Merger and Job Satisfaction

The Impact of Mergers on the Job Satisfaction
Level of Employee

Table of Contents
Chapter 1: Introduction....................................................................................................................5
1.1 Background of the Study............................................................................................................5
1.2 Problem Statement ....................................................................................................................7
1.3 Research Objectives ..................................................................................................................8
1.4 Research Questions ...................................................................................................................8
1.5 Research Hypothesis..................................................................................................................8
1.6 Significance of the Research......................................................................................................9
1.7 Scope of the Research................................................................................................................9
1.8 Limitation of the industry...........................................................................................................9
1.9 Assumption of the Study............................................................................................................9
Chapter 2: Literature Review.........................................................................................................10
2.1 Concept of Mergers.................................................................................................................10
2.2 Challenges Faced During Mergers............................................................................................11
2.3 Organizational Commitment ....................................................................................................12
2.4 Factors Influencing Mergers.....................................................................................................13
2.5 Influence of Mergers on Job Satisfaction / Employee Satisfaction...............................................13
2.6 Influence of Mergers on Job security ........................................................................................15
2.7 Influence of Mergers on Job motivation....................................................................................17
2.8 Conceptual Framework............................................................................................................18
Chapter 3: Research Methodology..................................................................................................19
3.1 Research Methodology ............................................................................................................19
3.2 Research Approach and Type...................................................................................................19
3.3 Research Design......................................................................................................................20
3.4 Research Strategy....................................................................................................................20
3.5 Target Population....................................................................................................................20
3.6 Sample Size ............................................................................................................................21
3.7 Sampling Technique ................................................................................................................22
3.8 Research Instrument................................................................................................................22
3.9 Data and Analysis Procedure....................................................................................................23
3.10 Summary of Research Instrument...........................................................................................23
3.11 Data Analyses Method...........................................................................................................24
Chapter 4: Data Analysis................................................................................................................25
4.1.1 Cronbach’s Alpha Test for Merger Satisfaction ......................................................................25

4.1.2 Cronbach’s Alpha Test for Job Motivation .............................................................................25
4.1.3 Cronbach’s Alpha Test for Job Security .................................................................................26
4.1.4 Cronbach’s Alpha Test for Job Satisfaction ............................................................................26
4.1.5 Cronbach’s Alpha Test for Overall Responses........................................................................27
4.1.6 Summary of Reliability Analysis ...........................................................................................28
4.2 Regression Analysis ................................................................................................................28
4.2.1 Job Satisfaction ....................................................................................................................28
4.2.2 Job Security .........................................................................................................................30
4.2.3 Job Motivation .....................................................................................................................31
Chapter 5: Result Discussion..........................................................................................................34
5.1 Introduction ............................................................................................................................34
5.2 Hypothesis 1 Discussion ..........................................................................................................34
Chapter 6: Recommendations and Conclusion ...............................................................................36
6.1 Recommendation ........................................................................................................................36
6.1.1 Communication....................................................................................................................36
6.1.2 Team coherence ...................................................................................................................37
6.1.3 Milestones and goals.............................................................................................................37
6.1.4 Psychological prosperity .......................................................................................................37
6.1.5 Integration of culture ............................................................................................................37
6.2 Conclusion .................................................................................................................................37
References.......................................................................................................................................39
Appendix ........................................................................................................................................42

Abstract
This study presents an empirical study on multidirectional relationship between the mergers and
determinants of employee’s performance. In this study the author focuses on three determinants of
employee performance which comprises of job satisfaction, job security and job motivation and
how it is influenced by the merger. The research design of this research paper is exploratory in
nature and the approaches used in this study are quantitative in nature, deductive approach and a
cross sectional in nature. The conceptual model was proposed and tested by using SPSS. The
findings obtained from this study elaborate that job satisfaction, job security and job motivation
has significantly and negatively influenced by the merging of the organizations. It is recommended
to establish limber, adjustable and tough manpower that can acknowledge to the claim of doing
wok in compounded and different scenario environment.

Chapter 1: Introduction
1.1 Background of the Study
The identification of market-driven business reforms in many developed states has observed the
development of growth-drivers that comprises the search for enhanced competitions in local
markets, raw markets and interest of new investors in developing markets (Cappelli, 2001). Merger
and acquisition have become the most preferable strategy by the organization to improving their
growth and overcoming competition. Most organizations are using the strategy of merger and
acquisition to guarantee quick penetration into the new markets while reducing the impact of risks
and costs (Davy, 1988).
A merger is defined as the amalgamation of businesses that happens when two organizations of
somehow equal strength, decide to join forces. Another researcher defines a merger as when two
or more organizations of the same capacity agree and decide to share their resources to operate as
a new firm instead of functioning separately (Fairfield-Sonn, 2002). Companies prefer to merge
when they want to accomplish a sustainable competitive advantage. Generally, mergers are carried
out willingly. On many occasion, merger relates to takeover but the resultant firms have a new
company with new branding (Gulliver, 2003).
The words merger and acquisition of companies is referred to as combining or unifying companies
into one single entity (Fairfield-Sonn, 2002). Further, it is explained as the merger is defined as
unifying two or more companies to make a single name or an organization. And acquisition is
described as one company has purchased the other one or taken over it. We also write merge and
acquisition as M&A. in the world of corporate finance merge and acquisition is very common and
it is a very common feature of this finance world (Martin, 2008).
If we take an overview of this concept of merging or acquiring companies, we realize that is a very
great idea to create more and more value of our organizations by unifying the companies instead
of working as alone or as a single entity (Davy, 1988). As we know that a single entity can do less
and work in unity we can do more and productive. And it is also great for maximizing profits, it’s
an opportunity to multiply the profits of the companies. As well as it brings more opportunities to
the business world (Shah, 2009).

Though corporate mergers now become increasingly common in today’s business environment the
failure rate of mergers ranges from a pessimistic 80% to more optimistic, but still disappointing
rate of 50% (Girma, 2002). Instead of these rates of failures, companies are moving on merging
and acquisition rapidly. The primary reason for merging two or organization is to achieve and
increase competitive advantage. But the evidence proposes that mergers cannot live up to the
expectations and in some scenarios even less than average performance (Wilson‐ Evered, 2009).
There are 9 reasons why merging and acquisition take place:
 Boost growth rate and take employees performance at its best.
 Diversification in the business market and an increase in product sales.
 Change in technology and realignment of business strategies.
 Showing less importance to the mission-vision of the company.
 Financial unity to implement the lower-cost capital strategy.
 To improve the scale of economies.
 For the sake of spreading market access on a broader way and for the sake of improving
shares of the market (Sanda, 2011).
 Taxation issues.
 Redirection of business risks.
In the previous researches, it is observed that the failure of mergers and acquisition was only
related to the context of strategic and financial issues (Reddy, 2007). But this study has highlighted
the success and failure of merger-related to the human resource issues during the merger of two
firms. These issues are becoming significant factors in the merger’s success and failure (Agrawal,
2000). This factor may be comprised of organizational commitment, decrease in job satisfaction,
employee motivation and performance (W, 1999). During the merger, the employee can easily feel
that there is a connection between their behaviour and uncertainty. The competition now starts
within these two or more merged companies in the aspect of performance of the employees, more
shares of the two or more organizations, competition between the number of orders and order
fulfilments. Mergers and acquisition can be observed highly stressful at all the stages and also have
a negative and significant impact on employees’ performance during the time of the merger
(Cartwright, 1994).

