Mergers and acquisitions (M&A)

Most acquirers recognize that human capital is key to M&A success — but too few make it part of their deal strategy. This disconnect between understanding and action can leave significant revenue synergy and shareholder value on the table. To realize full deal potential, human capital must be integrated from start to finish.
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Making human capital count in M&A

Nearly all corporate acquirers say talent is critical to deal success. Yet, fewer than half actually consider human capital when shaping their deal thesis. The result? Overlooked risks, missed opportunities and teams that struggle to deliver on the deal's promise.

As the pressure grows to unlock smarter synergies and long-term value, dealmakers are beginning to broaden their view. The shift from cost-cutting to sustainable growth requires a new approach — one where people, skills, culture and leadership aren't afterthoughts but strategic assets from Day 1.

91% of corporate acquirers consider human capital requirements pre-deal, yet only 46% use them when targeting and formulating the deal thesis.
Transaction Advisors Institute. Improve the M&A Process and Deal Performance: How Ignoring the Impact of People in Deal Planning and Synergy Delivery Destroys Deal Value. Produced in Association with Mercer, 2025

How we create value with clients

We approach cost and revenue synergies through the lens of seven key human capital value drivers at three critical milestones that enable deal value creation.

  1. Assess human capital value and risk in due diligence
  2. Ensure business continuity from Day 1
  3. Accelerate long-term value creation

Our approach

We take an integrated, people-first approach to M&A — identifying the human capital elements that are more critical to delivering your deal thesis and unlocking the envisioned growth. The seven value levers below form the foundation of how we deliver on each of the three key milestones and their order and priority varies deal to deal.

  • Organizational design

    Create a fit-for-purpose workforce strategy and governance to secure the deal value.

  • Leadership

    Secure the right skills, accountability and decision-making authority to drive growth and future success.

  • Talent

    Ensure the smooth transition of critical roles by retaining essential skills and capabilities.

  • Total rewards

    Boost competitiveness and performance with a cost-effective, compelling rewards strategy.

  • Culture

    Build a unified culture to support integration and drive value through aligned ways of working.

  • Change management

    Accelerate change adoption with a clear strategy and communications to meet operational and deal goals.

  • HR delivery model

    Optimize HR services, structure and systems for efficiency and cost-effectiveness.
We ensure your transaction leaders and teams have the capacity and capability to navigate complexity and deliver on deal objectives — driving confident, effective execution from start to finish.
Approximately 40% of critical talent is lost 18-24 months post-transaction, yet leaders cite operational stability and customer retention as deal keys.
Bridging Uncertainty: How Strategic Retention Drives M&A Outcomes, Research Report, Mercer

What makes Mercer different?

Mercer links deal thesis with people strategy execution, leveraging business and human capital expertise to address financial, operational and talent risks from diligence through post-close. We deliver actionable talent insights and capture cost synergies using proprietary data, tools and experience. Mercer's practical approach to culture and change management increases the likelihood of achieving deal goals. Dedicated M&A leaders proactively manage both standard and unforeseen people-related challenges to maximize value creation.
70+

years of deal experience

1,400

transactions annually

140+

country operations

60%

cross-border transactions

28+

languages

From M&A to carve-outs, restructurings and joint ventures — we bring the people insights to unlock value, reduce risk and accelerate results.
Jeff Black, Global M&A Advisory Services Leader

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