Posted on Monday July 27 2015 by RIG Healthcare
What is a joint venture you ask?
A joint venture is when an association joins up with an additional or multiple other companies in order to expand their business. They work together as one. In relation to the life science industry an example of this would be the NHS joining with TDL (The Doctors Laboratory). Joint ventures are great for increasing productivity, generating greater profits, gaining access to greater resources, specialised staff, technology and finance.
My company are currently going through a joint venture, which some may see as an exciting new change for the business and for others it may give them cause for concern. Having been involved in this while it is happening I know the pro’s and cons that come with this change.
Although for some people this may be a daunting experience there are many great things that come with it that you should consider;
- Meeting new people. After working somewhere even for a short period of time, it can be nice to meet someone new. They can provide you with insight into a career path you may never have known about, demonstrate effective new skills and techniques of working, this broadens your depth of knowledge which in turn could make you become a better worker.
- The new company may have less people in specific departments you are interested in so gives you a chance to diversify into new areas. This is great for people that enjoy a varied working lifestyle
- You may not get along with all staff members so an introduction of meeting new people is always good as it gives an extra chance of you finding someone you gel with within the work place, which usually increases productivity.
- New networking events are usually available as both companies may not of attended the same conferences and study days. These are a greast opportunity to meet new people, people you work with who’s paths you would never cross, it’s also a great way to network and gain contacts that could benefit your future.
All of these pros essentially work towards making you a more efficient, productive member of staff and can encourage a better way of working and how to be better within your job.
Not everything is all sun and rainbows about a joint venture though, there will be a lot of speculation, upset members of staff, confusion and rumours.
- Some members of staff may lose their jobs. There may be too many employees once the companies have merged and redundancies may be on the cards. There will be some staff members on contracts that the new company doesn’t want to adhere to due to differences in shift patterns, number of hours worked etc. The new company will generally want all staff on the same contracts and some people may refuse to accept these.
- Some people may not like the idea of a joint venture as this introduces new staff members and competition in the workplace for that next promotion. A natural hierarchy operates in any company and internal changes will affect this
- Joint ventures usually include moving to a new building, if for example two new companies are joining, all three companies and their staff may not all fit within the current space., this may mean your lab that has windows and natural light changes to one which has frosted windows or tinted windows or other changes you may not particularly like.
Overall if you are flexible and accept that this joint venture will happen with or without your blessing and offer support to your current company hopefully you will be able to adapt to these new changes and continue to enjoy your role.
What experiences have you had with joint ventures?
Jade Simpson LinkedIn Profile