The few numbers of researches on the merger satisfaction and its impact on the employee’s
satisfaction have been conducted. Job satisfaction is a result of an individual’s assessment and
perspective of their job influenced by their distinct expectations, values and need which are
essential for them (Lim, 2014). Job satisfaction can also be defined as a reaction to a job, appearing
from what an individual is aiming during a job in contrast with the actual output that job offers to
the individuals. Many researchers argue that organizational effectiveness is a predictor of job
satisfaction and it is subjective to personal and organizational elements (Linde, 2006).
The common factors of job satisfaction comprise of promotions, recognitions, benefits, working
conditions, supervision and co-worker. There is multiple significant evidence present that
recognizes the relationship between job satisfaction and organizational change (Davy, 1988).
According to research, it is observed that due to increased workload following an organizational
change, there is a decline in a job satisfaction level of employee. There is a terror of downsizing
during the merger which influenced the job security level of employee. Whereas, mergers may
bring a stressful impact on the lives of employees (Conyon, 2002). The organizations who are
verge on mergers should realize that better performance of the resultant company based in the
motivational and job satisfaction level of employee. This study is made to highlight the importance
of job satisfaction level, employee’s job security level and motivational level of the employee
during the mergers of organizations (Amiot, 2006).
1.2 Problem Statement
To remain competitive in today’s business environment, companies need to adopt change. The
organizations tend to merge when they want to share the assets to battle against the rivals in the
market. As discussed above, instead of sharing the best resources, most of the mergers are not
living up to their potential. The previous researches have highlighted only the financial and
strategic issues for the failures and success of the mergers but very few researches have made
which addresses one of the critical factors which played a significant part in the success and failure
of the merger (Cappelli, 2001). That critical factor is related to the human-resource issue. The
motivational level of the employee plays a vital role in the success or failure of any merger. Other
critical factors are employee’s job satisfaction level, job security and job motivation. This study

will highlight how the satisfaction and motivational level of the employee plays a significant role
in the failure or success of merger and acquisition (W, 1999).
1.3 Research Objectives
The aims and objective of the study are to investigate the impact of mergers on the satisfaction
level of employees and the effect on their performance. Following are the main objectives of the
study;
 To examine the impact of mergers on the job satisfaction level of employees.
 To investigate the impact of mergers on the job security level of employees.
 To determine the impact of mergers on the job motivation level of employees.
1.4 Research Questions
Following are the main research questions of the study;
 At what extent, the mergers impact on the job satisfaction level of employees?
 How the mergers impact on the level of job security of employees?
 At what degree, the motivational level of employee is affected by mergers?
1.5 Research Hypothesis:
After reviewing the literature, the following hypothesis is developed for our study
H1: There is a significant impact of mergers on the job satisfaction level of employee.
H2: There is a significant impact of mergers on the job motivational level of employee.
H3: There is a significant impact of mergers on the job security level of employee.

1.6 Significance of the Research
The proper understanding of acquisitions and mergers ultimately lead towards the enhanced
corporate image and satisfaction level of management of both organizations. As the organizational
growth is concerned, the satisfaction of employee is considered as the backbone of any
organization (Davy, 1988). The overall awareness and knowledge of merger may help to enhance
the capability to investigate the behaviour of employees and organization which helps to lead and
manage the organizations. The study will enhance the understanding of human-resource-related
issues during mergers and its importance in the success and failure of the mergers (Fairfield-Sonn,
2002). The organization will be able to understand the worth of an employee’s satisfaction if the
organization wants to merge shortly.
1.7 Scope of the Research
The study covers the several factors associated with the failures or success of merger connected
with the satisfaction level of employee. The research has conducted on the several organizations
and the target population comprises of all top-level management, middle-level management and
bottom level management. All the level of management is the target population because mergers
impact all over the management.
1.8 Limitation of the industry
Following are the limitations of the study;
 The results and the analysis cannot generalize for any specific industry
 Mostly the respondents were professionals and they were hesitant to share information.
 The study has encountered problem by carrying a letter from the university to make sure the
respondent that the information will remain confidential and only be used for academic
purposes.
1.9 Assumption of the Study
The research assumed that the respondents would be cooperative, honest and trustworthy in their
responses to respond to the questionnaire and would be available to respond the instrument in time.
It is also assumed that the university will grant permission on behalf of the letterhead to gather
data from industries.

Chapter 2: Literature Review
2.1 Concept of Mergers
The organizations in today’s world are focusing on developing their operations and enhance their
competitive advantage. Instead of realistic expectations, mergers are rapidly subjected to failure
or success, because of the little attention given to the project management and planning and the
great negligence of human resource concerns, which are considered sometimes when the serious
issue arises (Fairfield-Sonn, 2002). It is totally against the concept of a merger because the success
of the merger relies on culture and people of the organization as same as about the financials (Davy,
1988).
The organizations that recognize the connection between the employee and performance make it
their operations to understand how to deal with the attitude of employees after and during the
mergers (Wilson‐ Evered, 2009). However, the past researches are evident that management and
financial issues are addressing more as compared to the assessment of such occasions on
employees (Cappelli, 2001). This chapter deals with the present literature review that has been
going through for the research. The literature is mainly centralized towards the impact of the
merger on employee performance. The particular areas that this section covers comprised of
concepts of mergers, the influence of mergers on job security, motivation level and job satisfaction
level of employee (Gugler, 2004).
Merging with another company is meant by combining two or more companies and makes one
individual company or a group. In the case of merging two companies or more, it means owners
now become partners. They want to merge their businesses. There are two more situations created
in such situations; one is that they decide that both companies will share the profit or loss equally.
Both bear every crisis or boom situation together. The second situation created is; owners will
merge the companies but the profit and losses will be maintained separately and there will be no
influence of profit or loss situation to the other company. In this situation merging thee, companies
will only support each other in a competitive market and to eliminate the competitors. In this
merging of companies’ situation, there is no merging of liabilities of the other company, no
merging of assets, no merging of title, clients, customers or anything related to this. This strategy
is not only just merging the two or more different companies but they are beneficial and open new
doors for new opportunities.

