Venture capital: It’s good to change as long as it boosts performance

The persistence of venture capitalists and their pursuit of higher profits rarely leads to job creation and job security. Therefore, the acquisition of corporate assets causes an average loss of 5 percent of jobs due to ignoring the company’s status quo, which exposes one of the most difficult facts in the work environment, namely that while fighting for survival, loyalty divides commitments become fragile and it’s too easy to let go About the work team and the culture of the work environment – a fact I discovered myself from personal experience.

In my case, the effects of the new phase following the acquisition began to materialize one afternoon in August, while I was in a tent characterized by its very hot weather, false familiarity, and temperature control procedures for those present, after the lift. of the closing procedures. [تصدّياً لجائحة كورونا] not now. The evaluators began investigating the investors with suspicious eyes and exaggerated smiles. An investor who had just been appointed as the new chairman of the board stood up and stood on the stage, ready to address the audience. The investors were undoubtedly the most relaxed and on the verge of making cabinet adjustments, they had all the answers and they were in control.

Their task that day was to convey the subtle message of an agenda that would end the identity of the company as we have known it for thirty years and that existed thanks to the qualifications of its kind-hearted founder, but at the same time meant time to assure the audience that there will be no disruption to business. . The facts and details said that “work is going normally”, and to confirm that the procedures barely exceed the employment of only some new employees. Indeed, why would they deviate from the firm’s established path if such a step were taken as a respect and appreciation for present values ​​and integrity? Then another investor in a jacket and jeans claimed that no one would lose his job and burst out laughing so hard that the audience had to smile a little without their smile coming from the heart.

No one really believed it, so there was a feeling of unrest and anxiety among the audience. People are generally dependent on certain habits in their lives, especially in the workplace where routine, repetition and expertise promote loyalty to the place, and give a strange sense of comfort in an environment that is not without pressure and expectations. But most venture capitalists strive to be more than just investors. A Harvard Business Review study found that 60 percent of the 900 venture capitalists interviewed had “high levels of interaction” with the companies in their portfolio at least once a week, while 58 percent provided operating guidelines, and that about half of them participated in the recruitment. of employees.

And employees who strive to stay in the company and achieve success untouched by the shift, keep themselves more efficient than ever before – an approach that often requires heartless hypocrisy. So for those whose careers depend on the company and the next stage of development that requires hiring new people and succeeding at all costs, the task began that afternoon when empty champagne glasses were poured and melted cream began to contaminate the paper cups.

read more

This section contains related articles, placed in the Related nodes field.

Being an outside advisor from time to time, stand-alone and new to the corporate environment after being introduced to it by the retired founder, made me particularly vulnerable to this new force, and I soon became an outcast among the insiders and those who knew a little. more about the situation than I do. That explains why the only person I remember talking to in that hot tent, other than the founder and his wife who are now marginalized and treated as irrelevant in this fast-paced drama, was just the marketing director who was fired the following month. . It should be noted that the two people with whom I have worked very closely over the past year and made plans with whom we laughed and who enthusiastically shook my hand when we achieved meaningful group results, have now ignored me when I approached them while cheerfully chatting with someone to whom they did not introduce me, which was a clear indication On what happens next.

And in the weeks after that event, my sense of isolation and marginalization increased as regular meetings stopped and I did not receive any more emails – and could not get the answers and basic information I needed to do my job. do not get. It is so common, as Ian Clark in the University of Birmingham’s Journal of International Human Resource Management argues, that acquisitions of these types of layoffs result in non-union recognition, employee transfers, and a reduced level of information sharing and consultation.

In fact, the news and developments took place without my knowledge, as I was not aware of it. Since my work relies on the cooperation of a dedicated and large team, it has hampered my progress. This was followed by a series of meetings on the Zoom platform to discuss the reasons for the lack of progress, without mentioning the direct reasons behind it. Every time new faces I do not know appear on the screen during meetings led by someone I will never see again and later the same person joins the meeting without apology and floods me with questions about my work and my achievements so far . This dynamic kept me under scrutiny all the time without any support as they encouraged me to make suggestions that received no follow-up or comment from them.

Meanwhile, my former colleagues passively attend Zoom meetings with expressionless faces, as if we had never met before, and all save their energy for a guy named Dom as the trade head whose name is on the tip of every tongue and the focus of more flattery and flattery phrases. In contrast, the retired founder was mocked and ridiculed by those who originally employed the company. It was a frustrating and unfortunate situation in the true sense of the word. It’s sad that beautiful things are not the same as they used to be. Change is right as long as it improves and improves past performance, but it becomes toxic when it brings low values ​​and crude arrogance that quickly becomes a mere distortion of the principles and behaviors of others.

I finally spoke to Dom one afternoon and told him I was leaving – not personally in his office as we had previously agreed, but on Zoom because he did not bother to enter the office. He told me he did not have a chance to get to know me, for him I was just a number in a spreadsheet, like a medical case for which I had a clinical evaluation and the results were predictable .

Acquisition activity in UK companies rose by almost 60 per cent in 2021 compared to the same period before the 2019 pandemic, according to financial data specialists at Refinitiv. Wouldn’t it be nice if the new wave could be handled a little better?

Leave a Comment