Can HR be the Deal Maker ?

When we talk about mergers and acquisitions (M&A), it's easy to focus on the numbers—on the financials, the assets, and the valuation. But here's the truth: the real value in any M&A deal comes down to one thing—people. That's what the global head of HR for Johnson & Johnson MedTech, drives home in her approach to dealmaking. You can have the best technology, the greatest products, but without the right people, your chances of long-term success plummet. HR leaders play a critical, strategic role in not just closing deals, but setting them up for sustainable success.

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Start with the portfolio, but don’t forget the people.

The process of acquiring a new business doesn’t begin with spreadsheets or contracts—it begins with a vision. Where does the company want to be? Which markets will drive the most growth? In which high-growth segments does the company have an advantage? This is where HR comes in, even in the earliest stages of the process. Once the business case is made, you must then ask, "What can we do to make this new business even better post-acquisition/integration."

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But here’s the kicker—it's not just about how great the target company is. It's about what you can build together. That’s why HR is involved from the outset, working side by side with the deal team. You’re asking the critical questions: Who are the key leaders? What motivates them? What kind of culture do they come from, and how can we support them in the company’s ecosystem?

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It’s all about collaboration.

In M&A, especially in talent-heavy industries like medtech, success comes not from dictating terms but from collaboration. The conversation begins early. You don’t walk in with a rigid plan—you sit down with the CEO of the target company and ask, “Tell me about your team. Who are your rock stars? What’s important to them?” This sets the foundation for figuring out the integration approach—how do you create a space where their best people not only stay but thrive?

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It’s a conversation, not a mandate. You have to create trust by showing that you value what the company has built—and that you're not there to tear it down but to help them scale, to reach more patients, to expand their impact.

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Sustaining momentum isn’t a one-time event.

Now, once the deal is done, the work doesn’t stop. In fact, it just begins. M&A is not about a smooth finish, but about a powerful launch. You have one chance to get that right—because once a launch stumbles, it’s much harder to course correct. HR’s role is pivotal in sustaining that momentum. The focus must be on the talent—keeping the key players engaged, the innovators supported, and the field teams motivated. And that takes constant reassessment.

One of the key insights is that you don’t get just one shot at retaining talent. Sure, you make a signal during the acquisition, but you should keep recalibrating. Six months or a year down the road, you may have a better understanding of who your true drivers are, and at that point, you can make another move to keep them onboard. Flexibility is essential.

Culture can make or break you.

And then, there's culture. As noted, every organization has its own way of doing things—what leaders pay attention to, what they roll their eyes at. You need to understand that, especially when you’re bringing new talent into the fold. For J&J, their unifying force is what they call “Our Credo,” the guiding principles that knit together their different divisions and cultures. But Davis is clear: you have to respect the unique culture that the target company brings, too, because that’s what made them successful in the first place.

One of the lessons shared is that sometimes, the things that seem small during diligence can turn out to be huge once the ink dries on the deal. Those small cultural nuances? They can grow into big obstacles if you don’t address them early.

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HR leaders, this is your time.

What’s the takeaway for HR leaders in all of this? It’s that your role in M&A is not just transactional—it’s transformational. You’re not just facilitating the mechanics of the deal; you’re ensuring the long-term success of the people who will drive the business forward. You need to get comfortable with all aspects of HR—compensation, benefits, talent management—because this is the moment where it all comes together.

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And for those HR leaders looking to step into this space, one final piece of advice: Raise your hand. The best way to grow is to get involved in these processes, to make your voice heard. Because at the end of the day, it’s not just the numbers that define success. It’s the people. And that’s where you come in.

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