By merging companies it is a great idea to transform old ideas and create more creative ideas and
plans. By merging companies, the mind is also merging and by adding two minds they create three
more minds. This strategy helps in other areas and helps the company to fight against competitors
but competitive environment now becomes within the organization. The competition now starts
within these two or more merged companies in the aspect of performance of the employees, more
shares of the two or more organizations, competition between the number of orders and order
fulfilments. Like acquiring other company merging is also sometimes becomes a successful plan
or sometimes it becomes a huge disaster in the history of organizations. Sometimes going with the
flow becomes difficult and now in the situation of merging the companies means taking two more
merged organizations with the flow with the same level of speed.
2.2 Challenges Faced During Mergers
A major challenge faced by companies that are seeking to merge is recognizing the operations area
in which a company should contribute to exploit its strategic profitability. Mergers are among the
most beneficial strategies that an organization will embark on. Mergers may result in financial
deficiency (Martin, 2008). For example, organizations may expand their earning by merging with
other firms with different earning channels. The expansion of earning within the organizations
may reduce the difference in their productivity, lessening the threat of bankruptcy and its cost.
Mergers may consider the modes of building inter-organizational connection (Shah, 2009).
Mergers can be seen as the medium of accomplishing development through two ways; initially
growing the assets that the firm recently possesses and later, acquiring the competitive edge and
positive points enjoyed by another firm (Cartwright, 1994). To accomplishing sustainable
competitive advantage, mergers are becoming the most successful tactic for the organization. A
merger is defined as the amalgamation of businesses that happens when two organizations of
somehow equal strength, decide to join forces. Another researcher defines a merger as when two
or more organizations of the same capacity agree and decide to share their resources to operate as
a new firm instead of functioning separately (Fairfield-Sonn, 2002). Companies prefer to merge
when they want to accomplish a sustainable competitive advantage. Generally, mergers are carried
out willingly. On many occasion, merger relates to takeover but the resultant firms have a new
company with new branding. The procedure of mergers is appearing in the absence of any

economic reason to justify such action. The procedure of mergers will continue for the long term
and will lead to the alliance and the turnover of employees (Sanda, 2011).
While the merger takes place when a small company is taken over by a huge organization. But it
is proved that merging or acquiring the companies open new doors for new opportunities and
threats. It is also said that the biggest threat is of losing jobs because they have a limited capacity
of staff and when the companies took over the new one, the employees’ rates increased almost
double and capacity is half of the number of employees. So the management has orders to start
downsizing and this becomes the most critical time for the employees.
Merging other company can be a successful plan or sometimes it can become a failure as well. The
factors that can become the reason of the failure of acquiring company are: failure in the planning
of the project or weak target setting or mission or vision can be not cleared, poor management can
also become a part of the failure of acquisition, sometimes small issues which are at that time
neglected can become huge issues like issues of human resources, these are few issues or weakness
which are seen as small problems but the neglecting can make it big issues which will lead to
failure in the business.
2.3 Organizational Commitment
In such situations of merging the companies a very critical factor which should not be ignored is
maintaining employees’ behaviour before and after merging the two or more organizations. It is a
fact that humans get disturbed when their environment changes and many of them face difficulties
to manage their selves according to the new environment and this will change their behaviours too.
But changes in the behaviours of employees is also a threat for the organizations which they have
to control they can control them by arranging seminars related to the current situations,
environment and change in the company and company’s culture.
There are two methods of merging the organizations: first is consolidation or unifying the
organizations and the second option is absorption or immersion. But the study says that merger
has three more methods which it can be done through economic perspective and one important
point is that it all depends on the types of business and business combinations (Rafferty, 2010).
Further, three methods are: first is Horizontal which means the two companies are doing the
business or belongs to the same industry or sector, second is Vertical which means a business is at

a different stage of the production or priorities are different, the third one is a mixture of businesses
(no similar products), merger and acquisition can be done anyway in similar business type or any
other. If we take a legal concept of mergers, there are four legal mergers: subsidiary merger, short-
form merger or short life merger, equal mergers or merger of equals and statutory merger (Rafferty,
2010).
2.4 Factors Influencing Mergers
Some factors play their vital role in mergers. The most important element of the merger is
Stakeholders, these are the individuals who need transformation or the ones who take part in this
transformation, e.g. employees, shareholders, customers. The other factor is firm which is the
organization that needs to manage the evolution of change. The transformation in technology will
result in fresh players in the marketplace. Many organization merge with small firms to access new
opportunities in the market. The macro-economic factor can also be a vital element of mergers.
Firms merge with other organization for the financial gain and increment in share prices.
Mergers are now associating with the job dissatisfaction, increased turnover, unpredicted
behaviour, rather than with enhanced financial functionality as expected. The underlying reason
for employee hesitation needs to be researched carefully because their consideration will lead to
the merger’s functionality and planning (Cappelli, 2001). There is the partial impact of the negative
attitude of employee’s behaviour on the unsuccessful mergers, but the question is that why merger
bring negative attitude and influence in the employee’s performance (Shah, 2009).
Employee’s performance refers to their actions, decision-making skills, effective behaviours and
overall job spectrum (Conyon, 2002). The organizational performance heavily depends on these
factors of employee’s performance. The employees at the managerial level can make an effective
decision for the better functionality of the organization. The study has highlighted the impact of
mergers on employee performance is examined by their satisfaction level, job security level and
motivational level (Wilson‐ Evered, 2009).
2.5 Influence of Mergers on Job Satisfaction / Employee Satisfaction
In simple words, job satisfaction is the inner satisfaction of doing work in a specific workplace,
according to its organizational policies, team, managers/heads and environment. These factors
have a very important impact on an employee’s personal life (Reddy, 2007). If a person is not

