Change management

The strategic role of the HR department in organisational change

There are numerous M&A deals in Italia, but many fail to deliver the expected results because they overlook the human aspect

by Luca Brambilla* and Alessandra Cintelli**

11 June 2026

3' min read

Translated by AI

Versione italiana

3' min read

Translated by AI

Versione italiana

In Italia, between 1,300 and 1,400 mergers or acquisitions are completed each year. According to data from Borsa Italiana, 2026 has got off to a very strong start: 454 M&A (mergers and acquisitions) deals have already been finalised, mostly small-scale or in the mid-market sector.

Alongside capital injections, M&A transactions are among the most powerful and sophisticated ways of creating value. Yet, despite robust financial models, top-tier advisers and well-structured organisational processes, many of these deals fail to meet their expected objectives. There are many reasons for this, but one in particular is often overlooked: the human factor, which acts as a strategic lever to either drive or hinder value creation.

Due diligence often focuses on figures and processes, without taking into account the human element and the resulting relational and power dynamics. Every M&A transaction is based on rational assumptions: namely, creating synergies, efficiency, growth and expansion. But factors such as the quality of leadership, internal trust dynamics, informal power networks, decision-making culture and resilience to change are rarely analysed. These factors do not appear on a balance sheet, but they determine whether that balance sheet will grow or not.

How much does the quality of relationships matter?

The hidden risk is the lack of involvement of the HR department in the early stages of due diligence. On the contrary, Human Resources should be at the negotiating table from the outset to look beyond current financials and EBITDA, focusing on people’s ability to continue generating business even after the change. Otherwise, HR ends up merely managing the post-merger phase, limiting itself to reviewing organisational charts, drawing up retention plans or producing appraisals that are more formal than substantive.

This is a simplistic approach, because organisations do not function solely on the basis of structures but on the basis of interpersonal dynamics. Companies acquire other companies but inherit people. And most problems between people are relational, not substantive. Several studies show that the quality of relationships within a team is one of the key drivers of performance.

A genuine “human due diligence” should therefore address practical questions: who actually makes the decisions beyond the organisational chart; who influences behaviour; how high internal trust is; and whether the management intends to stay or merely negotiate. A cultural transformation is therefore necessary; otherwise, the merger of two or more companies will not deliver the desired results (at least not within the expected timeframe).

A guide to the first hundred days

At this stage, HR plays the role of architect of the new leadership that will drive the change. Mapping out the real power dynamics within the company is a crucial task in the first hundred days following the M&A. Often, in organisations where there is uncertainty over who makes the decisions, the best talent starts ‘looking around’ and middle management operates on the defensive. But that’s not all. Entrepreneurs accustomed to autonomy find themselves caught up in ways of thinking they struggle to understand, and the new managers lack internal legitimacy. And so, turnover figures begin to fall.

How can we influence these dynamics? Not by drawing up a new business plan, but by working with people. We need to clarify roles, develop a common language, and identify and make the most of internal skills and best practices. Above all, we need to build a leadership team that inspires confidence and is capable of making decisions. Change requires courage.

New leadership

The HR department plays a vital role in supporting the CEO throughout the change management process: the aim is to create a ‘leadership team’ capable of multiplying (rather than diluting) value. In an M&A context, a strategic leader must be able to provide clear direction from the outset and communicate it consistently and coherently. In this way, they will also be able to protect the employees and key talents on whom they rely: this is the team that will help them create that sense of a “new beginning” which, alongside some understandable apprehension about the unknown, brings with it the natural enthusiasm inherent in all change. Because change is never just a matter of strategy: it is always about people.

*Director of the Academy of Strategic Communication

**CHRO & Sustainability Italy, Mitsubishi Chemical Group