Resources are defined as tangible assets such as money and people, and intangible assets, such as brands and relationships. In the context of HRM in M&As decisions about resources involve staffing and retention issues, with termination decisions being particularly important. Processes refer to activities that firms use to convert the resources into valuable goods and services. For example, in our case, these would be training and development programs as well as appraisal and reward systems. Finally, values are the way in which employees think about what they do and why they do it. Values shape employee's priorities and decision making.43