satisfied with its job or any factor mentioned above, it will affect the employee’s personal life, his/
her mindset, lifestyle, way of thinking, ways of performing work and performance level too (W,
1999).
Job satisfaction is the most popular predictor of employee’s absenteeism and income objectives.
Job performance is the capability of an employee to perform different jobs, regarding job supplies.
Turnover goals and job performance are straight forward to each other and show noteworthy
negative impacts. In many sectors, mergers have a strong influence on the employee’ performance.
It is due to the drastic change in organizational structure and job description as well. Employees
feel threatened during and post-merger environment (Cappelli, 2001).
To reduce the negative impact of the merger on the employee’s attitudes and performance, the
managers and organizations need to take some strategic steps to enhance employee assurance and
retention of employee offering further support (Buono, 2003). These steps can help the
organizations to retain their topmost talent, client relationships and intellectual capital on board.
Shaping the preferred employment model, forming a retention strategy, recognizing high-
performance employees and important roles and accessing budget approvals are due diligence
(Buono, 2003).
The attitude of the employee towards a merger cannot be determined without getting a better
insight into attitudes in general. Attitude has so much influence because it undertakes a great deal
for the individual. It monitors information processing, perception and behaviour. The attitude can
be defined as, “a psychological ability that is conveyed by assessing a specific element with some
extent of disfavour or favour.” Employee attitude may also serve or specify as “markers” for
monitoring the probability of employees endorsing actions that are essential for accomplishing
desired transformations. The study will consider this logic, it is expected that positive attitude of
an employee seems to be more compassionate of their newly merged firm, while the employee
with negative attitude seems to be dissatisfied with the merger.
The studies on the attitudes of employees have been widely held throughout social sciences,
particularly in social psychology. It has been the centre of widespread empirical and theoretical
development for the last decade (Cartwright, 1994). Social scientists have presumed that the
attitude construct has three kinds of experiences: emotional, cognitive and behavioural; and these
attitudes are may be formed due to emotional, behavioural and cognitive process. This study is

inclined towards the attitudes of the emotional dimension after the merger has taken place, also
referred to as employee satisfaction with a merger (Debroux, 2001).
If we talk about how job satisfaction is affected by merging or acquisition of companies. We must
say that it can affect both positively and negatively. We first talk about the positive impacts; by
this merging and acquiring other company it opens a wide door for new opportunities (Fairfield-
Sonn, 2002). When companies take over or merge, it means it has a great impact on cultures of the
two or more organizations and this impacts the employees and their environment culture too in
which they are working, they get more opportunities for learning the environment but sometimes
it's problematic to digest or to adjust in a new environment with cultural change (Cartwright, 1994).
If we take a look at negative impacts on employees, many employees could not digest the changes
and their performance level decreases (Martin, 2008). Changes are hard to digest and not all can
do that. Furthermore, when such situations arise most of the companies start downsizing as they
have a limited capacity of employees, or there are cultural problems or there maybe it depends on
the requirements of the organization (Reddy, 2007).
The impact of mergers on the morale of employee can be substantial if the restructuring of the
business is not monitored carefully (Burke, 1998). During any merger, there are mostly two groups
on employees included, coming from the firm which has different styles and cultures. Learning
and settling into a new culture is difficult for many employees but most importantly they have a
fear related to their performance. If they do not perform well, they will be fired by the organization.
This threat usually affects the satisfaction level of employees (Shelton, 2000).
2.6 Influence of Mergers on Job security
It is observed and studied that when such situations like merging the organizations or while
acquiring other organizations, there is a huge risk of employee’s job security. Many employees
faced such problems of losing their jobs which is a huge crisis for them (Shelton, 2000). It all
depends on a few factors such as: depends on the new organization’s capacity, new organization’s
culture and new organization’s requirements. But still, we must say that it all depends on
organizations to organizations (Rafferty, 2010).
Employees who perform at the duration of pre and post mergers environment experience a strong
risk to their job security while working in such an atmosphere. The employee may have traits and

skills that are well-matched to other firms or jobs (Davy, 1988). The negative behaviour or attitude
of employees may lead to significantly reduced levels of job security and job satisfaction and less
satisfactory behaviour to management. Generally, organization do not consider the employee’s
satisfaction at the time of mergers which will cost them heavily in the form of the merger’s failure
(Rosenfeld, 2004).
Employees may have better traits and skills that are well-matched to other firms or jobs, but not to
their present employer or job (Conyon, 2002). The previous studies have found that the numerous
variations in an organization will lead to the greater professed job insecurity by the employees and
in result, this job security is related negatively to organizational commitment and job satisfaction,
ultimately impacting job performance. A merger offers an incentive for staff members whose
matches are underprivileged to seek out suitable work elsewhere. The occasion to find better match
results in the average standard of the match between leaving employees.
Sometimes, employees prevent the insecurity arises from a merger by lessening the levels of
commitment and despite it, utilize energy to cope with apprehension and misperception or make
efforts to find new employment. The previous research aiming to examine the impact of mergers
on the job security finds that the feelings of job insecurity substantially enhanced, whereas the
commitment to the organization also decreases, as a result, be absent and intention to leave
increases (Shelton, 2000). The declination in the commitment towards organizational goals,
employees try to find new jobs, which diverts them from their recent work. It is also credible to
estimate that a change in ownership offers an opportunity to utilize chief organizational changes.
The mergers can act as an agent that enables leaders to embark on tough business decisions, like
firing inefficient workers and hiring productive ones.
The feelings of employees regarding job insecurity and loss may flow downward through the
organization. Insecurity and anxiety will distract the attention of employee from the requirement
of business and focus on negative issues (Schweiger, 2000). That’s why it is essential to perform
a talent audit before moving towards a merger. These types of audit also result in the enhancement
in the average standard of the workforce (Sanda, 2011).
In many companies, their policies are very strong and in favor of employees like Multinational
Organizations, who firstly value their employees and then clients (Davy, 1988). The concept of
this approach is that they believe that if their employees are happy they can perform more

effectively and efficiently and the outcomes will be more productive as before. Their satisfaction
of their clients is based on the satisfaction of an organization’s employees (Meral, 2016). Thus,
observing the significance and the magnitude of the psychological reactions of the employee on
the outcomes of mergers, it is significant to get a better insight of the sources of this insecurity and
the way it impacts the organization to reduce the resistance of employees (Hopkins, 2002).
2.7 Influence of Mergers on Job motivation
Mergers can experience the differential level of employee’s motivation. As we know that a worker
needs to be motivated time by time to increase their performance level. It is proved that employees
or any type of workers work 80% more efficiently and effectively after getting motivated by their
heads or managers (Martin, 2008). But as we are talking about the effects of merging or acquiring
the company on employees’ motivation, it also varies from company to company. Multinational
companies value their workers and staff and keep them motivated as they believe that employees’
performance is based on their abilities as well as how much they are motivated (Wilson‐ Evered,
2009). Science has proved that a motivated person can perform 80% more effectively than the
demotivated person (Conyon, 2002). The motivational level of the employee plays a vital role in
the success or failure of any merger.
Other critical factors are employee’s job satisfaction level, job security and job motivation. This
study will highlight how the satisfaction and motivational level of the employee plays a significant
role in the failure or success of merger and acquisition. The motivation of employee is a famous
phenomenon which reflects in several theories (Ivancevich, 1987). Theoretically, each theory has
its distinct concept about level and factor of employee motivation. Employees are the primary
source of achieving business targets of the merger and they should have a clear understanding of
organizational strategy.
Previous researches have provided sufficient evidence that during mergers, employees suffer job,
procedure injustice and insecurity unfair treatment, as management are more focusing towards the
financial objectives and increased shared prices in the transformation of the organization. But in
such situations the employees get disturbed, the whole workforce gets disturbed and the
effectiveness of the work is also affected. For this purpose company should choose to motivate the
employees. Motivation is the tool which boosts a person’s strength and helps him to improve
himself and overcome his weaknesses. There are several ways to motivate employees. For the

