Time: Today or Mañana?
Another key difference between the UK and Spain is how time is perceived and managed. People in Spain tend to be polychronic which means they are comfortable with multitasking, do not always respect deadlines and may reprioritize their schedule at the last minute. In the UK, it’s really important to respect deadlines and they appreciate agendas and concrete plans.
Coping with all of these cultural differences is the key to a successful international merger and acquisition. Research suggests that more than 60% of international mergers and acquisitions fail because of a lack of cultural awareness and adaptation. Cultural issues need to be dealt with effectively to avoid losing large amounts of money, time, and market share and brand credibility.
Cross-Cultural Training courses like Managing International Mergers and Acquisitions can equip employees with the relevant skill set and knowledge to exploit the full potential of a multicultural workplace. An increased cross-cultural awareness can dramatically reduce the chance of failure and so bring a high return on investment for the new company. Let’s hope that Iberia and British Airways will overcome their differences and find a way to work together with flying colors and make a success of their international merger and acquisition