions resulting in Press release and Press release, Press release Press Press Press Press Open letter Ad in major Press release Informal letter Feed with info
announcement of final agreement press conference, letters, notices and release, release, release plus release plus and papers if plus letter, plus they can
(or not) background shareholders conference conference meeting meeting announcement required individual announcment dessiminate
interviews as meeting? call call of next steps contact IAM at events
Initial communication of actions
resulting from above
required
Press release, Press release, Road show
letters, notices letters, notices
Road show generic communications materials for all
management management
meetings, meetings
Town hall
meetings
Town hall
meetings
Informal letter
plus
Feed with info
they can
Longer term communication of Press release when business as n/a business as n/a
set up new
structure
business as n/a
stakeholders in most scenarios already
Adjust I/C n/a (temporized!)m (temporized!)m Public
announcment
at events
Letters and
dessiminate
actions resulting from above media, systems, eetings with eetings with messages in individual
required usual usual usual
prepared with fake names long before the
then business as
usual
new
colleagues
new
colleagues
all branches,
other means
contact new
IAM
Rough short term scenario 2:
merger… even before the start of talks –
(heavy resistance or
rebuttal) massive time savings and stress avoidance
Announcement to other party secret SB only n/a secret n/a secret n/a secret n/a secret n/a tbd secret secret secret secret secret
Period of silence
Actions become public
secret
Press release and
SB only
Press release
n/a
Press release
secret
Press
n/a
Press
secret
Press
later later
n/a
Press
secret
Internal
n/a
Open letter C
secret
Internal
n/a tbd
tbd
secret
Public
secret
Press release
secret secret
Informal letter
secret
(announcement of intentions or press conference, plus basic plus open letter release plus release plus release plus release plus communication or D conference call message in all plus letter
informed leak, rumors) factual EB interview Q&A A ppt and ppt and letter B open letter B message plus branches
round as required conference conference or C basic Q&A
call call
Period of intense (public) Press release and Press release normal IR additional IR Internal memo open letter if internal memo Ad in main Feed with info
attention to process between press conference, plus basic contacts calls as required required if required paper as they can
parties and others regular EB Q&A required dessiminate
interviews when
required
Actions to disentangle and start Press release and Press release Press release Press Press Press Press Internal Open letter G Internal tbd Public Press release Informal letter Feed with info
up second project (again scenario press conference, plus basic plus open letter release plus release plus release plus release plus communication or H conference call message in all plus letter they can
1 or 2, until stable state is factual EB interview Q&A E ppt and ppt and letter F open letter F message plus branches, ad dessiminate
reached) round as required conference conference or G basic Q&A in main
call call papers
15
17. communication aspects/highlights
integrated Marketing & Communications
- capacity
- implementation
- ‖stuff‖
involved from the beginning in acquisition strategy
- hit the ground running
- ―the leak‖
Speed, Momentum, Initiative
- involvement vs. democracy
small, own team
- located next to EB offices
16
18. communications actions and timing (2008)
Q1 2008 Q2 2008 Q3/4 2008
Preparation Integration
Internal branding
Introduction integration Personal integration communication Integration communication channels
communication channels: is leading, fed by: replaced by
• Big Match Bulletin • Management Match
New communications infrastructure
• Web casts Tex (Vedior) • Regular GMMs (both sides)
• Joint intranet
• Joint intranet content • Management communications workshop
• Joint e-newsletter
• Management Match • Communication toolkits
• Big Match Kick-off event • Joint national magazines
• Joint top management
―Elephant‖ session (GTKY) • Big Match Breakfasts
• Chat sessions / town hall meetings Internal branding
Day-to-day communications • Joint top 50 or top 100 management • Joint cascade of ―GTKY‖ sessions
―Elephant‖ session • Internal branding campaign
• Randstad@work
• E-link • Continued plans until end 2010
Supported by
• Opco magazines & intranets Integration communication channels
• Big Match Bulletin
• Bighug.com • Joint intranet content 2009
• E-memo management • Big Match welcome package
• Opco magazines & intranets • Cultural interventions GTKY process)
2010
Day-to-day communications continued
17
19. communications actions and timing (2009)
Q3/4 2008 2009 2010
Integration
Internal branding
Integration communication channels Rebranding processes external Management-led intiatives
replaced by and internal • Value reconnection program kick-off
New communications infrastructure • 106 rebranding projects (with HR)
• Joint intranet • 95% of company done by end • Group Management Meetings in new
• Joint e-newsletter 2009 style with heavy emphasis on culture
• New professionals house style and behaviour
• Joint national magazines
approved, roll out by ―trailblazer • Setup of renewed global
companies‖ Communications and Marketing
Internal branding communities, new KPIs etc
• Adjust global PA strategy
• Joint cascade of ―GTKY‖ sessions
• Internal branding campaign Internal branding
Day-to-day communications
• Refine Continuation plans until • Execute global all-year Randstad 50
• Active profiling new
end 2010 program
management
• Joint culture session in Madrid (successor to Randstad 45)
• Joint history recording project
• New profesionals house style
• New TV campaign-derived
developed
internal comms materials
available
• New Opco magazines &
intranets
• Startup of Randstad 50 project
18
18 6/11/2010
20. external visibility in press and media:
Competitive Volume Analysis: Europe
(September 2005 – August 2006)
19
21. advertising campaigns… the smart way
merging 2 organizations = 2 budgets
- cut all functional duplication immediately
- cut campaign for the disappearing brand immediately
- use free budget for extra media during transfer
use existing brand equity to leverage new brand equity
- name the disappearing brand in the ads for the new brand for a while
- phase out gradually as soon as possible, avoid prolonging ―two names‖
be aware of the strategic options
- make the choice between boosting share or realizing synergies
a name change is an opportunity too – example:
- the rebranded TT organizations gained share and margin faster than
the average of the company in the applicable countries
20
26. core values
know We are experts. We know our clients, their companies, our
candidates and our business. In our business it ’s often the
details which count the most.
serve We achieve through a spirit of excellent service, exceeding the
core requirements of our industry.
trust We are respectful. We value our relationships, and treat
people well.
simultaneous We see the bigger picture. Our business must always benefit
promotion of society as a whole.
all interests
We always seek to improve and innovate. We ’re here to
striving for delight our clients and candidates in everything we do, right
perfection down to the smallest detail. This gives us the edge.
8
25
25 6/11/2010
30. summary of overall lessons learned
video material
- prepare, prepare, prepare
- IF you are prepared: faster, faster, faster
- at the start, use some limited number of the best
advisors and concepts possible
- then get the external advisors out as fast as possible
- do not allow outsiders to lead sensitive projects
- recession almost distracted us for a few months,
stay the course
29
29 6/11/2010