successful merger, it is viable that employees should remain motivated throughout the procedure
of merger and post-merger. To get a better insight into the job motivation factor and its connection
with the mergers, this study has been made to highlight this factor (Conyon, 2002).
This study includes the factor of merging of the companies, its impact on employees or staff of the
company, its impact on the old culture and difficulty facing by the employees those who have
adjustment problem, impact on the job security of the employees or staff, impact on the satisfaction
of the employees or the other staff and impact on the increase and decrease of job motivation of
the employees or other staff, impact on the environmental change of the company, impact on the
financials of the company and impact on the policies of the company (Schweiger, 2000).
2.8 Conceptual Framework
Based on the literature review, we have developed the following conceptual framework which
demonstrate the objective of our study graphically.
Mergers
Job
Satisfaction
Job
Motivation
Job
Security

Chapter 3: Research Methodology
3.1 ResearchMethodology
Research methodology is considered as a path way through which it makes easier for the researcher
to conduct the study. It leads a clear path way through which the study makers identify their
problems, reasons, objective, data they have gathered by sampling and other methods and the
outcomes from the study they have worked on and the total time period they have taken to complete
the study.
This study is general method or approach to work on a study on a research matter. It is actually a
structure using this strategy or method to conduct a research. This study presents the procedures
and steps that have been used to conduct this study or research by the researcher. What steps are
included in this study are: design of the research, the population of the targeted audience, size of
the sample of the study and sample of the selection or choice of the technique and analysis of the
data of the procedures.
3.2 Research Approach and Type
The research is based in quantitative data. For data collection the most suitable method in wider
collection is quantitative method to some extent than qualitative method because qualitative
approaches contain time taken method for sample size for instance interviewing the samples. To
examine the hypothesis the more fruitful method is quantitative data collection and it is the most
effective mechanism to evaluate the impact of merger on the employee’s satisfaction/performance
(Candès, 2006).
Deductive and cross sectional approach is also used in this research. Deductive is basically starts
with the hypothesis or a general statement and examines the possibilities to reach a specific, logical
conclusion. Cross sectional approach is basically the one in which data collects only in one-shot
means only one time data required to collected to answer the questions of research unless
longitudinal studies in which data are required to be collected more than one time.

3.3 Research Design
There are various types of research designs that are perfect for the various types of projects, tests,
studies etc. it all depends which deign to choose for the implementation on the problem detected.
Each and every research type of design of research has a huge range of methods of research that
are usually in practice to gather and analyze the data that is gathered and generated by enquiry or
investigations.
Exploratory research design has been be selected for this study. The scope of the research
prominent the need of find out the answers of questions like (how, when, what, whom), similarly
it also supports the observational studies of descriptive research. The data analysis section of this
research will also base on the observations and surveys. This research will be quantitative in nature
and will use exploratory research strategy. To analyze the hypothesis, quantitative data collection
will be the most effective method, thus to evaluate the relationship among the variables it is the
most effective tool to test the data (Kleiner, 2015).It is an empirical study which develops
knowledge from real experience and for that primary data were collected by using the structured
closed ended questionnaire.
An Exploratory research is that research which focuses on briefing the aspects of study in a detailed
manner. Through this study the design we understand the influence mergers of the organization on
the satisfaction level of employees.
3.4 Research Strategy
There are multiple strategies used by different researchers in order to gather data for their research.
Some of them can be listed as research based on experiments, survey, case studies, observations,
grounded theory, action research etc. “Survey” based research strategy adopted in this research
which is done by designing the closed ended structured questionnaire.
3.5 Target Population
Target population is actually specific audience which we have selected to achieve required and
desired information. A population or audience is actually a set or group of people, essentials, and
services, many things as in groups or households that can be investigated. Population or audience
is further divided. They are divided into population or stratum, sets or groups and those who are

mutually special. In a company the targeted audience or population is actually the workers and
staff of the company (Etikan, 2016).
The structure of this research is made by outing the workers and staff in several categories; upper
level management staff consisted of all the executives (departmental heads and the departmental
deputy heads); Management staff at middle level consisted of functional heads (Management staff
of level of tactics and includes all the staff at senior level and staff at middle level among all the
departments of the organization who have got the responsibility of the task assigned by keeping in
mind the implementation of the policies made) but on the other hand lower level management staff
(Accountants staff and officers for customer dealing those whose actual and main job is to perform
on daily assigned tasks which becomes their part of the routine and continues repetition in the
organization).
The audience or population that are targeted comprises of heads of the departments, personal
assistants of the heads of the departments and employees of lower cadre for example supervisors,
officers of finance and accountants. For this objective we have set of this research the targeted
population or audience was stratified through the three levels of the organization; upper or top
level employees, middle level or second level employees and low or third degree level
management. Some more researchers said that the focused or targeted employees must have some
unique objects or characteristics, so that the research give generalized outcomes of the research
(Candès, 2006).
3.6 Sample Size
We have used a sample size of 88 respondents which were very carefully choose through using
the techniques of the samples. Question is, what is a sample? We can say that a sample is a specific
portion or chosen area of targeted audience or population for research analysis. For the objective
of this study or research, the objective or hypercritical non – prospect technique of sampling was
used mainly. There are two types of purposive techniques are used for sampling for the research
that researchers prefer for expert type of sampling that are: sampling for experts and sampling by
snowball method. If we first talk about the Judgmental sampling, it was actually used for the
purpose to choose and select the samples used to conduct the research, the reason is; it is important
that the researcher must ensure that the targeted audience in the sampling have enough required
knowledge about the subject or expertise in the same line or course, such as for the research their

knowledge and expertise should be appropriate and also keep in mind the interest of the audience
or population and ensure all aspects of this (Amiot, 2006).
If we take a look at expert sampling, it includes accumulating the sample of the targeted audience
or population with their knowledge and noticeable experience and his/her expertise in the same or
specific area, subject or course. The person who conducted this study has adopted this method of
technique because it was the greatest way to provoke the other person’s vision who is already the
expert in this specific course or topic and also for the report the evidences should be provided by
him to validate.
3.7 Sampling Technique
Convenience technique is basically used in this research which is typically the type of non-
probability sampling method. The sample selected for this research is irrespective of gender and
age. Being a researcher I tried to distribute questionnaire physically and via online survey amongst
the relevant employees of industries and requested them to share the questionnaire with their firms
and relatives or friends who are employees of merging industries and are relevant people (Etikan,
2016). If we take a look at expert sampling, it includes accumulating the sample of the targeted
audience or population with their knowledge and noticeable experience and his/her expertise in
the same or specific area, subject or course. The person who conducted this study has adopted this
method of technique because it was the greatest way to provoke the other person’s vision who is
already the expert in this specific course or topic and also for the report the evidences should be
provided by him to validate.
3.8 Research Instrument
The research questionnaire prepared on a likert scale range of 1-5. 1- strongly disagree (SD), 2-
disagree (D), 3- neutral (N), 4- agree (A) and 5- strongly agree (SA). The above scale ranges are
adopted in the questionnaire in order to measure the variables of employee satisfaction and merger.
Close ended questionnaires were spread among the employees of different industries through email
and surveys. The questionnaire consists of 23 questions and covered two sections.

Section 1: This section consists of the basic information of respondent which is their
demographical information i.e. email address, gender, age and nature of job.
Section 2: This section based on 20 questions for the purpose of testing dependent and independent
variables
3.9 Data and Analysis Procedure
Primary data will be used in this study to investigate the association between the different factors
of employee satisfaction including job motivation, job satisfaction and job security. A survey will
be conducted as well as questionnaire will be emailed, posted on social platforms and by
interviewing the students of the university to accumulate the data.
For conducting the research and gathering the data, following steps has taken:
 Questionnaire will be self-constructed on the basis of information gathered through
secondary data.
 Pre-testing of questionnaire along with a discussion will be undertaken on a
convenience basis after which questionnaire will be further refined and adjusted to get
the maximum response.
 Selected sample size and sampling methodology for the research.
 Questionnaires will be distributed to the target segment of the research study through
the various platforms
 The data collected through survey will be tabulated to get research findings.
 Research findings will be analyzed in the light of the literature review and the
hypothesis will then be tested.
3.10 Summary of Research Instrument
Variable Authors/Source No. of Items Scale
Job Satisfaction (Cartwright, 1994),
(Debroux, 2001)
5 1-5

Job Motivation (Agrawal, 2000),
(Ivancevich, 1987)
5 1-5
Job Security (Buono, 2003),
(Stahl, 2005)
5 1-5
Mergers (Davy, 1988),
(Rafferty, 2010)
5 1-5
Table 1 Summary of Research Instrument
3.11 Data Analyses Method
The software used for this research is “SPSS”. SPSS is basically the statistical package for social
sciences. The statistical test of regression analysis and reliability analysis were used to test the
hypothesis of this research by using SPSS.

Chapter 4: Data Analysis
This portion of study is based on the outcomes by applying the statistical technique on primary
data collection by using the SPSS software. The primary data is collected to run the tests on SPSS
software and its result extracts from that software which then interpreted in order to test the
constructed hypothesis for the current research and highlight the findings.
The study run two tests based on collected data from SPSS and interpreted its result as shown
below.
4.1 Reliability Analyses
The analysis of reliability test results is based on the value of Cronbach’s Alpha. The Cronbach’s
Alpha is used to measure the consistency and reliability of research. The analysis of reliability test
is based on the criteria that the value of Cronbach’s Alpha should be greater than 0.5 or 50% so
the data that researcher collected is reliable in order to conduct rest of the analysis.
4.1.1 Cronbach’s Alpha Test for Merger Satisfaction
Reliability Statistics
Cronbach's
Alpha
N of Items
.592 5
Explanation:
The above statistical analysis is based on 5 questions regarding the satisfaction of merger and these
questions reliability has been determined by this. Here N of items represents the questions asked
by respondents during data collection on this variable and Cronbach’s Alpha value shows 0.592
which is almost equal to 0.6 and greater than 0.5 which shows that the items of the questionnaire
and the data regarding the merger satisfaction are consistent and reliable.
4.1.2 Cronbach’s Alpha Test for Job Motivation

Cronbach's
Alpha
N of Items
.667 6
Explanation:
The above statistical analysis is based on 5 questions regarding the job motivation and these
questions reliability has been determined by this. Here N of items represents the questions asked
which is greater than 0.5 which represents that the items of the questionnaire and the data regarding
the job motivation are consistent and reliable
4.1.3 Cronbach’s Alpha Test for Job Security
Cronbach's
Alpha
N of Items
.665 5
Explanation:
The above statistical analysis is based on 5 questions regarding job security and these questions
reliability has been determined by this. Here N of items represents the questions asked by
respondents during data collection on this variable and Cronbach’s Alpha value shows 0.665
which is greater than 0.5 which means that the items of the questionnaire and the data regarding
the job security are consistent and reliable.
4.1.4 Cronbach’s Alpha Test for Job Satisfaction
Cronbach's
Alpha
N of Items
.625 5

Explanation:
The above statistical analysis is based on 4 questions regarding Job satisfaction and these questions
reliability has been determined by this. Here N of items represents the number of questions asked
which is greater than 0.5 which represents that the items of the questionnaire and the data regarding
the job satisfaction are consistent and reliable.
4.1.5 Cronbach’s Alpha Test for Overall Responses
Cronbach's
Alpha
N of Items
.865 20
Explanation:
The statistical table represents the total number of respondents of this research which is 88 and
reliability statistics table represents the total number of questions which is 20. The above statistical
reliability represents that the value of Cronbach’s Alpha is 0.865 which is greater than 0.5 (the
standard value) for 20 queries and from 88 respondents which represents that for our scale with
this particular sample the internal consistency is high level. This indicates that we can move for
further analysis.

4.1.6 Summary of Reliability Analysis
Construct / Variable Cronbach’s alpha No. of Items
Merger Satisfaction 0.592 5
Job Motivation 0.667 5
Job Security 0.665 5
Job Satisfaction 0.25 5
Table 2 Summary of Reliability Analysis
4.2 RegressionAnalysis
Regression is basically the study of two more variables in which one variable is dependent variable
and the other variable independent variable. It is use to predict the change in variable of dependent
due to the change in variable of independent.
4.2.1 Job Satisfaction
Model Summary
Model R R Square Adjusted R
Square
Std. Error of the
Estimate
1 .581a
.338 .330 .40102
a. Predictors:(Constant),M
Explanation
Table of model summary represents the model summary where in this research where we take
independent variables as M which is merger and dependent variable as JS which is job satisfaction.
In this model summary we analyze the value of ‘R’. Basically ‘R’ represents the relationship
between predictors and dependent variable such as strong, weak and moderate etc. From the table
Coefficient of Correlation’(R) is 0.581 which represent that the strong relationship between all
predictors Merger Satisfaction and dependent variable as Job Satisfaction.

ANOVAa
Model Sum of Squares df Mean Square F Sig.
1
Regression 7.064 1 7.064 43.928 .000b
Residual 13.830 86 .161
Total 20.895 87
a. DependentVariable:JS
b. Predictors:(Constant), M
Explanation
It is the analysis of variance table. Anova Table determines if our model is significant or not.
Above table represents the significant value is 0.000 which is less than 0.05 that means the overall
model is significant.
Hypothesis Testing
Coefficientsa
Model Unstandardized Coefficients Standardized
Coefficients
t Sig.
B Std. Error Beta
1
(Constant) 1.875 .304 6.158 .000
M -.543 .082 .581 6.628 .000
a. DependentVariable:JS
The coefficient represents the coefficients in which we analyze the values of Beta from
unstandardized coefficients. If the value of beta is negative than that means there is negative
relationship between that particular independent variable and a dependent variable. From
coefficient table the value of beta is -0.543 which is negative that means there is a negative
relationship between Merger and Job Satisfaction.

4.2.2 Job Security
Model Summary
Square
Std. Error of the
Estimate
1 .591a
.350 .342 .42069
Explanation
independent variables as M which is merger and dependent variable as JSC which is job security.
between predictors and dependent variable such as strong, weak and moderate etc. From table
predictors Merger Satisfaction and dependent variable as Job Security.
ANOVAa
1
Regression 8.183 1 8.183 46.237 .000b
Residual 15.220 86 .177
Total 23.403 87
a. DependentVariable: JSC
b. Predictors:(Constant),M
Explanation: It is the analysis of variance table. Anova Table determines if our model is
significant or not. Above table represents the significant value is 0.000 which is less than 0.05 that
means the overall model is significant.

Hypothesis Testing
Coefficientsa
Coefficients
t Sig.
B Std. Error Beta
1
(Constant) 1.729 .319 5.415 .000
M -.584 .086 .591 6.800 .000
a. DependentVariable:JSC
relationship between Merger and Job Security.
4.2.3 Job Motivation
Model Summary
Square
Std. Error of the
Estimate
1 .608a .370 .363 .38901
Explanation
independent variables as M which is merger and dependent variable as JSC which is job security.
between predictors and dependent variable such as strong, weak and moderate etc. From table
predictors Merger Satisfaction and dependent variable as Job Motivation.

ANOVAa
1
Regression 7.640 1 7.640 50.488 .000b
Residual 13.014 86 .151
Total 20.655 87
a. Dependent Variable:JM
b. Predictors:(Constant),M
Explanation
It is the analysis of variance table. Anova Table determines if our model is significant or not.
Above table represents the significant value is 0.000 which is less than 0.05 that means the overall
model is significant.
Hypothesis Testing
Coefficientsa
Coefficients
t Sig.
B Std. Error Beta
1
(Constant) 1.795 .295 6.078 .000
M -.565 .079 .608 7.105 .000
a. DependentVariable:JM
relationship between Merger and Job Motivation.

4.3 Summary of Hypothesis Testing
Hypothesis Result
H1a: There is significant and negative relationship of merger with job
satisfaction
Accepted
H1b: There is significant and negative relationship of merger with job
motivation.
Accepted
H1c: There is significant and negative relationship of merger with job
security
Accepted
Table 3 Summary of Hypothesis Testing

Chapter 5: Result Discussion
5.1 Introduction
The main purpose of the thesis is to examine the employee’s performance based on the several
factors i.e., job satisfaction, job motivation and job security, during merger and post-merger. After
reviewing the past literature, we established our hypothesis based on the past researches and
construct an instrument which comprises of the questions related to the employee’s performance
and merger’s satisfaction. The questionnaire is statistically analyzed with SPSS software by
utilizing reliability and linear regression technique. In the following section we will discuss each
hypothesis based on the statistical outcome (Kleiner, 2015).
5.2 Hypothesis 1 Discussion: There is negative and significant relationship between mergers
and job satisfaction
The past researches has been shown that the job satisfaction is negatively influenced by the merger.
The review of past literature is supported by our statistical result. The statistical analysis shows
that there is a significant but negative relationship exist between the mergers and job satisfaction.
The sig value of coefficient table is 0.000 which is less than 0.05, it means that job satisfaction is
significantly influenced by the mergers. Whereas the constant of the coefficient table is negative,
which demonstrates that there is negative relationship between the job satisfaction and merger.
As per the literature review, it is analyzed that during mergers, organization more inclined towards
the financial gains and neglect the human resource related issues. During mergers, employee’s
performance is thoroughly influenced by the several factors including the change in management,
cultural transformation in the work place, lack of coordination with the new employees and many
other factors.
and job motivation
The past researches has been shown that the job motivation is negatively influenced by the merger.
that there is a significant but negative relationship exist between the mergers and job motivation.

The sig value of coefficient table is 0.000 which is less than 0.05, it means that job motivation is
which demonstrates that there is negative relationship between the job motivation and merger.
It is analyzed in the literature review that during merger the motivation, employee feel lack of
motivation at the time of mergers. The employees are the real assets for any organization and the
enhanced level of motivation is necessary for the organization to remain the productivity in a
sufficient way. But it is not generally observed at the time of merger and post-merger. The
compensation, benefits and rewards are ignored at post-merger and it is the main cause of
employees feel demotivated at the occurrence of merger (Burke, 1998).
and job security
The past researches has been shown that the job security is negatively influenced by the merger.
that there is a significant but negative relationship exist between the mergers and job motivation.
The sig value of coefficient table is 0.000 which is less than 0.05, it means that job security is
which demonstrates that there is negative relationship between the job security and merger.
From the literature, it is realized that occurrence like merging the organization, employees feel
insecurity regarding their job. Many employees perceive that they may lost their job due to the
management and cultural change in the organization. The insecurity of job will ultimately lead
towards the negative attitude of the employee’s performance. The negative performance of the
employee is the primary factor of the failure of the merger (Buono, 2003).

Chapter 6: Recommendations and Conclusion
6.1 Recommendation
Committed workers are captious to an organization’s achievement beneath any occurrence, and
that is exactly correct during an acquisition and merger. When worker adherence can immediately
make the contrast between failure and success. A merger is not able to understand easily for
everyone include heads, execution or human resource or either any employee. But if all them well-
organized with each other, so they can furiously decrease dissatisfaction, accomplish a well-known
reaction for the organization and perchance even any profitable new technique in the ongoing
process. Building any development is usually a trade obligatory (Larsson, 2001). After that
everyone need to commemorate the strike that this has be emphasis on workers within these
company. Consequently, their drawn-out network of their relatives and family, community and the
closest friends. Practicing these type of diversity can be alarming for the employees, concluded in
ambiguity. Self-doubt and stress at the entity stage, and pound to self-confidence, productiveness,
commitments and withholding at the level of any organization.
It is very needed to establish limber, adjustable and tough manpower that can acknowledge to the
claim of doing wok in compounded and different scenario environment. Provide that force are not
needless, and human force giving the capability they want to do their work, in case it be the
workers, technical who deals with financials, or backing, will benefit to overcome with the drastic
change in stress level, also expanding the quantity to endure and advance to deal with ace despite
distractions and disruptions. Seeing for it, now there are defining some very important strategies
during merger and acquisition that can head department, managers and leaders can motivate and
improve employee performance and also can lead with practicing and impressive through
adjustment and build a motivated workforce (Wilson‐ Evered, 2009).
6.1.1 Communication
Interaction about transformed and determination as candidly, how possible you have to honest with
coworkers and the staff of you organization. Employees are allowed to asking a question on a
regular basis with the managers this will contain a big opportunity from both the sides boost
concerns, and the other main mean of communication where the workforce with get them in more

comfort zone this that provide feedbacks about the ongoing work that what is happening in the
business (Agrawal, 2000).
6.1.2 Team coherence
Team building strategy plays a vital role by ensuring a long lasting relationship between managers
and workers. This may run the groundwork support of workers committed to execute during the
times of challenges.
6.1.3 Milestones and goals
Maintaining goals of a team and identifying the milestones, providing workers individual
pragmatic to endeavor approaching. Achievement of goals for any organization may know the
goals and milestone of their employee what they want to get so then organization can easily
reached to their milestone
6.1.4 Psychological prosperity
Serve a clear perception of well-being and strength, supportive workers to sound off if they
perceive underscore (stress) or support which they needed, in place to give them with such support.
6.1.5 Integration of culture
For the merger and acquisition of any workforce you have to integrated the employees by culture
so the managers and head of department should take the strategies in accessible to fortunate
consolidate the cultures of every group members. Culminate the endorsement of a set of mutual
morals and values (Gulliver, 2003).
6.2 Conclusion
This is a very detailed study about merging and acquiring other companies and the impact of
merging and acquisition on employees’ mental health, on their jobs satisfaction, on the job security
and on their job motivation. The study concludes that it has a very negative impact on employees.
Researchers have performed their job very well and critically observed every aspect related to
mergers and acquisition of companies. And as a result the observed and study proved that it has
negative impact on employees of such companies. Merging companies can open opportunities for
the two or more company’s employees but these employees get disturbed by change in
environment, change in job tasks, sometimes change in goals of the company which impact the
goals and aims of the employees, change in employees goals means previous plans are now gone

zero and they need to rework to understand the new aims and goals of the company and set new
short term and long term goals of the employees that we call tasks assigned to the employees or
staff. But this rework is not as easy as it looks like, it needs a lot of efforts which managers put in,
to make new plans and strategies to reach their new goals and aims (Chan & Chin, 2007).
This effect the state of minds of the employees because in such situations employees get disturbed,
they were not ready for such change and when they face such situations this will lead to make their
motivation level low and it effects the performance level of the employees. Some employees face
difficulty to absorb the new change and new environment, new tasks, new goals to achieve. Some
employees have weaker absorption system which demotivates them and when the performance are
observed by the management they couldn’t qualify the level of performance company needs from
them. In the result they lose their job. So because of such situations arising in a company,
employees feels insecure about their jobs and put their selves in to depression which is a very bad
impact of merging (Cartwright, 1994).
In the case of acquiring another whole company, there is limit of employees in every organization
so in such cases of acquisition a very huge lot of the employees got fired or terminated from the
company which increase the level of job insecurity in the firm. This is one factor, another factor
in change in culture of the organization. Because it is obvious that new company will follow its
culture not the previous company’s culture. Absorbing new culture is mostly painful for the very
old employees of the organization, those who have spent their huge part of the career lives in one
organization and are comfortable with old culture, they faced more problems because their minds
are not ready for the change, as well as they got old so it is quite difficult for them to accept the
change and change their selves according to the new culture of the organization. And organization
expects from every employee to follow the new culture and this situation got intense. So these are
the factors that concludes that merging and acquisition of the firms gave negative impact on the
employees’ performance (Cappelli, 2001).

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Appendix
Questionnaire Survey
I am a student of XYZ University and as a part of my (Course Title) curriculum I am conducting
a research on the topic “The Impact of Mergers on Job Satisfaction Level of Employees”, for
academic purposes. The data collected shall not be disclosed to any unauthorized person. Kindly
answer following questions; your cooperation will be highly appreciated.
Part – 1: Respondents’ Profile:
Gender : Male Female
Age (years) : > 20 20-30 30-40 >40
Industry
Instructions
a. Pleasefill-outthequestionnaireand kindly check theappropriatebox whereitdeemsnecessary.
b. Choices are defined as: (1) Strongly Disagree (SD), (2)Disagree (DA), (3) Neutral (N),(4) Agree
(A),(5) Strongly Agree (SA)
Part – 2: Questions related to IVs and DV:
Question Statements SD
(1)
D
(2)
N
(3)
A
(4)
SA
(5)
Job Satisfaction
1. I will be more satisfied if I work for any merging
organization.
2. I will feel proud to tell others that I am part of the merging
organization.
3. I will feel real enjoyment with my work.
4. My job will usually interesting enough to keep me from
getting bored
5. I will really care about the future of the organization.
Job Motivation (1) (2) (3) (4) (5)
6. I am willing to put in a great deal of effort beyond what
is normally expected in order to help this organization be
successful.
7. For me the merging organizations is the best of all
possible organizations for which to work
8. The merging organization really inspires the very best in
me in the way of job performance.
9. Most days I will be enthusiastic about my work.

10. I feel more motivation after the merging of organizations,
Job Security (1) (2) (3) (4) (5)
11. I feel that my job is more secured after merger.
12. I haven’t any fear of job loss after merger
13. I am mentally stable after the merger.
14. I find that my values and the organization’s values are
very similar
15. The management support and coordinate more efficiently
after merger.
Mergers (1) (2) (3) (4) (5)
16. Merger should happen frequently
17. Merger increase the positivity of company’s
environment.
18. Merger positively influence the employee’s performance
19. Merger is the source of enhanced level of employee’s
motivation
20. I prefer to work for the merging organization

Merger and Job Satisfaction

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